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A CONTRASTED BUSINESS IN A COMPLEX MARKET ENVIRONMENT A REBALANCED FINANCIAL STRUCTURE ENABLING THE COMPANY TO FOLLOW ITS SUSTAINABILITY GOALS 2024 Full-Year Results INHERIT. TRANSFORM. COMMIT.
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SPEAKERS PRESENTATION 2024 FULL-YEAR RESULTS ///2 Christel ZORDAN Chief Executive Officer Frank LUTZ Chief Financial Officer
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KEY FIGURES AND HIGHLIGHTS • Results ■ EPRA earnings / share: €1.3 ■ Recurring Cash-Flow / share: €1.5 ■ EPRA NTA / share: €35.0 / €8.9(1) ■ EPRA NDV / share: €36.8 / €9.111) ■ Dividend: Proposed suspension • Diversified geographic location ■ Greater Paris: €237/sqm average annualised rental income ■ Major Regional Cities: €188/sqm average annualised rental income • Pursuit of the roadmap ■ Sustained rental activity: €12.5m signed or renewed ■ Acquisitions: - ■ Developments: €83.1m ■ Disposals: €84.5m 2024 FULL-YEAR RESULTS 2024 OVERVIEW ///3 Millésime Issy-les-Moulineaux (92) • Portfolio ■ €1.6bn a like-for-like 5.8% decrease ■ Energy consumption 112 kwhef/m² vs 130 kwhef/m² OID ■ Percentage of assets with adaptation audits carried out: 64% (1) Post capital increase
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• Economic context • €15bn invested in France (stable) ■ Rebound in the 4th quarter ■ Encouraging macro-economic context MARKET 2024 FULL-YEAR RESULTS ///4 AN ENCOURAGING FINAL QUARTER, BUT CONTRASTING SITUATIONS €4.9bn Office €2.4bn Retail €5.1bn Logistics & Industrials €2.7bn Hospitality Source: BNP Paribas Real Estate +1.1% PIB in France +3.18% OAT 10 years • A less restrictive environment ■ Falling inflation ■ Decrease in yields ■ Construction sector still under pressure • A gradually resilient office market ■ Fall in take-up ■ Almost half of take-up in Paris ■ Contrasting situations in terms of supply and vacancy rates ■ 2-speed trend in rental values ■ Fall in amounts invested in the Paris region
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• Urgent reduction in financial costs ■ Swap: €480m @-0.5% €405m @+2.5% ■ Debt repayment ■ Short-term cash investment 17,8 31,6 33,4 13,9 9,6 13,0 55,1 54,4 50,4 0 10 20 30 40 50 60 2022 2023 2024 Frais financiers Hors Couverture Frais financiers EBE x 2,6 • An ICR under pressure since 2023 • EBITDA in the process of being repositioned ■ Limited capacity to absorb vacancies ■ On-going reconstitution of rental income (developments) • Unsustainable financial costs x 2.6 A NECESSARY CAPITAL INCREASE 2024 FULL-YEAR RESULTS ///5 AN INADEQUATE FINANCIAL STRUCTURE ICR : EBITDA / Financial costs 3.1x 1.7x 1.5x 4.0x 5.7x 3.9x Break Surveillance Sector Average 0.0 1.0 2.0 3.0 4.0 5.0 6.0 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 2022 2023 2024 ICR ICR excl. Hedging ICR
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• Shareholders change €600M CAPITAL INCREASE • Result of the operation ■ 61,157,007 shares on an irreducible and reducible basis ■ 55,122,191 shares to cover needs (Guarantee + L. 225-134, I., 2° of the French Commercial Code) • Suspension of SIIC regime ■ Holding threshold crossed > 60% ■ Definitive exit if not modified by 31/12/2025 ■ Financing: waivers obtained • Use of funds • Securing the ICR ratio ■ €200m EuroPP: Repayment in July ■ €160m Credit facilities: Reduction to €0 • Simplify liabilities ■ €180m PSL 2020: Redemption 2024 FULL-YEAR RESULTS ///6 ESSENTIALLY SUBSCRIBED BY THE SMABTP GROUP 52.3% 8.7M 31/12/2024 17/01/2025 16.6 M shares 132.9 M shares 29.0% 4.8M 18.7% 3.1M 93.8% 124.7M 3.6% 4.8M 2.6% 3.4M (1) As at 17/01/2025: Malakoff Humanis 1.4%, Suravenir 0.9%, Mutuelle Générale 0.7%, AG Finance 0.7% SMABTP GROUP OTHER INSTITUTIONALS(1) FREE FLOAT
