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MAINTAINING STRATEGIC MOMENTUM AND RIGOROUS OPERATIONAL MANAGEMENT 2025 Full-Year Results INHERIT. TRANSFORM. COMMIT.
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SPEAKERS PRESENTATION 2025 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: €17.4m - Recurring Cash-Flow: €19.3m ■ EPRA NTA / share: €8.2 - EPRA NDV / share: €8.1 ■ Dividend: suspension • Diversified geographic location ■ Greater Paris: €240/sqm average annualised rental income ■ Major Regional Cities: €195/sqm average annualised rental income • Pursuit of the roadmap ■ Sustained rental activity: €18.2m signed or renewed ■ Acquisitions: - ■ Developments: €66.7m ■ Disposals: €2.8m • Portfolio ■ 1.6bn a like-for-like 6.4% decrease 2025 FULL-YEAR RESULTS 2025 OVERVIEW ///3 Lilleurope Lille (59)
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• Economic context • €17.1bn invested in France (slight increase) ■ Strong 4th quarter ■ Improvement in macro-economic outlook MARKET 2025 FULL-YEAR RESULTS ///4 SLIGHT GROWTH OVER THE YEAR, A STRONG FINAL QUARTER €6.8bn Office €3.1bn Retail €4.3bn Logistics & Industrials €2.9bn Hotel Source: BNP Paribas Real Estate +0.9% GDP growth in France +3.56% 10-year OAT • A resilient but still uncertain environment ■ Relatively low inflation in France ■ Gradual return of foreign investors ■ Limited household and business consumption • An office market undergoing rebalancing ■ Decline in take-up -9% in the Paris Region vs 2024, -15% vs average post-covid take-up ■ Increase of supply in the Paris region with an immediate vacancy rate at 11.2% ■ Users increasingly demanding and focused on buildings offering optimal quality
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Linéa Puteaux 2025 FULL-YEAR RESULTS OPERATIONAL ACTIVITY FINANCIAL COMPONENTS PROGRESS OF THE ROADMAP 1 2 3 ///5
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///6 OPERATIONAL ACTIVITY 2025 FULL-YEAR RESULTS 1 PORTFOLIO CHANGE CSR APPROACH RENTAL ACTIVITY Manufacture Lyon
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2025 FULL-YEAR RESULTS PORTFOLIO CHANGE 1 OPERATIONAL ACTIVITY Parc du Golf Aix-en-Provence
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PORTFOLIO BREAKDOWN 2025 FULL-YEAR RESULTS PORTFOLIO: €1,592M BUILDINGS: 132 FLOOR AREA: 523,000SQM OCCUPANCY RATE(1): 74.5% YIELD(2): 4.5% €399m 49 buildings 149,550sqm EPRA OR 74.5% Rdt Topped-up yield 4.4% €1,193m 83 buildings 373,450sqm EPRA OR 72.6% Topped-up yield 4.6% GREATER PARIS MAJOR REGIONAL CITIES 25% OFFICES 75% 1%RESIDENTIAL 12% INDUSTRIAL & LOGISTIC 11%MIXED-USED RETAIL 0.2% 75% (1) Secured occupancy rate / EPRA occupancy rate: 73.1% (2) EPRA Topped-up ///8 LAND 0.9% CERTIFIED 85%
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1,616.9 1,592.1 -2.8 -0.1 -104.0 +15.2 +66.7 - 1,200 1,250 1,300 1,350 1,400 1,450 1,500 1,550 1,600 1,650 1,700 31/12/2024 Disposals Net capital gain FV change Capex Dev. Acq. 31/12/2025 THE PORTFOLIO • Like-for-like ■ -6.4% • Disposal ■ Orvault • Development ■ Puteaux – Rivage ■ VEFA Issy – Millésime ■ VEFA Lyon - Manufacture ■ Bobigny – LILK (Syrah) ■ Aubervilliers 2025 FULL-YEAR RESULTS CHANGE IN THE VALUE OF THE PROPERTY PORTFOLIO (€M) ///9
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A DIVERSIFIED PORTFOLIO 2025 FULL-YEAR RESULTS ///10 CHANGE BY LOCATION -6.4 % 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, Transfer taxes, (+/-) Other valuation methods -2.1% -2.6% -1.8% -1.8% -1.3% -3.8% -5.7% -2.4% -1.8% -0.6% -1.8% 0.0% -0.9% -0.1% -0.7% -0.9% Paris 1st ring 2nd ring Aix-Marseille Greater Lyon Greater West Lille Like-for-like Rate effect ERV effect Other - 8.6% - 8.2% - 1.5% - 4.8% - 2.1% - 9.5% - 3.9% - 7.0%
