Altarea : IMPACT REPORT 2024

Acting for social utility and environmental sufficiency

Today, cities and regions have to undergo a profound transformation to deal with major social and environmental changes. As a leader in low-carbon urban transformation, Altarea works closely with local players to support them in the transformation of their regions.

As a leader in real estate in France, we are driven by the ambition to deliver real social utility, by enabling everyone to find a home, work or consume according to their budget and needs. Through our solutions, we want to strengthen the social cohesion of the regions and respond to the changes they are experiencing.

We also have a responsibility to lead the way towards environmental sufficiency. In all of our activities, we innovate and make continuous progress to reduce our impact on the climate, natural resources, soil and biodiversity.

This first impact report aims to provide a clear and succinct overview of our concrete contribution to these two major issues of social utility and environmental sufficiency.

The Group's impacts on these two issues, as presented in the document, are responses to the main material, social and environmental challenges identified by our double materiality analysis, part of the work carried out to comply with the Corporate Sustainability Reporting Directive (CSRD).

For each issue, the report presents Altarea's impacts in several key points, in line with the information presented by the Group's ESG reporting in its sustainability report. These impacts are then illustrated by the achievements and projects led by the Group's various brands in the regions.

• 02 Profile

• 04 2024 highlights

• 06 Editorial by Alain Taravella

• 09 Editorial by Edward Arkwright

• 10 Governance

• 12 Our impacts as seen by the Executive Committee

• 14 Employees

• 16 Strategy

• 18 Business model

• 20 Challenges

• 22 Overview of our results

38

Promoting regional change

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 technicalinnovation, Woodeum is positioned within the tertiary market.

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.

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.

Altarea launches Access, a new generation of affordable housing to unlock access to real estate.

MAY

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

APRIL

The Qwartz shopping centre celebrates its 10th anniversary.

22.05

24.05

19.06

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

27.09

26.06

Histoire & Patrimoine lays the foundation stone for the renovation of the Domaine des Bas Buisson in Dreux.

JULY

SEPTEMBER

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.

04.07

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

21.07

AltaConvictions obtains the SRI label!

OCTOBER

08.10

BBCA awards: Woodeum confirms its leadership in low-carbon real estate development with 100% of its 2024 projects labelled "Excellent".

NOVEMBER

Altarea strengthens its commitment to diversity and inclusion by joining the Association Française des Managers de la Diversité (AFMD).

5.11

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.

As anticipated, the crisis affecting the real estate sector continued in 2024, in a degraded economic and political environment. The housing crisis continues to prevent millions of French people from finding adequate housing and to affect many players in the sector. In this environment, Altarea has been able to stay the course, demonstrating its financial strength, agility and the power of its multi-business and multi-brand model.

The strategic roadmap that we defined at the end of 2022 was rolled out with rigour and determination by the entire Group. It included two main stages: in 2023 and 2024, we had to make the necessary changes to adapt to the change in the real estate cycle. Then, for the next three years, our ambition is to ramp up our historical business lines and our new businesses. Thanks to the mobilisation of all our teams, we are now on target with this trajectory.

Our retail REIT maintained its excellent operational performance in 2024. It was driven by growth in retailers' rents, visitor numbers in our shopping centres, as well as numerous successes in flow retail in stations. the Retail business is the Group's flagship and a major contributor to its robustness in this period of crisis, buying other business lines time to ready their rebound.

nothing to pay before they pick up the keys. I am particularly proud of this because we are making home ownership once again possible for young people or single-parent families for whom it once seemed impossible.

In Business Property, we had sustained activity in the Paris Region and in the other regions, while limiting our risks. In logistics, we completed two major disposals, for a total of €390 million, reaping the benefits of the growth strategy that we have been pursuing for several years in this booming market.

In Residential, we completed the sale of the old generation offer and significantly reduced our commitments in line with our targets. At the same time, we have developed a new offer for all customers.

To take into account the continuous decrease in the size of French households, these mainly consist of two-and three-room apartments, whose compactness has been optimised, without compromising on comfort, quality and environmental performance. We initially focused on first-time buyers with Access. This affordable offer is a return to the fundamentals: listening to the needs of our customers, in terms of uses and purchasing power.

