Inmobiliaria Colonial Socimi S.A.

Investor Presentation • Feb 27, 2025

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 2025 con número de registro 32692, Colonial remite documentación de soporte a la presentación a analistas e inversores relativa a los resultados correspondientes al ejercicio 2024, que se celebrará hoy jueves día 27 de febrero de 2025 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 Results

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

En Madrid, a 27 de febrero de 2025.

Colonial

2024 Full Year Results

FY 2024 RESULTS | 1

#1

February 27th, 2025

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 It may not be reproduced, or redistributed to any other person, and it may not be published, in whole or in part, for any purpose.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

Our Strategic Positioning is set to deliver earnings and value growth

Prime Asset Class delivers strong rental growth through superior pricing power

The Prime Asset Class delivers superior growth

• Pricing power on the back of Prime CBD locations with strong connectivity, large efficient floor plates and amenities
• We attract the best clients and capture above average rental growth with our skills and capabilities
• Strong earnings growth on the back of a multi-layer growth platform

1) Portfolio Valuation: Includes CBD and City Centre assets

2) Earnings CAGR between 2021 - 2024

Colonial to continue serving its clients' needs through Urban Transformation

Colonial product evolves with its environment

• Cities are evolving with new uses and regulations
• Top clients require specific asset characteristics and willing to pay above market rents
• New urban ecosystems to work & live & play enhanced urban life-style experiences in attractive European cities
• 1. Colonial has the team and the flexibility to determine best use of asset to maximize value
• 1. Optionality to create additional value through Urban Transformation projects in mixed-use approaches

Capital allocation of more than €1 bn into urban transformation themes

Our view on our markets for 2025

- Further Polarization -

Demand for high quality working environments increasing

• Increase in office-based employment, and higher and more stable office attendance rates
• Global tenants are encouraging employees back to the office
• Growing need for companies to provide high-quality working environments
• Well-located buildings continue to support further uplift in prime rents

Global companies enhancing back-to-office strategy

- Office supply is shrinking -

European housing shortage is reducing city center office stock

Paris - new PLUb¹ to convert 821 assets into residential post refurbishment

• 276 office assets affected inside City Centre,
• 170 office assets in core CBD (8eme Arr.)

Madrid - Living needs are driving office asset converson into residential

• 280.000 sqm of office stock inside M30 allocated to be converted into residential in 2024
• More than €1bn in assets transacted for conversion to other uses
• - Spain with strong growth - Madrid and Barcelona economies are leading European growth
• Spain as leading European economy on GDP growth
• Spain GDP 2024 per capita growing more than +5.4%
• Office based employment to continue growing more than +2% annually
• Madrid and Barcelona attracting companies of growth industries
• Accelerating needs for urban products: Life Science & Innovation, Healthcare, Student Housing, Living

1) Plan Local d'Urbanisme Bioclimatique de Paris

Outstanding operating results with asset values stabilizing

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

2) Signed rents vs. previous contracts in re-let spaces

3) NTA variance excluding impact of capital increase

4) EPRA LTV stands at 43.7%

The Best Prime Product delivers outperformance on occupancy & rental growth

1) ERV Growth for Colonial letting performance. Signed rents vs 12/23 ERV (new lettings, renewals & relet)

Return to growth in asset values on the back of a prime portfolio

Source of market information: CBRE

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

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

2) Includes Disposals, Santa Hortensia & Haussmann entries into refurbishment as well as other non like for like assets

Superior pricing power across markets driving solid rental income growth

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

2) Includes rental income from residential assets in Spain

Strong growth in EPRA EPS - beating upper range of guidance

1) Includes the taxes, minorities of SFL & others

Gross Asset Values accelerating

Significant increase in NTA up to €6bn

1) NTA variance excluding impact of capital increase

Increase

Highly successful refinancing: €500m Green Bond Issuance at 3.25% coupon

UK & Ireland

France

Significant debt and leverage reduction with enhanced liquidity

Note: All LTVs including the sales agreements already signed at each corresponding date

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

03 Portfolio

Management

Our premium assets deliver strong letting performance

Strong pricing power - letting performance achieving record rental levels

Our assets outperform the market ERV Growth

• Our Grade A assets have higher rental growth than the market
• Colonial combines prime assets with prime management

