Inmobiliaria Colonial Socimi S.A.

Investor Presentation • Feb 29, 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 21 de febrero de 2024 con número de registro 26650, Colonial remite documentación de soporte a la presentación a analistas e inversores relativa a los resultados correspondientes al ejercicio 2023, que se celebrará hoy jueves día 29 de febrero 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 70810

Holanda: +31 20 795 2680

USA: +1 917 444 9040

Conference ID: 246135

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

https://cloudup.eventpanel.app/webcall/

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

En Madrid, a 29 de febrero de 2024.

Full Year Results 2023

February 29th, 2024

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 It may not be reproduced, or redistributed to any other person, and it may not be published, in whole or in part, for any purpose.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

²⁰²³

Highlights

Financial Performance

Portfolio Future 04 Growth

01 Highlights

We are strategically positioned in the urban product of the future

What business want

• Prime, central locations
• Close to transport links
• Amenity and services driven
• Light and spacious, communal areas
• Wellbeing space
• Net zero design and implementation
• High quality, sustainable materials

Tight availability for premium space

• Continuing "flight to quality" well located premium space is scarce
• - widening gap between best and the rest -

Our current position

• 1. Colonial outperforms on letting activity 1
• 2

• 3. We capture above average rental growth 3
• 4. Our urban product attracts the best clients 4
• 5. Colonial delivers strong cash flow growth 5

✓

✓

✓

✓

✓

4 4

01 Highlights Our Performance

⁽³⁾ Office space rents signed in 4Q 2023 vs 12/22 ERV

(4) Portfolio in operation as of 12/23

01 Highlights

The Best Office Product delivers outperformance on occupancy levels

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

• Colonial's prime assets are fully benefitting from the polarization trend and scarcity of grade A product in the market

PARIS MADRID (Inside M-30)

01 Highlights

Office Markets polarization: Scarcity of Prime Assets in CBD driving ERV growth

Strong growth in earnings driven by pricing power and financial discipline

STRONG CASH FLOW GROWTH …

… WITH ACTIVE BALANCE SHEET MANAGEMENT & ASSET VALUES BOTTOMING OUT

¹Adjusted by the impact of asset disposals

Strong Growth on Recurring EPS beating initial guidance 02 Financial Performance – Strong Cash Flow & Resilient Values

• EPRA EPS +7% vs previous year

• EPRA EPS of continued operations increased by +18%¹

RECURRING PROFIT - €m

(2) Includes the minorities of SFL

Strong revenue growth from core portfolio and active portfolio management 02 Financial Performance – Strong Cash Flow & Resilient Values

• Core Portfolio contributes +8% to revenue growth on the back of a strong like-for-like

• Projects & Acquisitions contribute with +10% to Gross Rental Income Growth

(1) Impact from entries into refurbishment & other non like-for-like impacts

Strong Gross Rental Income increases throughout the portfolio 02 Financial Performance – Strong Cash Flow & Resilient Values

• Gross Rental Income increases by +6% driven by Paris portfolio with a +15% growth

• Outstanding like-for-like increase of +8%, one of the highest growth rates in the sector

• Like-for-like growth driven by combination of indexation, rental price growth and high occupancy levels

GROSS RENTAL INCOME - €m

Net Rental Income Growth of +9% like-for-like 02 Financial Performance – Strong Cash Flow & Resilient Values

ACCELERATION IN LIKE-FOR-LIKE RENTAL GROWTH

2021 2022 2023 +8% +7% +2% Net Rental Income Like-for-Like¹ Growth 7% 9% Indexation impact in Like-For-Like Alpha rental growth

1 Like-for-like variance calculation based on EPRA best practice methodology

Colonial continues with its capital recycling strategy – securing new disposals 02 Financial Performance – Strong Cash Flow & Resilient Values

Asset disposals proving the resilient value and liquidity of Colonial's portfolio

• Solid capital structure strongly linked to sustainability 02 Financial Performance – Strong Cash Flow & Resilient Values

  • Significant Net Debt Reduction & Increased liquidity following new RCF and Disposals

Financial cost under control with 100% at fixed rate 02 Financial Performance – Strong Cash Flow & Resilient Values

• 100% of the debt at fixed cost, resulting in low cost of debt of 1.7%¹

• EBITDA growth & Project delivery enhancing credit profile

More than 77% of debt maturing after 2026

Stable financial cost

Debt at fixed cost also in the long term

Note: Current and future Spot Interest Rate estimate not including additional debt needs

¹Spot cost of debt as of 31/12/23 excluding formalization costs & including hedges from IRS

² Debt fixed or hedged as of 31/12/23.

