Altarea : 2024 Universal Registration Document

2024 UNIVERSAL REGISTRATION DOCUMENT

ANNUAL FINANCIAL REPORT

CONTENTS

GROUP PRESENTATION

1

2024 BUSINESS REVIEW

1. Altarea, leader in low-carbon urban transformation
2. Operational performance
3. Environmental performance
4. Financial performance

2

2024 CONSOLIDATED FINANCIAL STATEMENTS

1. Financial statements
2. Notes - Consolidated income statement by segment
3. Other information attached to
   the consolidated financial statements
4. Statutory auditors' report on the consolidated financial statements

3

2024 ANNUAL FINANCIAL STATEMENTS

1. Financial statements
2. Notes to the annual financial statements
3. Additional information
4. Statutory auditors' report on the financial statements
5. Statutory auditors' report on related party agreements

4

SUSTAINABILITY REPORT

1. General disclosures
2. Environmental information
3. Social information
4. Governance information
5. Report on the certification of sustainability information

A detailed summary is presented at each chapter entry.

3

5

27	RISK MANAGEMENT	335
	5.1	Organisation of Internal Control
28		and Risk Management	336
33	5.2	Risk factors and risk control systems	342
43	5.3	Insurance	355

47 6

	CORPORATE GOVERNANCE	357
	6.1	Framework of the report
55		and reference code	358
56	6.2	Composition and practices of the
		management and supervisory bodies	359
62	6.3	Compensation of management
		and supervisory bodies	398
63	6.4	Delegations granted by the General
		Shareholders' Meeting for capital increases	412
112	6.5	Conditions of participation in
		the General Shareholders' Meeting	414
	6.6	Items that may have an impact in case of
		a take-over bid or public exchange offer	415

119 7120

124	CAPITAL AND OWNERSHIP STRUCTURE	417
140
7.1 General information about the share capital	418
142	7.2	Stock market information	426
7.3	Simplified organisation chart
146		as of 31 December 2024	427
7.4	Dividend policy	428
149	8		429
150	ADDITIONAL INFORMATION
8.1	Company information	430
189
8.2	Other information	434
263

319 8.3 Persons responsible for the Universal Registration Document and the audit

330	of the financial statements	435
8.4 Documents and information	436
	CROSS-REFERENCE TABLE	441
	GLOSSARY	446

ALTAREA __ UNIVERSEL REGISTRATION DOCUMENT 2024

2024

UNIVERSAL

REGISTRATION

DOCUMENT

including the annual financial report

The Universal Registration Document was filed on 19 March 2025 with the French Financial Markets Authority (AMF), as the competent authority according to EU Regulation 2017/1129, without prior approval per Article 9 of the same regulation.

The Universal Registration Document may be used for the purposes of a public offering of financial securities or the admission of financial securities to trading on a regulated market if it is supplemented by a prospectus and, where applicable, a summary and all the amendments made to the Universal Registration Document. The resulting package is approved by the AMF in accordance with Regulation (EU) 2017/1129.

This document is a translation into English of the Universal Registration Document of the Company including the 2024 annual financial report issued in French in ESEF (European Single Electronic Format), filed with the AMF and available on both the AMF's and Company's websites.

ALTAREA __ UNIVERSEL REGISTRATION DOCUMENT 2024

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GROUP
PRESENTATION
ALTAREA, A UNIQUE BUSINESS MODEL	4
2024 HIGHLIGHTS	6
EDITORIAL BY ALAIN TARAVELLA	8
EDITORIAL BY D'EDWARD ARKWRIGHT	11
GOVERNANCE	12
OUR IMPACTS AS SEEN BY
OUR EXECUTIVE COMMITTEE	14
EMPLOYEES	16
STRATEGY	18
BUSINESS MODEL	20
CHALLENGES	22
OVERVIEW OF OUR PERFORMANCE	24

ALTAREA __ UNIVERSEL REGISTRATION DOCUMENT 2024 3

Altarea, a unique business model

A HUGE MARKET

The health, environmental and social crises of recent years have highlighted the need to thoroughly rethink the organisation and functioning of

our cities. Much of our real estate infrastructure is now obsolete and must be transformed to adapt to the changes in use that affect all real estate products, the low-carbon revolution and the changing climate.

All Altarea's know-how is focused on developing real estate products that integrate these issues into a complex economic equation to support cities through their transformation, either in successive stages or at the scale of entire neighbourhoods. Altarea thus occupies a central place in the immense urban transformation market, for which entry barriers (technical, administrative, financial and environmental) are high.

