Inmobiliaria Colonial Socimi S.A.

Investor Presentation • May 13, 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 3 de mayo de 2024 con número de registro 28433, Colonial remite documentación de soporte a la presentación a analistas e inversores relativa a los resultados correspondientes al primer trimestre de 2024, que se celebrará hoy lunes día 13 de mayo 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 - 2024 1st Quarter Results Presentation

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

En Madrid, a 13 de mayo de 2024.

2024 First Quarter Results #1

May 13th, 2024

Top 1.5% Global

1Q 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 It may not be reproduced, or redistributed to any other person, and it may not be published, in whole or in part, for any purpose.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 1Q 2024 Highlights

Financial 02 Performance

03 Portfolio

Management

Future 04 Growth

01 Highlights

Our Strategic approach to current market trends

Trends in our markets

– Polarization of demand –

Focus on premium space in prime locations

• CBD Prime locations with strong connectivity key
• Priority on high quality product with maximum sustainability standards
• Assets with large efficient floor plates, amenities and complementary flex space options
• Clients' strategic decisions on Real Estate focused on user experience

Limited new supply – low vacancy rate in CBDs

Central locations delivering strong rental growth

Clients signing longer contracts securing prime spaces

Widening gap between best and the rest

Our Value Proposition

• 1. A top-quality prime portfolio in central urban areas 1
• 1. Our prime product attracts the best clients 2
• 1. We capture above average rental growth 3
• 1. We create growth through urban transformation projects 4
• 1. We deliver strong returns with financial discipline 5

01 Highlights

Starting 2024 with outstanding results on the back of polarization

1. ERV Growth for Colonial commercial effort .Signed rents vs 12/23 ERV (new lettings & renewals). These figures include 3 contracts negotiated in Paris in 1Q 2024 and signed in April 2. Signed rents vs. previous contracts & re-let spaces

The Best Prime Product delivers outperformance on occupancy

The Best Prime Product delivers outperformance in rental levels

1. ERV Growth for Colonial commercial effort .Signed rents vs 12/23 ERV (new lettings & renewals) These figures include 3 contracts negotiated in Paris in 1Q 2024 and signed in April

01 Highlights

Market context | Office Markets bifurcation to Prime Assets in CBD

Financial 02 Performance

Colonial's Prime Strategy delivers strong growth in earnings

02 Financial Performance

Gross Rental Income growth on the back of Core Portfolio & Project deliveries

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

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

02 Financial Performance

Double-digit Growth on EPRA EPS

(1) Adjusted for the impact of asset disposals

(2) Includes the minorities of SFL

02 Financial Performance

Disposal program on track with +11% premium on appraisals

Significant liquidity increase with cost of debt under control

BBB+ Rating confirmed by S&P in April with financial structure fully hedged

Colonial's BBB+ Credit rating confirmed by S&P

• In April, S&P has confirmed Colonial & SFL Credit Rating at BBB+ Stable
• S&P valuing Colonial's cash flow resilience, strong liquidity and limited impact of higher interest rates in coming years

Successful placement of €200m bonds maturing in 2029

• Two new debt placements totaling €200m, enlarging Colonial's bond maturing in November 2029 and refinancing in advance the Bond maturity in Oct-2024
• Colonial's successful pre-hedging strategy, has reduced the average effective rate of this issue down to 1,9%
• A successful issuance that allows Colonial to extend the average maturity of its debt

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

¹Debt fixed or hedged as of 09/05/24

03 Portfolio

Management

Another Quarter with Outstanding Operations

1 These figures include 3 contracts negotiated in Paris in 1Q 2024 and signed in April

Strong Pricing Power - letting performance at record rental levels

1. These figures include 3 contracts negotiated in Paris in 1Q 2024 and signed in April

2. 1. In Paris, it's €/sqm/year; in Spain it's €/sqm/month
3. 1. Signed rents vs previous contracts and re-let spaces
4. 1. Signed rents vs 12/23 ERV (new lettings & renewals)

Future 04 Growth

04 Future Growth

Double digit EPS increase on the back of a multi-layer growth platform

Colonial is outperforming its Peers¹ on rental growth

Peer

0.0% 5.0% 10.0%

Barcelona

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

0.0% 5.0% 10.0%

Peer

04 Future Growth

Project pipeline delivered with one of the highest yield on cost in the sector

Project	City	GLA (sqm)	Let	Delivery	Yield on Cost	PROJECT PIPELINE RETURN
Diagonal 525 1	Barcelona CBD	5,706	100%	✓	5% ≈	~17% ~ 7%
83 Marceau	CBD Paris	9,600	100%	✓	6% ≈	Yield on Yield on Capex Cost
Velazquez 86D	Madrid CBD	16,318	100%	✓	> 6%	80
Miguel Angel 23	CBD Madrid	8,155	100%	✓	> 5%	P&L
Biome	Paris City Center	24,500	100%	✓	5% ≈	Reversion to come Madnum
1 Plaza Europa 34	City Barcelona Center	13,735	100%	✓	7% ≈	Advanced 51 conversations
Louvre SaintHonoré	Paris CBD	16,000	100%	✓	7% - 8%
DELIVERED PROJECTS		94,014			6% - 7%	80%
Álvaro Méndez Office	Madrid CBD South	60,214	On track	2H 24	>8%	Secured
TOTAL PIPELINE		154,228			7% ≈

