Inmobiliaria Colonial Socimi S.A.

Investor Presentation • Nov 14, 2024

De conformidad con lo establecido en el artículo 227 del texto refundido de la Ley del Mercado de Valores aprobado por el Real Decreto Legislativo 4/2015, de 23 de octubre, Inmobiliaria Colonial, SOCIMI, S.A. ("Colonial" o la "Sociedad") comunica la siguiente

INFORMACIÓN RELEVANTE

Como continuación a la comunicación de otra información relevante publicada con fecha 11 de noviembre de 2024 con número de registro 31306, Colonial remite documentación de soporte para la presentación a analistas e inversores relativa a los resultados correspondientes al tercer trimestre de 2024, que se celebrará hoy jueves día 14 de noviembre de 2024 a las 18:30 horas (CET) a través de un webcast.

España: +34 917 91 85 80

R. Unido: +44 020 3428 1388

Francia: +33 172 00 1700

Alemania: +49 891 436 7081

Países Bajos: +31 20 795 2680

USA: + 1 917 444 9040

Conference ID: 345632

La presentación podrá seguirse en tiempo real, vía webcast con audioconferencia a través del siguiente enlace:

Inmobiliaria Colonial - 3rd Quarter 2024 Results

Adicionalmente, la presentación de resultados estará disponible en la página web de la Sociedad.

En Madrid, a 14 de noviembre de 2024.

Colonial

2024 Third Quarter Results

November 14th, 2024

#1

Top 1.5% Global

3Q 2024 RESULTS | 1

DISCLAIMER

By attending this presentation and receiving this document, you are agreeing to be bound by the following limitations. Any failure to comply with these restrictions may constitute a violation of applicable securities laws and/or may result in civil, administrative or criminal liabilities.

This document is strictly confidential and is being furnished to you solely for your information. It may not be reproduced, or redistributed to any other person, and it may not be published, in whole or in part, for any purpose.

The information contained in this presentation ("Presentation") has been prepared by Inmobiliaria Colonial, SOCIMI S.A. (the "Company") and has not been independently verified and will not be updated. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein and nothing in this Presentation is, or shall be relied upon as, a promise or representation. None of the Company nor any of its employees, officers, directors, advisers, representatives, agents or affiliates shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation.

This Presentation is for information purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by the Company and the Company's publicly available information. The information and opinions in this presentation are provided as at the date hereof and subject to change without notice. It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company's financial or trading position or prospects.

This Presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Company. You are solely responsible for seeking independent professional advice in relation to the Company. No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of such information.

This Presentation contains financial information regarding the businesses and assets of the Company. Such financial information may not have been audited, reviewed or verified by any independent accounting firm. The inclusion of such financial information in this Presentation or any related presentation should not be regarded as a representation or warranty by the Company, its affiliates, advisors or representatives or any other person as to the accuracy or completeness of such information's portrayal of the financial condition or results of operations by the Company and should not be relied upon when making an investment decision. Certain financial and statistical information in this document has been subject to rounding off adjustments. Accordingly, the sum of certain data may not conform to the expressed total.

Certain statements in this Presentation are forward-looking. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These include, among other factors, changing economic, business or other market conditions, changing political conditions and the prospects for growth anticipated by the Company's management. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this Presentation and based upon past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The market and industry data and forecasts included in this Presentation were obtained from internal surveys, estimates, experts and studies, where appropriate as well as external market research, publicly available information and industry publications. The Company, it affiliates, directors, officers, advisors and employees have not independently verified the accuracy of any such market and industry data and forecasts and make no representations or warranties in relation thereto. Such data and forecasts are included herein for information purposes only. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this Presentation.

NEITHER THIS DOCUMENT NOR ANY OF THE INFORMATION CONTAINED HEREIN CONSTITUTES AN OFFER OF PURCHASE, SALE OR EXCHANGE, NOR A REQUEST FOR AN OFFER OF PURCHASE, SALE OR EXCHANGE OF SECURITIES, OR ANY ADVICE OR RECOMMENDATION WITH RESPECT TO SUCH SECURITIES.

Agenda

01 3Q 2024 Highlights

Financial 02 Performance

03 Portfolio

Management

Future 04 Growth

High demand and tight supply drives outperformance of prime asset class

01 Highlights

Outstanding operating results enhanced by Paris' performance

1) Signed rents vs. previous contracts & re-let spaces

2) ERV Growth for Colonial commercial effort .Signed rents vs 12/23 ERV (new lettings & renewals).

