2025 FULL-YEAR RESULTS

2025 FULL-YEAR RESULTS

PAREF strengthens its fundamentals and initiates strategic refocusing

REIT activity: a portfolio in transition in a challenging market

• €174m of owned asset, decreasing by 6.4% compared to December 31, 2024
• Financial occupancy rate up to 76.4%

Third-party asset management: resilience of assets exposed to a constrained market

• Assets under management for third parties: €2.9bn, stable over the financial year
• Revenues on management fees: €17m, decreasing by 7.2%
• Gross subscriptions: €29m, down 16.0%, impacted by a polarised market with inflows highly concentrated on a few SCPIs

Operational and strategic developments: an adjusted and optimised portfolio

• Disposal of a warehouse in Aubergenville (78) at a price in line with independent valuations, in accordance with the programme to divest non-strategic assets.
• Signing of a 10-year lease – including 6 firm years – on Tempo with Mon Marché, a specialist in the sale of fresh produce.
• Rigorous management of SCPI portfolios by PAREF Gestion:
  • Continued portfolio rotation, including €48m in disposals.
  • Solid performance of the SCPI range.
• Building permit obtained for the NAU! asset in Frankfurt, an innovative and sustainable mixed-use project of 34,800 sqm, representing a key milestone in the asset restructuring process.
• Continued implementation of the ‘Create More' ESG strategy, with enhanced and recognised management and reporting.

2025 dividend

• According to the amendment to the financing agreement signed in October 2025 as part of an ICR covenant waiver, the dividend for the 2025 financial year is temporarily suspended. Given the statutory results of PAREF in 2025, no obligation to pay dividend for 2025 fiscal year in view of the SIIC Regime.

2026 outlook: continued strategic refocusing

• Refocusing on the Group's activities around its historical core businesses lines: Investment, Fund Management and Asset Management.

• Definition of a roadmap built around four complementary pillars (detailed in part 7) to progressively restore financial and operational balance. Efforts will be concentrated on sustainably improving the ICR ratio and protecting cash flows.

2025 marks a pivotal year for PAREF. In a market undergoing transition, we refocused our activities on our high value?added businesses, and reinforced our financial discipline. This transformation lays the foundations for a more transparent Group, increasingly driven by recurring revenues and sustainable growth.

In 2026, we are entering a new phase: improving our financial balance, accelerating the selective development of our European platform, and lay out the foundations for long?term value creation for all our shareholders.

Antoine Castro
Chairman & CEO of PAREF

In 2025, the real estate market reaffirmed the importance of selective and sustainable management. PAREF Group continued to demonstrate discipline, through controlled asset disposals, the solid performance of our vehicles, the securing of new tenants, and major progress on our development projects across Europe.

In 2026, we remain fully committed to deploying broader investment strategies across our funds and mandates. Strengthening our position in the healthcare sector will further support this momentum. We will continue working to enhance the resilience of our portfolios while advancing our ESG commitments, in order to support the sector's structural evolutions and meet our clients' expectations.

Anne Schwartz
Deputy CEO of PAREF and CEO of PAREF Gestion

The Board of Directors, during the meeting held on February 26, 2026, approved the closing of the annual statutory and consolidated accounts as at December 31, 2025. The review of the results by auditors is in progress.

1 – Resilient operational activity

1.1 Asset under management

As of December 31, 2025, the group's assets under management amounted to nearly €3.1bn, stable compared to December 31, 2024.

1.2 REIT activity: value adjustments and operational transition

As at December 31, 2025, PAREF holds:

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

Value of real estate assets in decrease

As at December 31, 2025, the value of PAREF's portfolio stood at €174m, down 6.5% on a like-for-like basis compared with the end of 2024. This includes €161m[4] (down 7% on a like-for-like basis) for the 6 real estate assets representing a leasable area of 63,748 sqm, and €13m in financial investments in funds managed by the group.

The evolution of real estate assets is mainly explained by:

• CAPEX and improvement works of €1.5m, in particular on the floors of the Tour Franklin;

• the linearization of current assets/liabilities linked to investment properties for approximately €0.7 million;

• an adjustment of portfolio values of –€10.3 million, mainly driven by the increase in market capitalization rates for office assets and certain downward revisions of potential rents; and
• Disposal of Aubergenville asset for -€3.9m, in line with the divestment program.

Portfolio held by PAREF in transition

• The portfolio's financial occupancy rate stood at 76.4%, up from 74.4% compared to December 31, 2024, driven by the signing of a lease on the Parisian asset Tempo, covering the 560 sqm retail unit.
• The weighted average lease maturity (WALB) stands at 4.23 years, compared with 4.85 years at the end of 2024.

The rent expiry schedule for owned assets is as follows:

Net rental income in decline

Net rental income from PAREF's assets amounted to €6.3m as at December 31, 2025, down 19% compared to the previous year. This change is mainly due to the strategic vacancy at Croissy-Beaubourg, tenant turnover and the rent waiver granted as part of the lease extension at the Franklin Tower in La Défense. Rents on a like-for-like basis were down 10.9%.

