Vitura: First-half 2025 Results

• Rental income of €21.9 million
• Portfolio value of €872 million
• Building occupancy rate of 77%
• EPRA NTA of €277 million or €16.2 per share

Regulatory News:

Vitura (Paris:VTR):

Assets attracting prestigious tenants

First-half 2025 saw the arrival of prestigious tenants at Rives de Bercy. Following on from the arrival of Air Liquide in 2024, BPCE Group will soon be moving into 15,500 sq.m of space at the property, representing 50% of its surface area. The bank's return to the fully renovated campus is one of the largest transactions of the period in Greater Paris.

The Company's asset management teams are also working alongside Paris-Dauphine University PSL as it prepares to bring the Dauphine Executive Education program to the Europlaza tower, in the heart of Europe's leading business district, starting from the fourth quarter of 2025.

With these leases signed with renowned tenants, Vitura continues to demonstrate its ability to meet the needs of international groups for medium and large surface areas, with buildings that respond to latest trends such as direct access to low-impact mobility solutions and private gardens.

Since 2017, leases have been extended or renewed on 75% of leased space, testifying to tenant satisfaction and loyalty.

The asset repositioning strategy is reaping its rewards. Vitura boasts an occupancy rate of over 77%, up 8 points compared with December 31, 2024, with the average remaining lease term extended to almost six years.

A determined CSR policy

Vitura remains committed to achieving carbon neutrality by 2050, with rigorous management of energy consumption in line with the objectives of France's tertiary green energy decree. Through energy efficiency plans drawn up for each building in the portfolio, Vitura continues to track the data collected and to raise awareness and train stakeholders in energy issues.

First-half 2025 results

Rental income totaled €21.9 million in the first half of 2025, stable compared to €21.8 million a year earlier.

IFRS consolidated net debt came to €597 million at June 30, 2025, with an average loan-to-value ratio of 68.4%. Discussions are underway with Hanami's banking pool to extend the maturity of the debt of €90 million (representing 15% of Group debt).

The Group is maintaining its policy to hedge against changes in the Euribor using interest rate hedging instruments. At June 30, 2025, 85% of debt was hedged at a rate of 0.50%, keeping financial expenses under control.

EPRA earnings represented €1.9 million at June 30, 2025 vs. €0.4 million at June 30, 2024 on a like-for-like basis (excluding the companies holding the Passy Kennedy and Office Kennedy assets, which were deconsolidated in July 2024). This €1.5 million increase is mainly due to growth in operating income.

The estimated portfolio value (excluding transfer duties) was €872 million, stable compared with December 31, 2024.

The net loss under IFRS was €11.0 million in first-half 2025, compared with a net loss of €45.2 million in first-half 2024 like for like. This improvement is mainly due to the value of investment properties remaining stable in 2025 so far compared with a decrease over 2024.

EPRA NTA stood at €277 million, or €16.2 per share, stable compared to the prior-year period.

The Statutory Auditors' review report is under way.

Key figures

In millions of euros		June 30, 2025		Dec. 31, 2024		Change
Portfolio (excl. transfer duties)		872		877		-1%
Occupancy rate		77%		69%		+8 pts
LTV ratio		68.4%		68.1%		+0 pts
EPRA NTA (in €)		16.2		16.1		+1%

In millions of euros		H1 2025		H1 2024 like for like		H1 2025 as reported		Change like for like
Rental income (IFRS)		21.9		21.8		21.8		+1%
EPRA earnings (loss)		1.9		0.4		(7.1)		>+100%
Net loss under IFRS		(11.0)		(45.2)		(54.6)		+76%

About Vitura

Created in 2006, Vitura is a listed real estate company ("SIIC") that invests in prime office properties in Paris and Greater Paris. The total value of the portfolio was estimated at €872 million at June 30, 2025 (excluding transfer duties).

Thanks to its strong commitment to sustainable development, the Company's leadership position is recognized by ESG rating agencies. Vitura ranks second among France's listed office property companies in the 2024 GRESB ranking, and has been ranked world number 1 four times. It has also received two Gold Awards from the European Public Real Estate Association (EPRA) for the quality and transparency of its financial and non-financial reporting. Vitura is ISO 14001-certified.

Vitura is a REIT listed on Euronext Paris since 2006, in compartment B (ISIN: FR0010309096).