It enables low-income households to buy a home with monthly payments close to what they would pay in rent and

Our new businesses also benefited from a global investment of more than €200 million and a significant boost to their teams. With the prospect of strong progress in data centers - first data center to be delivered in early 2025 - and asset management, with five initial investments made by SCPI AltaConvictions. 2024 was also the year of acceleration in photovoltaic infrastructure.

 Continued on page 8

For this activity, we now have a working organisation, with a cross-functional model of developer, asset manager and operator. In 2024, we acquired Préjeance Industrial, a French company specialising in the development of photovoltaic projects on small and medium-sized roofs, mainly agricultural sheds. We are thus able to offer our customers a comprehensive range of photovoltaic infrastructure solutions, meeting all their needs.

In terms of financial performance, our results are in line with our roadmap, with FFO of €274.1 million, up 10.5% and FFO Group share of €127.2 million, up 25.7%. We have a robust level of liquidity, stable net debt and strong ratios. We continued to improve our environmental performance indicators, with 68.6% of revenue aligned with the European taxonomy while reducing our carbon footprint.

I have deep confidence in Altarea's future.

We operate in a huge market, urban transformation, whose needs have been multiplied by the recent health, environmental and social crises. We have an ambitious corporate project based on deep convictions: all of Altarea's business lines are socially useful and we pursue them while limiting our impact on the climate and the environment as far as possible. We are masters of complex know-how and can count on a team motivated and united by a strong entrepreneurial culture. In a year that will remain difficult in view of the economic situation, our unique model will be our best asset, as it has always been since the creation of the Group more than 30 years ago. Altarea has developed a system that is unique in France, to create all the real estate products that cities need to achieve their transformation. Our financial profile, which combines two complementary financial models - investment and development - enables the Group to diversify its exposure to changing real estate cycles and to be more robust, particularly in times of market downturns.

We know that 2025 is going to be a challenging year during which we will have to strengthen our overall performance. But we are on the right track and we are ready to seize the opportunities of the new real estate cycle.

"In a year that will remain difficult in view of the economic situation, our unique model will be our best asset, as it has always been since the creation of the Group more than 30 years ago."

"My mission is to implement the Group's strategic roadmap and, in this way, to help project it into the future."

For the Altarea Group, 2025 will be a year of preparation for a new stage in its growth and its history. Alongside Alain Taravella, with the Executive Committee and Altarea employees, and drawing on the Group's unique assets, my mission is to implement this roadmap and, in this way, help to project it into the future.

2025 will be a challenging year and Altarea's priority is to implement its strategic roadmap in the business lines while consolidating the Group's strengths.

The Altarea Group and its employees have exceptional assets that make it a benchmark in the sector. An entrepreneurial spirit, a culture of calculated risk and clear-sightedness fuel strategic agility. The strength of the financial balance sheet, enabled by the investor/ developer model and the Group's rigorous management, makes it easier to reallocate capital employed. Employees have the highest level of expertise and demonstrate their commitment to serving customers and the Group every day. They can rely on strong brands, environmental commitment, and a taste for innovation.

In 2025, we will continue to improve the Group's operational efficiency, by maintaining the priority given to financial discipline and risk management, and by developing collective projects. In particular, we will continue to work to restore the profitability of residential development projects, and will develop our Access offer by building on the strength of the Cogedim brand. With regard to Retail, as well as working on our assets, we will be stepping up development in railway stations. In Business Property, we will strengthen the portfolio of logistics projects and continue to promote our office expertise to our customers in the Paris Region and other regions. In the new businesses, the priorities for 2025 will be strengthening the skills platform in renewable energies and data centers, and finding partners for projects under development. Finally, we will maintain the highest standards of financial and environmental performance.

Governance that supports Altarea's transformation

Led by its founding Chairman, Alain Taravella, the Altarea Group can count on a robust governance framework that serves its strategic ambition: to be the leader in low-carbon urban transformation. Structured around the Management, embodied by Alain Taravella and Edward Arkwright, Group Chief Executive Officer, a Supervisory Board, an Executive Committee and three business line management committees, its ensures the smooth running of the Group over the long term.