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Linéa Puteaux 2024 FULL-YEAR RESULTS OPERATIONAL ACTIVITY FINANCIAL COMPONENTS PROGRESS OF THE ROADMAP 1 2 3 ///7
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///8 Seine-Etoile Suresnes OPERATIONAL ACTIVITY 2024 FULL-YEAR RESULTS 1 PORTFOLIO CHANGE CSR APPROACH RENTAL ACTIVITY
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K-BIS Lyon 2024 FULL-YEAR RESULTS PORTFOLIO CHANGE 1 OPERATIONAL ACTIVITY
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PORTFOLIO BREAKDOWN 2024 FULL-YEAR RESULTS PORTFOLIO: €1,617M BUILDINGS: 128 FLOOR AREA: 505,970SQM OCCUPANCY RATE(1): 76.3% YIELD(2): 4.7% €408m 46 buildings 137,380sqm EPRA OR 88.5% Rdt Topped-up yield 5.4% €1,209m 82 buildings 368,590sqm EPRA OR 72.6% Topped-up yield 4.5% GREATER PARIS MAJOR REGIONAL CITIES 25% OFFICES 75% 1%RESIDENTIAL 12% INDUSTRIAL & LOGISTIC 11%MIXED-USED RETAIL 0.2% 75% (1) EPRA (2) EPRA Topped-up ///10 LAND 0.9% CERTIFIED 83%
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1,717.4 1,616.9 -84.5 -24.0 -93.4 +18.3 +83.1 - 1,200 1,300 1,400 1,500 1,600 1,700 1,800 31/12/2023 Disposals Net capital gain FV change Capex Dev. Acq. 31/12/2024 THE PORTFOLIO • Like-for-like ■ -5.8% • Disposal ■ Kremlin Bicêtre 1 ■ Lyon Bollier ■ Paris Auber ■ Montigny Diag Ouest ■ Marseille • Development ■ VEFA Issy – Millésime ■ Lyon – EvasYon ■ Lyon – Manufacture ■ Puteaux – Rivage ■ Aix – Jade ■ Bobigny – LILK (Syrah) ■ Nanterre – LILK (Nanturra) 2024 FULL-YEAR RESULTS CHANGE IN THE VALUE OF THE PROPERTY PORTFOLIO (€M) ///11
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ACQUISITIONS / DISPOSALS SINCE 2022 • 2022 ■ Paris Vaugirard ■ Nîmes ■ Coulommiers ■ Mulhouse • 2023 ■ Gennevilliers ■ Aix Polysius ■ Elancourt ■ Suresnes Marcel Monge • 2024 ■ Kremlin Bicêtre 1 ■ Lyon – Bollier ■ Paris Auber ■ Montigny – Diagonale Ouest ■ Marseille • Post 2024 ■ Orvault / Promises signed 2024 FULL-YEAR RESULTS ///12 DISPOSALS : €213M ■ Paris – Provence ■ VEFA Lyon – Manufacture ■ Paris – Bastille ■ Paris – Bellefond ■ VEFA Issy – Millésime ACQUISITIONS/VEFA(1) : €203M 0 50 100 150 200 250 2022 2023 2024 Post 2024 Total Disposals Promises Acquisitions/VEFA • Acquisitions/VEFA and Disposals(2) (1) Off-plan sale (2) Cash-flow vision
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A DIVERSIFIED PORTFOLIO 2024 FULL-YEAR RESULTS ///13 CHANGE BY LOCALISATION - 2,9% - 4,0% - 5,5% - 6,5% - 2,9% - 7,1% - 7,0% -6,7% -4,8% -3,4% -3,5% -10,0% -2,8% -4,8% -5,0% 2,2% -1,4% 1,4% 1,4% 3,9% 1,6% 5,8% 0,7% Paris 1st ring 2nd ring Aix-Marseille Greater Lyon Greater West Lille Like-for-like Yield effect ERV effect Other - 6,2% -5.8 % over 12 months GREATER PARIS REGIONS Paris1st2nd Lille Greater Lyon Aix- Marseille Greater West Greater Paris Other : (+) Free rent period consumption, (-) Vacancy, free rent period, capex, (+/-) Other valuation methods
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DIVERSIFICATION & MIXED USE • EvasYon, a major upgrading project A new living space combining a mix of use and Environmental performance 2024 FULL-YEAR RESULTS ///14 COMPLETION AT THE HEART OF THE PROPERTY COMPANY'S ROADMAP • Nanturra, multi-storey business hotel LILK* Storage Last-mile logistics Tertiary activities 5,220m² Offices 5,400m² Co-living 146 units - 100% pre rented 2,000m² Social student housing 86 units 1,500m² Landscape garden 5,440m² Logistic & Industrial 10 lots from 200sqm to 1,000sqm * LILK : Light Industrial Last Kilometer
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2024 FULL-YEAR RESULTS 1 CSR APPROACH OPERATIONAL ACTIVITY Nanturra Nanterre
