2025 Full-Year Results - Maintaining strategic momentum and rigorous operational management in a demanding market

The Board of Directors of Société de la Tour Eiffel met on 26 February 2026 and approved the statutory and consolidated financial statements for the year ended 31 December 2025. The audit procedures for these financial statements have been completed and the corresponding reports are currently being issued.

"In 2025, the French real estate market confirmed its polarisation, marked by significant disparities depending on asset classes and locations. While office take-up fell by 9% over the year, quality, selectivity and diversification emerged as key strategic levers for market participants. In this context, Société de la Tour Eiffel demonstrated its ability to execute through the delivery of flagship projects, illustrating the relevance of its development strategy and long-term vision. Thanks to a strengthened financial structure, the property company is consolidating its regional presence and developing sustainable and responsible real estate assets. Thanks to this momentum, the teams are actively pursuing their marketing efforts to contribute to the Company's gradual return to sustainable growth," said Christel Zordan, Chief Executive Officer of Société de la Tour Eiffel.

The Company continues to implement its adjusted roadmap...

• Capital increase of €598.8m in January 2025
• Asset value down 6.4% on like-for-like basis to €1.6bn
• €67m in developments of assets with sound fundamentals
• Loan-to-value ratio (LTV) at 23.4% (covenant: < 50%) and EPRA LTV at 30.8%
• ICR (EBITDA/Financial costs) at 3.0x (covenant: > 2x)
• €440m in drawdown capacity
• EPRA net asset value (NTA) of €8.2 / share
• EPRA Topped-up Net Initial yield: 4.5%

... essential to the sustainable transformation of its assets in response to the challenges of the property market

• Gross rental income of €74.7m, down 4.4% on a like-for-like basis
• 98% of rents collected as at mid-February 2026
• EPRA occupancy rate down to 73.1% (vs. 76.3%) and secured occupancy rate at 74.5%
• Cost of debt at 2.58%, benefiting from the investment of proceeds from the capital increase
• Consolidated net profit of -€63.9m (vs. -€59.2m)
• EPRA earnings (new method) of €17.4m, or €0.14 per share (vs. €0.17 PF)
• Recurring cash flow of €19.3m (vs. €24.1m)

Continued disposal of buildings no longer aligned with the Group's strategy

During the year, the Group completed the sale of an asset in Orvault, near Nantes, for €2.8m excluding transfer taxes, in line with the latest appraised value. The Company is continuing to rationalise its portfolio in a still sluggish investment market.

Progress on the development and redevelopment pipeline

EvasYon is a mixed-use project located in Lyon comprising a 5,800 sqm office building (HQE Excellent, BREEAM Excellent, BBC Effinergie E+C- level E2C1, Biodivercity, Wiredscore Gold) and a 5,400 sqm co-living building (HQE NF Habitat). Launched in summer 2023, this redevelopment (formerly Lyon Dauphiné) was delivered in two phases: end 2024 for the co-living part and early 2025 for the office part. The asset is fully secured with a 12-year firm lease for the co-living component with Bikube, a specialist operator, and a 6-year firm lease for the office component with Sopra Steria, a specialist player in the consulting sector, taking effect during 2026.

At the Parc du Golf in Aix-en-Provence, construction of Jade and Saphir office buildings, with a surface area of 4,190 sqm (including 330 sqm of terraces - BREEAM Excellent, E+C-) was completed in early March 2025. The buildings are 100% let.

In Puteaux, on the banks of the Seine, just outside the La Défense district, the Group is continuing the redevelopment of Rivage, a 9,800sqm mixed wood-concrete office building (not a high-rise). Launched in September 2023, the project is aiming for a high level of environmental certifications and labels: HQE BD Excellent, BREEAM NC Excellent, E+C- level E2C1, BBCA standard, Osmoz Bâti, Wiredscore Gold and Label Biosourcé level 3. The comprehensive amenity offer will include a Skybar on the 8^th/9^th floor overlooking a terrace with unobstructed views of the whole of Paris. Delivery is scheduled for the end of March 2026.

In the ZAC des Vignes urban development zone in Bobigny, the Company plans to deliver Syrah, an 8,000 sqm multi-storey light industrial and last-mile logistics asset under its LILK (Light Industrial Last Kilometer) brand, in March 2026. The second project of this type delivered after Nanturra, this multi-purpose building concept meets the needs for urban light industrial and last-mile logistics space close to urban centres while preserving as much of the natural environment as possible. Syrah stands out in particular for its environmental performance (geothermal heating using probes, low-carbon materials, urban agriculture, etc.) and is also aiming for BREEAM Excellent certification.

