Lar Espana Real Estate Socimi S.A.

Investor Presentation • May 14, 2021

Q 1 2 1 B U S I N E S S U P D AT E

14th May 2021

Contents

1

2

3

Operating performance Financial information and ESG

Highlights & Next steps

Summary

Q1 21 REVENUES REACHED €21MN, DESPITE THE PANDEMIC

GRI €21Mn

€1,417 Mn

GAV

39.8%

LTV

Comparability

It´s important to highlight that while in Q1 20 there was lockdown only for a few days, in Q1 21 restrictions remained in effect in several regions the whole quarter

Disposals

The sale of 22 commercial premises leased to Eroski in mid February to Blackbrook has proven to be a very profitable operation (24% capital gain)

Annual General Meeting

All agenda items of the General Shareholders' meeting were approved by large majorities, including a dividend of 0.31€ was approved (dividend yield per share of 6.7%), among the most profitable on the Continuous Market

Operating performance

Resilient Portfolio

Lar España assets guarantee all health-hygiene safety, social distancing and communication

Large spaces to avoid unnecessary crowding, the best environmental and accessibility

Assets are far better equipped to meet these new requirements after the refurbishments of

SGS certified to guarantee higiene safety

Responsible management

practices and latest technology.

100% Assets¹

measures.

recent years.

Tenant mix

30.4% 19.2%

Fashion Home

13.4%

Food & Beverage Leisure & Entertainment 15.6%

Sports & Adventure 7.3% 7.1%

Dining

Services 3.8% Health & Beauty 2.9%

14

Assets

0.3%

Culture, Tech & Multimedia

GLA sqm

Multiproduct offer

Balanced portfolio that has been key to react better and sooner than others.

67% 33%

Shopping centres Retail parks

(% GAV)

20% Essential activities High percentage of food & health tenants

Big Brands Differentiated brands in the portfolio 551,405

¹Fully owned assets

Operating performance

Footfall and Sales numbers recovery

0,00%

20,00%

40,00%

60,00%

80,00%

100,00%

120,00%

140,00%

81.3% of rent collected over

Collections in Q1 21 (Cash Flow)

Leasing Activity

VidaNova Parc (Sagunto)

1,100 sqm leased to sports chain Joma

Vistahermosa (Alicante) New opening 1,700 sqm of Ozone Bowling

Megapark (Barakaldo)

New opening

Financial information & ESG

Operating Results in Q1 2021

Results

€ 21 Mn GRI

€ 15.9 Mn NOI

€ 11.7 Mn EBITDA

€ 9.4 Mn RECURRING PROFIT of the period

€1,417 Mn GAV

€ 5.5 Mn EPRA Earnings

€10.46 EPRA NTA p.s.¹

Outperforming the Spanish market

Assets

5.8% EPRA "topped-up" NIY

95% Occupancy² 31 March 2021

c.3 years WAULT

1 EPRA NTA per share adjusted for dividend effect: 10.15 €/share 2 Ratio calculated according to EPRA recommendations 11

Corporate Results in Q1 2021

Corporate

€27.5Mn 2020 Dividend €0.31 p.s. approved dividend

6.7% Dividend Yield Over market cap

3 rd SBB

Program extended 5% share capital. 73% completed

c.€200 Mn

Liquidity Expenses covered over the next 4 years

Net LTV 39.8%

ESG

+17,000 jobs generated in 2020

New BREEAM certifications in Abadía, El Rosal, Megapark and Gran Vía de Vigo with Very Good and Excellent ratings c. 90% Buildings certified in BREEAM

100% Recommendations of the CNMV Good Governance Code complied

100% Assets¹ SGS certified against COVID-19

1 100% assets fully owned.

Financial information & ESG

Financial strength

Refinancing process already started, with more than one year of margin

Average cost of debt

Average debt maturity

of covenants complied

	Q1 2021			Q1 2020
Consolidated Income Statement (€ Millions)	Recurring	Non-Recurring	Total	Recurring	Non-Recurring	Total
Rental Income	20.3	-	20.3	24.1	-	24.1
Other Income	0.6	-	0.6	0.8	-	0.8
Personnel expenses	(0.1)	-	(0.1)	(0.1)	-	(0.1)
Other expenses	(6.8)	(3,3)	(10.1)	(7.4)	(0.3)	(7.7)
Result of disposals of investment properties	-	1,1	1,1	-	-	-
Property Operating Result	13.9	(2.2)	11,7	17.4	(0.3)	17.1
Changes in the Fair Value of investment properties and Results from Divestment	-	-	-	-	-	-
EBIT	13.9	(2.2)	11.7	17.4	(0.3)	17.1
Financial Result	(4.6)	-	(4.6)	(4.6)	-	(4.6)
Share in profit (loss) for the period of equity-accounted companies	-	-	-	-	-	-
EBT	9.4	(2.2)	7.2	12.8	(0.3)	12.5
Income Tax	-	-	-	-	-	-
Profit/(Loss) for the Period	9.4	(2.2)	7.2	12.8	(0.3)	12.5

Environment

Exemplary property management and good governance

• Purchased over €71M in products and services from its suppliers, thereby creating wealth in the communities where it is present
• 5 assets certified in AENOR Universal Accessibility
• Vía and Megapark with Very Good and Excellent ratings
• c. 90% Buildings certified in BREEAM

Highlights & Next steps

Highlights & Next steps

Future Drivers: strong financials, active management, safety portfolio and profitability

Highlights

Despite the situation, remarkable rental income, with good prospects for the rest of the year

Successful disposal of supermarket portfolio with 24% capital gain

Occupancy remains strong at c.95% and 81.3% of the invoiced rents have been collected

Approved dividend of 0.31€ (dividend yield per share of 6.7%), among the most profitable on the Continuous Market

Future Drivers

Refinancing in progress.

Strong balance sheet and disposals.

Keeping an eye on the market, but cautions; CAPEX reduced to the minimum and new acquisitions on hold.

Keeping close relations with our tenants

www.larespana.com