1. Plaza Europa is a Joint Venture where Colonial's stake is 50%

2. Annualized P&L GRI as of 12/23

3. Full potential topped – up passing GRI as of 12/23

Additional growth from projects - Madnum with strong momentum

Colonial offers a solid multi-layer cash flow growth

Solid base for additional rental growth More than €100m of Revenue Growth to be captured

Additional 2024 like for like growth

Indexation Captured	+5% YTD
Release Spread	+12% YTD
Rental Growth1	+6% in 3 months
Occupancy	+34 bp in 3 months

Expected revenues from projects

Project Madnum	+19 €m
New Projects	+49 €m

1. ERV Growth for Colonial commercial effort .Signed rents vs 12/23 ERV (new lettings & renewals). These figures include 3 contracts negotiated in Paris in 1Q 2024 and signed in April

2. Rental price, occupancy & small refurbishments

04 Future Growth

Strategy & Outlook

Outlook & Guidance

• Confirmed guidance of EPS 2024E: 30–32€Cts/ share subject to disposals
• DPS of €27cts/sh¹ +8% YoY
• Disposal program II on track: €200m out of 500€m secured (40%)

2024 The year to reload Colonial's Growth Profile

• 1. Real Estate & Capital Markets close to an inflection point
  2. Asset values bottoming-out yields close to peak
  3. Opportunity to benefit from the real estate recovery cycle
• 1. Colonial is in advanced progress on new Alpha Initiatives with attractive returns in the framework of a solid financial structure

¹ DPS proposal subject to AGM approval

THANK YOU

Colonial 1		Company Assets Shareholders and investors Scolal responsibility Press Contact
Property reference in quality office
market in the euro zone
Colonial at a glance >
Market value 31/12/2022 P 13.005 €m	만 1.688.149 m2	Surface above ground	Number of assets E B 80 inmuebles

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

1Q 2024 RESULTS | 27

APPENDICES

Results analysis - €m	1Q 2024	1Q 2023
Gross Rents	96	90
Recurring EBITDA	77	71
Recurring financial result	(20)	(23)
Income expense & others - recurring tax	(0)	(3)
Minority interests - recurring	(9)	(8)
Recurring Earnings	47	38
Change in fair value of & provisions assets	(0)	(0)
Non-recurring financial result & MTM	0	(1)
Income & others - non-recurring tax	7	(9)
Minority interests - non-recurring	0	0
Profit attributable to the Group	54	28
Recurring Earnings - €m	47	38
Nosh (mm)	539.6	539.6
EPS recurring - Cts€/share	8.7	7.0
EPS cont. operations - Cts€/share	8.7	6.8

GROUP EBITDA
€m	€cts/share

EPRA EARNINGS PER SHARE (EPS)

APPENDICES

Colonial has one of the highest occupancy ratios in the sector thanks to its prime positioning

BARCELONA

1Q 2024 RESULTS | 29

bps

84.3%

83.9%

Strong Gross Rental Income increases throughout the portfolio

Strategy - Additional future growth on the back of capital recycling

GROUP

PARIS

MADRID & BARCELONA

Colonial's Prime Positioning allows to fully capture additional cash flows from indexation

Colonial has a healthy level of 2.5% availability of top-quality product

93%

100%

projec t

¹Excluding ECPs 2 Including sales commitments already formalized and sale commitment of Méndez Álvaro Residential ³ Excluding formalization costs accrued over the life of debt.

Significant growth profile at adjusted Risk Return

Rental losses from disposals offset by revenue growth

Annualized Topped-up GRI (€m)

Significant Additional Revenue Growth

More than €100m of growth to be captured

Latest Market transactions

	Asset	Area	Price	GLA	Cap. Value
S RI A P	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
	10 Rue de Bassano (1Q 2024)	CBD	€48m	1,750 sqm	€27,429/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

Latest Market transactions

	Asset	Area	Price	GLA	Cap. Value
A N O L E C R A B	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
	Step Up (2Q 2022)	22@	€35m	4,500 sqm	€7,777/sqm
	Mile 22@ (3Q 2022)	22@	€250m	35,000 sqm	€7,142/sqm
	Pamplona 101 (2Q 2023)	22@	€31m	4,500 sqm	€6,889/sqm

© 2024 Colonial www.inmocolonial.com