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• Bright & flexible offices ■ Two buildings fully let since June 2025 ■ 9-year and 6-year firm leases • Aix-Marseille, a strategic area ■ Exceptional location, in the heart of the Provence region, with excellent access to the airport, train and bus services ■ A dynamic employment pool and an attractive area for students 2025 DELIVERY SUCCESSES 2025 FULL-YEAR RESULTS ///11 JADE, COMBINING PRESTIGE & INTEGRATION 3,860 sqm Offices – 100% let 335 sqm Private terraces
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2025 DELIVERY SUCCESSES • A successful large-scale redevelopment project ■ Demolition of 5,500 sqm of obsolete office space ■ Mixed-use development of • A hybrid and innovative complex ■ Close to the CBD ■ Mixed-use ■ Co-living delivery in November 2024 ■ Office delivery in January 2025 ■ Full building lease signed by Sopra Steria in November 2026 2025 FULL-YEAR RESULTS ///12 EVASYON (FORMERLY LYON DAUPHINÉ) 5,800 sqm Offices (A) 100% let 6-year firm lease 5,400 sqm Co-living (B) 146 units - 100% let 12-year firm lease 2,000 sqm Social student residence (C) 86 units (sold on 04/10/2022) 1,500 sqm Landscaped area
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• A mixed-use, reversible and environmentally responsible VEFA1 ■ In the 3rd arrondissement, a sought-after district with growing cultural and economic vibrancy • Delivery in October 2025 of a multi-faceted project alongside VINCI Immobilier ■ Reversible between office and residential use ■ An innovative programme with strong social and environmental credentials ■ Contributing to urban regeneration ■ Offices and retail space under marketing, residential fully let ■ 1-year rental guarantee 2025 DELIVERY SUCCESSES 2025 FULL-YEAR RESULTS ///13 MANUFACTURE – LA PART-DIEU, LYON 1,300 sqm Housing spread across 19 apartments 2,080 sqm Offices convertible to housing Open garden Green roofs 625 sqm Retail ©VINCIImmobilier (1) Off-plan sale
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• Attractive, high-quality offices in Issy-les-Moulineaux ■ Headquarters of Les Nouveaux Constructeurs • High accessibility & delivery aligned with the GPE • Illustration of the Company's new strategy ■ Neighbourhood with strong mixed-use character ■ Quality of future tenant ■ Combination of sustainability & comfort to the latest standards ■ Environmental quality & integration 2025 DELIVERY SUCCESSES 2025 FULL-YEAR RESULTS ///14 “MILLÉSIME” VEFA(1) – SUSTAINABILITY, COMFORT & QUALITY 4,500 sqm Offices and services across 7 storeys and 2 parking levels 700 sqm Terraces & rooftop ■ Delivery in July 2025 ■ Arrival of the future Grand Paris Express Line 15 ■ High level of certification (1) Off-plan sale
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2026 DELIVERY 2025 FULL-YEAR RESULTS ///15 RIVAGE – HAUTS-DE-SEINE (PUTEAUX) • An ambitious architectural project ■ Ideal location: located on the banks of the Seine, excellent accessibility ■ Delivery end of Q1 2026 • A low-carbon office building focused on well-being and integrated into its surroundings ■ Low-impact integration into a residential area ■ Timber structure, transparency and volume ■ Spaces dedicated to well-being and with a wide range of services offered ■ High level of targeted certifications 9,850 sqm Including 100 sqm of retail space 8 floors / 1 mezzanine >250 Parking spaces + 167 sqm bicycle storage 500 sqm Terraces 600 sqm Outdoor garden