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CSR INDICATORS 2024 FULL-YEAR RESULTS ///16 2023 2024 Target Satisfied tenants Assets in operation (1) 74% (Regions) 80% (Greater Paris) 80% Total energy-related GHG emissions in kgCO2/m².year 10.3 9.5 Benchmark OID 11 Energy consumption in kWhEF/m².an 121 112 Benchmark OID 130 % of assets that have been audited 60% 64% 50% % of assets for which a BAF (3) has been calculated 100% 100% 100% Egapro index 98 84 >95 Total payroll devoted to training 3.16% 3.29% >3% Tenant satisfaction (1) Annual survey carried out alternately in Greater Paris and in the Regions. 2020 result for Greater Paris: 70%. (2) In value (3) Biotope Area Factor WELL POSITIONED TO ACHIEVE ITS OBJECTIVES Mitigate climate change Adaptation to climate change Biodiversity Parity & employee training
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83% OF CERTIFIED ASSETS • A portfolio in line with your objectives 2024 FULL-YEAR RESULTS ///17 BREAKDOWN OF CERTIFICATIONS (% BY VALUE) CERTIFIED 83% NON CERTIFIED 17% 45%IN USE 11%CONSTRUCTION Berlioz Guyancourt
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A HIGH-LEVEL ESG COMMITMENT • Greater responsibility and rewarded initiatives • Renewed membership of industry bodies 2024 FULL-YEAR RESULTS ///18 OUR INITIATIVES, AWARDS, RATINGS AND MEMBERSHIPS • Mitigating climate change ■ Renewed government energy efficiency plan ■ ENR&R Booster • Adapting to climate change ■ Continuation of the multi-year adaptation audit plan ■ Update of risk sensitivity mapping for new assets • Circular economy ■ Systematisation of circular economy actions on operating sites • Social aspects ■ Social aspects Anti-corruption training led by professionals ■ Majority of employees trained in ESG issues and at least one individual objective related to CSR ■ Inclusion of a mandatory inclusion clause in the specifications for development projects
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Rivage Puteaux 2024 FULL-YEAR RESULTS 1 RENTAL ACTIVITY OPERATIONAL ACTIVITY
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79.0 80.2 1.1 76.3 3.1 0.7 0 10 20 30 40 50 60 70 80 90 100 Gross rental income IFRS adj Invoiced Paid Depreciation Outstanding A QUALITY RENTAL BASE • 95% of invoiced rents collected over 410 leases • 80% of tenants classified in the top 2 risk categories (Coface, Credit Safe) 2024 FULL-YEAR RESULTS INVOICED (€M) ///20
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20 tenants = 45% of rents None > 5% THE OCCUPANCY RATE, A MAJOR CHALLENGE 2024 FULL-YEAR RESULTS OCCUPANCY RATE CHANGE (EPRA) SOLID AND DIVERSIFIED CUSTOMER BASIS WALT 5.1 YEARS WALB 3.1 YEARS * Of which Aubervilliers, Bagneux, Orsay and Saint Cloud Excl. vacancy on purpose* A multi-tenant model for enhanced risk dilution 410 Leases 87,5% 87,5% 85,2% 82,1% 81,4% 75,6% 78,1% 78,0% 76,3% 2,3% 5,9% 6,0% 5,5% 5,5% 2016 2017 2018 2019 2020 2021 2022 2023 2024 Portfolio Vac. on purpose ///21 81.5% 83.7% 84.1% 83.4% 81.8%
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RENTAL AND EPRA TOPPED-UP YIELD 2024 FULL-YEAR RESULTS RENTAL BREAK-UP EPRA TOPPED-UP YIELD GREATER PARIS 73% REGIONS 27% €83m Annualised rents ///22 (1) Annualised net rent excluding the effect of improvements, expressed as a percentage of the fair value of the portfolio in operation, including transfer taxes. 4,5% 5,4% 4,7% GREATER PARIS REGIONS TOTAL 2023 2024 2023 2024 2023 2024
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83.1 79.0 -4.3 -4.6 +4.2 +0.1 +0.4 68 70 72 74 76 78 80 82 84 86 31/12/2023 Disposals Tenancy schedule Indexation Vacancy on purpose Completions Acquisitions 31/12/2024 RENTAL INCOME • Like-for-like ■ -0.5% like-for-like ■ Indexation: +€4.2m (+5.3%) ■ Net renewal: -€4.6m • Scope • Completion ■ Lyon Evasyon / Nanturra • Acquisition ■ Paris Bellefond ■ Paris Bastille • Disposal ■ Paris Auber ■ Gennevilliers ■ Montigny Diag Ouest ■ Suresnes Marcel Monge ■ Kremlin Bicêtre I ■ Aix Polysius ■ Lyon Bollier ■ Marseille 2024 FULL-YEAR RESULTS RENTAL INCOME CHANGE (€M) ///23
