Inmobiliaria Colonial Socimi S.A.

Investor Presentation • Jul 30, 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 información relevante publicada con fecha 29 de julio de 2024 con número de registro 29919, Colonial remite documentación de soporte a la presentación a analistas e inversores relativa a los resultados correspondientes al segundo trimestre de 2024, que se celebrará hoy martes día 30 de julio de 2024 a las 18:30 horas (CET) a través de un webcast.

Los datos de conexión a la conferencia se detallan a continuación:

España: +34 917 91 85 80 R. Unido: +44 020 3428 1388 Francia: +33 172 00 1700 Alemania: +49 891 436 7081 Holanda: +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 – First Half 2024 Results Presentation

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

En Madrid, a 30 de julio de 2024

Colonial

2024 First Half Results

July 30th, 2024

Top 1.5% Global

#1

1H 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 It may not be reproduced, or redistributed to any other person, and it may not be published, in whole or in part, for any purpose.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 Highlights Financial 02 Performance

03 Portfolio

Management

Future 04 Growth

01 Highlights

The Prime Asset Class outperforms due to a unique nature of demand & supply

Prime Asset Class with unique fundamentals … … delivers the strongest performance

Two separate markets within the sector with different fundamentals

Our Market: Prime property with unique demand & supply characteristics

Demand for prime with increasing momentum - polarization

• Strong appetite by end users, looking for uniqueness of user experience & top product
• CBD Prime locations with strong connectivity key
• Consistent evidence of this differentiated market trend since Covid started
• Dynamics are not about vacancy, it is the opposite, it is about growing demand

Supply is defined by scarcity & uniqueness of the assets

• There is limited stock and limited new supply
• Lack of high-quality product with maximum sustainability standards & efficient connectivity
• Assets with large efficient floor plates, amenities and complementary flex space options are almost inexistent

Widening gap between best and the rest

Our portfolio: Top-quality prime assets in central urban areas delivering superior performance

Prime property delivers the strongest performance

• The outcome of the supply & demand dynamics is full occupancy & rental growth
• We attract the best clients and capture above average rental growth with our skills and capabilities
• There is consistent evidence about this market trend since covid started. In our markets & globally
• The best are different than the rest a simplified view of the office market is not reflecting reality (and is not helping us)
• Uniqueness of supply = optionality to create additional value through Urban Transformation projects in two ways:
  • 1. Looking for better office product or
  • 1. Looking for new mixed-use approaches

01 Highlights

Outstanding operating results with asset values stabilizing

2. Signed rents vs. previous contracts & re-let spaces

• 3. NTA variance excluding annual dividend paid on June 24
• 4. NTA as of 30.06.24 + CriteriaCaixa capital increase of €622m

5. LTV including transfers costs as of 30.06.24 + impact of Criteria Caixa capital increase and the final execution of Méndez Álvaro Residential disposal. EPRA LTV post Alpha X stands at 44.2%

The best prime property delivers outperformance in rental levels

01 Highlights

Rental Growth is driving improved valuation outlook

01 Highlights

The start of a new cycle of urban transformation – Alpha X

Colonial's prime property strategy delivers strong growth in earnings

Gross rental income growth on the back of core portfolio & project deliveries

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

+12%

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

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

Gross Asset Values improving

(1) In Spain consultants publish gross yields whereas in France consultants publish net yields

(2) In France, capital value corresponds to operating assets excluding the main commercial assets

Rental growth driving NTA stabilisation

Strengthened equity base by €622m at premium to share price

Significant debt and leverage reduction with enhanced liquidity

at each corresponding date

¹Includes cash inflows from Criteria and final settlement of asset disposals

²Colonial's Net Debt excluding debt attributable to projects divided by Topped up Operating EBITDA

Financial costs under control with 100% debt at fixed rate

Note: Current and future Spot Interest Rate estimate based on current drawn debt position not including additional funding/ debt.