BUILDING THE CITY

Altarea has developed a system that is unique in France, to design and produce all the real estate products that make up our cities. It offers a particularly wide range:

• Residential: new housing of all types, managed residences, co-living, third spaces, historical monuments, with a presence throughout France (Paris Region, major and medium-sized cities);
• Retail: large shopping and leisure centres, retail parks, travel retail in stations and convenience stores;
• Business Property: offices of all formats, logistics platforms, business and industrial premises, hotels, schools and campuses;
• Photovoltaic Infrastructure: complete range of solar power plants integrated into buildings, solar car park shades, agrivoltaic systems;
• Ecoresponsible data centres of all sizes in colocation or hyperscale versions.

This unique offering is a key selling point that means the Group can talk to local authorities about all their development and transformation issues.

ALTAREA GROUP BRANDS

All retail

As a developer, investor and asset manager, Altarea Commerce designs innovative and sustainable retail spaces.

All Business Property

Through its projects in the Paris Region, Altarea Entreprise is building the future of Business Property.

Cogedim is today the leading developer of Business Property in France.

At the cutting edge of technical innovation, Woodeum is positioned within the tertiary market.

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All residential

All real estate services

Altarea Solutions & Services guarantees tailor-made support to all its customers at each stage of their real estate journey.

With an experienced team, Altarea Investment Managers offers its individual and institutional clients high-performance real estate savings solutions.

All logistics

As a developer, builder, developer, investor and manager, Altarea Logistique meets the fast-growing needs of the logistics sector.

All infrastructure

A leading player in new real estate, Cogedim has built more than 130,000 housing units since 1963.

Woodeum is developing a 100% low-carbon housing offer, with projects adapted to each region.

For more than 30 years, Histoire & Patrimoine has specialised in the rehabilitation of heritage properties.

Nohée develops serviced residences that create social links for the seniors of today and tomorrow.

Les Hespérides is the leading brand for senior serviced residences

in co-ownership, with a network of 23 residences throughout France.

XF thinks about real estate differently, working with local expertise

to build projects adapted to the needs of each region.

By developing and producing photovoltaic energy, Altarea supports local authorities, businesses, the agricultural sector and landowners in their transition, while making the most of their assets.

Altarea supports the development of hyperscalers in France.

With around 15 sites planned by 2030, Nation Data Center is creating the first French network of sovereign, local and responsible data centers.

ALTAREA __ UNIVERSEL REGISTRATION DOCUMENT 2024 5

2024 highlights

JANUARY

25.01

Cogedim retains the No. 1 spot in the HCG France customer relations - Les Échos Top 200 for customer relations in 2024.

25.01

Nation Data Center launches the construction of the first data center in western France.

APRIL

19.04

The Qwartz shopping centre celebrates its 10th anniversary.

MAY

22.05

Altarea launches Access,

a new generation of affordable housing to unlock access

to real estate.

24.05

CAP3000 winner of the FACT trophy in the "Local CSR Initiative" category at the SIEC.

JUNE

17.06

Woodeum obtains the first carbon credits for property development in France.

19.06

Altarea Commerce and the Établissement Français du Sang team up to promote blood donation.

26.06

Histoire & Patrimoine lays the foundation stone for

the renovation of the Domaine des Bas Buisson in Dreux.

JULY

04.07

Altarea acquires Prejeance Industrial and enhances its photovoltaic installation development platform in France.

21.07

AltaConvictions obtains the SRI label!

SEPTEMBER

27.09

Altarea Entreprise announces the signature of an off-plan lease with the law firm Ashurst for

the 185 Saint-Honoré real estate complex in Paris.

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OCTOBER

08.10

BBCA awards: Woodeum confirms its leadership in low-carbon

real estate development

with 100% of its 2024 projects labelled "Excellent".

24.10

Histoire & Patrimoine inaugurates the Château de la Touche Milon.

NOVEMBER

5.11

Altarea strengthens its commitment to diversity and inclusion by joining the Association Française des Managers

de la Diversité (AFMD).

07.11

Inauguration of the Nohée residence in Toulouse Quai Saint-Pierre, developed by Cogedim.

15.11

Cogedim voted best Customer Service of the Year 2025,

the 7th time it has won this award.

19.11

Altarea Commerce reinvents

Sant Cugat Shopping centre.

29.11

Inauguration of the Belvédère district in Bordeaux, developed by Cogedim and Altarea Commerce.

DECEMBER

02.12

Altarea announces several major divestments in logistics.

11.12

At SIMI, Altarea calls

on all stakeholders, public and private, to join with

the regions to boost affordable housing, particularly for first-time buyers.

19.12

Altarea Entreprise delivers "Le Bellini", the future Swiss Life headquarters in Puteaux.

ALTAREA __ UNIVERSEL REGISTRATION DOCUMENT 2024 7

"Our strategy to adapt to the new real estate cycle is bearing fruit. While 2025 will remain a challenging year, I have deep confidence in Altarea's future."

ALAIN TARAVELLA

Chairman and Founder of Altarea

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