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///24 FINANCIAL COMPONENTS 2024 FULL-YEAR RESULTS 2 Syrah Bobighy
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EPRA LTV AND NEW EPRA EARNINGS • 2024 EPRA LTV (since 2022) • A completed vision for equity investors ■ LTV: Financial leverage for holders of senior/conventional debt (as opposed to hybrid) ■ EPRA LTV: Financial leverage for holders of ordinary shares 2024 FULL-YEAR RESULTS ///25 UPDATE OF THE EPRA BEST PERFORMANCE RECOMMANDATION GUIDELINES • New EPRA Earnings (since 2024) • Since September 2024, 2 new adjustments: ■ Other costs related to the funding structure (PSL). As PSLs are accounted for as equity, their cost is treated as a dividend ■ Non-operating and exceptional items ■ No impact on EPRA Earnings per share for STE 1 617 1 617 Dette nette 719 Dette nette 719 Dette EPRA 1 021 Autres EPRA 47 TSDI 255 CP 898 CP 596 CP 596 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 Actif Passif Actif Passif Détail LTV 44,5% LTV EPRA 63,1% P&L Dividend P&L Dividend Adjustment 42.0 45.8 35.7 31.0 32.4 21.9 0 10 20 30 40 50 60 Previous Adj. 2022 New Previous Adj. 2023 New Previous Adj. 2024 New
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32.4 21.9 TSDI 13.4 TSDI 13.8 45.8 €1.95 / share -3.7 -0.4 -2.0 +2.1 -1.5 -3.3 -1.5 €1.32 / share 35.7 0 10 20 30 40 50 60 NI Current EPRA E. 31/12/2023 Acq. / Cpl. / Disp. Lfl rents Charges Corporate expenses default Financial costs Others EPRA E. 31/12/2024 NI Current EPRA EARNINGS (NET CURRENT PROFIT) • -€6.1m net rents ■ Scope effect: -€3.7m ■ Like-for-like: -0.5% ■ Service charges settlement: €2,0m (2023) • -€2.1m Corporate Exp. ■ Adaptation of the structure • -€3.3m Financial costs ■ Volume effect: +€0.1m ■ Interest rate effect: -€0.7m ■ Cap effect: -€4.0m (2023) 2024 FULL-YEAR RESULTS NEW EPRA EARNINGS CHANGE(1) (€M) ///26 (1) EPRA earnings have always included the PSL costs. Net rents: -€6.1m Transition from the old EPRA result to the new one
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480 3,1 483,1 Cap @1% Swap @ -0,5% DEBT AND KEY RATIOS ///27 680,3 743,4 719,1 299,1 31/12/2022 31/12/2023 31/12/2024 2024 PF 1,72% 1,22% 1,63% 3,32% 31/12/2022 31/12/2023 31/12/2024 2024 PF 38,1% 43,3% 44,5% 18,5% 31/12/2022 31/12/2023 31/12/2024 2024 PF Maturity (years) 1,4% 0,9% 0,8% 31/12/2022 31/12/2023 31/12/2024 Net financial debt (€m) Average debt rate LTV(1) Mortgage Hedging (€m) 5.5 3.6 2.6 2.6 Fixed rate debt 40.0% 36.4% 36.6% 20.7% ICR 4.0x 5.7x 3.9x 2.7x (1) LTV excl. transfer taxes and PSL PF : Pro forma - assuming a capital increase of €600m in mid-January 2024 and excluding the impact of hedging 2024 FULL-YEAR RESULTS
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0 200 400 600 800 1,000 1,200 1,400 1,600 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Dec-26 Jun-27 Dec-27 Fixed Floating Swap Cap 31/12/2024 Available Total INTEREST RATE HEDGING INSTRUMENTS 2024 FULL-YEAR RESULTS ///28 RISING COSTS EXPECTED Until 31/12/2024 Hedging at -0.503% for €480m 01/01/2025-31/12/2026 Hedging at +2.50% for €405m • Hedging ■ > 90% hedged 31/12/2024 • Sustainable financing ■ €90m over 7 years ■ 3 ESG criteria ▶ Energy consumption ▶ Certified developments ▶ ESG training • Rate ■ Swap : €480m @ -0.50% (Dec-20Dec-24) ■ Swap: €405m @ +2.50% (Dec-24Dec-26) • Sensitivity ■ +100bp: +€1.0m(1) ■ -100bp: -€1.0m(1) Maturity of financial (including PSL) and hedging instruments (€m) (1) Estimated impact on 2025 financial costs post hedging
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0 200 400 600 800 1,000 1,200 1,400 1,600 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Dec-26 Jun-27 Dec-27 Fixed Floating Swap Cap 31/12/2024 Available Total INTEREST RATE HEDGING INSTRUMENTS 2024 FULL-YEAR RESULTS ///29 RISING COSTS EXPECTED Until 31/12/2024 Hedging at -0.503% for €480m 01/01/2025-31/12/2026 Hedging at +2.50% for €405m • Hedging ■ 100% hedged 31/12/2026 • Sustainable financing ■ €100m to come ■ ESG criteria • Rate ■ Swap: €405m @ +2.50% (Dec-24Dec-26) Maturity of financial (including PSL) and hedging instruments (€m) -160 -180 -200