The Best Prime Product delivers outperformance on occupancy

01 Highlights

Bifurcation – Prime CBD investment market with improved outlook

Financial 02 Performance

02 Financial Performance

Gross Rental Income growth on the back of core portfolio & project deliveries

1) Like-for-like calculated following EPRA BPR recommendations

2) Includes mainly the refurbishment of Santa Hortensia as well as other projects in Paris, Barcelona & Divestments

+12%

Solid Gross Rental Income like-for-like growth through superior pricing power

1) Like-for-like calculated following EPRA BPR recommendations

02 Financial Performance

Strong growth in EPRA EPS - Acceleration towards upper range of guidance

02 Financial Performance

Colonial as upgraded in Moody's debt rating up to Baa1

TOP RATING AGENCIES ENDORSE COLONIAL'S PRIME ASSET LEADERSHIP

09/2024: Moody's upgrade Rating review increased to Baa1 with stable outlook

• Scale: \$12.5 – 13.5B gross assets, over " " rating threshold
• Business profile: Leading position in prime Paris, Madrid & Barcelona office markets
• Liquidity & access to capital: >99% unencumbered assets
• Leverage & coverage: Debt & Preferred stock to gross assets at 45%. Fixed charge coverage 3.0x

"The upgrade reflects expected improvements to credit metrics with a sustainably lower leverage driven by a conservative financial policy with the benefits of recent capital increase".

Baa1 Stable Long term credit rating

05/2024: S&P Global update

Credit Rating Confirmation

• Business risk: Strong competitive position in low-risk market
• Financial risk: EBITDA interest coverage of 2.9x, above 2.4x threshold
• Capital structure: Debt to debt plus equity ratio to remain below 45% in the coming years
• Liquidity: Strong liquidity and a prudent hedging policy that limits the effects of rising interest rates
• ESG: 100% of portfolio by GAV is Breeam or Leed certified, and +90% of debt classified as green.

"The stable outlook reflects our view that Colonial will continue to generate stable and predictable income despite economic uncertainty, on the back of the high quality of its portfolio, and its robust tenant base".

Long term credit rating

BBB+ Stable

Solid financial structure with hedged financial costs

03 Portfolio

Management

Our premium assets deliver strong letting performance

High occupancy profile with attractive reversionary potential

Strong pricing power - letting performance continues at record rental levels

2) Signed rents vs 12/23 ERV (new lettings & renewals)

Strong momentum on project delivery – MADNUM

• 6,500 sqm signed with leading companies within the telecom and railway operator, among others

Clear Leadership on ESG & Decarbonization

Future 04 Growth

04 Future Growth

We deliver strong earnings growth on the back of a multi-layer growth platform

Demand for prime consistently outstrips supply driving rental growth

Source of market information: CBRE

The Prime Asset Class delivers the highest rental growth

1) Based on company data: Office exposure: GAV as of 1H24

Future Growth 04

New projects - The start of a new cycle of Urban Transformation

1) Total Cost = Asset Value pre project + future Capex 2) Levered IRR at EPRA LTV post capital increase

Alpha X: substantial value creation from urban mixed use pipeline

Life Science/ Healthcare

Business Campus

Our asset management expertise provides rental growth & value creation

Ungeared IRR > 7%

• Solid cash flow growth through reversion in rents:
  • Occupancy improvement
  • Rental growth
• Value Creation potential starting from attractive capital values
• Capex fully deployed YTD
• Consolidation of Colonial's footprint in MendezAlvaro

Occupancy 72%

€ .4 / sqm Capital Value

Ungeared IRR > 6%

• Significant Cash Flow & Value potential
  • Active management of assets
  • Rental growth/ reversion
  • Attractive Capital Values
• Complementary urban locations to current portfolio
• Highly liquid asset class allows for tactical capital recycling

90%

Occupancy €2.992/ sqm Capital Value

Significant Rental Growth & Value creation Potential

• Short term efficient renovation program
• Very limited cape (€1 m)
• Top Prime property with 12.000 sqm of GLA to capture maximum rents
• One of the most soughtafter locations in Paris
• Repositioned property to be released in mid-25

Significant Rental Growth & Value creation Potential

• Short term efficient renovation program
• Capex fully deployed YTD
• Large Business Campus of more than 15,000 sqm
• Top location in 22@ around emerging Life-Science area
• Asset to be released in 2H ith more than 5€m of additional GRI

04 Future Growth

Acceleration of Rental Growth & Value Creation

¹ToppedUp Gross rental income as of 31/12/23

²Adjusted by Sta Hortensia, Condorcet (rents in place until 01/25) & Haussmann (rents in place until 6/24)

