Lar Espana Real Estate Socimi S.A.

Investor Presentation • May 24, 2024

Q1 2024 BUSINESS UPDATE

24th May 2024

Presenting Team

Jon Armentia

Corporate Director and CFO of Lar España

Hernán San Pedro

Investor Relations and Corporate Communication Director of Lar España

Our strategy continues to deliver strong results

1 Including expenses 2 Declared sales 3 Like for Like excluding Vistahermosa and Rivas retail Parks 4 Pro-forma Net LTV after 2023 dividend payment would be 34.5%

Leasing activity Q1 2024

With the different sales segments in good health

Average growth by quarter

Average

Demonstrating the resilience of our business

Evolution of declared sales vs same period of the previous year Sales Q1 2024¹ : €228.9 Mn

Evolution of footfall vs same period of the previous year

Footfall Q1 2024: 16.8 Mn visits

Operating and financial results Q1 2024

Results

GRI	NOI	EBITDA	RECURRING NET PROFIT	ORDINARY EPRA EARNINGS
€23.7 Mn +4.8% LfL1 vs Q1 2023	€19.9 Mn +5.2% LfL1 vs Q1 2023	€16.6 Mn = vs Q1 2023	€17.4 Mn +20.8% vs Q1 2023	€15.3 Mn +19.4% vs Q1 2023
Assets
GAV	EPRA "TOPPED UP" NIY	OCCUPANCY	WAULT	COLLECTION RATE
€1,313 Mn	6.8%	96.8%	2.5 years	98.1%

And we have shown resiliency over the years

Evolution of Net Profit quarter by quarter¹ Net profit Q1 2024: €15.3 Mn

Evolution of NTA per share

1 Calculated without taking into account the change in the value of assets

2 Adjusted by dividend effect (€0.79 per share): EPRA NTA €10.14 per share

Debt profile & cash position

1 Over market cap 31 December 2023

We have paid the highest ordinary dividend in our history + extraordinary dividend

Even the share's appreciation, the dividend yield remains very strong…

Revaluation of Lar España's shares 2023 & Q1 2024 Dividend yield over market cap

1 Spanish stock market average according to BME

…even above our peers

Spanish Real Estate listed companies European retail peers

	Dividend yield	2023 share revaluation		Dividend yield	Share revaluation
Lar España	12.9%	45.6%	Lar España	12.9%	45.6%
Peer 1	3.8%	9.0%	Peer 1	7.7%	-1.8%
Peer 2	2.0%	14.6%	Peer 2	8.7%	2.8%
Peer 3	4.5%	26.8%	Peer 3	3.7%	37.6%
Peer 4	12.4%	32.2%	Peer 4	8.3%	15.9%
Peer 5	9.6%	29.1%	Peer 5	10.0%	1.8%
Ibex Top Dividendo	6.7%	7.6%	Peer 6	3.7%	14.6%

P&L Q1 2024: strong set of results

	Q1 2024	Q1 2023	Q1 2024	Q1 2023	Q1 2024	Q1 2023	% Growth
Consolidated Income Statement (€ Millions)	Total		Non Recurring		Recurring
Revenues	22.9	24.2	(1.8)1	0.32	24.6	23.9
Other Income	0.8	0.9	-	-	0.8	0.8
Total Income	23.7	25.1	(1.8)	0.3	25.5	24.8	+2.9%
Personnel expenses	(0.2)	(0.2)	-	-	(0.2)	(0.2)
Other expenses	(6.9)	(8.3)	(0.4)	(1.9)	(6.6)	(6.4)
Changes in the fair value of investment properties	-	-	-	-	-	-
Results from divestment	-	-	-	-	-	-
EBIT	16.6	16.6	(2.1)	(1.6)	18.7	18.2
Financial income	2.0	0.6	-	-	2.0	0.6
Financial expenses	(3.3)	(4.4)	-	-	(3.3)	(4.4)
Impairment and result of disposals of financial instruments		19.1	-	19.13	-	-
EBT	15.3	31.9	(2.1)	17.5	17.4	14.4
Income Tax	-	-	-	-	-	-
Profit/(Loss) for the Period	15.3	31.9	(2.1)	17.5	17.4	14.4	+20.8%

Notes: May not foot due to rounding 1 Incentives and linearizations in Q1 2024 2 Rivas Futura and Vistahermosa revenues (divested in July 2023) – incentives and linearizations in Q1 2023 3 Extraordinary from Bond buy back in January 2023

We continue applying the best environmental practices

Decarbonisation strategy aligned with SBTi

• Near-term targets: Climate Neutral by 2030 with 60% reduction in Scope 1 + 2 (market-based) vs 2019.
• Net-Zero by 2050 (Scope 1+2+3)
• Commitment to make progress in the measurement and calculation of Scope 3 emissions, with the aim of working on a reduction strategy in the future.

• 100% of our assets are BREEAM certified
• In Q1 2024 Lagoh obtained the BREEAM (V6) "In Use" certificate with an "Exceptional" rating, making Lagoh, the shopping centre in Spain with the highest BREEAM In-Use Rating in the lastest version (V6)

Performance 2023

Electricity consumption	Emissions	Water footprint
Energy intensity per visitor: -7.0% LfL vs 2022	Scope 1 + 2 (market-based) per -24.7% LfL visitor: vs 2022 'Calculo y Reduzco' seal for the second year in a row.	Working on a Water Consumption Reduction Plan at asset-level.