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• Scheduling as at 31/12/2024 (€m) • Situation at 31/12/2024 ■ Repayment of the €60m Natixis 2017 facility ■ Drawdown of €60m on the SLL CADIF 2024 facility 312 330 90 60 180 75 30 350 492 680 90 165 200 400 600 800 2024 2025 2026 2027 2028 2028+ Debt PSL(1) Availability Undrawn SMA line • Scheduling as at 28/02/2025 (€m) • Repayment ■ €100m drawn on the €100m RCF CADIF 2018 facility ■ €60m drawn on the €90m SLL CADIF 2024 facility • Cash investment ■ €200m maturing 10 July 2025 EuroPP 2015 ■ €180m maturing 13 June 2025 TSDI 2020 FINANCING ///30 CHANGE IN FINANCING SCHEDULE (1) Step-up de marge de 5% pour les 180 M€ de TSDI 2020 en juin 2025 2024 FULL-YEAR RESULTS 212 330 90 180 75 100 90 350 492 680 90 165 200 400 600 800 2024 2025 2026 2027 2028 2028+ Debt PSL(1) Availability Undrawn SMA line
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• Change in ICR with and without hedging • Hedging reaching maturity ■ An ICR preserved on 2023 and 2024 ■ Swap from -0.5% to 2.50% from end 2024 ■ ICR covenant > 2x ■ Sector average: 4x-6x 3.1x 1.7x 1.5x 4.0x 5.7x 3.9x Break Surveillance Sector Average 0.0 1.0 2.0 3.0 4.0 5.0 6.0 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 2022 2023 2024 ICR ICR excl. Hedging ICR • Financial costs and ICR on 31 Dec 2024 (€m) • An ICR preserved due to hedging ■ Swaps at -0.5% with a nominal of €480m maturing on 31/12/2024 ■ ICR covenant > 2x 13.0 13.0 20.5 33.4 50.4 50.4 0 10 20 30 40 50 60 Financial costs EBITDA Gross Hedging Net EBITDA ICR 3,9x Financial costs ICR excl. Hedging 1.5x AN ICR UNDER PRESSURE SINCE 2023 ///31 CHANGES IN FINANCIAL COSTS AND ICR 2024 FULL-YEAR RESULTS ICR: Financial costs / EBITDA
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• Use of proceeds (€m) • Scheduled repayments ■ €160m credit facilities: end January and mid-February ■ €200m EuroPP 2015: 15 July 2025 ■ €180m 2020 PSL: 19 June 2025 • Impact of the CI if made in 1H 2024 (€m) • Assumptions made ■ Situation of 1H 2024 without hedging ■ 2025 repayment schedule applied to 2024 ■ Investment of cash 600 Credit facilities 2020 PSL EuroPP 2015 160 180 200 60 0 100 200 300 400 500 600 700 Janvier Jan-Fev Juin Juillet FINANCIAL COSTS CHANGE ///32 IMPACT OF A €600M CAPITAL INCREASE (CI) 2024 FULL-YEAR RESULTS 17.3 2.4 3.1 1.8 10.0 23.2 0 5 10 15 20 25 Pre Credit lines €163m Cash Investment PSL Cash Investment Post EBITDA ICR pre 1.3x Financial costs ICR post 2.3x
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• 2024 Dividend • Suspended • NAV ■ EPRA NTA (Going concern NAV) ■ EPRA NRV (Reconstitution NAV) ■ EPRA NDV (Liquidation NAV) • EPRA NAV post Capital increase ■ EPRA NTA : 8.9€/share ■ EPRA NRV : 9.6 €/share ■ EPRA NDV : 9.1 €/share EPRA NAV 2024 FULL-YEAR RESULTS EPRA NTA CHANGE (€/SHARE) 40.8 35.0 - +1.32 -5.63 -1.50 +1.72 EPRA NDV 36,8 EPRA NRV 40,9 0 10 20 30 40 50 60 31/12/2023 EPRA NTA Dividend EPRA Earnings Property FV Others 31/12/2024 EPRA NTA PSL + FI. + Fixed rate FV ///33
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///34 Eiffel 02 Montrouge PROGRESS OF THE ROADMAP 2024 FULL-YEAR RESULTS 3
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Initiate an adaptation strategy of the portfolio by: CHANGE IN THE PROPERTY COMPANY 2024 FULL-YEAR RESULTS TO ACCOMPANY URBAN TRANSFORMATIONS AND MEET THE CHALLENGES OF ITS CLIENTS AND TERRITORIES 31 DECEMBER 2021 TARGET PORTFOLIO GREATER PARIS 76% REGIONS 24 % GREATER PARIS 67% REGIONS 33% LOCATION Strenghtening of the regional network OFFICES 81% DIVERSIFIED 19% OFFICES 67% DIVERSIFIED 33% ASSET TYPOLOGY Diversity and mixed-used CLEAR AND AMBITIOUS ORIENTATIONS CERTIFICATION Environmental performance • 3 leverages: ■ Disposals ■ Acquisitions ■ Developments CERTIFIED 80 % NON- CERTIFIED 20 % CERTIFIED 80 % NON- CERTIFIED 20 % ///35