Informs

HIGH STANDARDS OF BUSINESS CONDUCT

A dedicated Ethics Committee, chaired by the Group Chief Executive Officer and composed of the Director of Human Resources and the Ethics Officer, oversees the Group's compliance program. The main objective is to apply zero tolerance for unethical practices. To this end, the Group has drawn up and deployed an Ethics Charter, which is communicated to all employees. It lays down the principles of professional ethics that guide the behaviour of Group employees in their relations with external stakeholders.

A whistleblowing line, open to all employees and third parties, makes it possible to report any behaviour that is illegal (corruption, bribery, etc.) or clearly contrary to the principles of the Charter. The reports reported are analysed by the Ethics Officer, who carries out the necessary investigations, reports to the Ethics Committee and proposes the appropriate remedial actions for each situation.

• (1) Excluding members representing employees in line with the AFEP-MEDEF Code recommendations.

• (2) Audit and CSR Committee, Appointments Committee, Compensation Committee, Investment Committee.

Chairman of the Supervisory Board of Altarea

In a difficult environment for the residential market, the Supervisory Board congratulates the whole company for taking the action required to successfully adapt the organisation to a new order volume of 8,000 housing units per year (down by 30% compared to 2021).

With the Access range, the Group has been able to create a disruptive offer on the market, by focusing on the main constraint on buyers: monthly mortgage repayments tin line with the cost of rent. In Business Property, Altarea had some big successes in 2024, notably with the disposal of three logistics sites at the end of the year. Its Retail activities posted very solid performance and profitability, supporting the less dynamic performance of the other business lines. The Group has also continued the gradual development of its new businesses according to the trajectory it has set.

In 2024, the Supervisory Board carried out its duties by addressing a variety of strategic issues at its quarterly meetings. For example, it closely monitored the development of Altarea's new business lines, particularly in the data center and renewable energy markets, and by being consulted on the acquisition of Prejeance Industrial.

The "Upper Montparnasse" office project was also presented in detail to the members of the Board: covering 55,000 m2 above the Paris-Montparnasse station, this operation is revealing of Altarea's agility and its ability to innovate in Business Property, with increased visibility on the market, and the prospect of new opportunities.

Thanks to a dedicated discussion time, the Board was also able to gain an in-depth understanding of the issues related to the implementation of the objectives of the Corporate Sustainability Reporting Directive (CSRD). This is a powerful lever for steering the Group's sustainability performance and a valuable management tool for carrying out the necessary low-carbon transition and CSR actions over the next three years.

As every three years, a review of the Supervisory Board's work was carried out by an independent consultant. It highlighted the quality and transparency of the information provided by the Management on strategy, activity and results; progress made in good governance practices; and the commitment of Board members to the Company and its values.

Our impacts as seen by our Executive Committee

"As anticipated, the crisis affecting the real estate sector continued in 2024, in a degraded economic and political environment. Despite the context, Altarea has been able to stay the course, demonstrating its financial strength, agility and the power of its model. We know that 2025 is going to be a challenging year during which we will have to strengthen our overall performance. But we are on the right track and ready to seize the opportunities of the new real estate cycle."

ALAIN TARAVELLA

Chairman and Founder of Altarea

"This year, the Histoire & Patrimoine teams once again demonstrated their high standards, their commitment and the excellence of their know-how by delivering exceptional projects.

I am thinking of the magnificent Maison

Houot building in Nancy, or the Brasserie Motte-Cordonnier in Hauts-de-France, a superb building that used to house one of the oldest French breweries."

RODOLPHE ALBERT

Chairman, Histoire & Patrimoine

"The evolution of Altarea IM illustrates the Group's tremendous ability to diversify to create new growth drivers. In 2024, we celebrated the first anniversary of our SCPI AltaConvictions, with rising inflows and our first investments. The SCPI also obtained the SRI label and posted a yield of 6.5% in 2024, which positions it solidly to continue its development."

BAPTISTE BOREZÉE

Deputy CEO of Altarea

Committee and all employees, my mission is to implement the Group's strategic roadmap and, in this way, help to project it into the future."

