Lar Espana Real Estate Socimi S.A.

Investor Presentation • Nov 24, 2023

9M 2023 BUSINESS UPDATE

24th November 2023

Presenting Team

Jon Armentia Corporate Director and CFO of Lar España

Hernán San Pedro

Investor Relations and Corporate Communication Director of Lar España

1 Including expenses

2 Declared sales

3 Like for Like excluding Vistahermosa and Rivas Futura retail parks

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

Leasing activity 9M 2023

Retailers and costumers are in good health

Evolution of declared sales vs same period of the previous year Sales 9M 2023¹ : €749.4 Mn

Evolution of footfall vs same period of the previous year Footfall 9M 2023: 57.8 Mn Visits

1 Declared sales

8

Average growth by quarter

Average growth by

And we have shown resiliency over the years

Evolution of Net Profit quarter by quarter¹

Net profit 9M 2023¹ : €62.5 Mn

Evolution of NTA per share

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

2 When analyzing this measure, it is important to take into account the dividend paid in Q2 2023: €0.60 per share

9

Sales by activity: growing in almost every segment

Sales 9M 2023¹ : €749.4Mn +8.7% vs 9M 2022

FOOD	CULTURE, TECH AND MULTIMEDIA	LEISURE AND ENTERTAINMENT	HOME	FASHION
+8.1% vs 9M 2022	+9.2% vs 9M 2022	+17.3% vs 9M 2022	= vs 9M 2022	+7.4% vs 9M 2022

DINING HEALTH AND BEAUTY		SERVICES SPORTS AND ADVENTURE		OTHERS
+14.9% vs 9M 2022	+18.7% vs 9M 2022	-0.8% vs 9M 2022	+9.1% vs 9M 2022	+33.2% vs 9M 2022

Operating results in 9M 2023

Results

GRI	NOI	EBITDA	NET PROFIT	EPRA EARNINGS
€72.2 Mn +12.6% vs 9M 2022 +14.5% vs LfL 9M 2022 Assets	€64.5 Mn +16.6% vs 9M 2022 +18.9% vs LfL 9M 2022	€49.6 Mn +14.0% vs 9M 2022	€62.5 Mn1 2.3X vs 9M 2022	€61.4 Mn Ordinary EPRA earnings €41.0 Mn
GAV	EPRA "TOPPED-UP" NIY	OCCUPANCY	WAULT	COLLECTION RATE
€1,338 Mn	6.6%	96%	2.6 years	98%2

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

2 Percentage of rents and expenses collected from tenants in 2023

Financial profile & cash position

information

13 MAR 2014 TXINGUDI LAS HUERTAS ARTURO SORIA MARCELO ESPINOLA JUL 2014 VILLAVERDE ÁNECBLAU ALBACENTER OCT 2014 PORTAL DE LA MARINA ELOY GONZALO EGEO NUEVO ALISAL DEC 2014 JUAN BRAVO JAN 2015 JUN 2015 JOAN MIRÓ JUL 2015 EL ROSAL PARQUE GALARIA OCT 2015 MEGAPARK JUN 2016 VISTAHERMOSA SEP 2016 GRAN VÍA DE VIGO CHESTE LOGÍSTICA MAR 2017 ABADÍA JAN 2018 EGEO FEB 2018 RIVAS FUTURA RIVAS-VACIAMADRID VILLAVERDE MAR 2018 NUEVO ALISAL LOGISTICS PORTFOLIO & CHESTE JUL 2018 JOAN MIRÓ DEC 2018 ELOY GONZALO APR 2019 FEB 2021 22 SUPERMARKETS EROSKI VISTAHERMOSA RIVAS FUTURA RIVAS-VACIAMADRID JUL 2023 AUG 2014 ALOVERA I&II GUADALAJARA APR 2015 AS TERMAS PALMAS ALTAS NORTE MAR 2016 SEP 2017 ARTURO SORIA AUG 2018 PARQUE GALARIA JAN 2019 MARCELO SPÍNOLA LAGASCA 99 NOV 2019 c. 73% Avg. revaluation over acq price 5.5% Average Exit Yield ACQUISITIONS DIVESTMENTS Financial , operating and ESG

From the very beginning, we have been pursuing a successful asset rotation policy

…which we have confirmed once again

GLA 33,763 sqm

WAULT 2.8 years

Occupancy 97.9%

GLA 36,447 sqm

WAULT 2.3 years

Occupancy 92.4%

Once again we are expecting one of the highest dividends in our history

Share price 30th September

And the value of our activity is being recognized in our share price

Share price 23rd November €5.7

16 Financial , operating and ESG information

P&L 9M 2023

	9M 2023	9M 2022
Consolidated Income Statement 9M 2023 (€ Million)	Total	Total	% Growth
Revenues	69.5	61.8	+12.5%
Other Income	2.7	2.3
Total Income	72.2	64.1	+12.6%	+14.5% LfL
Personnel expenses	(0.6)	(0.7)
Other expenses	(21.9)	(19.9)
Changes in the fair value of investment properties	(12.1)	41.1
Results from divestment	(0.05)	-
EBIT	37.5	84.6
Financial Result	(8.7)	(11.9)
Impairment and result of disposals of financial instruments	20.5	(4.3)
EBT	49.3	68.4
Income Tax	1.1	-
Profit/(Loss) for the Period	50.4	68.4
Profit/(Loss) for the Period ex change in fair values1	62.5	27.3	2.3X

1 Calculated without taking into account the change in the value of the assets Notes: May not foot due to rounding

We continue with our focus on ESG

Carbon footprint

2022 carbon footprint registry conducted one more year at MITERD. This process once again received independent verification of its calculation from Bureau Veritas.

Water management

Water consumption analysis for each asset in accordance with the criteria set out under ISO 14046. It is expected to work on a Water Consumption Reduction Plan at asset-level.

Green clauses

c. 25% of leases signed by Lar España's portfolio include Green Leasing Clauses.

BREEAM

Climate Risks

Lar España has joined the initiative. The company has been working on quantifying the financial impact of physical and transition risks. The next step will be to publish a report with the results obtained according to the TCFD recommendations.

UN Global Compact

Participation in the Climate Ambition Accelerator program. Renewal of the Commitment to the UN Global Compact and SDG goals Forthcoming publication of the Progress Report before the end of the year.

GRESB

2023 participation: Sixth year running in GRESB Real Estate assestment

• +15% GRESB Benchmark
• Annual score increased +10% during consecutive years

We have the highest Management Score within Europe (out of 1013 companies)

We continue applying the best practices in environment

And also in social and governance

In summary: another quarter of strong results

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

2 When analyzing this measure, it is important to take into account the dividend paid in Q2 2023: 0.60/share

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