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CONTINUATION OF THE ROADMAP • Strengthening the regional network • Diversified and mixed-use 2024 FULL-YEAR RESULTS ///36 AN ASSET ADAPTATION STRATEGY BACKED BY THE BOARD • Environmental quality • Staying the course • To support urban transformation and meet the challenges faced by customers and local authorities ■ A roadmap supported by the Board of Directors ■ Market opportunities to be seized ■ A strengthened financial structure 76% 75% 75% 75% 67% 24% 25% 25% 25% 33% 2021 2022 2023 2024 Target 2027 Greater Paris Regions 81% 80% 79% 75% 67% 19% 20% 21% 25% 33% 2021 2022 2023 2024 Target 2027 Offices Diversified 80% 80% 79% 83% 80% 20% 20% 21% 17% 20% 2021 2022 2023 2024 Target 2027 Certified Non-certified
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QUESTIONS & ANSWERS
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APPENDIX Linéa Puteaux
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600 200 160 60 180 0 100 200 300 400 500 600 700 2015 Euro PP Credit lines Flexibility 2020 PSL Total CALIBRATION OF THE CAPITAL INCREASE • Compliance with ICR ■ €200m: Repayment of the 2015 Euro PP (July 2025) ■ €160m: Reduction in drawdown of credit lines: RCF 2018 (July 2025) and SLL 2024 (April 2029) • Financial flexibility ■ Of which €12m repayment of secured loans • Liabilities simplification ■ €180m: Repayment of the 2020 PSL 2024 FULL-YEAR RESULTS ///39 EASING CONSTRAINTS AND CONTINUING THE ROADMAP • Use of proceeds breakdown (€m) Note: The proceeds of the capital increase is invested and remunerated between the settlement-delivery of the capital increase and its use.
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IMPACT OF THE OPERATION • Risk of exiting SIIC status ■ Ownership threshold: 60% ■ Suspension • Shareholding • Measured financial impact ■ Contained exit cost ■ Limited corporate income tax • An operation aiming at ■ Strengthening the financial structure ■ Rebalancing the portfolio around assets in line with the roadmap ■ Restoring sustainable distribution capacity for shareholders 2024 FULL-YEAR RESULTS ///40 SIIC REGIME AND DIVIDENDS • Dividend and distribution since 2017 • Breakdown of the distribution ■ Limited distributable profit ■ Distribution mainly taken from the share premium 2.0 0 1.1 0.3 0 0 0 1.0 3.0 0.9 1.7 1.5 0.8 0 81% 97% 70% 87% 91% 41% 0 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 2017 2018 2019 2020 2021 2022 2023 Profit (1) Share premium Distribution rate (2) (1) Distributable income (2) Distribution rate = Dividend / Current cash flow (1) Malakoff Humanis 1,4%, Suravenir 0,9%, Mutuelle Générale 0,7%, AG Finance 0,7% SMABTP GROUP 93.8% FREE FLOAT 2,6% OTHER INSTITUTIONALS(1) 3.6%
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FACING THE MAJOR SOCIETAL CHANGES… • New trends ■ Aspirations for a better quality of life ■ Shift in consumption with digitalization ■ New urban model: local ecosystem and soft mobility ■ Changes in working methods • Evolution of investments in France by geographical area • 2024 FULL-YEAR RESULTS • Change in online sales in France (€bn) • Change in investments in France by type of asset 72 28 % 62 38% 20212020 Greater Paris Regions 54 14 14 17 % 50 9 22 19 % Offices Retail Industrials / Log. Residential 20212020 10 20 30 40 2015 2016 2017 2018 2019 2020 2021 Per year expected on 2021-25 +7.8% Sources: CBRE , Global E-commerce Outlook 2021 ///41 FEBRUARY 2022