"Altarea has exceptional assets, that make it a benchmark in the sector. 2025 will be a year of preparation for the Group's next stage, enabling it to continue its growth. Alongside Alain Taravella, with the Executive

EDWARD ARKWRIGHT

Group Chief Executive Officer, Altarea

"Despite the crisis in the residential market, Altarea has resisted the temptation to focus solely on social and economic issues. The Group is of course responding to these challenges in all its business lines, by devising innovative solutions such as the Access offer, which removes the barriers to home ownership. But it also continues with an equally strong determination to strengthen its positive environmental impacts. For example, the percentage of our revenue aligned with the European taxonomy increased to 68.6% in 2024, compared to 48.1% in 2023. And we are staying the course, because the future of our business lines lies in low-carbon and inclusive urban transformation."

NATHALIE BARDIN

Director of Strategic Marketing, CSR and Innovation, Altarea

"In 2024, we completed two major logistics transactions, that have enabled us to reap the benefits of our growth strategy in this booming market. Today, we are pursuing our ambitions, with a pipeline of projects under development of 650,000 m2. In office property, activity was strong throughout the year, in the Paris Region and in the other regions. In particular, we obtained the building permit for Upper Montparnasse, an emblematic 55,000 m2 building which will be fully restructured over the coming years."

ADRIEN BLANC

Chairman of Altarea Entreprise

"In 2024, we significantly accelerated the development of the new businesses. For photovoltaics, the year was marked by the acquisition of Préjeance Industrial, specialising in small-scale projects on farm building roofs, and developing a significant pipeline now covering a full range of infrastructures. We have also taken an important step in the development of a sovereign, local and responsible network of data centers. Work has started on a first site in Brittany and we are studying larger hyperscale projects.»

LUDOVIC CASTILLO

Chairman of the Management Board of Altarea Commerce, Chairman of Altarea Energies Renouvelables and Chairman of Altarea Data Center

"Amid the still deep real estate crisis, after a year in 2023 devoted to reducing risks and winding up the previous cycle, in 2024 we readied Altarea to return to growth on a new basis. The Group's results are up and its financial position is particularly strong, with robust liquidity and stable debt."

ÉRIC DUMAS

Chief Financial Officer, Altarea

"Employees are Altarea's biggest asset because they embody the real estate know-how and entrepreneurial culture that have always made the Group successful. As we enter a new real estate cycle that requires an in-depth transformation of our historical businesses and support for the rise of emerging activities, we are more committed than ever to developing an innovative HR policy based on four priorities: continuous training of our talents to rise to the new real estate challenges, support for their career paths, special attention to the quality of life at work and sharing the value created as part of a strong social contract."

KARINE MARCHAND

Director of Human Resources, Altarea

"The year 2024 was marked by an excellent performance by our retail REIT, with green lights on all our key indicators: tenants' revenue, net rental income and occupancy rate. These results are the result of the unwavering commitment of our teams, our partners, and the trust of our customers. Across our five asset classes, we have the ability to create vibrant, attractive and sustainable spaces for consumers and retailers alike. This is a real strength on which we will continue to capitalise."

RODRIGO CLARE

Chief Executive Officer of Altarea Commerce

"Launched in 2024, our new Access offer marks a radical change in the residential market. Designed 100% according to the lifestyles and purchasing power of our customers, it is means the majority of people can once again own their home. It is a concrete response to the urgent need for housing for young people and single-parent families."

VINCENT EGO

Chief Executive Officer of Altarea Promotion and Chief Executive Officer of Cogedim

"Woodeum is continuing its drive for innovation, that improves quality, with a major challenge: making timber and low-carbon construction accessible to all in a tight market. Thanks to their use of wood means, all Woodeum projects can expect to attain at least the 2028 threshold of the RE2020 regulations or the BBCA label. By obtaining the first carbon credits for new buildings in France in 2024 on an initial three residences, we are demonstrating our desire to always be one step ahead of decarbonisation challenges.»

JULIEN PEMEZEC

Chief Executive Officer, Woodeum

Employees, more than ever Altarea's biggest asset

Employees are the Group's biggest asset, embodying the real estate know-how and entrepreneurial culture that have always made Altarea successful. Through an innovative HR policy, we strive to continually train our talents, support evolving career paths, pay particular attention to the quality of life at work and share the value created as part of a strong social contract.

