Vitura : 2023 Interim Financial Report

2023 INTERIM FINANCIAL REPORT

SIX-MONTH PERIOD ENDED JUNE 30, 2023

Contents

Statement by the person responsible for the 2023 interim financial report

Interim activity report

Interim consolidated financial statements

(for the six-month period ended June 30, 2023)

Statutory Auditors' report

4

5

9

34

A French société anonyme (joint-stock corporation) with share capital of EUR 64,933,290

Registered office: 42, rue de Bassano, 75008 Paris

422 800 029 RCS Paris

SIRET No. 422 800 029 00031

Interim financial report

Six-month period ended June 30, 2023

(Article L.451-1-2 III of the French Monetary and Financial Code

[Code monétaire et financier], Articles 222-4 et seq.

of the General Regulations of the French financial markets authority

[Autorité des marchés financiers - AMF])

Interim financial report for the six-month period

ended June 30, 2023 prepared in accordance with the provisions of Article L.451-1-2 III of the French Monetary and Financial Code and Articles 222-4et seq. of the General Regulations of the AMF. This report has been distributed in accordance with the provisions of Article 221-3 of the General Regulations of the AMF. It can also be

consulted on the Company's website at www.vitura.fr

• Statement by the person responsible for the 2023 interim financial report

"I certify that, to my knowledge, the complete consolidated financial statements for the six-month period ended June 30, 2023 have been prepared in accordance with the applicable accounting standards and give a true and fair view of the assets, financial position and results of the Company and all companies included in the consolidation scope, and that the attached interim activity report includes a fair review of the material events of the first six months of the year and their impact on the interim financial statements, the principal related-party transactions, as well as a description of the main risks and uncertainties for the remaining six months of the year."

Paris, September 12, 2023

Jérôme Anselme

Chief Executive Officer

• - 2023 INTERIM FINANCIAL REPORT

Interim activity report 2

• Interim activity report

2.1 Business review

The first half of 2023 was a source of uncertainty on real estate markets, marked by continued high inflation, rising interest rates and the war in Ukraine. The Group's financial position and earnings remain secure despite this environment, thanks to its high quality tenants, which are mainly large corporates with solid profiles. True to its responsible approach, Vitura renovates each vacated space to keep up with the latest functional, technical and design standards. Private office space is rendered increasingly flexible and shared areas serve as fully fledged work spaces, better suited to interaction, living and creativity, with new amenities on offer. All of this is designed to perfectly match the newer generations' ways of living and working, while preserving the properties' appeal and estimated rental values.

2.1.1 Rental activity

Among Vitura's buildings in use, Europlaza in La Défense and Arcs de Seine in Boulogne Billancourt have proven highly attractive, with 11,000 sq.m let in first-half 2023 and Arcs de Seine being the only property in the Southern River Bend with a lease transaction exceeding 5,000 sq.m.

Vitura's properties provide a standout user experience thanks to the wide range and quality of amenities they offer, the emphasis placed on low-carbon mobility, the building communities that foster tenant relationships, and the wealth of private green spaces.

At June 30, 2023, the portfolio value stood at EUR 1,436 million, down 4.6% compared with the previous valuation (EUR 1,506 million at December 31, 2022).

Property occupancy rate

The portfolio's overall occupancy rate for buildings in use(1) stood at 84% at the period-end including leases signed taking effect after June 30, 2023.

The occupancy rates for properties in use were as follows:

June 30, 2023	Europlaza	Arcs de	Hanami	Passy	Office	Total(1)
	Seine	campus	Kennedy	Kennedy
Occupancy rate including
leases signed taking effect
after June 30, 2023	88%	91%	85%	57%	100%	84%

(1) Buildings in use exclude Rives de Bercy, which is undergoing redevelopment work.

Excluding these leases, the occupancy rate for the portfolio as a whole was 66% at June 30, 2023, compared with 75% one year earlier, breaking down by property as follows:

Rives

June 30, 2023		Arcs de	de	Hanami	Passy	Office
	Europlaza	Seine	Bercy	campus	Kennedy	Kennedy	Total
Occupancy rate
including leases
signed taking effect
after June 30, 2023	84%	69%	0%	85%	70%	100%	66%

Change in rental income (June 30, 2022 - June 30, 2023)

In millions of euros

1.5	1.7	(4.4)
				New leases
		Indexation				Departures
26.9						25.6
H1 2022						H1 2023
rental income						rental income

2.1.2 Net income by key indicator for the period

	First-half	First-half
In thousands of euros	2023	2022	Change	Breakdown
				At June 30, 2023, net rental income corresponds mainly to rental income for the
				period (EUR 25.6 million), indemnities received from lessees (EUR 5.7 million), less
				vacancy costs (EUR 3.2 million) and other property operating expenses (EUR
Net rental income	25,748	22,451	+3,297	2.8 million).
				Administrative costs consist of administrative expenses and asset management
Administrative costs	(4,659)	(4,160)	-499	fees.
Depreciation, amortization and impairment				An impairment charge of EUR 0.4 million was recognized against trade accounts
	(368)	-	-368	receivable during the period.
				The balance at June 30, 2023 represents the elimination of share subscription
Other operating income	1	453	-452	warrants.
				This item comprises a EUR 70 million decrease in property values since December
				2022 and EUR 14 million relating to renovation work carried out during the year. At
Change in fair value of investment property	-83,924	+6,248	-90,173	June 30, 2023, the portfolio value was down 4.6%.
Net operating income (expense)	(63,203)	24,986	-88,189
				The decrease in this indicator results from a decline in the fair value of hedging
Net financial income (expense)	(16,240)	9,741	-9,741	instruments and an increase in financial expenses (rise in interest rates).
Net income (loss)	(79,443)	34,728	114,171

- - 2023 INTERIM FINANCIAL REPORT	5