2025 to continue growing on the base of sector trends

1. Further Polarization

Demand needs to provide high-quality working environments

2. Office supply is shrinking

European Housing shortage is reducing city center office stock

3. Spain with strong growth

Madrid and Barcelona economies are leading Europe growth

High occupancy profile with attractive reversion potential

2) Includes CBD & City Centre

>8% Yield On Cost

Fully let

€20m New Rents

Strong momentum on project delivery – MADNUM

1) Includes signed contracts and Head of Terms as of the date of this presentation

3,300 Sqm retail

Total carbon emissions reduction ahead of ambition

1) Figures reported location-based & market-based for operational emissions, considering the purchase of renewable energy

2) Embodied calculation based on Colonial's Group Life Cycle Policy Calculation Principles aligned with best market practice and with 50-year life cycle assumption

In-use emissions reduction ahead of target

FY 2024 RESULTS | 23

Clear Leadership on ESG & Decarbonization

Future 04 Growth

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

04 Future Growth

Rental growth driving an uplift in portfolio valuation

Our Prime Assets are leading the market in value stabilization

Sustained growth in rents and value through urban transformation

Colonial to continue serving its clients' needs through Urban Transformation

Close to 200,000 sqm in Urban Transformation Initiatives with €100m of rental income

04 Future Growth

Colonial driving Urban Transformation on the back of its Project Pipeline

Colonial driving Urban Transformation on the back of its Project Pipeline

Colonial driving Urban Transformation on the back of its Project Pipeline

Colonial portfolio positioned in the Top 3 destinations in Continental Europe

Source: CBRE European Intentions Survey 2025

Source of market information: CBRE

1) Regarding markets with strongest total property returns in 2025 (all asset classes)

2) Colonial GAV as of 12/2024

04 Future Growth

Acceleration of Rental Growth & Value Creation

1) ToppedUp Gross rental income as of 31/12/24

2) Adjusted by Condorcet (tenant has left at 31/01/2025)

3) Includes Diagonal 197, Haussmann & Reversion from Alpha X assets

04 Future Growth

Strategy & Outlook

Colonial's Prime Platform delivers profitable growth …

• EPRA Earnings growth: +15% CAGR in 2021-24

• Recovery in Capital Value Growth leading the sector

• Net Rental Income with +7% like for like growth

• Strong rental growth through pricing power

• An attractive EPRA EPS Yield of circa 6%

Outlook & Guidance

Attracts high quality capital with long term perspective More than €1.2 bn raised in the last 12 months through equity & debt issuances

• … with a strong growth profile for the coming years
• 1
  • More than €150m of future rents through new pipeline and reversion
  • Enhanced European growth strategy with increased 2
    • acquisition activity on the back of positive momentum
  • Capital allocation of more than €1bn into urban transformation themes 3

Guidance for strong ongoing growth

• Like for like revenue growth in-line with previous years
• Strong EPRA EPS CAGR growth for the next years
• Short term EPRA EPS 2025 of 32-35 €cts
• 2025 DPS of 30 €cts/ share, + 11% YoY growth

THANK YOU

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

FY 2024 RESULTS | 36

Demand for prime consistently outstrips supply driving rental growth

The Prime Asset Class delivers the highest rental growth

1) Based on company data: Office exposure: GAV last reported date

Market disequilibrium to persist for Prime locations driving rent increases

+2% YoY

PROFIT & LOSS ACCOUNT			GROSS RENTAL INCOME	RECURRING EBITDA
Results analysis - €m	2024	2023	€m	€m +6%
Gross Rents	391	377	391	Like for-like
Overheads Net operting expenses &	(69)	(62)	377	321
Recurring EBITDA	321	316		316 +4% YoY
financial Recurring result	(77)	(93)
Income expense & others - recurring tax	(14)	(15)
Minority interests - recurring	(38)	(35)
Recurring Earnings	193	172
Change in fair value of & provision assets	101	(1 ,427)
Non-recurring financial result & MTM	(2)	(2)
Income & others - non-recurring tax	61	43	12/23 12/24	12/23 12/24
Minority interests - non-recurring	(45)	194	RECURRING EARNINGS	EPS RECURRING
Profit attributable the Group to	307	(1,019)	€m	€cts/share
- €m Recurring earnings	193	172	193
Nosh (mm)	583	540		33.0 +12%
EPS recurring - Cts€/share	33.0	31.9	172	31.9 YoY

