2024 FULL-YEAR RESULTS

PAREF pursues its expansion in Europe and continues to lay the foundations for sustainable operational and financial performance

REIT activity: growing asset value despite temporary pressure on occupancy rate

• €186 m of owned asset, a slight increase compared to December 31, 2023
• Financial occupancy rate down to 75 %

Third-party asset management: r esilient performance in an uncertain market

• Assets under management for third parties: € 2.9 bn , up 4% over the year
• Revenues on management fees: €18m, up 17%
• Gross subscriptions: down to € 34 m, affected by a sluggish market, with inflows heavily concentrated in certain SCPIs

Operational and strategic developments: expanded, adapted and optimized portfolio

• Signature of a lease renewal with a significant expansion of over 2,000 sqm in the Franklin Tower, in La Défense
• Assistance to Parkway Life REIT in the acquisition and management of its first European portfolio, valued at more than €110m
• Initiation of the fund management activity in Italy, the Italian branch of PAREF Gestion being appointed as the fund manager of Fondo Broggi, owner of The Medelan asset, one of Milan's most attractive addresses
• Launch of SOLIA Paref, the Group's property management subsidiary, managing 350 assets and obtaining a new management mandate from an institutional investor
• Renewal of the fund range managed by PAREF Gestion, increasing distribution rates for 2024 while maintaining, once again, subscription prices
• Concrete progress and awards for the ESG Strategy "Create More"

2024 dividend and 2025 outlook

• Proposal by the Board of Directors to maintain a dividend of €1.5 per share payable in cash for the 2024 financial year, subject to approval by the General Assembly of May 22, 2025

• Continued development and diversification of the Group's activities, particularly through the integrated "ONE-STOP-SHOP" offering to attract new management mandates
• Maintaining a selective and value-creating investment strategy, through rigorous and sustainable portfolio transformation and management

The Board of Directors, during the meeting held on February 27, 2025, approved the closing of the annual statutory and consolidated accounts as at December 31, 2024. The review of the results by auditors is in progress.

1 – R esilient operational activit ies

1.1 Increas ing assets under management

As at December 31, 2024, the Group's assets under management amounted to nearly €3.1 billion, reflecting a 4% increase compared to December 31, 2023.

1.2 REIT activity: increasing asset value and revenues temporarily impacted by vacancy

As at December 31, 2024, PAREF holds:

• seven directly owned assets, mainly office assets in Greater Paris area;
• minority shareholdings in SCPIs/OPPCIs.

Value of real estate assets in slight increase

As at December 31, 2024, the value of PAREF's portfolio stood at €186m, reflecting a slight increase of 3% on a like-for-like basis compared to the end of 2023. This includes €173m[4] for the seven real estate assets representing a leasable area of 73,526 sqm, and €13m in financial investments in funds managed by the Group.

The evolution of real estate assets is mainly explained by:

• €10m in costs and improvement work, in particular on the Tempo restructuring asset delivered in 2024;
• Portfolio asset revaluation: -€5.4m (-3%); and
• disposal of an asset for €0.7m.

The portfolio held by PAREF remains strong

• The weighted average lease maturity (WALB) reached 4.85 years, compared to 4.5 years at the end of 2023. WALB's extension is tied to a lease renewal of 6-year firm term with a significant increase in space for a subsidiary of a French banking group, expanding its workspace to over 4,000 sqm in the Tour Franklin in La Défense.

• The portfolio's financial occupancy rate stood at 75%, down 24 percentage points compared to December 31, 2023, temporarily impacted by the strategic vacancy on the Croissy-Beaubourg asset and the delivery of the Tempo asset, currently in the rental commercialization phase.

The rent expiry schedule for owned assets is as follows:

Net rental income in decline

Net rental income from PAREF's assets stood at €7.8m as at December 31, 2024, down 11% compared to the previous year. This change is due to the strategic vacancy at Croissy-Beaubourg and the tenant's turnover at the Franklin Tower in La Défense, partially offset by rental indexation. Rents on a like-for-like basis were down 9.5%.

The average gross initial yield on owned assets was 5.5% compared to 7.5% at the end of 2023[5].

1.3 Third -party asset management: a dynamic year with strategic breakthroughs in the Group's development, tempered by a decline in subscription inflows

The Group relies on its two subsidiaries, PAREF Gestion and PAREF Investment Management, which leverage their expertise to serve institutional investors and individuals. They provide a full range of services covering the entire value chain of real estate assets and funds.

Fund management: management of a new fund in Italy strengthening the Group's European position and renewal of the SCPI fund range with enhanced performance

The fund management activity was initiated in Italy with the appointment of PAREF Gestion's Italian branch as fund manager of Fondo Broggi, owner of The Medelan asset, one of Milan's most emblematic assets.