And the best-in-class practices

1 After the divestment of Rivas and Vistahermosa retail parks which were also certified. 2 100% of leases signed in 2024 include green clauses

In summary: another quarter of strong results

1 Like for Like excluding Rivas and Vistahermosa retail Parks divested in July 2023

2 Adjusted by dividend effect (€0.79 p.s) EPRA NTA €10.14 per share

3 Pro-forma Net LTV after 2023 dividend payment would be 34.5%

Disclaimer

This document has been prepared by Lar España Real Estate SOCIMI, S.A. (the "Company") for information purposes only and the information included in this document is not regulated information or information which has been subject to prior registration with, or control by, the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores). The information contained in this document has not been subject to independent verification and includes summarized audited and non-audited information. The financial and operational information included in the document correspond to the internal recordings and accounting of the Company. Such information may in the future be subject to audit, limited review or any other control by an auditor or an independent third party. Therefore, this information may be modified or amended in the future. Part of the information contained herein has been obtained from sources that the Company considers reliable, but the Company does not represent or warrant that such information is complete or accurate, in particular with respect to data provided by third parties (including certain information relating to the Company's properties such as their catchment areas and performance indicators for periods preceding the time of acquisition by the Company). Neither the Company nor its advisors and representatives assure the completeness, impartiality or accuracy of the information or opinions included herein. In addition, they do not assume responsibilities of any kind, whether for misconduct or negligence, with regard to any damages or losses that may derive from the use of this document or its contents

This document includes forward-looking representations or statements on purposes, expectations or forecasts of the Company or its management up to the date of release of this document. Said forward-looking representations and statements or forecasts are mere value judgments of the Company and do not imply undertakings of future performance. Additionally, they are subject to risks, uncertainties and other factors, which were unknown or not taken into account by the time this document was produced and released and which may cause such actual results, performance or achievements, to be materially different from those expressed or implied by these forward-looking statements. Moreover, these forward-looking statements are based on numerous assumptions (which are not stated in the presentation) regarding the Company's present and future business strategies and the environment in which the Company expects to operate in the future. There are many factors, most of them out of the Company's control, which may cause the Company's actual operations and results to substantially differ from those forwardlooking statements. Neither the Company nor any of its advisors or representatives assume any kind of responsibility for any possible deviations that may suffer the forward-looking estimates, forecasts or projections used herein. The financial information contained herein may include items which are not defined under the International Financial Reporting Standards as adopted by the European Union (IFRS-EU) and which are considered to be "alternative performance measures" for the purposes of Commission Delegated Regulation (EU) 2019/979 of 14 March 2019 and as defined in the European Securities and Market Authority Guidelines on Alternative Performance Measures dated 5 October 2015. Other companies may calculate such financial information differently or may use such measures for different purposes than we do, limiting the usefulness of such measures as comparative measures. Such financial information must be considered only in addition to, and not as a substitute for or superior to, financial information prepared in accordance with IFRS-EU. Under no circumstances the Company undertakes to update or release the review of any of the information included herein or provide additional information.

This document is not a prospectus or part of a prospectus. This document does not constitute an offer to sell or issue, a bid or an invitation to acquire or subscribe securities of the Company, in accordance with the provisions of article 35 of the consolidated text of the Spanish Securities Market Act approved by the Royal Legislative Decree 4/2015, of 23 October, and/or the Royal Decree 1310/2005, of 4 November and their implementing regulations. Furthermore, this document does not imply any purchase or sale bid or offer for the exchange of securities or a request for the vote or authorization in any other jurisdiction. The delivery of this document within other jurisdictions may be forbidden. Recipients of this document or those persons receiving a copy thereof shall be responsible for being aware of, and complying with, such restrictions. By accepting this document you are accepting the foregoing restrictions and warnings. All the foregoing shall be taking into account by those persons or entities which have to take decisions or issue opinions relating to the securities issued by the Company. All such persons or entities are invited to consult all public documents and information of the Company registered within the Spanish National Securities Market Commission. Neither the Company nor any of its advisors or representatives assumes any kind of responsibility for any damages or losses derived from any use of this document or its contents. This presentation should not be considered as a recommendation by the Company, Grupo Lar Inversiones Inmobiliarias, S.A. or any other person to subscribe for or purchase any securities of the Company. Prospective purchasers of securities of the Company must make their own independent investigation and appraisal. The securities of the Company have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or the laws of any state or other jurisdictions of the United States. Such securities may not be offered or sold in the United States except on a limited basis, if at all, to Qualified Institutional Buyers (as defined in Rule 144A under the US Securities Act) in reliance on an exemption from, or transaction not subject to, the registration requirements of the U.S. Securities Act and in compliance with the relevant state securities laws. The securities of the Company have not been and will not be registered under the applicable securities laws of any state or jurisdiction of Australia, Canada, Japan, South Africa or Switzerland and, subject to certain exceptions, may not be offered or sold within Australia, Canada, Japan, South Africa or Switzerland or to or for the benefit of any national, resident or citizen of Australia, Canada, Japan, South Africa or Switzerland. The release, distribution or publication of this document in other jurisdictions may also be restricted by law and persons into whose possession this document comes should inform themselves about and observe any such restrictions. The information contained herein does not purpose to be comprehensive or to contain all the information that a prospective purchaser of securities of the Company may desire or require in deciding whether or not to purchase such securities. This document discloses neither the risks nor other material issues regarding an investment in the securities of the Company.

The information included in this presentation is subject to, and should be read together with, all publicly available information. Any person acquiring securities of the Company shall do so on their own risk and judgment over the merits and suitability of the securities of the Company, after having received professional advice or of any other kind that may be needed or appropriate but not only on the grounds of this presentation. By delivering this presentation, the Company is not providing any advisory, purchase or sale recommendation, or any other instrument of negotiation over the securities or financial instruments of the Company.

www.larespana.com