Lar Espana Real Estate Socimi S.A.

Investor Presentation • May 19, 2023

Q1 2023 BUSINESS UPDATE

19th May 2023

Presenting Team

Jon Armentia Corporate Director and CFO of Lar España

Hernán San Pedro

Investor Relations and Corporate Communication Director of Lar España

We continue growing

Sales	Footfall	NOI	Net profit
1 €235.4 Mn	19.6 Mn visits	€20.9 Mn	€31.9 Mn
+7.9% vs Q1 2022 +11.1% vs Q1 2019 LfL2	+5.6% vs Q1 2022 -2.3% vs Q1 2019 LfL2	+25.0% vs Q1 2022	c. 5x vs Q1 2022

1 Including expenses 2 Declared sales

Leasing activity Q1 2023

Operating results in Q1 2023

Results

GRI	NOI	EBITDA	NET PROFIT	EPRA NTA PER SHARE
€25.1 Mn +21.4% vs Q1 2022	€20.9Mn +25.0% vs Q1 2022	€16.6 Mn +28.3% vs Q1 2022	€31.9 Mn c. 5x vs Q1 2022	€ 11.31 p.s +3.5% vs FY 2022
Assets
GAV	EPRA "TOPPED-UP" NIY	OCCUPANCY	WAULT	COLLECTION RATE
€1,474 Mn	6.4%	c. 96%	2.6 years	98%1

1 Percentage of rents and expenses collected from tenants in 2023

Sales by activity Q1 2023

Sales Q1 2023¹ : €235.4 Mn +7.9% vs Q1 2022

FOOD	CULTURE, TECH AND MULTIMEDIA	LEISURE AND ENTERTEINMENT	HOME	FASHION
+8.1% vs Q1 2022	+7.0% vs Q1 2022	+12.6% vs Q1 2022	-10.0% vs Q1 2022	+13.1% vs Q1 2022

DINING	HEALTH AND BEAUTY	SERVICES	SPORTS AND ADVENTURE	OTHERS
+20.1% vs Q1 2022	+20.6% vs Q1 2022	+7.0% vs Q1 2022	+22.2% vs Q1 2022	+27.1% vs Q1 2022

Financial profile & cash position

Bond Buy-Back completed in January 2023

Key transaction terms Sources and uses

Strong bondholder demand resulting in a successful transaction for Lar España's shareholders

Implied discount achieved on bond repurchase of 18%

Significant leverage reduction from a LTV of 38.9% as of Sep-22 to a pro-forma LTV of 37.1%, and as for Q1 2023 LTV was 35.7%.

Accretive transaction on an EPRA NTA basis, increasing NTA per share to €11.16 p.s. and as for Q1 2023, NTA per share was €11.31 p.s

+ c. €20 Mn profit in the P&L

Sources	€mm
Cash from Balance Sheet	90.5
Total Sources	90.5
Uses	€mm
Nominal amount of unsecured senior green bonds maturing in Jul-26 repurchased	98.0
Nominal amount of unsecured senior green bonds maturing in Nov 28 repurchased	12.0
Consolidated discount on bonds repurchased	(19.5)

Total Uses	90.5
------------	------

We have paid one of the highest ordinary dividends in our history

1 Over market cap 31 December

Sound valuations

31st December 2022 Valuation €1,473 Mn Including Capex Invested

A resilient portfolio of dominant shopping centres in attractive catchment areas.

Cherry picked assets carefully selected without acquiring portfolios.

Assets c.100% owned, delivering flexibility, control and full decision capacity.

Solvent and diversified tenant base with a WAULT of 2.6 years and close medium-and long-term relationships.

Active management with last trends in technology, omnichannel strategy and customer knowledge experience.

P&L Q1 2023

	Q1 2023	Q1 2022
Consolidated Income Statement Q1 2023 (€ Millions)	Total	Total	% Growth
Revenues	24.2	19.9	+21.2%
Other Income	0.9	0.7
Total Income	25.1	20.6	+21.4%
Personnel expenses	(0.2)	(0.3)
Other expenses	(8.3)	(7.4)
Changes in the fair value of investment properties	-	-
Results from divestment	-	-
EBIT	16.6	12.9	+28.3%
Financial Result	(3.8)	(4.3)
Impairment and result of disposals of financial instruments	19.1	(2.0)
EBT	31.9	6.6	c. 5x
Income Tax	-	-
Profit/(Loss) for the Period	31.9	6.6	c. 5x

Best in class practices in ESG

Emissions	Energy
Scope 1 + 2 -95.3% vs 2015 -41.0% vs 2021	Energy intensity per visitor -27.5% vs 2015 -15.4% LfL vs 2021
Scope 1 + 2 + 3 -39.8% vs 2021	-55.0% Non-renewable energy vs 2021 Fuel: -32.3% vs 2021

Over 14x% of leases signed by Lar España's portfolio include Green Leasing Clauses

100% properties in Lar España's portfolio feature electric vehicle points

Carbon Footprint Registration 2018, 2019, 2020 & 2021

Obtaining the Reduzco seal becoming the first real estate company listed in Spain to achieve it.

• 100% of the company's assets are currently BREEAM certified.
• c. 100%¹ of them with an 'Excellent' or 'Very Good' rating.
• 100% of the portfolio under its operational control is ISO 14001 and 45001 certified.

Social contribution
6 assets certified in Universal Accesibility. 4 in process.		+2,600 hours dedicated social initiatives in 2022
	Commitment to local development +57 €Mn in purchases from national suppliers.	+16,000 jobs generated
Renewal of the Commitment to the UN Global Compact and SDG goals. Participation in the SDG Ambition Programme.
	MSCI has ratified and confirmed their Estate.	BBB ESG Rating for Lar España Real BBB MSCI ESG Rating
Lar España indisputable	is one of the 30 companies sign of the Company's commitment	featured on the IBEX Gender Equality Index®, to diversity.	an
	8 th th 5	consecutive year, EPRA Gold Award regarding financial information. consecutive year, EPRA Gold Award regarding ESG information.

• Score of 85→ +8% vs Peer Average.

• Maximum score for the Management part.

In summary: another quarter of strong results

GROWING	SOLID OPERATING	MAJOR INCREASE IN
RENTS	RESULTS	PROFIT
+21.4%	+25.0%	c. 5x
GRI vs Q1 2022	NOI vs Q1 2022	Net profit vs Q1 2022
MODERATE DEBT LEVEL	IMPROVEMENT IN EPRA FIGURES	ONE OF THE HIGHEST ORDINARY DIVIDENDS IN OUR HISTORY
35.7% Net LTV	€ 946.1 EPRA NTA 11.31 p.s.	€50 Mn €0.60 p.s. +66.7% vs FY 2021

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.

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