This appointment illustrates the Group's know-how, which has been supporting the fund in development and asset management since its creation. It further strengthens the Group's European presence and its ability to stand out in the market through a comprehensive and integrated service offering.

Since 2022, the real estate market has experienced a significant economic downturn. In 2024, SCPI gross subscription inflows were nearly halved compared to 2023. Market conditions remain highly varied across asset types and market players. In 2025, the SCPI market may stabilize, with early signs pointing to a recovery in new inflows.

Amid these conditions, PAREF Gestion entered a new era, driven by a strategic transformation led by management and supported by all teams. Building on PAREF Gestion's proven track record, the SCPI fund range has been redesigned to provide investors with diversified, attractive and sustainable real estate investment opportunities, aligned with the evolving real estate paradigm.

In 2024, the SCPIs managed by PAREF Gestion continued to deliver solid performance with stable subscription prices and steady increases in yields (distribution rates between 5% and 6%), in line with performance projections.

The Group also continued its portfolio rotation strategy, completing disposals of €42.2m in 2024, including:

• €16.4m for PAREF Prima
• €12.1m or Novapierre 1
• €10.1m for Novapierre Résidentiel
• €3.6m for PAREF Hexa

Gross subscriptions for the SCPI funds under management amounted to €34m during the 2024 financial year, a 64% decrease compared to the previous year, reflecting the overall market slowdown and the concentration of SCPI inflows over several consecutive quarters.

Mandate management: a strategy pursued and developed through significant new mandates

A good showcase of the Group's ONE-STOP-SHOP strategy was the conclusion of a management mandate with Parkway Life REIT, one of the largest healthcare REITs listed in Asia, as it embarks its investment strategy in Europe.

The signing of this 5-year management mandate for a portfolio of 11 nursing homes valued at €111.2m strengthens PAREF's position in the market and underscores the team's commitment to providing long-term support for institutional investors' strategies.

PAREF provides investors with its knowledge across the entire real estate value chain: investment, asset management, property management as well as restructuring and project development.

The Group has announced the launch of SOLIA Paref, its subsidiary dedicated to Property Management on behalf of third parties. This entity provides a premium property management service, adhering to the highest standards of excellence with a strong focus on customer satisfaction. The team manages 950 leases across 350 assets, covering all property types: retail, office, industrial, residential, senior housing, hotels, and vacation villages.

As part of its development, a management mandate has been signed with Hémisphère, a leading investment and management company, for a real estate asset comprising offices and a retail unit at the foot of a building located in the heart of Paris.

Management commissions grew by 17%, despite a decline in subscription commissions

Management commissions amounted to €18.1m, making a 17% increase compared to 2023. This growth was primarily driven by investment commissions from the mandate signed with Parkway Life REIT and the revenue from the management of the Fondo Broggi fund.

Subscription commissions amounted to €3.4m, down 64% compared to 2023, due to the significant slowdown in new fund inflows.

2 – Current operating income improved

The current operating income was €4.4m for the year, up 34% compared to 2023. Driven primarily by:

• net rental income of €7.8m, down 11% due to vacancies on two assets in 2024;
• revenues on commissions of €21.5m, down -14% compared to 2023. This decrease is mainly due to lower gross inflows in the SCPI market in 2024, partially offset by higher management fees from new mandates signed in 2024;
• remuneration of intermediaries, down 38% to €6.2m, correlated to the volume of subscriptions;
• general operating expenses of €17.1m, down 10% compared to the previous year, due to cost optimization and one-off savings.

In addition to the above, the following items also contributed to net result:

• the change in fair value on investment properties of -€5.4m as at December 31, 2024, mainly due to the rise in market capitalization rates, which negatively impacted the valuation of assets;
• financial expenses of €3.6m, compared with €1.7m in 2023, primarily due to refinancing carried out at the end of 2023;
• results of companies consolidated under the equity-method of -€0.6m, compared with €0.9m in 2023, linked to the negative change of the value of assets held by the OPPCI.

3 – Rigorous management of financial resources

PAREF Group applies rigorous management of its short-term requirements and commitments.

• The nominal amount of gross financial debt drawn by the PAREF Group stood at €77m at the end of 2024, compared to €70m as at December 31, 2023, with 75% covered by hedging derivatives;
• The Loan-to-Value (LTV) was 31%, compared to 28% as at December 31 2023;
• The average cost of drawn debt was 4.32% in 2024, compared to 1.62% in 2023;
• The average debt maturity was 3.5 years, compared to 4.5 years as at December 31, 2023.

The financial covenants are respected as at December 31, 2024:

4 – EPRA net asset value decreased slightly for the year

EPRA Net Reinstatement Value (NRV) stood at €108.3 per share, down 5% compared to December 31, 2023.

