Inmobiliaria Colonial Socimi S.A.

Investor Presentation • May 8, 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 5 de mayo de 2025 con número de registro 34514, Colonial remite documentación de soporte a la presentación a analistas e inversores relativa a los resultados correspondientes al primer trimestre de 2025, que se celebrará hoy jueves día 8 de mayo 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 -1Q 2025 Results

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

En Madrid, a 8 de mayo de 2025.

Colonial

2025 First Quarter Results

1Q 2025 RESULTS | 1

#1

May 8th, 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 It may not be reproduced, or redistributed to any other person, and it may not be published, in whole or in part, for any purpose.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

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

Superior EPRA Earnings growth

▪ Strong earnings growth on the back of a multi-layer growth platform

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

The strength of the Prime Asset Class delivers robust results

2) ERV Growth for Colonial commercial effort .Signed rents vs 12/24 ERV (new lettings & renewals).

3) Recurring Net Rental income

The Best Prime Product delivers outperformance on rental growth

1) ERV Growth for Colonial letting performance. Signed rents vs 12/24 ERV (new lettings, renewals & relet)

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 Condorcet & Haussmann entries into refurbishment as well as small other non like for like impacts

Madnum Madrid City Centre

02 Financial Performance

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

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

02 Financial Performance

High earnings growth driven by strong operations

1) Includes taxes, minorities of SFL & others

2) Includes Condorcet & Haussmann entries into refurbishment as well as small other non like for like impacts

Investor demand and ratings endorse Colonial's robust capital structure

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

• Unparalleled demand 1

• 8 times oversubscribed

• Highest demand in the sector in the last 24 months¹

• Highest demand in Colonial history

• Very competitive cost of debt 2

• 3.25% coupon

• Hedging lowers effective yield to 2.75%

• Lowest among comparable bonds

• Top tier order book for high quality security 3

BBB+ Rating confirmed by S&P in April-25

• 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

BBB+

"Colonial's financial risk profile is underpinned by the company's prudent financial policy and commitment to maintaining robust credit metrics commensurate with our rating"

Significant liquidity increase with cost of debt at attractive levels

03 Portfolio Management

03 Portfolio Management

Another Quarter with Outstanding Operations

03 Portfolio Management

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

1) Includes Alpha X portfolio, Madnum & Diagonal 197

2) Includes CBD & City Centre

03 Portfolio Management

2025: Strong Momentum for Project delivery & Letting

• 8,400 sqm signed with Gestamp, who will relocate its headquarters
• 2,800 sqm signed with Bestseller, to establish Financial & Tech hub for Iberia & Latam
• 4,800 sqm signed with other corporates interested in large space demands
• 3,300 sqm of retail & F&B fully let, gym operator signed

underwriting

First Prelet signed

• +2,000 sqm signed to top law firm
• Signed rent of 1,050€/sqm with +16% re-let spread
• One of the most soughtafter locations in Paris
• Repositioned property to be released in mid-25

+7,900 sqm signed in Illacuna to Factorial who reallocates headquarters

Future 04 Growth

04 Future Growth

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

1) Earnings CAGR between 1Q22 – 1Q25

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

€200m investment to Create the European Leading operator in Science & Innovation

Colonial is accelerating its Urban Transformation portfolio

Colonial to continue serving its clients' needs through Urban Transformation

04 Future Growth

Strong EPS Growth Profile with Double-Digit IRRs

I	EPS Impact	+13%
Urban Transformation	+€11cts	Levered
Projects	Mid-term	IRR
II	EPS Impact	+15%
Science & Innovation	+€2-3cts	Levered
+ Third Party Capital	Mid-term	IRR
III Prime Asset Reversion Superior Cash Flow Growth	GRI Impact +€47m Mid-term
IV Opportunistic Capital Recycling	Playing the European Real Estate Cycle Recovery

04 Future Growth

Strategy & Outlook

Colonial's Prime Platform delivers profitable growth …

• EPRA Earnings growth with +16% YoY growth

• EPRA EPS full year guidance on track

• Net Rental Income with +5% like for like growth

• Strong rental growth through pricing power

• Further growth secured through project deliveries

… with a strong growth profile for the coming years

• More than €150m of future rents through new pipeline and reversion 1
• Enhanced Urban Transformation growth strategy 2
  • through Science & Innovation and Third-Party Capital
• Opportunistic Capital Allocation to benefit from 3

