Covivio (COV) investor relations material

Executive summary

• 9M revenue was €530.7m at Group share, down 0.4% at current scope and up 2.7% like-for-like, accelerating from 2.2% at H1; portfolio occupancy was 96.4%.

• 2026 adjusted EPRA Earnings per share growth guidance was confirmed at ~4%, supported by operating performance and proactive financing.

Financial highlights

• 9M revenue was €803.7m at 100% and €530.7m at Group share; current-scope revenue declined 0.4%, versus 2.1% at end-June.

• Like-for-like growth of 2.7% comprised 1.1 points from indexation, 1.3 points from rental uplifts and occupancy gains, and 0.3 points from hotel variable revenue.

• Segment revenue at Group share: offices €232.2m, down 5.4% at current scope; hotels €144.9m, up 5.3%; German residential €153.2m, up 2.4%.

Outlook and guidance

• 2026 adjusted EPRA Earnings per share is forecast to grow ~4% year on year; guidance was confirmed despite higher financing expenses, low indexation and the 2025 Suez departure from CB21 Tower.

• Office like-for-like growth is expected to remain at least at the Q3 level by year-end; French indexation is expected to exceed 1% in 2027, mainly in H2.

• Hotel fixed-lease indexation is expected to become supportive from 2027.

• Berlin Mietspiegel increases should phase in from year-end through 2027; they had no Q3 impact and are expected to have limited impact in 2026.