Covivio - Activity at end-march 2022 : Strong recovery confirmed in the first quarter of 2022

Paris, 21 April 2022, 6:00 pm

Activity at end-March 2022:

Strong recovery confirmed in the first quarter of 2022

Good operating momentum across all businesses

• ► 36,100 m2 of office space let or pre-let; increase in the office occupancy rate to 92.4%

• ► Major progress in the asset management of our manage-to-core offices

• ► Fresh successes in our development pipeline: Stream Building and Anjou 94% and 100% pre-let respectively

• ► Hotels: strengthening of the recovery and inaugural brand management transaction in France

• ► Continued good momentum in German residential

• ► €183 million in new sales commitments, with an average margin of 2% above the latest appraisal values

Covivio continues its CSR roadmap and strengthens its teams

• ► Carbon trajectory: 26% reduction in our carbon emissions between 2010 and 2021, on track for the goal of a 40% reduction on scopes 1, 2 and 3 (including construction) by 2030

• ► Continued rollout of the Covivio Foundation: 12 non-profits supported in France, Italy and Germany

• ► Reinforcement of teams: appointment of Friederike Hoberg as new head of the German offices business

General Meeting approves all resolutions

► Payment on 27 April of a cash dividend of €3.75 per share representing an increase of 4.2% and a yield of 5.1%

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Strengthening the expertise of the Board of Directors: appointment of Daniela Schwarzer as an independent director

Strong revenue growth at end-March 2022: +7% like-for-like

• ► Offices: +2.9% on a like-for-like basis

• ► Germany Residential: +2.9%, with +3.6% in North Rhine-Westphalia and +2.6% in Berlin

• ► Hotels: +51%, driven by the recovery in variable rents

• ► 95.2% occupancy rate of vs 95.0% at the end of 2021

COVIVIO

FIRST QUARTER 2022 ACTIVITY

Covivio: a diversified and continuously adapting portfolio

With a €26.7 billion portfolio (€17.7 billion Group share) in Europe, Covivio has built its development on diversifying into sectors where it is a leading player:

• - 57% of the portfolio comprises offices in France, Italy and Germany, mainly in central locations in Paris, Milan and the main German cities;

• - Germany Residential represents 28% of the portfolio. It is located in the city centres of Berlin, Dresden, Leipzig and Hamburg and in major cities in North Rhine-Westphalia;

• - Hotels (15% of the portfolio), located in major European tourist destinations (Paris, Berlin, Rome, Madrid, Barcelona, London, etc.), are let or managed directly by major operators such as AccorInvest, IHG, B&B, NH Hotels, etc.

41% of properties in value are located in Germany, 38% in France and 16% in Italy.

This portfolio is managed according to three strategic pillars:

• 1. Focusing on location in the heart of major European cities, in particular Paris, Berlin, and Milan. As a result, 97% of the properties are within a five-minute walk of public transport.

• 2. New building design combining energy performance, well-being and adaptation to changing trends.

  Covivio is currently developing €1.8 billion Group share of office projects and €437 million Group share of housing units in Europe.1 Most of these developments concern existing assets.

• 3. Customer culture, with a user-centric strategy. Covivio supports its clients in their property strategies over the long term, by jointly defining their projects and forging sustainable partnerships (7-year firm average lease term). This is reflected in a strong consulting approach, an ambitious service policy and ever more flexibility, with, for example, hybrid offers combining commercial leases and flexible contracts.

Good operating momentum across all businesses

Sustained rental activity in offices as the market continues to recover

The rental market continued its recovery initiated in the second half of 2021:

In Greater Paris, take-up amounted2 to 504,000 m2 in Q1 2022, up 40% year-on-year and only 6% below 2019 level. The 40% of take-up concentrated on new assets confirms the market's polarisation in favour of quality, well-located buildings. The available offer and the vacancy rate are stabilising (7.4% vacancy rate). Rents are in line with their levels at the end of last year.

In the six major German cities3, take-up totalled 769,000 m², up 20% year-on-year with a very strong performance of Munich (+83%) and Frankfurt (+51%).

In Milan4, the first quarter was also very active with take-up of 106,000 m², up 30% year-on-year. This dynamic benefits grade A assets, representing 85% of take-up.