The average gross initial yield on owned assets was 5.9% compared to 5.5% at the end of 2024.

In early July 2025, PAREF signed a lease agreement for its Parisian asset Tempo with Mon Marché, a specialist in the sale of fresh produce, covering the commercial space located on the ground floor. This 10-year lease, including a 6-year fixed term, has already become effective.

1.3 Third-party asset management: strategic development in a contrasting market

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: a resilient European platform in a changing market

In 2025, the SCPI market remained polarised, with a small number of vehicles capturing most of the inflows on the one hand, and players facing challenges in terms of revaluation and liquidity on the other hand. The market also saw the emergence of numerous new investment vehicles, with a marked trend towards ‘diversified' strategies.

In this context, PAREF Gestion is structured to capitalise on the return to growth in its fund management business, the result of a transformation process initiated by the management and all the teams. Driven by the historic momentum of PAREF Gestion's offering, the range of SCPIs now provides investors with diversified, attractive and sustainable real estate investment opportunities in line with the new real estate paradigm.

In 2025, the SCPIs managed by PAREF Gestion showed largely stable performance, supported by active management combining disposals, targeted acquisitions and financial balance control.

The Group continued its dynamic portfolio management, completing disposals of €48m during 2025, including:

• €20.3m for Novapierre Résidentiel
• €12.7m for PAREF Prima
• €7.8m for Novapierre 1
• €6.9m for PAREF Hexa

Gross subscriptions for the SCPI funds under management amounted to €29m during the 2025 financial year, a 16% decrease compared to the previous year. This decline is part of a general trend marked by increased concentration of inflows and investor caution regarding market movements.

Mandate management: consolidation of activities and new institutional mandates

The year 2025 was highlighted by the implementation of the mandate entrusted by Parkway Life REIT, signed at the end of 2024 for a period of five years and covering a portfolio of 11 retirement homes valued at over €110m. This first year enabled the efficient operational takeover of the portfolio. ?

In Germany, PAREF Group obtained a building permit in April 2025 for the complete restructuring of the NAU! mixed-use asset located in Frankfurt, with a surface area of 34,800 sqm. This innovative, high value-added urban concept focuses on mixed use and aims to meet the highest standards of sustainability.

This new milestone marks a first structural step in the development of the project and consolidates PAREF's expertise in the restructuring and renovation of real estate assets in Europe.

At the end of 2025, the Group was entrusted with the management of a building located in Berlin-Friedrichshain, which is to undergo a complete repositioning. The action plan provides for the operational takeover of the site, the marketing of vacant space and the implementation of a structural renovation program.

These partnerships illustrate the Group's ability to support international institutional investors in their expansion strategies in Europe and lay the foundations for a long-term relationship.

Management and subscription commissions impacted

Management commissions amounted to €16.8m, making a 7% decrease compared to 2024. This decline is mainly due to one-off investment commissions registered in 2024, while recurring commissions remain positive (+1%).

Subscription commissions amounted to €2.8m, down 16% compared with 2024, in an SCPI market marked by polarisation of inflows.

2 – Current operating income significantly impacted

The current operating income was €1.9m for the year, down 57% compared to 2024. This is mainly due to

• net rental income of €6.3m, down 19% due to vacancies on two assets;
• revenues on commissions of €19.7m, down 9% compared to 2024, due to lower management commissions and 2025 inflows that remain concentrated on a limited number of SCPIs;
• remuneration of intermediaries of €5.8m, down 7%, partially correlated to the volume of subscriptions;
• general operating expenses of €16.4m, down 4% compared to the previous year, contributed in particular by the effort on staffing costs.

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

• the change in fair value on investment properties of -€10.3m as at December 31, 2025, mainly due to the rise in market capitalization rates, which negatively impacted the valuation of assets;
• financial expenses of €3.9m, compared with €3.6m in 2024, due in particular to the costs of more favourable interest rate hedging instruments under the previous financing, which matured at the end of February 2024;
• results of companies consolidated under the equity-method of €0.6m, compared with -€0.6m in 2024, linked to a more favourable change in the value of assets held within the OPPCI Vivapierre.

3 – Management of financial resources

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

• The nominal amount of gross financial debt drawn by the PAREF Group stood at €78m, compared to €77m as at December 31, 2024, with 73% covered by hedging derivatives;

• The Loan-to-Value (LTV) was 35%, as at December 31, 2024;

• The average cost of drawn debt was 4.66% in 2025, compared to 4.32% in 2024 ;

• The average debt maturity was 2.5 years, compared to 3.5 years as at December 31, 2024 ;

• The PAREF Group's liquidity stands at €12.6m, including €8.1m in available cash and a €4.5m undrawn credit facility.

As announced on September 29, 2025, PAREF Group obtained a waiver agreement from all of its banking partners, covering the temporary suspension of its covenant related to the ICR ratio (‘covenant holiday') for the tests on June 30, 2025 and December 31, 2025.

This waiver was requested in view of the temporary decline in the ICR ratio to 1.05x, linked in particular to the decrease in the Group's rental income, combined with the reduction in subscription commissions on SCPI funds. The agreement provides for a covenant reset, setting new thresholds of 1.20x as at 30 June 2026 and 1.50x from 31 December 2026.