European Real Estate Cycle Recovery

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

2025 Annual General Meeting

Annual General shareholders' meeting to be held on 26 - 27th May 2025 in Madrid

Please Submit your vote

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

1Q 2025 RESULTS | 25

PROFIT & LOSS ACCOUNT
Results analysis - €m	Q1 2025	Q1 2024
Gross Rents	97	96
Net operting expenses & Overheads	(18)	(19)
Recurring EBITDA	79	77
Recurring financial result	(18)	(20)
Income expense & others - recurring tax	2	(0)
Minority interests - recurring	(9)	(9)
Recurring Earnings	55	47
Change fair of in value assets & provision	(0)	(0)
Non-recurring financial result & MTM	(1)	0
Income & others - non-recurring tax	(7)	7
Minority interests - non-recurring	0	0
Profit attributable the Group to	46	54
Recurring earnings - €m	55	47
(mm) Nosh	627	540
EPS recurring - Cts€/share	8.7	8.7

€m

GROUP RECURRING EBITDA

EPRA EARNINGS

€m €m

EXTENSION OF DEBT MATURITIES		A Solid Financial Structure
Maturity profile of debt facilities - €m			31/12/2024	31/03/2025
		Net Debt LTV	€4,465m 36.0%	€4,442m 36.0%
		Total Facilities	€2,570m	€2,085m
Maturities covered by current liquidity		Cash	€543m	€956m
		Liquidity	€3,113m	€3,041m
	1,835
		Debt Maturity Group	4.1 years	4.0 years
	300	Non-Mortgage debt	100%	100%
100 75 599		Cost of Gross Debt Group	1.70%	1.77%
500 (1) 150 700 599 500 500	1,125 (1)	Cost of Net Debt Group	1.54%	1.54%

1) Proforma after the SFL's bond repayment in May 2025 with the funds obtained from the bond issued in Jan 2025

Significant growth profile

Investments & Revenue Growth increasing passing rents

^{10 8}

Growth 2024

419

Passing Rent 12/24

Annualized Topped-up GRI (€m)

401

Passing Rent 12/23

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

Net Investments

Latest Market transactions

	Asset	Area	Price	GLA	Cap. Value
	134 Rue du Faubourg (Feb 25)	CBD	€23.5m	1,850 sqm	€12,703/sqm
	23 Rue Taitbout (Feb 25)	CBD	€32.5m	2,710 sqm	€11,993/sqm
	Centre d'Affaires Paris-Trocadéro Transaction not completed	CBD	€ 700m	41,234 sqm	€16,976 /sqm
S RI A P	7-9 Rue Jacques Bingen Transaction not completed	BD	€120m	6,400 sqm	€18,750/sqm
	Rue de Vienne 19 - 21 Transaction not completed	CBD	€440m	32,227 sqm	€13,653/sqm
	Rue de Bercy 61 -69 Transaction not completed	BD	€155m	15,000 sqm	€10,333/sqm
	3 rue Scribe Transaction not completed	CBD	€91.6m	3,740 sqm	€24,500/sqm

Latest Market transactions

		Asset	Area	Price	GLA	Cap. Value
		Ramirez de Prado 5 (Apr 2025)	City Centre	€300m	60,000 sqm	€5,000/sqm
		Paseo Doce Estrellas 5 (Feb 2025)	BD	€51m1	n.a.	n.a.
D RI D A M		Avenida de Burgos 18 (Apr 2025)	BD	€50m1	6,355 sqm	n.a.
		Jordán 11 (Nov 2024)	City Centre	€37m1	4,000 sqm	n.a.
		Claudio Coello 124 (Mar 2025)	CBD	€37m	4,300 sqm	€8,605/sqm
A N O L E C R A B		Av. Diagonal 662 (Grupo Planeta) Transaction not completed	CBD	€240m	27,000 sqm	€8,889/sqm
		Torre Diagonal Mar Transaction not completed	22@	€100m	22,515 sqm	€ 4,441 /sqm
1) For all three assets, the transaction price already includes the refurbishment costs Source: public information, press and consultants

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