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CONTINUED DIVERSIFICATION • Nanturra, in the heart of Parc Nanterre Seine ■ ICC signed in December 2022 ■ Certification: • A resilient product suitable for ■ Storage ■ Last-mile logistics ■ Tertiary activities 2025 FULL-YEAR RESULTS ///16 LOGISTICS PROJECTS UNDER THE LILK PROPRIETARY BRAND 5,400 sqm Logistic & Industrial 10 lots from 200sqm to 1,000sqm 6.3 m / 3 t/sqm Clear height / Ground floor load capacity • Bobigny (Syrah), Les Vignes industrial area ■ ICC signed in July 2023 ■ Targeted certification: • A new optimised business hotel ■ Strategic location ■ Versatility & diverse tenants 8,000 sqm Logistic & Industrial 12 lots from 100 sqm and 1,550 sqm 10.6 m / 19 t/sqm Clear height / Maximum load capacity GF G+1 G+2 Clearance height (m) 6.3 5.0 4.5 Floor load (t/m²) 3.0 1.5 0.7
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2025 FULL-YEAR RESULTS 1 CSR APPROACH OPERATIONAL ACTIVITY Parc du Golf Aix-en-provence
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A CSRD VOLUNTARY • 5.1 – Sustainability Report (Audited) ■ General information and methodology ■ Environment (Climate and energy, Water, Biodiversity and nature, Circularity and waste, European Taxonomy) ■ Social (Employees, Health and safety on construction sites, Tenants) ■ Governance (Governance, corruption) ■ Sustainability Audit Report 2025 FULL-YEAR RESULTS ///18 STANDARDISED SECTION • 5.2 – Additional Information (Unaudited) ■ Additional information (Environment, Social and Governance) ■ EPRA Tables (Energy, GHG, Waste, Social and Governance) ■ ESG and CSR Awards ■ Cross-reference tables EPRA, GRI, TCFD, TNFD ■ Responsible financing: Focus on the responsible credit facility NON-STANDARDISED SECTION
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CSR STRATEGY • 1. Decarbonisation of our operations including mitigation • Reduction of energy consumption • Phase-out of fossil fuels • Reduction of greenhouse gas emissions 2025 FULL-YEAR RESULTS ///19 OUR 4 STRUCTURAL PILLARS • 2. Adaptation to climate change • In-house update of audits • Implementation of recommended actions • 3. Preservation of resources and biodiversity • Use of circular economy whenever possible • Reduction of our impact on water • Reduction of our impact on biodiversity • 4. Integration of social challenges • 98% of employees trained on ESG issues • At least one individual CSR-related objective for each employee
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2024 2025 Target Satisfied tenants Operational assets (1) 80% (Greater Paris) 86% (Entire portfolio) 80% Total GHG emissions energy-related in KgCO2/sqm.yr 9 8,5 Benchmark OID (2025) 10,7 Energy consumption in kWhFE/sqm.yr 112 113 Benchmark OID (2025) 126 % of assets assessed for climate adaptation (2) 64% 91% 80% % of assets with a CBS calculation (3) 100% 91%(4) 100% % of development operations using low-carbon concrete New indicator 50% 100% Index Egapro 84 84 >94 Payroll dedicated to training 3,3% 4% >3% Tenant satisfaction Climate change mitigation Climate change adaptation Biodiversity Human capital CSR INDICATORS 2025 FULL-YEAR RESULTS ///20 WELL POSITIONED TO ACHIEVE ITS TARGETS Circularity (1) Annual survey, now covering the entire portfolio (vs. Greater Paris/Regions). (2) In value (3) Surface Biotope Coefficient (4) Decrease linked to the delivery of new assets that have not yet been analyzed using CBS or CBSh (Harmonized Surface Biotope Coefficient) (5) Data recalculated for 2024 using the method applied in 2025: 8.1.