• 1 At the end of 2021

• 2 Source : Immostat

• 3 Berlin, Düsseldorf, Frankfurt, Hamburg, Cologne, Munich ; source : BNP PARIBAS REAL ESTATE

• 4 Source : DILS

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COVIVIO

FIRST QUARTER 2022 ACTIVITY

During the first quarter, Covivio let or pre-let 36,100 m2 of office space, mainly in France and to well-known tenants (members of the CAC 40, top tech firms, etc.), for an average firm lease term of 9 years. Firm agreements bearing on a further 5,000 m2 are also set to be finalised in the coming weeks.

The letting dynamic illustrates the success of Covivio's positioning focused on flexible, service-oriented buildings adapted to new uses and located in attractive locations. It is also reflected in the success of the Wellio managed office offer, whose latest site, in Milan CBD, opened with an occupancy rate of over 90% in early April.

The quarter's rental successes allowed the Group to take a major step forward in the streamlining of the manage-to-core portfolio (16% of the office portfolio), consisting of 9 assets accounting for 60% of offices vacancy. The 32 B building in Boulogne, the Orly Belaïa building and the CB 21 tower in Paris-La Défense accordingly saw their occupancy rates firm to 75% (vs 56% at end-2021), 85% (vs 64%) and 93% (vs 84% - including firm agreements signed to date) respectively. At the same time, the Via Del Innoviazione building in Milan, 85% occupied, was the subject of a sale agreement at its appraisal value.

Activity also reflects the continued success of the development pipeline. As part of the Stream Building mixed-use project, located in the 17th arrondissement of Paris, Covivio has signed a rental agreement with a leading French company for a surface area of 9,200 m2. This signature, which comes on top of that of Zoku as operator of the hotel part, brings the building letting rate to 94% several months before its scheduled delivery in mid-2022. Ideally located opposite the Tribunal de Grande Instance of Paris, the building brings together all the activities of a city life under one roof (offices - retail - hotels - leisure space) and reflects the changing nature of working life and lifestyles, while integrating perfectly into its environment.

Covivio has also fully pre-let the Anjou office building (9,336 m2) in the 8th arrondissement of Paris to a top French luxury firm. Located in the heart of the central business district (CBD) and enjoying excellent transport links (metro lines 1, 8, 12 and 14, buses and Velib bicycle stations), the building, acquired in 2006, was occupied by Orange and La Poste until the final quarter of 2021. Just vacated, and with Covivio still working on its complete restructuring, Anjou has already attracted a prestigious company that will take possession of the premises in spring 2025. The two partners have signed a 10-year firm lease.

Confirmation of the recovery in hotels and inaugural brand management transaction in France

In hotels, after a significant improvement in performance between April and November 2021, the Omicron variant slowed momentum in December 2021 and January 2022. Since mid-February 2022 and the lifting of all restrictions related to the health crisis, the hotel industry has benefited from a recovery in all European countries. Buoyed by domestic customers and fewer health restrictions, the United Kingdom and France outperformed the European average, with RevPAR returning to levels close to those of 2019 in March. Germany, penalised by tighter restrictions, is still lagging behind and has only recently started to recover.

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COVIVIO

FIRST QUARTER 2022 ACTIVITY

Change in hotels RevPAR in Europe

Omicron wave

-5%-5%

-23%

-50%

The performance of Covivio's variable-rent hotels is directly benefiting from this recovery, with a noteworthy 160% increase in variable rents in France. The fixed rent collection rate is 100%. In addition, the last outstanding payments in 2021 revenues were fully collected in Q1 2022.

As the hotel market recovers, Covivio is setting its hotel portfolio in motion by pursuing its dynamic asset management strategy in order to optimise profitability and guarantee a hotel offer increasingly aligned with user expectations. Covivio accordingly signed a memorandum of understanding with B&B Hotels for the lease of 31 hotels located in France and previously occupied by AccorInvest. This asset and brand management transaction demonstrates Covivio's ability to revitalise its hotel portfolio and constantly renew its hotel offer.

