2026 Guidance Confirmed

Research evidence excerpt

2026 Guidance Confirmed

UpdateMExhibit 1: Icade like for like rental growth Exhibit 2: Period-end financial occupancy

Icade property investment Property investment occupancy rate (%)

Indexation

Reversion

6 Occupancy 95

Like for like gross rental growth (%)

-3 85

-6

-9 80

Source: Company data, Morgan Stanley Research. Note: Occupancy impact net of early termination fees

Source: Company data, Morgan Stanley Research

Exhibit 3: 1H26 take-up close to all-time lows for a first half Exhibit 4: Available supply has increased or remained stable in

(lowest was in 2020 during Covid outbreak), 29% below the long all Paris regions in 2Q26, reaching all-time highs in all areas

term average except the Outer Rim

Office take up volume (million sqm) 1Q 2Q 3Q 4Q Immediate Supply (million sq m)

3.0 7mn

Central Paris La Défense Inner Rim Outer Rim

6mn

2.0 5mn

4mn

1.0 1H26 3mn

2mn

0.0

1mn 2004 2007 2010 2013 2016 2019 2022 2025

Source: Immostat, Morgan Stanley Research. See: Paris Office Property: No Clear Recovery Yet (7 Jul 0mn

2026) 14 15 16 17 18 19 20 21 22 23 24 25 26

Source: Immostat, Morgan Stanley Research. See: Paris Office Property: No Clear Recovery Yet (7 Jul

2026)

Exhibit 5: Available supply rising faster than take-up in Paris, Exhibit 6: Rent incentives at all-time highs but stabilised in

showing weakness in demand 2Q26

Available supply / last 12mths take-up Office lettings incentive rate (%), Greater Paris

(years of take-up needed to absorb available supply) 32

6 30 Central Paris

5 28 Western Crescent & La Defense

4 26 Greater Paris average

3 24

2 22

1 20

0 18

15 16 17 18 19 20 21 22 23 24 25 26

13 14 15 16 17 18 19 20 21 22 23 24 25 26

2026) Source: Immostat, Morgan Stanley Research. See: Paris Office Property: No Clear Recovery Yet (7 Jul