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… ADAPTATION OF THE REAL ESTATE INDUSTRY... • Major trend towards mixed use ■ New urban landscape in support of territories ■ Development of new neighborhoods • Diversification of investment ■ Boom in senior residential sector ■ Change in student residential sector ■ High demand for services and logistics/mixed-use buildings ■ Return to local shops and development of the omnichannel approach to sales • Development of regional metropolitan centres ■ New urban models • Environmental quality issue ■ Decarbonization of real estate activity 2024 FULL-YEAR RESULTS • Share of certified* offices in France 11% 8% 16% 12% 0% 5% 10% 15% 20% Greater Paris Region 2016 2021 Source: CBRE Research * Certification: BREEAM, LEED, DGNB, HQE, WELL ///42 FEBRUARY 2022
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(€m] 31/12/2022 31/12/2023 31/12/2024 Gross rental income 84.5 83.1 79.0 Net rental income 69.5 70.9 64.8 Corporate expenses (14.4) (16.5) (14.4) Current EBITDA 55.1 54.4 50.4 Current EBIT 53.6 52.8 48.0 Other income and expenses 2.4 2.0 0.9 Net financial costs (13.9) (9.6) (13.0) Miscellaneous (current) 0.0 0.6 (0.2) Taxes (current) (0.2) (0.0) 0.0 Associates (0.0) - - Net current earnings 42.0 45.8 35.7 Other costs related to the funding structure (11.0) (13.4) (13.8) EPRA earnings (Group share) 31.0 32.4 21.9 Depreciation and amortisation on IP (72.1) (73.8) (80.8) Net profit or loss on disposals (1.9) 6.2 2.7 Cancellation of other costs related to the funding structure 11.0 13.4 13.8 Fair value adjustments of hedging instr. 36.1 (25.4) (16.8) Taxes (non-current) - - - Miscellaneous (non-current) - - - Net non-current profit (26.9) (79.6) (81.1) Net non-current profit - Group share (26.9) (79.6) (81.1) Net profit/loss (Group share) 4.0 (47.2) (59.2) Earnings per share (€) (0.42) (3.66) (4.40) Diluted earnings per share (€) (0.42) (3.65) (4.40) EPRA Earnings per share (€) 1.87 1.95 1.32 IFRS CONSOLIDATED STATEMENTS 2024 FULL-YEAR RESULTS ///43
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BALANCE SHEET 2024 FULL-YEAR RESULTS (€m) 31/12/2022 31/12/2023 31/12/2024 ASSETS 1,564.9 1,573.4 1,505.1 Goodwill - - - Investment properties 1,338.4 1,359.5 1,304.2 Assets earmarked for disposal 46.0 44.6 39.5 Tangible fixed assets 0.6 1.0 0.7 Intangible fixed assets 0.5 0.3 0.3 Right to use the leased asset 15.0 13.8 12.7 Receivables 114.4 94.6 68.6 Cash and equivalent 49.9 59.5 79.0 LIABILITIES 1,564.9 1,573.4 1,505.1 Share capital and reserves 722.5 650.2 577.1 - including result 4.0 (47.2) (59.2) Long term debt 730.2 802.9 798.2 Other liabilities 112.3 120.3 129.9 ///44
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PORTFOLIO VALUE VARIATION • Valuation of the property portfolio (Fair Value) – per type of assets • Valuation of the property portfolio (Fair Value) – by area 2024 FULL-YEAR RESULTS (FAIR VALUE) (€m) 31/12/2023 31/12/2024 Var (%) Offices 1,357.0 1,219.5 -10.1% Ind. / Log. 176.0 188.0 6.8% Mixed-use 155.5 176.9 13.8% Residential 11.8 15.4 30.4% Retail 3.1 3.2 2.3% Land 14.0 14.0 0.0% Total portfolio 1,717.4 1,616.9 -5.9% (€m) 31/12/2023 31/12/2024 Var (%) Greater Paris 1,289.2 1,209.0 -6.2% Region 428.3 407.9 -4.8% Total portfolio 1,717.4 1,616.9 -5.9% 0 500 1 000 1 500 2 000 Offices Ind. / Log. Mixed-use Residential Retail Land Total 31/12/2023 31/12/2024 0 500 1 000 1 500 2 000 Greater Paris Region Total 31/12/2023 31/12/2024 ///45
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€m 31/12/2022 31/12/2023 31/12/2024 EPRA Earnings 42.0 45.8 21.9 EPRA NNNAV 862.7 695.8 610.0 EPRA NDV 862.7 695.8 610.0 EPRA NTA 817.6 678.9 581.4 EPRA NAV 818.2 679.1 581.7 EPRA NRV 933.3 786.2 679.6 EPRA Initial Yield 3.6% 4.1% 4.0% EPRA "Topped-up" Net Initial Yield 4.2% 4.6% 4.7% EPRA Vacancy Rate 21.9% 22.0% 23.7% EPRA Cost Ratio (including direct vacancy costs) 36.3% 36.2% 39.0% EPRA Cost Ratio (excluding direct vacancy costs) 53.7% 59.7% 63.1% EPRA Property Investments 54.8 141.6 102.0 In euros per share 31/12/2022 31/12/2023 31/12/2024 EPRA Earnings * 1.9 2.0 1.3 EPRA NNNAV ** (previous version) 51.9 41.9 36.8 EPRA NDV ** 51.9 41.9 36.8 EPRA NTA ** 49.1 40.8 35.0 EPRA NAV ** (previous version) 49.2 40.9 35.1 EPRA NRV ** 56.1 47.3 40.9 Average number of diluted shares (excl. Tr. shares) * 16,607,922 16,608,518 16,603,423 Fully diluted number of shares ** 16,636,800 16,621,460 16,597,106 EPRA INDICATORS 2024 FULL-YEAR RESULTS ///46