With Nanturra delivered in 2024 in the Eiffel Nanterre Seine park, these five projects (EvasYon, Rivage, Jade/Saphir and Syrah) illustrate the value creation, diversification and ESG-driven strategy launched in 2022, representing a potential €11.0m in additional annual rental income, of which €4.0m is already secured through signed leases.

Update on off-plan projects (VEFA)

The "Millésime" off-plan (VEFA) development, comprising 4,525 sqm of office space (HQE Excellent, BREEAM Excellent, E+C- level E2C1, Osmoz Levier Bâti) located in Issy-les-Moulineaux, will house the headquarters of Les Nouveaux Constructeurs for 10 years, including 9 years firm. The lease took effect at the end of July 2025, a few months ahead of schedule.

Similarly, the "Manufacture" off-plan project in Lyon was delivered in Q4 2025. This mixed-use and reversible 4,000 sqm development comprises offices (HQE Excellent, E+C-, BBC Effinergie, BBCA, Osmoz Bâti, Wiredscore Silver), residential units (NF habitat) and two retail units.

These investments are also part of the strategy to transform the portfolio: high-quality locations, secure rental income and high-performance environmental buildings.

Implementation of the Property Company's sustainable commitments

Structured around four major pillars – decarbonisation of its activities, adaptation of its assets to climate challenges, preservation of resources and biodiversity, and integration of societal issues, particularly training and diversity – Société de la Tour Eiffel's ESG approach is tangibly reflected in recent deliveries and ongoing developments.

The Company translates its commitments into concrete actions on its assets and monitors their impact and opportunities through performance indicators, including: circularity with the proportion of development operations using low-carbon concrete (50% in 2025), adaptation studies (91% of assets covered), asset energy performance (112 kWh/kWhEF/sqm/year) better than the OID - Offices average for 2025 (126 kWh/kWhEF/sqm/year) and carbon emissions (8.5 KgCO kWhEF/sqm/year) that remain below the OID – Offices average for 2025 (10.7 KgCO2/sqm/year). This work is reflected in particular in the constant evolution of asset certification, particularly for construction projects, and in their marketing.

ESG

Since 2011, Société de la Tour Eiffel has published a sustainable development report (entitled Non-Financial Performance Statement until last year), reflecting its long-standing commitment to integrating environmental, social and governance (ESG) issues into its strategy.

Anticipating regulatory changes, it has reached a new milestone by voluntarily adopting reporting in line with the CSRD (Corporate Sustainability Reporting Directive). This approach illustrates its maturity and active commitment to the transition to a sustainable and responsible economy.

A portfolio under transformation

As at 31 December 2025, the value of the portfolio stood at €1,592m, comprising 75% offices (€1,191m), 12% business/logistics assets (€190m), 11% in mixed-use assets (€177m) and a still marginal amount of serviced residential. This portfolio is located entirely in France, with 75% in Greater Paris (€1,193m). As part of a process of continuous improvement in the quality of the portfolio, 85% of it is certified for its environmental performance at end-2025.

A dynamic leasing activity

In 2025, €18.2m in annualised rental income was agreed with tenants, including €6.9m in new leases signed and €11.3m in renewals.

After taking into account announced departures, the net balance of the rental activity was broadly neutral on an annualised basis.

This change includes:

• renegotiations with France Travail (5,230 sqm) and CMN (3,970 sqm) at Paris-Domino, CAT (4,570 sqm) at Suresnes, Tunzini (3,285 sqm) and Volvo (3,020 sqm) at the Nanterre Seine park;
• the signing of new leases with Transperfect (2,720 sqm) in Paris Bastille, Sopra Steria (5,800 sqm) in Lyon EvasYon, Miraculous (1,040 sqm) in Paris Enghien, Open (2,440 sqm) in Nantes and Enedis (2,100 sqm) in the Aix-en-Provence business park;
• as well as the announced departures of NXO (5,060 sqm) and VCSP (1,910 sqm) in Rueil-Malmaison, Myflexgroup (1,040 sqm) in Paris Enghien and DDETS in Montigny (2,810 sqm).

As at 31 December 2025, the financial occupancy rate (EPRA) is down to 73.1% (vs. 76.3% at the end of 2024). Taking into account the signing of Lyon EvasYon, whose lease takes effect after 31 December 2025, the secured occupancy rate stands at 74.5%. Adjusted for provoked vacancy (redevelopment operations: 6.8%), the financial occupancy rate (EPRA) stands at 79.9% (vs. 81.8%). In addition, the average length of leases and their firm periods improved to 5.7 years and 3.4 years respectively (vs. 5.5 and 3.1 years at end 2024).