12/23 12/24

+3% YoY

12/23 12/24

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

Solid financial structure with strong coverage of mid term maturities

EXTENSION OF DEBT MATURITIES		A Solid Financial Structure
Maturity profile of debt facilities - €m			31/12/2023	31/12/2024
		Net Debt LTV	€4,864m 39.5%	€4,465m 36.0%
		Total Facilities	€2,465m	€2,570m
Maturities covered by current liquidity		Cash	€438m	€543m
		Liquidity	€2,903m	€3,113m
	1,935
		Debt Maturity Group	4.2 years	4.1 years
100 100	300	Non-Mortgage debt	100%	100%
185 435 599 500		Cost of Debt Group	1.75%	1.70%
700 599 500 500	1125 500
2025 2026 2027 2028	2029 2030

Alpha X Pipeline - The start of a new cycle of Urban Transformation

Alpha X: substantial value creation from urban mixed use pipeline

1) Total Cost = Asset Value pre project + future Capex

2) Levered IRR at EPRA LTV post capital increase

2025: Strong Momentum for Letting

Letting momentum

• 13,000 sqm with high interest in 2025 in different assets of 22@
• Leading technological companies are back
• +€3.5m of new rents and strong vacancy reduction

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
• Consolidation of Colonial's footprint in Méndez Álvaro

€5.330/ sqm Capital Value

Occupancy 74%

Haussmann St-Augustin Prime CBD – 12,000 sqm Renovation program

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
• Large Business Campus of more than 15,000 sqm
• Top location in 22@ around emerging Life-Science area
• Released in 2H 2024 with €4.4m of additional GRI

Investments & Revenue Growth increasing passing rents

Annualized Topped-up GRI (€m)

Significant Additional Revenue Growth

More than €150m of growth to be captured

1) Adjusted by Condorcet (tenant has left at 31/01/2025)

2) Includes Diagonal 197, Haussmann & Reversion from Alpha X assets

Additional future growth on the back of capital recycling

Latest Market transactions

	Asset	Area	Price	GLA	Cap. Value
	Rue Danielle Casanova 19 (Nov 2024)	CBD	€50m	2,700 sqm	€18,519/sqm
	Rue Rivoli 88 Transaction not completed	CBD	€100m	5,991 sqm	€16,692/sqm
	Rue Dumont d'Urville 19 (Jan 2025)	CBD	€55m	3,140 sqm	€17,516/sqm
S RI A P	Tour Trinity1 (Dec 2024)	BD	+€450m	49,900 sqm	€9,018/sqm
	Place de la Nation 15 (Dec 2024)	BD	€89m	7,750 sqm	€11,484/sqm
	Rue de la Ville-l'Évêque 21 (Dec 2024)	CBD	€100m	4,900 sqm	€20,408/sqm
	Rue Louis David 2 (Dec 2024)	BD	€67m	5,462 sqm	€12,267/sqm

1) Sale of 80% of the asset

Source: public information, press and consultants

Latest Market transactions

	Asset	Area	Price	GLA	Cap. Value
D RI D A M	Claudio Coello 123 (Nov 2024)	CBD	€60m	3,869 sqm	€15,508/sqm
	Recoletos 14 (Dec 2024)	CBD	€70m	6,100 sqm	€11,475/sqm
	General Castaños 4 (Dec 2024)	CBD	c.€45m	3,700 sqm	€12,162/sqm
	Cedaceros 9 (Dec 2024)	CBD	n.a.	6,000 sqm	n.a.
	María de Molina 50 (Sep 2024)	CBD	€205m	40,000 sqm	€5,118/sqm
A N O L E C R A B	C. Cristóbal de Moura 49 Transaction not completed Mixed use asset	22@	€75m	15,517 sqm	€4,833/sqm
	C. Aragó 330 (Jan 2025)	City Center	€40m	7,500 sqm	€5,333/sqm

© 2025 Colonial www.inmocolonial.com