Enhanced financial strength based on high ESG standards

03 Portfolio

Management

Our premium assets deliver strong letting performance…

Prime portfolio with strong occupancy profile outperforming the market

… outperforming the market in every city

Strong pricing power - letting performance achieving record rental levels

1. Signed rents vs previous contracts and re-let spaces

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

Project delivery - Madnum has strong momentum

Additional rental growth & Capital Value

High Rental Increase

€19m New Rents >8% Yield On cost

Almost Delivered

2H 2024 Delivery

€15m Pending Capex

Strong commercial interest prior to delivery

Large Scale Project

56,000sqm Office

4,000 sqm Retail

Commercial Momentum

c.25% GLA Signed Head of Terms >150,000 sqm High Interest for large demands

Strong momentum

Clear Leadership on ESG & Decarbonization

(1) Colonial ranks among the 26 companies with the highest rating out of 15,536 companies covered worldwide

(2) Only 346 companies out of 23,000 in the world have an "A" rating

Future 04 Growth

We delivered strong EPS growth on the back of a multi-layer growth platform

¹ Excluding the impact of disposals

Bifurcation - The best prime property delivers the highest rental growth …

... and outperforms the market on occupancy

Colonial's prime property delivers operational outperformance

1. Based on last reported figures of 5 companies in the Euro area

Our Prime Assets are leading the market in value stabilization

Rental growth driving an uplift in portfolio valuation

Growing demand for premium space in prime locations

Demand for prime with increasing momentum • CBD prime locations with strong connectivity & services ▪ Transport links & efficient commuting ▪ Amenities/ Terraces/ Wifi

• City Center locations with a variety of services
• High quality design and maximum sustainability standards
• Large & efficient floor plates with complementary flex space options
• Urban ecosystems to work and live & play enhanced urban life-style experiences in attractive European cities

Companies' Real Estate decisions based on a positive and enriching user experience

Premium Commercial

Premium Business Campus

We are well positioned to serve evolving client needs through Urban Transformation

Alpha X: substantial value creation from urban mixed use pipeline

Scope Business Campus

Sancho de Ávila Life Science/ Healthcare

A new urban transformation project pipeline with an ungeared IRR of +9%

Alpha X Project pipeline - Colonial's new source of growth

Sancho de Ávila Life Science/ Healthcare

Our asset management expertise provides rental growth & value extraction

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 70% Visionary at 50% €5.400/ 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

93%

Occupancy €2.992/ sqm Capital Value

Significant Rental Growth & Value creation Potential

• Short term efficient renovation program
• Very limited capex (€14m)
• 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 2024 with more than 5€m of additional GRI

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) – details see appendix

³Includes contributed Criteria assets, Diagonal 197 & Haussmann

II Active Asset Management

III Rental Growth/ Pricing Power

15,000 sqm

Strategy & Outlook

We deliver profitable growth through premium space in prime locations

• Colonial achieves another strong set of financial results through superior like for like growth and cash flow from delivered projects 1
• Our Prime Properties are leading the market in value stabilization on the back of strong rental growth & high occupancy 2
• The group's expertise on the Prime Asset Class delivers continuous outperformance on operations driving cash flow & value growth 3
• Colonial has launched a new urban transformation project pipeline that will generate further organic cash flow & value growth 4
• We are well positioned to play the recovery of the Real Estate Cycle through an enhanced capìtal structure combined with active asset rotation 5

Outlook & Guidance

• EPS 2024 guidance 30–32 €Cts/share confirmed post Alpha X - acceleration towards upper range of the guidance –
• Divestments on-track & ongoing
  • - Disposal Program to be fine-tuned with Real Estate Cycle -
• Growth profile remains strong: significant reversion from prime property initiatives on balance