Visit our website to find out more: www.vitura.fr/en

Find us on: Linked In and X

APPENDICES

Reconciliation of Alternative Performance Measures (APM)

Recurring cash flow
In thousands of euros	First-half 2025	First-half 2025
Net income (loss) under IFRS	(10,962)	(54,588)
Adjustment for changes in fair value of investment property	8,269	46,116
Restatement of the changes in fair value of financial instruments	4,609	1,335
EPRA earnings	1,916	(7,137)
Contribution of Kennedy to EPRA earnings	0	7,586
Like-for-like EPRA earnings	1,916	448
Other EPRA earnings indicators on a like-for-like basis
In thousands of euros	First-half 2025	First-half 2024
Net operating income	14,938	12,754
Net financial expense	(13,022)	(12,306)
EPRA NTA
In thousands of euros	June 30, 2025	Dec. 31, 2024
Shareholders' equity under IFRS	257,949	268,907
Portion of rent-free periods(1)	(13,550)	(17,617)
Elimination of fair value of share subscription warrants	0	0
Fair value of diluted NAV	244,399	251,290
Transfer duties(2)	39,922	35,903
Fair value of financial instruments	(7,356)	(11,965)
EPRA NTA	276,965	275,228
EPRA NTA per share	16.2	16.1
(1) Lease incentives recorded in assets in the IFRS consolidated financial statements under "Non-current loans and receivables" and "Other operating receivables". (2) Transfer duties of 5% applied to the net assets of the subsidiaries holding the properties to allow for the sale of the shares in these entities. 2020 EPRA NTA has been adjusted accordingly.
LTV ratio
In millions of euros	June 30, 2025	Dec. 31, 2024
Gross amount of balance sheet loans (statutory financial statements)(1)	597	600
Fair value of investment property	872	877
LTV ratio (%)	68%	68%
(1) Consolidated gross debt recorded in the statutory financial statements.

Occupancy rate

The occupancy rate corresponds to the percentage of the total surface area (offices), for which the company receives (or will receive without condition precedent) rent under a lease agreement signed during the financial year.

IFRS Income Statement (consolidated)

In thousands of euros, except per share data
		June 30, 2025		Dec. 31, 2024		June 30, 2024
		6 months		12 months		6 months
Rental income		21,927		43,103		21,756
Income from other services		11,781		14,768		9,685
Building-related costs		(16,186)		(24,960)		(17,884)
Net rental income		17,522		32,911		13,558
Sale of building		0		0		0
Administrative costs		(2,584)		(6,365)		(4,088)
Net additions to provisions depreciation and amortization		0		0		307
Other operating expenses		0		298		0
Other operating income		0		0		0
Total change in fair value of investment property		(8,269)		(87,322)		(46,116)
Net operating income (expense)		6,669		(60,478)		(36,339)
Financial income		5,215		8,502		11,794
Financial expenses		(22,847)		(52,383)		(30,043)
Net ?nancial expense		(17,632)		(43,880)		(18,248)
Income (expense) from discontinued operations		0		(138,645)		0
Corporate income tax		0		0		0
CONSOLIDATED NET LOSS		(10,962)		(243,003)		(54,588)
of which attributable to owners of the Company		(10,962)		(243,003)		(54,588)
of which attributable to non-controlling interests		0		0		0
Other comprehensive income		0		0		0
TOTAL COMPREHENSIVE EXPENSE		(10,962)		(243,003)		(54,588)
of which attributable to owners of the Company		(10,962)		(243,003)		(54,588)
of which attributable to non-controlling interests		0		0		0
Basic earnings (loss) per share (in euros)		(0.64)		(14.25)		(3.20)
Diluted earnings (loss) per share (in euros)		(0.64)		(14.25)		(3.20)

IFRS Balance Sheet (consolidated)