These 31 hotels (2,565 rooms), already owned by Covivio and operated under Accor Group brands (Ibis, Novotel and Mercure), were previously let to AccorInvest under variable-rent leases. Following the signing of the memorandum, Covivio and B&B Hotels, partners since 2010, have agreed on new 12-year firm fixed-rent leases. Covivio will accordingly benefit from a substantial increase in rents compared to 2019 and will participate in a Capex programme conducted by B&B Hotels. This value-creating transaction allows Covivio to provide support to Europe's third-largest economy class hotel brand in a new phase of its development in France.

Continued momentum in Germany Residential

In Germany, Covivio continued its active asset management work. Rents rose by an average of 2.9% year-on-year and benefited from good momentum in all geographic areas: Berlin (+2.6%), North Rhine-Westphalia (+3.6%), Hamburg (+2.0%) and Dresden and Leipzig (+2.8%). Growth in rents reflects three factors: indexation (36% of the increase), reletting with positive rental reversion (+40%) and the balance mainly linked to modernisation programmes. By renovating an average of 3% of the portfolio each year, Covivio increases the quality of its housing and participate in the energy transition, while ensuring a return of around 5%.

€183 million in new sales agreements at the end of March, with an average margin of +2%

Since the beginning of the year, Covivio has signed new sales agreements totalling €264 million at 100% (€183 million Group share), with an average margin of +2.3% on the latest appraisal values. These sales mainly concerned the Via del Innovazione office building in Milan, as well as the continued streamlining of the Telecom Italia portfolio in Italy. In Germany, Covivio has sold a number of housing units, generating a margin of +35% on the latest appraisal values. The average sale price of vacant housing units was €4,825/m².

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COVIVIO

FIRST QUARTER 2022 ACTIVITY

Covivio continues its CSR roadmap and strengthens its teams Further reduction in the portfolio's carbon emissions

With the publication of its Universal Registration Document 2021(link to the document), Covivio has disclosed its carbon emissions on scopes 1, 2 and 3 (including construction). It is down 26% compared with 2010, and on track to allow the Group to meet its reduction target of 40% by 2030. This performance is attributable notably to work done to green the portfolio (91% certified green by the end of 2021) and to support tenants in reducing their energy consumption.

Continued rollout of the Covivio Foundation

Created in 2020, the Covivio Foundation's purpose is to structure and strengthen Covivio's initiatives in favour of two pillars, namely equal opportunity and environmental preservation. The Covivio Foundation stepped up its work during the quarter, and now supports more than 10 non-profits in France, Italy and Germany. As part of a program aimed at providing hours of outreach work, the group's employees have carried out several skills sponsorship assignments with non-profits including Refugee Food, Wake Up Café and Article 1 in France, and with the Al Farabi Music Academy and SafeHub Wedding-Berlin in Germany. A call for projects has been launched in Italy to select new non-profits that will receive the Foundation's support over a 3-year period, the list of wich will be finalised before the summer. A similar call for projects is planned for the second half in Germany with a view to extending the Foundation's geographical scope.

Appointment of Friederike Hoberg as new head of the Germany Offices business

From May 2022, Covivio will welcome Friederike Hoberg as Head of German Offices and member of the Group Executive Committee. A graduate of the Freie Universität of Berlin and ESCP Business School, Friederike Hoberg has spent a large part of her career with Commerz Real in France and Germany. Before joining Covivio, she was head of Commerz Real's French subsidiary.

Covivio has a €1.8 billion office portfolio and a €562 million development pipeline in Germany, with flagship projects including Alexanderplatz in Berlin. These assets are located in the main German cities, namely Frankfurt (31%), Berlin (21%), Düsseldorf (20%), Hamburg (19%) and Munich (7%).

Based in Berlin and reporting to Christophe Kullmann, Covivio's CEO, Friederike Hoberg will be in charge of the

Office business in Germany, with the objective of implementing the same value-creating strategy already implemented in France and Italy, based on the following pillars:

• - Centrality, by developing our projects in the best locations, near transport hubs, in lively and attractive districts;

• - Quality, by designing offices that combine flexibility, well-being, services, and collective and environmental performance;

• - Customisation, by creating spaces and experiences specific to each client, in line with the culture and codes of each company.

All thanks to a personalised consulting approach and a customer relationship focused on user satisfaction.

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