³ Excluding ECPs

⁴Colonial's Net Debt excluding debt attributable to projects divided by Topped up Operating EBITDA

Strong operating NET DEBT / EBITDA

Asset Values Bottoming-out 02 Financial Performance – Strong Cash Flow & Resilient Values

• GAV variance among the most resilient in the sector

• Prime Positioning and Geographic Diversification providing resilience

Disposals

GROSS ASSET VALUES GROSS ASSET VALUE - LIKE FOR LIKE VARIANCE Pricing Power & Project Deliveries offsetting Rates 13,005 11,336 (171) (130) (856) (512) 2022 Barcelona Madrid Paris Net 2023 €m (11.4%) (4.6%) (7.5%) (3.1%) (4.1%) (1.6%) BARCELONA MADRID PARIS (10.5%) (7.3%) (3.4%) 2023 2S 23 1S 23 GROUP (9.3%) (6.4%) (3.1%) (9%) like-for-like

Asset Values Bottoming-out 02 Financial Performance – Strong Cash Flow & Resilient Values

• Higher Cap Rates partially offset by Rental growth & Project Delivery

• Asset Values bottoming-out more than 100 bp yield expansion since 06/22

RENTAL GROWTH PARTIALLY OFFSETING YIELD EXPANSION VALUES BOTTOMING –OUT – 101 Bps YIELD EXPANSION SINCE 6/22

Pricing Power & Project Deliveries offsetting Rates

1. Valuation yield operating portfolio

2. Net Yield (Net yield = net rent/value including transfer costs) – comparable with net yields published by consultants in their market reports.

3. Gross Yield (Gross yield = gross rent/value excluding transfer costs) – comparable with gross yields published by consultants in their market reports.

4. Valuation yield of office portfolio excluding retail (mainly Louvre Saint Honoré). Including retail, valuation yield is 4.13%

Colonial's Prime Strategy delivers a resilient NTA 02 Financial Performance – Strong Cash Flow & Resilient Values

Rates impact on NTA partially offset by Rental Growth & Project Value Creation

NET TANGIBLE ASSETS: €9.95/share (€10.2 /share pre dividend)

€/share

Our Prime buildings set the market benchmark in rental growth

More than 158,000 sqm signed in 2023, locking in long-term contract maturities 03 Portfolio – Outperformance of Prime Product

Colonial delivers strong letting performance capturing rental growth 03 Portfolio – Outperformance of Prime Product

• Our buildings have delivered strong rental growth in 2023

• Rental growth remains solid throughout the year with further acceleration in the fourth quarter

(1) Signed rents vs previous contracts (renewals)

(2) Signed rents vs 12/22 ERV (new lettings & renewals)

03 Portfolio – Outperformance of Prime Product

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

• Solid Group Occupancy above 97%, with clear leadership among peers

• Paris portfolio occupancy continues at 100%, reflecting the scarcity of prime urban product

GROUP OCCUPANCY GROUP OFFICE OCCUPANCY BY MARKETS

23

03 Portfolio – Outperformance of Prime Product

Colonial has a healthy level of 3.2% availability of top-quality product

Scarce availability of high-quality space in the CBD of Madrid and Barcelona

GROUP EPRA VACANCY - OFFICES

Strong Leadership on ESG & Decarbonization 03 Portfolio – Outperformance of Prime Product

(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

(3) Operational Portfolio as of 31/12/23

Colonial a Prime Platform with multi-layer Cash flow Growth

Strategy – Prime Platform with a Multi-layer Cash flow Growth

Strategy – Colonial's Prime Portfolio delivers outperformance

Performance above sector average with solid results across all metrics

Colonial's Prime Factory Approach delivers additional Cash Flow & Value Creation

Colonial is successfully delivering the project pipeline with one of the highest yield on cost in the sector

