Business at March 31, 2025

Key takeaways

▪ Rental income up +3.6% vs Q1 2024 on a current basis, driven by like-for-like rental income growth (+3.3% vs Q1 2024), continuing to benefit from the sustained impact of indexation, as well as the rental uplift captured on new or renewed leases in central locations

▪ Solid leasing activity with 41,100 sq.m relet or renewed across all geographies securing an average rental uplift of +9% (+17% in Paris City and +27% in Paris’ Central Business District)

▪ Development pipeline on track (Icône delivered in Q1 2025 and fully let ahead of delivery), portfolio rotation progressing well (including the student housing portfolio disposal expected to close in H1 2025)

▪ Guidance confirmed, demonstrating the solidity of the Group’s business model: recurrent net income (Group share) for 2025 still expected to reach €6.60 to €6.70 per share, marking a fourth consecutive year of growth (up +2,8%/+4.4% vs 2024)

Beñat Ortega, CEO: “With +3.6% rental income growth, this first quarter has set a solid foundation for another year of growth in 2025, in line with our previous guidance. Our teams remain deeply committed to delivering solid day-to-day operational performance, while continuously adapting our offerings to meet the evolving needs of our tenants. The solid leasing activity achieved across all our geographies once again highlights the dual polarization trends that favor both top-quality assets and prime locations. In our complex macroeconomic environment, delivering significant value and driving sustained growth continue to be at the core of our strategy”.

Rental income

▪ +3.6% overall rental income increase on a current basis vs Q1 2024, with strong contributions from like-for-like growth and the positive full-year impact of 2024 deliveries (+€7.1m: Mondo, 35 Capucines, Porte Sud), offsetting the impact of transferring previously let assets to the development pipeline (-€4.8m: Mirabeau, Arches du Carreau) and the disposal of mature residential assets (-€1.1m: Sibuet, Bel Air, Py in Q1 2025, and Saint-Gilles in Q1 2024).

▪ +3.3% overall rental income growth on a like-for-like basis, reflecting the lasting impact of indexation (+4.2% overall) and the rental uplift (+0.1%) from new leases or renewals, particularly in central locations, including the impact of serviced and operated real estate offerings across both our asset classes.

Leasing update

▪ Strong leasing activity with 41,100 sq.m relet or renewed (33 deals, €18.9m of annualized headline rent) since the beginning of January across all our geographies:

- 15,200 sq.m in Paris (37%), showcasing the strong retail leasing performance (6,900 sq.m) and the development of the operated office offerings in central assets (122 Reaumur, 155 Haussmann) in a context where available space remains scarce across the portfolio

- 14,400 sq.m in the Core Western Crescent1 (35%; average firm maturity of 7 years), including the “FEAT – Pont de Sèvres” initiative, which is delivering benefits to enhance the experience and services for the Boulogne assets, and the major clients signed up and renewed (Mondelez on Sources in Boulogne-Billancourt, Streem Interservices on Octant-Sextant in Levallois-Perret, Thésée on Be Issy in Issy-les-Moulineaux: these three leases represent a total of c. 12,200 sq.m)

- 11,500 sq.m (28%) securing occupancy in other locations, including a 6,500sq.m lease with PepsiCo on Forest in Colombes

▪ Solid leasing dynamics on the residential side as well, with (1) a monthly average number of leases signed in Q1 2025 exceeding the 2024 monthly average and (2) a Q1 2025 occupancy rate above the Q4 2024 average, showing a positive occupancy trend.

▪ Overall rental uplift of +9% (+17% in Paris City and +27% in Paris’ Central Business District).

Portfolio update

▪ Icône delivered in Q1 2025, to be made available to the client over the coming weeks in accordance with the planned schedule and budget.

▪ Student housing disposal project still ongoing and expected to close in H1 2025 as scheduled (€539m excluding duties, €567m including duties), with the clearing of the usual conditions precedent.

▪ Other mature residential asset disposals previously secured now completed (€205m, including Sibuet, Bel-Air, Py and Rueil Doumer).

Guidance confirmed

▪ Recurrent net income (Group share) for 2025 is still expected to reach €6.60 to €6.70 per share, marking a fourth consecutive year of growth, up +2,8%/+4.4% vs 2024.