PILLAR 1

Altarea, a university for urban transformation

With unrivalled multidisciplinary expertise, Altarea is now a leading employer in the real estate sector. To continuously develop this know-how, cultivate the talent pool we will need to support the sector's rebound and enable the ramp-up of new businesses, we have made employee training one of the priorities of our HR policy. Almost all employees receive at least one training session per year a the Altarea Academy, a significant proportion of which is provided by in-house experts. Several schemes have also been set up to promote exchanges between business lines and between brands. Each year, nearly 300 to 500 work-study students are trained within the Group, some of whom will be recruited at the end of their studies. Altarea has also set up a Graduate Program for young graduates who have the opportunity to complete an 18-month personalised career path in three different business lines. Each new cohort of employees gets an induction programme lasting several days which introduces them to all the Group's business lines as well as its history and values.

This course includes visits to real estate projects and assets, discussion with the members of the Executive Committee and ends with an exchange with the Chairman and Founder of Altarea. Depending on the year, this experience can involve several hundred newly recruited employees, sometimes joined by former employees wishing to update their knowledge of the Group, its business lines and its challenges.

216

employees who benefited from internal mobility (internal mobility represents 67.4% of positions filled in 2024)

19,958

hours of training provided in 2024 (87.6% of employees received training)

30

employees hired for their first job (i.e. 19.1% of employees hired in 2024)

PILLAR 2

Sharing value is at the heart of the Altarea model

PILLAR 3

"Tous Altaréens!"

Sharing the value created is an integral part of Altarea's business model. It is based on a comprehensive system, notable for a proactive employee shareholding policy that includes: ◗ the best compensation in the sector, with particular attention paid to gender-equal pay for equivalent positions;

◗ a profit-sharing system comprising financial and non-financial criteria aligned with those used to determine the variable compensation of the Management;

We pay particular attention to the quality of life and working conditions of our employees. We have been awarded

Top Employer certification for four years, thanks to the daily support of a hands-on HR team that works closely with employees. It is also reflected in the coordination of a close-knit collective, sharing an entrepreneurial culture and a sense of social utility, which is embodied in the "Maisons Altarea" in Paris and in the regions. Altarea's head office, located in the heart of Paris

◗ an FCPE (Company Savings Fund) invested in Altarea shares on favourable terms, which employees can top up with additional sums if they wish.

◗ an option for employees who so wish to receive all or part of their bonuses in the form of Altarea shares (AGA) on favourable terms with a matching contribution from the employer under certain conditions; ◗ a systematic free share distribution policy as part of medium-term plans, part of which is conditional on

at 87 rue de Richelieu, is a true demonstration of the Group's office expertise. It brings together the 1,200 employees working in the Paris Region on a 16,000 m2 site with an exceptional location and particularly pleasant working conditions. Everything has been designed to promote collaborative work, exchanges between brands and the integration of young employees. The "Maison Altarea" has many meeting spaces, a spectacular exterior and a wide range of catering and other services. Employees continued employment and part on the achievement of collective and/or individual targets. Shares granted to employees represent between 200,000 and 300,000 Altarea shares each year, i.e. approximately 1.0% to 1.5% of the share capital. More than 70% of the Group's employees are shareholders and employee shareholdings represented 4.3% of the share capital at the end of 2024.

benefit from unique infrastructures including a 280-seat auditorium operated by a third party and available for the Group's private use. Designed first and foremost as a powerful working tool for employees, the "Maison Altarea" is also a showcase of the Group's know-how and a media hub for all of its brands.

In 2024, "Maisons Altarea" were established throughout France, to promote cross-functionality between the teams of the various brands in the regions.

4.3%

of the share capital held at the end of 2024 by employee shareholders

€64,523

average gross annual compensation for employees

29.8%

of women on managers committee

200,000

to 300,000

Altarea shares awarded each year to employees as compensationn

Develop and invest for low-carbon urban transformation

Altarea's corporate project combines two complementary financial models: Investing in activities that create value over the medium term and continuously developing projects within its activities. Together, they enable the Group to diversify its exposure to different real estate cycles, optimise its capital employed and reduce its financial risks.

OUR COMPLEMENTARY MODELS

INVESTMENT

Altarea favours investments in operational know-how that creates the most long-term value in its business lines.