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EPRA NAV 2024 FULL-YEAR RESULTS CALCULATION OF THE DIFFERENT NAV (EUROS PER SHARE) -15.4 15.5 1.8 36.8 0.0 36.8 0.1 -1.8 35.0 0.0 0.0 35.1 0.0 5.9 40.9 34.8 - 5 10 15 20 25 30 35 40 45 ///47
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765 915 1 134 1 169 1 717 1 860 1 866 1 797 1 787 1 717 1 617 365 344 410 436 840 912 728 679 680 743 719 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Portfolio value Net debt Capital increase Remaining 2019 disposals Ratio LTV 47,7% 37,6% 36,2% 37,3% 48,9% 49,0% 39,0% 37,8% 38,1% 43,3% 44,5% FINANCIAL STRUCTURE 2024 FULL-YEAR RESULTS FINANCIAL STRUCTURE CHANGE (€M) A solid, stable and reliable shareholder base ///48 32 1026.3 135140180 165 180 39 SMABTP GROUP 93.8% FREE FLOAT 2.6% OTHER INSTITUTIONALS(1) 3.6% (1) Malakoff Humanis 1,4%, Suravenir 0,9%, Mutuelle Générale 0,7%, AG Finance 0,7%
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REGULATIONS • Application to Société de la Tour Eiffel in 2026 for fiscal year 2025 • Determinant taxonomy ■ Eligible part (concerned) of its activities, ■ Aligned (sustainable) share of sales, Capex and Opex • Reporting • CSRD Reporting introducing the Sustainability Report, replacing the Extra-Financial Performance Declaration (currently published on a voluntary basis by Société de la Tour Eiffel). • Structured around dual materiality ■ Impact of the company on its environment and people (in-out) ■ Financial risks and opportunities that CSR issues represent for the company (out-in) 2024 FULL-YEAR RESULTS REPORTING EXTRA-FINANCIER / CSRD ///49
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CRREM, FOR SUSTAINABLE REAL ESTATE • Tool for assessing carbon trajectories in line with the Paris Agreement • Realised ■ Paris Agreement: setting ambitious carbon targets (2°C or 1.5°C) ■ Multi-level analysis: from building to asset portfolio over 2018-2050 • On-going ■ Cost control and transition timetable ■ Monitoring assets at risk of environmental obsolescence • Assistance with reporting ■ TCFD (Task Force on Climate-related Financial Disclosures) ■ Taxonomy • Supported at European level ■ Funded by the European Union and the Laudes Foundation ■ In partnership with EPRA since 2022 2024 FULL-YEAR RESULTS REDUCING CARBON RISK IN REAL ESTATE CRREM: Carbon Risk Real Estate Monitor - https://www.crrem.eu/ ///50
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CONTACT • Media relations • Laetitia Baudon – Advisory Director • Agence Shan • Tél. + 33 6 16 39 76 88 • laetitia.baudon@shan.fr • Photo credit ■ Société de la Tour Eiffel ■ Helen Peter ■ Shoootin ■ Julien Ventalon ■ Thierry Lewenberg-Sturm ■ Studio Erik Saillet ■ Miysis Studio 3D ■ Virginie Archeno 2024 FULL-YEAR RESULTS • Investor Relations • Aliénor Kuentz – Client Director • Agence Shan • Tél. +33 6 28 81 30 83 • alienor.kuentz@shan.fr • Calendar ■ 29 April: General Meeting of Shareholders ■ 23 July 2025: 2025 Half-Year results (after market close) ■ February-March 2026: 2025 Full-Year results (after market close) • Société de la Tour Eiffel • 11-13 avenue Friedland – 75008 Paris • Tél. + 33 1 53 43 07 06 / contact@stoureiffel.com • https://societetoureiffel.com ■ Manuel Panaget ■ Yann Bouvier ■ Angélina Wagon ■ Paul Mayla Architecture et Associés ■ SweetDesign ■ Soho Infographies ■ Tailora ■ Sophie Lyod ///51