THANK YOU

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

1H 2024 RESULTS | 39

PROFIT & LOSS ACCOUNT

- €m Results analysis	1H 2024	1H 2023
Gross Rents	192	183
expenses(*) Net operating Overheads	(7) (28)	(5) (23)
Recurring EBITDA	157	156
financial Recurring result	(41)	(46)
Income expense & others - recurring tax	(6)	(5)
Minority interests - recurring	(19)	(18)
Recurring Earnings	92	87
Change fair of in value assets & provisions	(13)	(525)
financial Non-recurring result & MTM	(3)	(1)
Income & others - non-recurring tax	49	4
Minority interests - non-recurring	(39)	89
Profit attributable the Group to	86	(347)
Recurring Earnings - €m	92	87
Nosh (mm)	539.6	539.6
EPS recurring - Cts€/share	17.0	16.1
EPS cont. operations - Cts€/share	17.0	15.5

+1% YoY

06/23 06/24

NET RENTAL INCOME

EPRA EARNINGS PER SHARE (EPS)

+5.6% YoY 16 17 06/23 06/24

One of the highest occupancy ratios in the sector thanks to its prime positioning

Colonial has a healthy level of 2.7% availability of top-quality product

93%

100%

projec t

€4,892m 36.7%²

€2,570m

€425m

€2,995m

4.5 years

100% 1.74%³

Maturity profile of debt facilities - €m 50%¹ of debt maturing >2028 EXTENSION OF DEBT MATURITIES A Solid Financial Structure Net Debt LTV Total Facilities Cash Liquidity Debt Maturity Group Non-Mortgage debt Cost of Debt Group 30/06/2024 31/12/2023 €4,864m 39.5%² €2,570m €438m €2,903m 4.2 years 100% 1.75%³ Maturities covered by current liquidity 187 ⁵⁰⁰700 ⁵⁰⁰ 1,125 500 599 599 307 300 100 435 100 1,935 2024 2025 2026 2027 2028 2029

¹Excluding ECPs

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

³ Excluding formalization costs accrued over the life of debt.

Appendices

> 9% ungeared IRR

> 13% levered² IRR at NTA

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

Value creation through urban transformation on the back of a proven track record

Core

¹ Total Cost = Asset Value pre project + future Capex

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

Additional future growth on the back of capital recycling

Latest Market transactions

	Asset	Area	Price	GLA	Cap. Value
	150 Champs-Elysées (4Q 2023)	CBD	€1,000m	18,000 sqm	€55,556sqm
	101 Champs-Elysées (2Q 2023)	CBD	€146m	4,300 sqm	€34,000/sqm
S	10 Rue de Bassano (1Q 2024)	CBD	€48m	1,750 sqm	€27,429/sqm
RI A P	21-23 Rue de la Ville l'Évêque (2Q 2024)	CBD	€100m	4,200 sqm	€23,810/sqm
	14-16 Rue Halevy (1Q 2024)	CBD	€219m	10,000 sqm	€21,429/sqm
	119-121 Boulevard Haussmann (1Q 2024)	CBD	€190m	9,350 sqm	€20,321/sqm

Latest Market transactions

	Asset	Area	Price	GLA	Cap. Value
D RI	Francisco Gervás 10 (1Q 2024)	City Center	€60m	8,000 sqm	€7,475/sqm
D A M	Batalla del Salado 5 (1Q 2024)	City Center	€60m	8,100 sqm	€7,407/sqm
	Portal de l'Àngel 40 (4Q 2022) Includes Office & Retail Units	City Center	€105m	4,400 sqm	€23,683/sqm
	Diagonal 662 Transaction not completed Sale price as of publishing date (1Q 2023)	CBD	€240m	27,300 sqm	€8,791sqm
A N O L E C R A	Step Up (2Q 2022)	22@	€35m	4,500 sqm	€7,777/sqm
B	Mile 22@ (3Q 2022)	22@	€250m	35,000 sqm	€7,142/sqm
	Pamplona 101 (2Q 2023)	22@	€31m	4,500 sqm	€6,889/sqm

Source: public information, press and consultants

© 2024 Colonial www.inmocolonial.com