98% of 2025 rents collected

In mid-February, 97.5% of the €72.5m of total rents invoiced in 2025 had been collected (vs. 95.2% last year).

This performance is the result of an in-house property and rental management model combining rigorous selection and proximity to tenants to build a high-quality rental base. In a fragile economy, the Company remains particularly vigilant in maintaining close ties and dialogue with its customers.

Monitoring of rental risk based on Coface and Credit Safe ratings continues to show that more than 80% of the rental base consists of tenants in the two best categories (low or very low risk), demonstrating the resilience of the Company's management model.

EPRA earnings down to €17.4m

On a like-for-like basis, gross rental income fell by 4.4%, with the impact of departures and negotiations (-€5.6m) being partially offset by indexation (+€2.3m, +3.0%). Overall, rents fell by 5.5% to €74.7m, with the impact of disposals (-€4.1m) only partially offset by that of deliveries (+€2.9m). Net rental income decreased by 9.3% due to the unfavourable impact of changes in rental expenses.

Current EBIT amounted to €40.5m (vs. €48.0m), with operating expenses rising to €15.5m (vs. €14.4m) due to changes in procedures, business tools, training and inflation. In addition, customer risk increased by €1.4m.

Financial expenses amounted to €14.2m (vs. €13.0m), representing an average rate of 2.6% (vs. 1.6%). This increase reflects changes in interest rate hedges, largely offset by the effects of the capital increase carried out in January 2025. In 2024, the Company benefited from interest rate hedging income of €20.4m, compared with a loss of €0.8m in 2025, reflecting the transition from a hedge of -0.5% (2020-2024 period, nominal €480m) to 2.50% (2025-2026, €405m). The capital increase reduces financial expenses by €10.5m, thanks to the reduction in the use of cash lines (from €160m to €0), the repayment of the 2015 EuroPP (€200m), and an increase in financial income of €4.6m (including €1.8m in respect of the 2020 perpetual subordinated loans (PSL), which have now been repaid). Interest rate movements also had a positive impact of €4.9m. The Company is continuing its interest rate hedging policy, which currently guarantees it an average rate of less than 2.50% until the end of 2026 on a nominal amount of €405m.

Following the update of the EPRA performance measures guide (EPRA BPR) in September 2024, EPRA earnings now include other costs related to the financial structure (such as PSL) as well as adjustments related to non-operating and exceptional items. The cost of PSLs represents €8.4m in 2025, compared with €13.8m in 2024, reflecting the repayment on 19 June 2025 of €180m of the 2020 PSL and the fall in rates on the €75m of the 2007 PSL, indexed to the 3-month Euribor.

After taking into account this change of method, other income and expenses, taxes and income from equity-accounted companies, EPRA earnings (net current profit adjusted for other financial structure costs) amounted to €17.4m compared with €21.9m in 2024, or €0.14 and €0.17 per share respectively on a pro forma basis after the capital increase (€1.32 published).

After incorporating all EPRA adjustments (allowances, reversals, income from disposal, other costs related to the financial structure, changes in the value of financial instruments), consolidated net income amounted to -€63.9m, compared with -€59.2m in 2024.

Recurring cash flow for the period was €19.3m, compared with €24.1m in 2024, reflecting the change in EPRA earnings calculated using the new method.

Net asset value down sharply, reflecting the value adjustment to the portfolio

The valuation of the Company's assets at 31 December 2025 was down 6.4% on a like-for-like basis compared with the end of 2024. This decrease is mainly due to the continued rise in the average capitalisation rate (6.18% vs. 6.04%), lower rents, and higher restatements and transfer duties (+0.5%) included in the appraisals. After taking into account changes in scope, assets amounted to €1,592.1m (Disposals: -€2.8m, capital losses on disposals: -€0.1m, change in fair value: -€104.0m, Capex: +€15.2m, developments: +€66.7m and acquisitions: €0).

EPRA Net Asset Value (NAV) per share changed from €8.9 pro forma after the capital increase (or €35.0 before the capital increase) to €8.2 at the end of 2025, mainly due to the adjustment in the value of assets (-€0.8 per share). Liquidation EPRA Net Asset Value (NDV) per share, which includes the value of hedging instruments (fixed-rate debt, hedging instruments, PSL), decreased from €9.1 pro forma (€36.8 before the capital increase) to €8.1[1] .