PROJECT PIPELINE
Project	City	GLA (sqm)	Let	Delivery	Yield on Cost	PROJECT PIPELINE RETURN
Diagonal 525 1	Barcelona CBD	5,706	100%	✓	≈ 5%
83 Marceau 2	Paris CBD	9,600	100%	✓	≈ 6%	~17% ~ 7% Yield on Yield on Cost Capex	€30 - 34m Pending Capex
3 Velazquez 86D	CBD Madrid	16,318	100%	✓	> 6%
4 Miguel Angel 23	Madrid CBD	8,155	100%	✓	> 5%	€80m
5 Biome	Paris City Center	24,500	100%	✓	≈ 5%		P&L
6 Plaza Europa 34 1	City Barcelona Center	13,735	100%	✓	≈ 7%	€51m	Reversion to come
7 Louvre SaintHonoré	Paris CBD	16,000	100%	✓	7% - 8%
PROJECTS DELIVERED		94,014			6% - 7%	75% Secured
Álvaro Méndez 8 Office	Madrid CBD South	60,214	On track	2Q -3Q 2024	>8%
TOTAL PIPELINE		154,228			≈ 7%	GRI P&L 12/23 Full Potential - Annualized 2 Topped- up	3
Méndez Álvaro Campus -	Madrid CBD South

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

Significant additional growth to be unlocked in our portfolio

Our portfolio offers significant rental growth and value creation potential to be crystalized

(1) Rental price, occupancy & small refurbishments

Strategy - Prime assets, experience destinations, financial discipline

Colonial's letting performance continues at historical high volumes

• Scarcity of Grade A stock & race to quality accelerate bifurcation in Europe
• Central locations benefiting from short commuting time, key factor for office usage
• Experience & cultural benefits of central prime offices on wellbeing here to stay

Colonial's Assets capture above average market rental growth

• Rents are rising with accelerating momentum & double digit ERV growth in Paris
• Colonial's NRI Growth LFL among the highest in Europe
• EPS of 32 €cts/ share beating the upper range of 2023 guidance

Creation of top products delivers extra value & cash flow

• Colonial transforming urban centers with amenity led space e.g. Louvre, Madnum
• Strong track record of urban transformation with outstanding capital value gains
• Developing low carbon destinations that outperform the market in occupancy and rental levels

X Financial strength and discipline with low cost of debt

• X More than €700m divestments to date with pricing levels confirming appraisal values
• Disposal Program II started 150 €m divestments delivered YTD
• Debt 100% hedged in the next 2 years and above 97% for years 3 & 4
• Spot cost of debt at 1.7% with levels below market in the long term

32

04 Future Growth Strategy & Outlook

2024 The Year To Reload Growth

• 1. We are a well-established urban transformation platform with solid outperformance
  2. Urban prime strategic positioning benefits from polarization
  3. We deliver Alpha Value Creation through projects & rental growth
  4. Value accretive Capital Recycling through Disposals
• 1. Asset Values bottoming-out yields close to peak
• 1. Opportunity to benefit from the real estate recovery cycle
• 1. New opportunities on balance sheet and beyond

Outlook & Guidance

X

▪ X

• EPS of 30–32€Cts/ share subject to disposals
• DPS of €27cts/sh¹ +8% YoY
• DPS growth of 8-10% going forward
• Disposal program II of c.€500m

¹ DPS proposal subject to AGM approval

THANK YOU

	Property reference in quality office market in the euro zone
Colonial at a glance >

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

APPENDICES Solid cash flow with enhanced quality

PROFIT & LOSS ACCOUNT

Results analysis - €m	2023	2022
Gross Rents	377	354
Recurring EBITDA	316	283
Recurring financial result	(93)	(81)
Income expense & others - recurring tax	(15)	(13)
Minority interests - recurring	(35)	(28)
Recurring Earnings	172	161
Change in fair value of & provisions assets	(1427)	(148)
financial Non-recurring result & MTM	(2)	(4)
Income & others - non-recurring tax	43	13
Minority interests - non-recurring	194	(13)
Profit attributable the Group to	(1019)	8.0
Recurring Earnings - €m	172	161
Nosh (mm)	539.6	539.6
EPS recurring - Cts€/share	31.9	29.8
EPS cont. operations - Cts€/share	31.3	26.4

EPRA EARNINGS PER SHARE (EPS¹ ) +7% +18% Continued Operations¹ 30 32

APPENDICES

More than 150,000 sqm signed in 2023, reducing vacancy and locking in long-term contract maturities

(1) Financial vacancy calculated according to EPRA methodology – Office Portfolio

Ongoing high occupancy levelsAPPENDICES

EPRA¹ OCUPANCY

PARIS

BARCELONA

14.9% 14.2% 16.1%

12/22 06/23 09/23 12/23

TOTAL

Torre Marenostrum Sant Cugat

(1) EPRA Vacancy office portfolio

20.0%

(2) EPRA Vacancy including all uses

Total Vacancy² GROUP

PARIS

MADRID & BARCELONA

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

Colonial Group has captured +5% of revenue growth through indexation (+6% France and 4% Spain)