DEVELOPMENT

Altarea has comprehensive and recognised expertise throughout the value chain of real estate project development, developing assets for sale to users or to investors or on its own behalf.

OUR ACTIVITIES

OUR COMPLEMENTARY MODELS

OUR OFFERS

An unrivalled range of real estate products

ALL RETAIL

INVESTMENT

• ◗ Major destinations (shopping centres and shopping-leisure centres): size, depth of offer, leisure shopping, entertainment

• ◗ Large retail parks: the best proximity/price ratio

• ◗ Retail infrastructure in stations: a natural, massive, continuous footfall with revisited assets

• ◗ Convenience stores: as part of residential or large mixed-use projects

ALL RESIDENTIAL

INVESTMENT

OUR STRATEGY & PRIORITIES 2025-2026

• ◗ Continuation of the asset management policy to optimise the profitability of capital employed

• ◗ Leverage resilience and recurrence to drive strong business performance

2024 ACHIEVEMENTS

• ◗ Continued solid operational momentum for our REIT with rental income of €243.5 million

• ◗ Growth in footfall (+1.5%)

  and tenants' revenue (+4.2%)

• ◗ Multiple successes in travel retail in stations (including concession extensions)

• ◗ Altarea is number two in the Residential Development market in France through a comprehensive multi-brand range and national coverage: new entry-level, mid-range and high-end housing, social/free housing, serviced residences for seniors and students, property renovation and refurbishment.

• ◗ All customers: private sector and social housing institutional investors, individual buyers and investors

• ◗ All rental investments: Pinel, furnished non-professional rentals, historic buildings, etc.

• ◗ Respond to the declining property purchasing power of individuals with an affordable, low-carbon and profitable new generation offer that also meets the expectations of institutional investors (social housing or free intermediate housing (LLI))

• ◗ Focus our efforts on middle-class first-time buyers by deploying the Access range and its innovative and attractive loan financing offer

• ◗ Staying the course of customer satisfaction

• ◗ Roll-out of the Access affordable housing offer, to make home ownership possible once again for first-time buyers, especially young people

• ◗ New orders: 7,601 units (down 5%) due to historically low supply levels

◗ 800 MWp under management

ALL LOGISTICS

ALL DATA CENTERS

ALL PHOTOVOLTAICS

DEVELOPMENT INVESTMENT

• ◗ Strong growth market, driven by the desire of many players to relocate their data storage to national territory

• ◗ Shortage of products, particularly in "eco-responsible" data centres (self-generation and energy recovery, connection with urban heating networks, etc.)

• ◗ Increased need for data centers to cope with the emergence and development of AI

• ◗ A promising, fast-growing market

• ◗ An expert team, being strengthened

• ◗ Tactical acquisitions to accelerate the internalisation of operational know-how

• ◗ Different types of infrastructure (photovoltaic roofs, photovoltaic shades, ground-based photovoltaic plants, agrivoltaic systems, agricultural sheds)

ALL REAL ESTATE SERVICES

INVESTMENT

• ◗ Altarea Investment Managers (AIM): the SCPI AltaConvictions fund, which makes it possible to invest in all growth sectors

• ◗ Real estate debt fund in partnership with Tikehau: financing of a wide range of real estate assets (offices, retail, industrial assets, housing, logistics and hotels)

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

• ◗ Develop a pipeline of a dozen shared data centers and support the development of hyperscalers in France

• ◗ Opening of a first data center in Rennes in spring 2025

◗ Search for partnership agreements to share projects

◗ Target of a payout ratio of 6.50% for SCPI AltaConvictions

◗ 2 projects under development

• ◗ Acquisition of Prejeance Industrial to consolidate the Group's expertise in medium-and small-scale photovoltaic projects (for an enterprise value of €140 million)

• ◗ 800 MWp secured including 94 MWp of which 61 MWp in operation and 33 under construction or awaiting connection at the end of 2024

• ◗ Receipt of the first revenue from the sale of electricity

• ◗ Continued collection of AltaConvictions

• ◗ First investments in commercial assets, business premises and industrial assets by AltaConvictions

• ◗ SRI certification obtained by SCPI AltaConvictions