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• Evolution of construction certifications • Rising construction certifications reflecting the improvement in the intrinsic quality of assets • A portfolio in line with its targets 85% OF ASSETS CERTIFIED 2025 FULL-YEAR RESULTS ///21 CERTIFICATION BREAKDOWN (% BY VALUE) CERTIFIED 85 % NOT CERTIFIED 15 % 16 % *CONSTRUCTION 40 % OPERATIONAL % 12% 8% 10% 11% 16% 20% 24% 28% 27% 29% 48% 48% 41% 45% 40% 32% 32% 38% 38% 45% Cible 202780% 80% 79% 83% 85% 2021 2022 2023 2024 2025 Operational Oper& Contrsr Construction
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CSR STRATEGY 2025 FULL-YEAR RESULTS ///22 AWARD-WINNING INITIATIVES (1) Ranking by Ethifinance based on data as of December 2025. Year ESG rating Rankings of Société de la Tour Eiffel SA National ranking Sectorial ranking Ranking by revenue category
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Rivage Puteaux 2025 FULL-YEAR RESULTS 1 RENTAL ACTIVITY OPERATIONAL ACTIVITY
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74.7 72.5 2.2 70.7 1.6 0.2 0 10 20 30 40 50 60 70 80 90 100 Gross rental income IFRS adj Invoiced Paid Depreciation Outstanding A QUALITY RENTAL BASE • 98% of invoiced rents collected over 411 leases • 80% of tenants classified in the top 2 risk categories (Coface, Credit Safe) 2025 FULL-YEAR RESULTS INVOICED (€M) ///24
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20 tenants = 44% of rents None > 5% THE OCCUPANCY RATE, A MAJOR CHALLENGE 2025 FULL-YEAR RESULTS OCCUPANCY RATE CHANGE (EPRA) SOLID AND DIVERSIFIED CUSTOMER BASIS WALT 5.7 YEARS WALB 3.4 YEARS * Of which Aubervilliers, Champigny, Bagneux, Orsay and Saint Cloud Excl. vacancy on purpose* A multi-tenant model for enhanced risk dilution 411 Leases 81.4% 75.6% 78.1% 78.0% 76.3% 73.1% 74.5% 2.3% 5.9% 6.0% 5.5% 5.5% 6.8% 6.8% 83.7% 81.5% 84.1% 83.4% 81.8% 79.9% 81.3% 2020 2021 2022 2023 2024 2025 Secured Portfolio Vac. on purpose ///25
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RENTAL AND EPRA TOPPED-UP YIELD 2025 FULL-YEAR RESULTS RENTAL BREAK-UP EPRA TOPPED-UP YIELD GREATER PARIS 74% REGIONS 26% €85m Annualised rents ///26 (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. 4.6% 4.4% 4.5% GREATER PARIS REGIONS TOTAL 2024 2025 2024 2025 2024 2025
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79.0 74.7 -4.1 -5.6 +2.3 +0.1 +2.9 0 10 20 30 40 50 60 70 80 90 100 31/12/2024 Disposals Tenancy schedule Indexation Vacancy on purpose Completions Acquisitions 31/12/2025 RENTAL INCOME • Like-for-like ■ -4.4% like-for-like ■ Indexation: +€2.3m (+3.0%) ■ Net renewal: -€5.6m • Scope • Completion ■ Issy – Millésime ■ Lyon – EvasYon ■ Nanturra ■ Lyon – Manufacture ■ Aix – Jade • Disposal ■ Marseille ■ Montigny Diag Ouest ■ Paris Auber ■ Lyon Bollier ■ Orvault 2025 FULL-YEAR RESULTS RENTAL INCOME CHANGE (€M) ///27
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///28 FINANCIAL COMPONENTS 2025 FULL-YEAR RESULTS 2 Nanturra Nanterre