³Includes contributed Criteria assets, Diagonal 197 & Haussmann

II Active Asset Management

III Rental Growth/ Pricing Power

04 Future Growth

Strategy & Outlook

subsidiary, SFL (98.4%) into Inmobiliaria Colonial

THANK YOU

https://www.inmocolonial.com/en/shareholders-and-investors

3Q 2024 RESULTS | 28

Appendices

Market disequilibrium to persist for Prime locations driving rent increases

Latest Market transactions

	Asset	Area	Price	GLA	Cap. Value
	EuroAthènes (Jul 2024)	CBD	€110m	5,123 sqm	€21,472/sqm
	14 Halévy (Sep 2024)	CBD	€230m	10,000 sqm	€23,000/sqm
	42 Montaigne (Sep 2024)	CBD	€250m	4,000 sqm	€62,500/sqm
S RI A P	10 Bassano (Sep 2024)	CBD	€44m	1,750 sqm	€25,143sqm
	77 Rue la Boétie (Sep 2024)	CBD	€22m	2,400 sqm	€9,167/sqm
	11 Rue Berenguer (Oct 2024)	CBD	€120m	5,650 sqm	€21,239/sqm
	Office Gaîté Montparnasse (Oct 2024) Transaction not completed	BD	€173m	12,500 sqm	€13,800/sqm
	48 Notre Dame des Victoires (Nov 2024) Transaction not completed	CBD	€80m	6,724 sqm	€11,898/sqm

Latest Market transactions

	Asset	Area	Price	GLA	Cap. Value
	Alcalá 44 (Jul 2024)	City centre	c.€100m	12,000 sqm	€8,333/sqm
D RI D	Zurbarán 28 (Aug 2024)	CBD	€25m	3,000 sqm	€33,333/sqm
A M	Ramírez de Prado 5 (Oct 2024)	City centre	€340m1	12,000 sqm	n.a.
	Avda. Tenerife 4 (Oct 2024)	Secondary	c.€47m	n.a.	n.a.
	Berlin 38 (Jul 2024)	City centre	€50m	13,280 sqm	€3,765/sqm
A N O L E C R A B	Tarraco Tower (Aug 2024)	City centre	€90m	20,000 sqm	€4,500/sqm
	Passeig de Gracia 110 & Diagonal 431 (Oct 2024) Mixed use asset	CBD	n.a.	11,500 sqm	n.a.

1) The transaction price includes four additional assets, with the Amazon headquarters recorded in balance sheet at approximately €274 million

Source: public information, press and consultants

PROFIT & LOSS ACCOUNT

Results analysis - €m	3Q 2024	3Q 2023
Gross Rents	293	279
Net operting expenses & Overheads	(51)	(46)
Recurring EBITDA	242	233
Recurring financial result	(58)	(71)
Income tax expense & others - recurring	(7)	(8)
Minority interests - recurring	(29)	(26)
Recurring Earnings	147	129
Change in fair value of assets & provision	(13)	(525)
Non-recurring financial result & MTM	(2)	(1)
Income tax & others - non-recurring	63	10
Minority interests - non-recurring	(39)	89
Profit attributable to the Group	156	(299)
- €m	147	129
ecurring earnings Nosh (mm)	568	540
EPS recurring - Cts€/share	25.9	23.8

+5% YoY

+6% Like-

EPS RECURRING

Maturity profile of debt facilities - €m

EXTENSION OF DEBT MATURITIES A SOLID FINANCIAL STRUCTURE

	31/12/2023	30/09/2024
Net Debt	€ 86 m	€ 1 m
LTV	39.5%2	36.5%2
Total Facilities	€ 65m
Cash	€ 8m	€87 m
Liquidity	€ m	€ m
Debt Maturity Group	4.2 years	4.2 years
Non-Mortgage debt	100%	100%
Cost of Debt Group	1.75%3	1.72%3

1) Excluding ECPs

2) Including sales commitments already formalized and sale commitment of Méndez Álvaro Residential + Criteria Caixa Capital increase in July 2024

3) Excluding formalization costs accrued over the life of debt.

Appendices

New Project Pipeline with an ungeared IRR of more than +9%

Project	Use	Delivery	GLA (sqm)	Total €m1 Cost	Ungeared IRR
Scope Paris City Center	Business Campus	2026	22.000	309	> 9%
Sancho de Ávila Barcelona 22@	Life Science/ Healthcare	2027	17.860	114	> 7%
Condorcet Paris City Center	Urban Mixed-Use	2027	24.000	366	>9%
Santa Hortensia Madrid City Center	Urban Mixed-Use	2028	46.928	237	>9%
			110.788	1.026	>9%

Sancho de Ávila Life Science/ Healthcare

Significant growth profile at adjusted Risk Return

1) Condorcet tenant leaves at 31/01/25 & Haussmann at 01/07/2024

2) Adjusted by Sta Hortensia, Condorcet & Haussmann

3) Includes contributed assets & Renovation Programs on Diagonal 197 & Haussmann

© 2024 Colonial www.inmocolonial.com