The change is explained by a decrease in the fair value of investment properties on a like-for-like basis, amounting to -€4.9 per share, a dividend payout in 2024 of -€1.5 per share and a decrease in the revaluation of other non-current assets, i.e. -€0.8 per share, partially offset by recurring net income of +€1.1 per share and the change in fair value of financial instruments of +€1.1 per share.

In accordance with the EPRA Best Practices Recommendations, EPRA NAV indicators are determined based on consolidated shareholders' equity under IFRS, as well as the market value of debt and financial instruments.

5 – "Create more" ESG strategy: structuring advances

Thanks to the expertise of its teams, PAREF has continued to integrate the "Create More" ESG strategy into its real estate portfolio. The Group has launched concrete initiatives in line with its commitments to transparency, sustainability and financial performance, receiving recognition for its significant progress in 2024.

• A more sustainable real estate portfolio

The Group's commitment is demonstrated by 69% of assets under management being classified as SFDR Article 8. PAREF group has conducted vulnerability studies on its fund portfolio to identify climate risks and adjust management strategies for greater resilience.

Furthermore, a pilot project has been launched to automate the data collection of energy consumption and carbon emission at the asset level. This initiative will enable more efficient annual performance analysis and help optimize action plans to reduce the carbon footprint.

Meanwhile, decarbonization remains a strategic priority, with the implementation of an ambitious plan that includes the gradual replacement of heating equipment by 2030, thermal insulation improvements, and the installation of intelligent building management systems. These measures ensure compliance with the Tertiary Decree and alignment with CRREM 1.5°C trajectory.

• Sustainable financing integrated into fund management practices

In 2024, PAREF Group extended sustainable financing to fund management. As a result, a “Sustainability Linked Loan” and a “decarbonization credit” were signed. Part of the financing terms are linked to the annual carbon performance, which will be assessed by an independent expert.

• Several awards recognized PAREF's ESG strategy

PAREF has received awards for its progress in ESG reporting and performance.

In the GRESB 2024 ranking, the global benchmark for ESG performance in real estate, PAREF was awarded 5 stars and a score of 97/100 for the Tempo project. This distinction places it in 1^st place within the reference group.

PAREF was also honored by the EPRA and received the sBPR Award Silver, highlighting its alignment with the best standards in extra-financial reporting.

• Stronger social and community commitment

The Group has consolidated the social and community initiatives, particularly with the implementation of a new competency development plan, and through the PAREF4Good program, which encourages each employee toengage in solidarity initiatives. A score of 93/100 on the gender equality index was achieved, illustrating the Group's commitment to inclusion and equality.

6 – Post-closing events

As part of its disposal program, PAREF completed the sale of a leased 11,000 sqm warehouse located in Aubergenville (78). The net seller price is in line with the latest appraisal value.

7 – Outlook and priorities for 2025: a clear growth strategy

With over 30 years of expertise, PAREF drives its strategy and growth across complementary activities, including investment, development, fund management, asset management, and property management. PAREF will continue to pursue its objectives through three key pillars:

• maximize financial performance through dynamic and strategic management to secure and enhance the value of assets under management in an ever-evolving market.
• develop a sustainable and resilient asset base, notably by investing to accelerate asset transformation and integrating digital solutions to optimize ESG performance of the portfolio.
• placing clients at the heart of its approach by understanding and anticipating their needs, delivering tailored offerings, and fostering trusted relationships.

Combining deep understanding of local challenges with global perspectives, PAREF stands on a solid foundation to drive growth in assets under management, expand its geographical reach and strengthen strategic partnerships.

Financial Agenda

April 29, 2025: Financial information as at March 31, 2025

May 22, 2025: Combined Shareholders' Meeting

About the PAREF Group

PAREF is a leading European player in real estate management, with over 30 years of experience and the aim of being one of the market leaders in real estate management based on its proven expertise.

Today, the Group operates in France, Germany, Italy, and Switzerland and provides services across the entire value chain of real estate investment: investment, fund management, renovation and development project management, asset management, and property management.

This 360° approach enables the Group to offer integrated and tailor-made services to institutional and retail investors.

The Group is committed to creating more value and sustainable growth and has put CSR concerns at the heart of its strategy.

As at December 31, 2024, PAREF Group manages over €3 billion AUM.

PAREF is a company listed on Euronext Paris, Compartment C, under ISIN FR0010263202 – Ticker PAR.

More information on www.paref.com

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APPENDIX

Rental income

EPRA Earnings per share as at December 31, 2024

Consolidated P&L 2024

CONSOLIDATED BALANCE SHEET

CASHFLOW STATEMENT