2023 INDEXATION FULLY PASSED THROUGH

EXTENSION OF DEBT MATURITIES A Solid Financial Structure

Maturity profile of debt facilities - €m

	31/12/2022 aaaa	31/12/2023
Net Debt	€5,355m	€4,864m
LTV	38.7%	39.5%2
Drawn Facilities	€100m	€105m
Unutilized Facilities	€2,240m	€2,465m
Total Facilities	€2,340m	€2,570m
Cash	€160m	€438m
Liquidity	€2,400m	€2,903m
Debt Maturity Group	4.6 years	4.2 years
Non-Mortgage debt	99%	100%
Cost of Debt Group	1.71%	1.75%3

2 Including sales committments already formalized and sale committment of Mendez Alvaro Residential

³ Formalization costs accrued over the life of debt. Including them, the financial cost amounted to 2.01%

D. EPRA Net Initial yield & "Topped-Up" Net Initial Yield		Barcelona	Madrid	Paris	Total 2023	Total 2022
Figures in €m
Investment property - wholly owned		1,286	2,664	7,332	11,283	12,942
Investment property - share of JVs/Funds		50	na	na	50	43
Trading property (including share of JVs)		na	na	na	na	na
Less: developments		(150)	(651)	(354)	(1,154)	(1,715)
Completed property portfolio	E	1,187	2,014	6,979	10,179	11,270
Allowance for estimated purchasers' costs		43	56	471	ಕಲಾ	620
Gross up completed property portfolio valuation	B	1,229	2,069	7,450	10,748	11,890
Annualised cash passing rental income		49	98	202	348	337
Property outgoings		(e)	(a)	(5)	(20)	(22)
Annualised net rents	A	43	88	197	328	315
Add: notional rent expiration of rent free periods or other lease incentives		4	2	84	89	72
"Topped-up" net annualised rent	C	47	90	281	417	388
EPRA Net Initial Yield	A/B	3.48%	4.27%	2.64%	3.05%	2.65%
EPRA "Topped-Up" Net Initial Yield	CIB	3.79%	4.36%	3.77%	3.88%	3.26%
Gross Rents Total Reversion	F	63	104	312	479	448
Property outgoings Total Reversion		(3)	(7)	(5)	(15)	(16)
Annualised Net Rents Total Reversion	D	60	97	307	465	433
Net Initial Yield Total Reversion (1)	D/B	4.87%	4.70%	4.13%	4.32%	3.64%
Gross Initial Yield Total Reversion (1)	FIE	5.30%	5.18%	4.48%	4.71%	3.98%

Latest market transactions APPENDICES

Asset	Area	Price	GLA	Cap. Value
19 François 1er (1Q 2023)	CBD	€150m	2,600 sqm	€57,692/sqm
150 Champs-Elysées (4Q 2023)	CBD	€1,000 m	18,000 sqm	€55,556sqm
62 Champs-Elysées (1Q 2023)	CBD	€100m	2,300 sqm	€43,478/sqm
35 Montaigne (1Q 2023)	CBD	€200m	5,100 sqm	€39,216/sqm
101 Champs-Elysées (2Q 2023)	CBD	€146m	4,300 sqm	€34,000/sq m
10 Rue de Bassano (1Q 2024)	CBD	€48m	1,750 sqm	€27,429/sqm
119-121 Boulevard Haussmann (1Q 2024)	CBD	€190m	9,350 sqm	€20,321/sqm

Source: public information, press and consultants

PARIS

Latest market transactions APPENDICES

Asset	Area	Price	GLA	Cap. Value
Castellana 51 (3Q 2022)	CBD	€239m	18,700 sqm	€12,750/sqm
Almagro 9, José Abascal 56 & Miguel Ángel 11 (1Q 2023)	CBD	€315m	33,731 sqm	€9,338sqm
Fray Luis de León 13 (4Q 2022)	City Center	€32m	4,300 sqm	€7,442/sqm
Francisco Silvela 106 (1Q 2023)	City Center	€46m	6,300 sqm	€7,337/sqm
Batalla del Salado 5 (1Q 2024)	City Center	€60m	8,100 sqm	€7,407/sqm

MADRID

Latest market transactions APPENDICES

	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

Source: public information, press and consultants

www.inmocolonial.com

© Colonial