Proposal to maintain dividend suspension

In accordance with the announcements made in connection with the capital increase, the Board of Directors will propose to the Annual General Meeting of Shareholders that the dividend suspension be continued this year. The Board of Directors will consider the possibility of eventually returning to a dividend policy in line with that of its peers, based on its distribution capacity and in line with its recurring cash flow per share. The long-term objective is to restore and then steadily increase the dividend while respecting the Company's strategy and taking into account the economic environment.

A capital increase carried out, necessary for the continuity of the Company's activities

As part of its capital increase with preferential subscription rights (PSR), the Company raised €598.8m on 17 January 2025. Approved by the Board of Directors and the General Meeting, this operation was mainly supported by the majority shareholder, the SMABTP group, increasing its stake from 52.3% to 93.8%. This capital raising enabled the Company to rebalance its balance sheet, a prerequisite for the continued deployment of its roadmap and the sustainable transformation of its assets in response to the challenges of the property market.

As announced, the proceeds were used primarily to reduce interest expenses and ensure an ICR ratio (EBITDA/financial costs) of more than 2x, in accordance with the banking covenants of the current financing arrangements. In this context, the Company reduced its RCF and SLL facilities from €160m to €0 at the end of January/mid-February 2025, repaid the €180m PSL 2020 in June 2025 (thereby avoiding an increase in the coupon cost from 4.5% to 9.5%), and repaid the €200m EuroPP 2015 in mid-July 2025.

Furthermore, the €100m 2018 RCF, which matured on 6 July 2025, will not be renewed in the short term. This will reduce the costs associated with the commitment fee and thus contribute to improving the ICR ratio for the 2025 financial year.

Exit from the SIIC regime

The SMABTP group's acquisition of more than 60% of the Company's capital and voting rights as a result of the capital increase led to the suspension of the French SIIC (Sociétés d'Investissement Immobilier Cotées or Listed Real Estate Investment Companies) status (“SIIC status”) in 2025. As these thresholds were not met again at the end of 2025, the Company definitively exited the SIIC regime, in accordance with the provisions of Article 208 C I and IV of the French General Tax Code.

Based on the analysis carried out by the Company's tax lawyers, the financial impact that may result from this change in status is and is expected to remain moderate (exit costs contained relative to expected unrealised capital gains and taxation that should be limited in subsequent years – the Company records a tax expense of €0.2m in 2025 and anticipates expenses of €4-6m in the coming years) and more particularly in view of the issues that led the Company to strengthen its equity capital.

It should be noted that the exit from the SIIC regime also has consequences for the Company's shareholders. As a reminder, the SIIC regime requires the distribution of 95% of profits from property rental operations, 70% of capital gains on property sales, and 100% of dividends received by the Company from other companies subject to the SIIC regime. With the exit from the SIIC regime, the Company is no longer subject to these distribution obligations. However, since 2021, the Company no longer generates distributable profits and therefore has no distribution obligations (its distribution obligations are being deferred until the Company has the legal and accounting capacity to make distributions) and the amounts paid to shareholders have been drawn entirely from the share premium. Under these circumstances, the application of the SIIC regime does not currently represent a determining factor in the distribution policy.

This change in status does not call into question the Company's corporate purpose. With the exit from the regime, the Company's shares are once again eligible for the PEA (the French tax-advantaged Plan d'Epargne en Actions) since the beginning of 2026.

Financial position

At 31 December 2025, the gross financial debt amounted to €422.5m (vs. €798.2m at the end of 2024). With a cash position of €50.0m (vs. €79.0m), net debt stands at €372.5m, a sharp decrease from the €719.1m recorded at the end of 2024.

This change is mainly due to the €598.8m capital increase carried out in January 2025. The LTV ratio (net debt/property value excluding transfer taxes) thus stands at 23.4% at 31 December 2025, compared with 44.5% at the end of 2024. EPRA LTV stands at 30.8%.

The interest coverage ratio (ICR: EBITDA/financial expenses), for which the covenant is set at a minimum of 2.0x in the Company's financing documentation, stood at 3.0x as at 31 December 2025, compared with 3.9x at the end of 2024. This decrease is due to the end of the very favourable effects of interest rate hedging instruments that froze the 3-month Euribor at -0.5% on a nominal amount of €480m, largely offset by the decrease in financial expenses made possible by the fundraising.

In addition, the investment of cash intended for the repayment of the 2020 PSL of €180m generated exceptional financial income of €1.8m in the first half of the year. Excluding this effect, the ICR ratio would be 2.7x.