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21.9 17.4 PSL 13.8 PSL 8.4 35.7 -1.2 -3.3 -1.7 -1.1 -1.3 +5.4 -1.4 25.8 0 5 10 15 20 25 30 35 40 NI Current EPRA E. 31/12/2024 Acq. / Cpl. / Disp. Lfl rents Charges Corporate expenses Fi. Cost(2) PSL var. Others EPRA E. 31/12/2025 NI Current EPRA EARNINGS • -€6.0m net rents ■ Scope effect: -€1.2m ■ Like-for-like: -4.4% ■ OR effect: -€1.7m • -€1.1m Corporate Exp. ■ Procedures ■ Business tools ■ Training programs ■ Inflation • -€1.3m Financial costs ■ Hedging: -€21.3m ■ Volume effect: +€10.5m ■ Interest rate effect: +€4.9m ■ Cash inv.: +€4.6m (o/w +€1.8m PSL) 2025 FULL-YEAR RESULTS NEW EPRA EARNINGS CHANGE(1) (€M) ///29 (1) EPRA earnings have always included the PSL costs. (2) Financial costs excluding cash investment proceeds from the cash aiming at repaying the 2020 PSL of €180m. Transition from the old EPRA result to the new one PSL inv: +€1.8m Net rents: -€6.0m
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405 3 408 Cap @1% Swap @ 2,5% DEBT AND KEY RATIOS ///30 680.3 743.4 719.1 372.5 31/12/2022 31/12/2023 31/12/2024 31/12/2025 1.72% 1.22% 1.63% 2.58% 31/12/2022 31/12/2023 31/12/2024 31/12/2025 38.1% 43.3% 44.5% 23.4% 31/12/2022 31/12/2023 31/12/2024 31/12/2025 Maturity (years) 0.9% 0.8% - 31/12/2023 31/12/2024 31/12/2025 Net financial debt (€m) Average debt rate LTV(1) Mortgage Hedging (€m) 5.5 3.6 2.6 1.3 Fixed rate debt 40.0% 36.4% 36.6% 21.4% ICR 4.0x 5.7x 3.9x 3.0x (1) LTV excl. transfer taxes and PSL 2025 FULL-YEAR RESULTS
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0 200 400 600 800 1,000 1,200 1,400 1,600 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Dec-26 Jun-27 Dec-27 Jun-28 Dec-28 Fixed Floating Swap Cap 31/12/2025 Available Total INTEREST RATE HEDGING INSTRUMENTS 2025 FULL-YEAR RESULTS ///31 FINANCIAL INSTRUMENTS CHANGE • Hedging ■ 100% hedged 31/12/2026 • Sustainable financing ■ €330m to adjust ■ ESG criteria • Rate ■ Swap: €405m @ +2.50% (Dec-24Dec-26) • Sensitivity ■ +100bp: -€0.6m(1) ■ -100bp: +€0.6m(1) Maturity of financial (including PSL) and hedging instruments (€m) -160 -180 -200 (1) Estimated impact on 2026 financial costs post hedging
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• Scheduling as at 31/12/2025 (€m) 330 90 75 90 350 680 90 165 200 400 600 800 2025 2026 2027 2028 2029 2029+ Dette TSDI Disponibilité Ligne SMA non tirée • 2025 Change • €553m reimbursement ■ €100m drawn on the €100m RCF CADIF 2018 facility ■ €60m drawn on the €90m SLL CADIF 2024 facility ■ €180m 2020 PSL ■ €200m 2015 EuroPP ■ €12.5m secured financing • Cash investment ■ €180m maturing 13 June 2025 PSL 2020 ■ €200m maturing 10 July 2025 EuroPP 2015 • 2016 Refinancing ■ €330m TL BNPP/SG 2019 ■ €350m SMABTP 2021 FINANCING ///32 CHANGE IN FINANCING SCHEDULE 2025 FULL-YEAR RESULTS 553
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• Use of proceeds (€m) • Repayments made ■ €160m credit facilities: end January and mid-February ■ €180m 2020 PSL: 19 June 2025 ■ €200m EuroPP 2015: 15 July 2025 • Impact on the 2025 financial costs (€m) • Cash investment ■ €200m @ 2,83% ■ €180m @ 2,74% ■ €56,4m @ €ster (2,33% average over H1) ■ ICR excl. exceptional: 2.7x (Covenant at 2x) 596.4 Credit facilities 2020 PSL EuroPP 2015 160 180 200 56.4 0 100 200 300 400 500 600 700 January Jan-Feb June July FINANCIAL COSTS CHANGE ///33 IMPACT OF A €600M CAPITAL INCREASE (CI) 2025 FULL-YEAR RESULTS 28.3 8.4 3.8 1.8 14.2 43.3 0 5 10 15 20 25 30 35 40 45 50 Pre Financing €m 160+200 Cash Investment PSL inv. Post EBITDA 31/12/2025 ICR pre 1.5x Financial costs ICR post 3.0x (1) Refinancing assumption for the €100m 2018 RCF and the €200m 2015 Euro PP: maintenance of the historical terms of, respectively, 3-month Euribor + 1% and a fixed rate of 3.25%.