In this context, PAREF has undertaken a dividend suspension until the ICR ratio is restored, excluding distribution obligations required under the SIIC regime, in accordance with the applicable provisions of Article 208 C of the French General Tax Code. Additional security has also been put in place, via a mortgage on the assets of Dax and Saint Paul Les Dax, as well as a partial cancellation of the credit line for €7.5m out of €13m undrawn.

Finally, all other financial ratios respect the covenants as at December 31, 2025:

4 – EPRA net asset value decreased slightly for the year

EPRA Net Reinstatement Value (NRV) stood at €91,4 per share, down 15,6 % compared to December 31, 2024.

The change is mainly due to:

• the negative consolidated result of -€7.8 per share, including the change in fair value of investment properties on a like-for-like basis of -€7.3 per share;
• a dividend payout in 2025 of -€1.5 per share;

• a decrease in the valuation of other non-current assets of -€6.5 per share;
• the change in fair value of financial instruments of -€0.4 per share; and
• the variation of transfer taxes of -€0.3 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 – Continued ESG strategy: ‘Create more'

In 2025, PAREF continued to implement its ESG strategy and confirmed its progress in terms of environmental performance, transparency and responsible management.

• Certification & labelling for a more sustainable portfolio

PAREF continues to promote high-performing and responsible real estate. For The Go asset, located in Levallois-Perret and already BREEAM certified (category: renovated building) during its development, the asset has now obtained the BREEAM in Use – Very Good certification, reflecting the continuous improvement efforts undertaken on the asset.

Furthermore, the SCPI PAREF Hexa has completed its first ISR labelling cycle (2022–2025), having achieved the targets initially set. The renewal of the label marks the beginning of a new phase, focused on progressively strengthening ESG commitments and pursuing a continuous improvement trajectory.

• Awards confirming the ESG strategy

In 2025, PAREF was recognised for the second consecutive year by EPRA with the EPRA sBPR Silver Award, which highlights the Group's alignment with international standards in non-financial reporting and its ongoing commitment to social, environmental and governance responsibility.

6 – Post-closing event

On 5 February 2026, the Group announced the completion of the sale of SOLIA Paref, its third-party property management subsidiary, to the RYZE Group (formerly YARD REAAS). PAREF will now focus on its core business: asset management, fund management and investment. While ensuring continuity in the quality of service for the assets under management, this transaction will enable the Group to deploy its financial and operational resources towards its most value-creating activities, thereby strengthening its performance and profitability in the long term.

7 – Outlook and priorities for 2026: stabilisation, discipline and selective re?acceleration

In an environment that remains demanding and highly selective, PAREF will continue to pursue a prudent and targeted development approach, focusing its resources on its core businesses: Asset Management, Fund Management and Investment.

The disposal of SOLIA, completed in early 2026, is fully aligned with this strategy of simplifying the Group's operating model and refocusing on higher value?added activities. At the same time, PAREF will prioritize the gradual restoration of its financial and operational balance, in line with the commitments made to its banking partners.

Strengthening the ICR ratio on a sustainable basis and protecting cash flow remain the Group's immediate priorities.

This roadmap is structured around four complementary pillars:

1.Real Estate Activity (REIT)

Progressive reduction of vacancy to secure rental income, combined with targeted disposals aimed at reducing leverage and enhancing financial flexibility.

2.Fund Management

Gradual revival of fundraising and reinforced product positioning and distribution initiatives, with the objective of consolidating a more robust and diversified commission base.

3.Institutional Investment Management

Selective development of new mandates and dedicated vehicles, favouring recurring fee streams to ensure better cash?flow visibility, without significant use of the balance sheet.

4.Financial Discipline and Operational Efficiency

Continued strict cost management and targeted operational optimisation to sustainably restore financial headroom and support growth on solid foundations.

The Group will also continue the transformation of its assets and its funds under its ESG strategy, ‘Create More', while maintaining high standards of performance and transparency.

With a strong European footprint and recognised operational expertise, PAREF enters 2026 with discipline and selectivity, aiming to progressively turn the current stabilisation phase into a clearer, more resilient and value?creating growth trajectory.

Financial agenda

April 21, 2026: Financial information as at March 31, 2026

May 28, 2026: Combined Shareholders' Meeting

About PAREF Group

PAREF is a European group dedicated to sustainable real estate performance. As a leading player in real estate investment and management, over €3 billion in assets as at 31 December 2025, two?thirds of which are located outside France.

For more than 30 years, PAREF has relied on the expertise of its teams to supports hareholders, investors, tenants and users.

With a strong presence in France, Germany, Italy and Switzerland, PAREF pursues an approach that combines profitability target, sustainability and client satisfaction. The Group serves both institutional and private investors, thereby contributing to the transformation of the real estate sector.

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

Notice: The figures contained in the appendix have not been audited

Rental income

EPRA Earnings per share as at December 31, 2025

Consolidated P&L 2025

CONSOLIDATED BALANCE SHEET

CASHFLOW STATEMENT