In thousands of euros
		June 30, 2025		Dec. 31, 2024		June 30, 2024
Non-current assets
Property, plant and equipment		3		3		3
Investment property		871,910		876,750		913,100
Non-current loans and receivables		6,828		12,357		11,291
Financial instruments		10,368		13,197		17,684
Total non-current assets		889,109		902,308		942,079
Current assets
Assets held for sale		0		0		363,101
Trade accounts receivable		9,087		12,153		13,758
Other operating receivables		11,277		6,674		12,094
Prepaid expenses		268		379		289
Total receivables		20,632		19,206		389,242
Financial instruments		3,237		5,470		9,960
Cash and cash equivalents		23,355		13,488		9,856
Total cash and cash equivalents		26,592		18,958		19,816
Total current assets		47,224		38,164		409,058
TOTAL ASSETS		936,333		940,472		1,351,137
Shareholders' equity
Share capital		64,933		64,933		64,933
Legal reserve and additional paid-in capital		60,047		60,047		60,047
Consolidated reserves and retained earnings		143,932		386,930		386,926
Net attributable loss		(10,962)		(243,003)		(54,588)
Total shareholders' equity		257,949		268,907		457,317
Non-current liabilities
Non-current borrowings		503,710		498,591		502,937
Other non-current borrowings and debt		7,517		7,275		7,379
Non-current corporate income tax liability		0		0		0
Financial instruments		0		0		0
Total non-current liabilities		511,227		505,866		510,316
Current liabilities
Current borrowings		97,189		105,777		107,982
Financial instruments		0		0		0
Other current borrowings and debt		34,780		32,560		30,569
Liabilities held for sale		0		0		211,101
Trade accounts payable		7,939		5,177		7,614
Current corporate income tax liability		0		0		0
Other operating liabilities		13,447		7,628		12,083
Prepaid revenue		13,802		14,558		14,154
Total current liabilities		167,157		165,699		383,504
Total equity and liabilities		678,384		671,565		893,820
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES		936,333		940,472		1,351,137

IFRS Statement of Cash Flows (consolidated)

In thousands of euros
		First-half 2025		2024		First-half 2024
OPERATING ACTIVITIES
Consolidated net income (loss)		(10,962)		(243,003)		(54,588)
Elimination of items related to the valuation of buildings:
Change in fair value of investment property		8,269		87,322		46,116
Reversal of depreciation and amortization		0		0		0
Indemnity received from lessees for the replacement of components		0		0		0
Elimination of other income/expense items with no cash impact:
Depreciation of property, plant and equipment (excluding investment property)		0		0		0
Free share grants not vested at the reporting date		0		0		0
Fair value of ?nancial instruments (share subscription warrants, interest rate caps and swaps)		5,063		14,081		966
Adjustments for loans at amortized cost		858		2,443		937
Contingency and loss provisions		0		0		0
Corporate income tax		0		0		0
Penalty interest		0		0		0
Elimination of gains and losses on disposals		0		138,645		0
Cash ?ows from operations before tax and changes in working capital requirements		3,228		(512)		(6,569)
Other changes in working capital requirement		11,332		13,122		11,341
Working capital adjustments to re?ect changes in the scope of consolidation
Change in working capital requirement		11,332		13,122		11,341
Net cash ?ows from operating activities		14,559		12,610		4,772
INVESTING ACTIVITIES
Acquisition of ?xed assets		(1,987)		(7,119)		(4,827)
Impact of changes in the scope of consolidation		0		6,093		0
Net increase (decrease) in amounts due to fixed asset suppliers		(845)		(1,664)		(1,774)
Net cash ?ows used in investing activities		(2,832)		(2,690)		(6,601)
FINANCING ACTIVITIES
Capital increase		0		0		0
Capital increase transaction costs		0		0		0
Change in bank debt		(3,052)		(12,577)		(6,087)
Issue of ?nancial instruments (share subscription warrants)		0		0		0
Re?nancing/financing transaction costs		0		0		0
Net chane in liability in respect of re?nancing		0		0		0
Purchases of hedging instruments		0		0		0
Net increase in current borrowings		0		0		1,565
Net decrease in current borrowings		(1,275)		(2,475)		0
Net increase in other non-current borrowings and debt		2,462		6,898		5,012
Net decrease in other non-current borrowings and debt		0		0		0
Purchases and sales of treasury shares		5		2		(2)
Dividends paid		0		0		0
Net cash ?ows from (used in) ?nancing activities		(1,861)		(8,152)		488
Change in cash and cash equivalents		9,867		1,769		(1,341)
Cash and cash equivalents at beginning of period*		13,488		11,720		11,719
Cash relating to assets held for sale		0		0		(523)
CASH AND CASH EQUIVALENTS AT END OF PERIOD		23,355		13,488		9,855
* There were no cash liabilities for any of the periods presented above.

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