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• Impact on ICR H1 2025 (€m) • Investment ■ €200m @ 2.83% ■ €180m @ 2.74% ■ €56.4m @ €ster (2.33% moyen sur le S1) ■ ICR excl. Exceptional items: 2.2x (Covenant à 2x) 13.5 2.1 3.2 1.8 6.4 18.1 0 2 4 6 8 10 12 14 16 18 20 Pre Credit lines €160m Cash Investment PSL inv. Post EBITDA 30/06/2025 ICR pre 1.3x Financial costs ICR post 2.9x • Impact post H1 2025 repayment (€m) • Pro forma pos-repayment ■ Impact of repayments = cash investments ■ PSL investment only in H1 2025 ■ Cash needs related to deliveries • An ICR close to 2x Waivers obtained FINANCIAL COSTS CHANGE ///34 IMPACT OF THE €598M CAPITAL INCREASE (€596M NET) 2025 FULL-YEAR RESULTS 6.4 (4.0) 4.0 1.8 0.8 9.1 18.1 0 2 4 6 8 10 12 14 16 18 20 Fin. costs 30/06/2025 Reimb. Cash Investment PSL inv. Financing Post reimb. EBITDA 30/06/2025 ICR pre 2.9x Financial costs ICR post 2.0x
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• 2025 Dividend • Suspended • NAV ■ EPRA NTA (Going concern NAV) ■ EPRA NRV (Reconstitution NAV) ■ EPRA NDV (2) (Liquidation NAV) EPRA NAV 2025 FULL-YEAR RESULTS EPRA NTA CHANGE (€/SHARE) 35.0 8.86 8.16 -26.17 - +0.14 -0.78 -0.05 -0.03 EPRA NDV 8.1 EPRA NRV 8.9 0 5 10 15 20 25 30 35 40 45 31/12/2024 EPRA NTA Capital increase 31/12/2024 EPRA NTA(1) Dividend EPRA Earnings Property FV Others 31/12/2025 EPRA NTA PSL + FI. + Fixed rate FV ///35 (1) Post capital increase. (2) With the end of the SIIC regime in 2026, the EPRA NDV will have to be adjusted for deferred taxes, currently estimated at around €46m or €0.35 per share.
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///36 Eiffel 02 Montrouge PROGRESS OF THE ROADMAP 2025 FULL-YEAR RESULTS 3
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Initiate an adaptation strategy of the portfolio by: CHANGE IN THE PROPERTY COMPANY 2025 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 % ///37
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CONTINUATION OF THE ROADMAP • Strengthening the regional network • Diversified and mixed-use 2025 FULL-YEAR RESULTS ///38 AN ASSET ADAPTATION STRATEGY BACKED BY THE BOARD • Environmental quality (1) • 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 ■ A strengthened financial structure ■ Market opportunities to be seized 76% 75% 75% 75% 75% 67% 24% 25% 25% 25% 25% 33% 2021 2022 2023 2024 2025 Target 2027 Greater Paris Regions 81% 80% 79% 75% 75% 67% 19% 20% 21% 25% 25% 33% 2021 2022 2023 2024 2025 Target 2027 Offices Diversified 80% 80% 79% 83% 85% 80% 20% 20% 21% 17% 15% 20% 2021 2022 2023 2024 2025 Target 2027 Certified Non-certified (1) Maintained despite more stringent label eligibility criteria – Certified or eligible for certification
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QUESTIONS & ANSWERS
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APPENDIX Linéa Puteaux
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IMPACT OF THE OPERATION • Exiting SIIC status ■ Ownership threshold: 60% ■ Suspension in 2025 • 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 2025 FULL-YEAR RESULTS ///41 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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(€m] 31/12/2023 31/12/2024 31/12/2025 Gross rental income 83.1 79.0 74.7 Net rental income 70.9 64.8 58.8 Corporate expenses (16.5) (14.4) (15.5) Current EBITDA 54.4 50.4 43.3 Current EBIT 52.8 48.0 40.5 Other income and expenses 2.0 0.9 (0.1) Net financial costs (9.6) (13.0) (14.2) Miscellaneous (current) 0.6 (0.2) (0.3) Taxes (current) (0.0) 0.0 (0.1) Associates - - (0.0) Net current earnings 45.8 35.7 25.8 Other costs related to the funding structure (13.4) (13.8) (8.4) EPRA earnings (Group share) 32.4 21.9 17.4 Depreciation and amortisation on IP (73.8) (80.8) (90.2) Net profit or loss on disposals 6.2 2.7 (1.1) Cancellation of other costs related to the funding structure 13.4 13.8 8.4 Fair value adjustments of hedging instr. (25.4) (16.8) 1.6 Taxes (non-current) - - - Miscellaneous (non-current) - - - Net non-current profit (79.6) (81.1) (81.2) Net non-current profit - Group share (79.6) (81.1) (81.2) Net profit/loss (Group share) (47.2) (59.2) (63.9) Earnings per share (€) (3.66) (4.40) (0.57) Diluted earnings per share (€) (3.65) (4.40) (0.57) EPRA Earnings per share (€) 1.95 1.32 0.14 IFRS CONSOLIDATED STATEMENTS 2025 FULL-YEAR RESULTS ///42
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BALANCE SHEET 2025 FULL-YEAR RESULTS (€m) 31/12/2023 31/12/2024 31/12/2025 ASSETS 1,573.4 1,505.1 1,458.4 Goodwill - - - Investment properties 1,359.5 1,304.2 1,318.8 Assets earmarked for disposal 44.6 39.5 13.0 Tangible fixed assets 1.0 0.7 0.6 Intangible fixed assets 0.3 0.3 0.2 Right to use the leased asset 13.8 12.7 11.7 Receivables 94.6 68.6 64.2 Cash and equivalent 59.5 79.0 50.0 LIABILITIES 1,573.4 1,505.1 1,458.4 Share capital and reserves 650.2 577.1 916.7 - including result (47.2) (59.2) (63.9) Long term debt 802.9 798.2 422.5 Other liabilities 120.3 129.9 119.3 ///43
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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 2025 FULL-YEAR RESULTS (FAIR VALUE) (€m) 31/12/2024 31/12/2025 Var (%) Offices 1,219.5 1,190.6 -2.4% Ind. / Log. 188.0 189.8 1.0% Mixed-use 176.9 177.4 0.3% Residential 15.4 16.8 9.0% Retail 3.2 3.6 14.9% Land 14.0 13.9 -0.7% Total portfolio 1,616.9 1,592.1 -1.5% (€m) 31/12/2024 31/12/2025 Var (%) Greater Paris 1,209.0 1,193.1 -1.3% Region 407.9 399.0 -2.2% Total portfolio 1,616.9 1,592.1 -1.5% 0 500 1 000 1 500 2 000 Offices Ind. / Log. Mixed-use Residential Retail Land Total 31/12/2024 31/12/2025 0 500 1 000 1 500 2 000 Greater Paris Region Total 31/12/2024 31/12/2025 ///44
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EPRA INDICATORS 2025 FULL-YEAR RESULTS ///45 €m 31/12/2023 31/12/2024 31/12/2025 EPRA Earnings 45.8 21.9 17.4 EPRA NNNAV 695.8 610.0 1,080.4 EPRA NDV 695.8 610.0 1,080.4 EPRA NTA 678.9 581.4 1,084.0 EPRA NAV 679.1 581.7 1,084.2 EPRA NRV 786.2 679.6 1,189.1 EPRA Initial Yield 4.1% 4.0% 4.0% EPRA "Topped-up" Net Initial Yield 4.6% 4.7% 4.5% EPRA Vacancy Rate 22.0% 23.7% 26.9% EPRA Cost Ratio (including direct vacancy costs) 36.2% 39.0% 45.5% EPRA Cost Ratio (excluding direct vacancy costs) 26.1% 25.8% 30.7% EPRA LTV 59.7% 63.1% 30.8% EPRA Property Investments 141.6 102.0 82.2 In euros per share 31/12/2023 31/12/2024 31/12/2025 EPRA Earnings * 2.0 1.3 0.1 EPRA NNNAV ** (previous version) 41.9 36.8 8.1 EPRA NDV ** 41.9 36.8 8.1 EPRA NTA ** 40.8 35.0 8.2 EPRA NAV ** (previous version) 40.9 35.1 8.2 EPRA NRV ** 47.3 40.9 8.9 Average number of diluted shares (excl. Tr. shares) * 16,608,518 16,603,423 126,562,550 Fully diluted number of shares ** 16,621,460 16,597,106 132,881,205
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EPRA NAV 2025 FULL-YEAR RESULTS CALCULATION OF THE DIFFERENT NAV (EUROS PER SHARE) -0.6 1.8 0.0 8.1 0.0 8.1 0.0 0.0 8.2 0.0 0.0 8.2 0.0 0.8 8.9 6.9 - 1 2 3 4 5 6 7 8 9 10 ///46
