Covivio : 2023 – Shareholders newsletter

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report

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climate report

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SHAREHOLDERS' NEWSLETTER 2023

The Board of Directors

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The Board of Directors determines Covivio's strategic orientations and ensures their implementation. It is composed of fourteen members and two non-voting members.

Jean-Luc Biamonti

Chairman of the Board of Directors

Romolo Bardin	Christian Delaire	Giovanni Giallombardo	Jérôme Grivet
Director	Independent director	Permanent representative	Permanent representative
		of Delfin Group	of Predica

Stéphanie De Kerdrel	Christophe Kullmann	Olivier Le Borgne	Alix D'Ocagne
Permanent representative	Chief executive officer	Permanent representative	Independent director
of ACM Vie	of Covivio	of COVÉA COOPERATIONS

Sylvie Ouziel	Olivier Piani	Patricia Savin	Daniela Schwarzer
Independent director	Independent director	Independent director	Independent director

Catherine Soubie	Sergio Erede	Ariberto Fassati
Independent director	Non-voting member	Non-voting member

shareholders' newsletter - covivio 3

editorial

Jean-Luc Biamonti,

Chairman

of the Covivio

Board of Directors

Dear Shareholders,

2022 was marked by geopolitical events with international repercussions demanding resilience from each of us individually and the entire economic world. During this turbulent year, Covivio once again showed its ability to adapt and remain flexible while reaffirming the strengths of its business model.

With its long-standing commitments towards more sustainable and responsible real estate, Covivio was able to respond quickly to the challenges of reducing energy consumption. In our three countries and three areas of expertise - offices, residential and hotels - our teams were on hand to help our clients and quickly achieved results through a pragmatic action plan. Meanwhile, Covivio continued to green its portfolio: 93% of assets in operation and/or under construction are now certified. The Group's commitment is also embodied in the foundation it set up in 2020, which focuses on two areas: equal opportunities and environmental protection. In 2022, the Covivio Foundation provided support to 19 non-profits.

Covivio was not stalled by the challenging economic environment of 2022, delivering no less than 64,200 m2 of offices and letting or renewing over 272,000 m2 with an occupancy rate close to 95%, among the highest on the market. For Germany Residential, the long-term rental growth trend continued in 2022 with revenues up 3.1% and an occupancy rate of 99.2%. Lastly, the recovery in Covivio's hotel business was solidly confirmed and resulted in strong revenue growth (up 64%), a positive trend that will undoubtedly continue over the long term.

Thanks to the commitment of its teams, a diversified portfolio in terms of both products and locations, well-managed debt and a robust balance sheet, Covivio enters 2023 with serenity and lucidity. Your renewed trust and unflagging support are also an invaluable aid helping us to pursue Covivio's development.

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How do you look back on 2022?

In an ever-changing environment, the ability to adapt is crucial. For this reason, from the beginning of 2022, Covivio took the necessary decisions to strengthen its balance sheet in an uncertain geopolitical and economic environment. One year later, with revenues up 12% and an occupancy rate of over 96%, this strategy is bearing fruit despite the challenging economic conditions.

In an economic environment marked by increasingly short and intense cycles, the complementary nature of our business activities in Germany, France and Italy spanning the office, hotel and residential sectors is proving to be a major strength more than ever before. Moreover, our financial discipline will allow us to seize new opportunities once the horizon clears again.

What is Covivio's outlook for 2023?

Our priority will be to continue to post a strong balance sheet as interest rates begin to rise once more. To achieve this goal, we have decided to focus our development projects on city centres and to continue with our bold asset disposal objectives.

SHAREHOLDERS' NEWSLETTER 2023

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The complementarity of our activities in Europe: a major

strength Christophe

Kullmann,

"Chief executive officer, Covivio

80% of Covivio's portfolio is located in major European cities. What is your vision of the city of the future?

Through the offices, housing and hotels we develop, manage and operate on a daily basis, Covivio is helping to design a sustainable and responsible city.

We strive to rethink workspaces and propose new forms of housing and leisure facilities in line with the new demands expressed by clients, users and local authorities. This way, we are contributing to the emergence of more virtuous, relational cities that fully address climate concerns.

In addition, synergies between our teams at European level and the sharing of views, cultures and experiences, as well as the analysis of societal changes and their impact on our business lines, all help enrich our thinking in order to breathe life into real estate, inspired by best practices.

itw

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