This level remains in line with contractual commitments, although it is below the standards generally observed in the sector (4x-6x). It gives the Company just sufficient leeway to rebuild its EBITDA and gradually restore its financial flexibility in the medium term.

In a real estate market that remains highly complex, and given the subsequent lag between different schedules (delivery, marketing and sale of buildings), the Company anticipates that the ICR ratio (EBITDA/financial expenses) will be very close to, or even below, its 2x covenant on 30 June 2026 and 31 December 2026.

As part of its proactive risk management approach, and given that the expected ICR is close to 2.0x, the Company has already obtained amendments to the relevant financing agreements for these two test dates.

This context confirms that the 2025 capital increase was calibrated in a measured manner by the corporate bodies, based on reasonable assumptions regarding the ramp-up of recently delivered assets and those currently under delivery, and continued divestments.

The 2026 debt maturities include the refinancing of the €330m facility in October and the extension of the €350m SMABTP facility in November. To date, the Company has obtained an initial agreement in principle covering the entire €330m to be refinanced and is continuing discussions with all of its financial partners.

Rigorous and prudent management to continue the necessary adaptation of assets

With a strengthened financial structure, Société de la Tour Eiffel is in a position to continue rolling out its roadmap in an adjusted manner, staying on course for a sustainable transformation of its portfolio.

In response to structural, societal and urban challenges, the Company aims to reduce the proportion of office property to two-thirds, develop more diverse uses and strengthen its regional footprint by targeting one-third of its assets in major French metropolitan areas. The teams are also continuing their efforts in terms of environmental performance, with the aim of maintaining certification for at least 80% of the property portfolio.

Since 2022, this portfolio management has resulted in more than €210m in asset disposals (13% of the portfolio) that were no longer suited to the Group's challenge. At the same time, between 2022 and 2024, it has invested nearly €200m in assets more in line with their market and committed €134m to developments and redevelopments, of which €123m had already been spent by the end of December 2025.

The completion, between late 2024 and early 2026, of the first part of the development projects undertaken in diversified asset classes and locations marks a structural step forward in terms of rebalancing the portfolio. This execution is accompanied by the completion of other products: co-living, housing and multi-tenant light industrial buildings.

Despite a market environment that slowed its initial progress, the Company reduced the share of office space to 75% (vs. 81% in 2021) in favour of greater diversification and mixed use. While Greater Paris still accounts for 75% of the portfolio, the geographical rebalancing is being actively pursued. With an asset certification rate growing to over 85% and a particularly marked increase in construction reflecting the intrinsic improvement in asset quality, the portfolio is in line with objectives and illustrates the Property Company's ambition to combine operating performance with sustainable responsibility.

With the support of the Board of Directors, Société de la Tour Eiffel's management remains determined to pursue this virtuous path, overcoming challenges and seizing market opportunities.

Calendar

• 27 February 2026: Analyst conference (SFAF)
• 29 April 2026: Annual General Meeting of Shareholders
• 22 July 2026: 2026 Half-Year results (after market close)
• February-March 2027: 2026 Full-Year results (after market close)

The presentation of the results will be available on the Group's website on Friday 27 February before market opening: Financial information - Société Tour Eiffel (societetoureiffel.com).

Contacts

Press relations

Laetitia Baudon

Consulting Director - Agence Shan

+ 33 6 16 39 76 88

laetitia.baudon@shan.fr

Investor relations

Alié nor Kuentz

Consulting Director - Agence Shan

+33 6 28 81 30 83

alienor.kuentz@shan.fr

About Société de la Tour Eiffel

With a property portfolio amounting to €1.6bn, Société de la Tour Eiffel is an integrated property company with a strong culture of services. This agile company operates in various asset classes, including offices, urban logistics, managed residential and retail, in Greater Paris and other major French metropolitan areas. An active player throughout the property cycle, it assists its tenants – companies of all sizes and sectors – through high-standard direct management of its properties. Société de la Tour Eiffel conducts a pro-active and transversal CSR policy that is an integral part of its strategic orientations.

Société de la Tour Eiffel is listed on Euronext Paris (B board) – ISIN code: FR0000036816 – Reuters: TEIF.PA – Bloomberg: EIFF.FP

www.societetoureiffel.com

[1] With the end of the SIIC regime in 2026, the EPRA Net Asset Value (NDV) will need to be adjusted for deferred taxes estimated to date at approximately €46m or €0.35 per share.