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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 2025 FULL-YEAR RESULTS ///47 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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765 915 1,134 1,169 1,717 1,860 1,866 1,797 1,787 1,717 1,617 1,592 365 344 410 436 840 912 728 679 680 743 719 373 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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% 23.4% FINANCIAL STRUCTURE 2025 FULL-YEAR RESULTS FINANCIAL STRUCTURE CHANGE (€M) A solid, stable and reliable shareholder base ///48 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% 32 1026,3 135140180 165 180 39 420
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• Complete renovation to the highest standards ■ Planning permission granted and free of third-party claims as of October 2024 ■ Total renovation of the façade ■ Creation of outdoor spaces: loggias and terraces ■ Deployment of high-performance external solar shading • Ambitious environmental performance ■ Air conditioning system replaced by a climate path: thermal refuge and transition areas ■ Terrace greening ■ Photovoltaic panels on the roof TOMORROW'S OFFICES IN PARIS 2025 FULL-YEAR RESULTS ///49 A TOP-OF-THE-RANGE TOUR TRAVERSIÈRE 7,400sqm Offices 230sqm Green space 700pers. Additional occupancy capacity on current floors 400sqm Outdoor areas Paris 12
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TOMORROW'S OFFICES IN AIX-EN-PROVENCE • A building multiplied by 4x • Harmonious architecture, with a focus on user comfort ■ Planning permission granted and free of third-party claims as of April 2025 ■ Outdoor spaces, patio and green areas ■ Creation and development of parking spaces • Environmental and energy efficiency ■ First bioclimatic building in the Parc du Golf ■ Wood/concrete structure ■ Photovoltaic panels and water retention on the roof • Ultra-connected location ■ International airport and train station ■ Highway and public transport 2025 FULL-YEAR RESULTS ///50 BÂTIMENT 4, MAJOR RECONSTRUCTION 625sqm Initial surface 2 636sqm Final surface 590sqm Outdoor areas
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CSR STRATEGY FOR A PERFORMANT PORTFOLIO • Energy performance(1) • Tertiary Decree • 100% of reached declarants, completed lessors declaration • 65% of surface areas comply with 2030 thresholds (2) 2025 FULL-YEAR RESULTS ///51 ENERGY AND CARBON PERFORMANCES • Carbon performance(1) • Acknowledged performance • Overperform the average OID (Observatoire de l’Immobilier Durable) 2024 benchmark 56 % of surface areas ≥ C 2% 7% 47% 33% 10% 1% 0% A B C D E F G A B C D E F G 27% 58% 14% 1% 0% 0% 0% 99 % of surface areas ≥ C Compliance Advancemnt 35% of offices (1) Energy Performance Diagnostics (EPD) thresholds (2) Based on a first analysis
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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 2025 FULL-YEAR RESULTS REDUCING CARBON RISK IN REAL ESTATE CRREM: Carbon Risk Real Estate Monitor - https://www.crrem.eu/ ///52
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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 ■ Christophe Boulze ■ Valérie Archéno ■ Vinci Immobilier ■ Shoootin ■ Yann Bouvier ■ Paul Mayla Architecture et Associés 2025 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 2026 : General Meeting of Shareholders ■ 22 July 2026 : 2026 Half-Year results (after market close) ■ February-March 2027 : 2026 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 ■ Yann Lhuisset ■ Tailora ■ Sophie Lyod ■ SweetDesign ■ Angélina Wagon ■ Helen Peter ■ Julien Ventalon ///53