Slides
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| 11H 2025 RESULTS #1 July 24th, 2025 Colonial SFL 2025 First Half Results
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| 21H 2025 RESULTS 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 It may not be reproduced, or redistributed to any other person, and it may not be published, in whole or in part, for any purpose.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. 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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. DISCLAIMER
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| 31H 2025 RESULTS Agenda 01 Financial Performance02 03 Portfolio Management Future Growth04 Highlights
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| 41H 2025 RESULTS 76 87 92 107 H1 22 H1 23 H1 24 H1 25 01 Our Strategic Positioning is set to deliver earnings and value growth Highlights Prime Asset Class delivers strong rental growth through superior pricing power +12% CAGR ▪ Pricing power on the back of Prime CBD locations with strong connectivity, flexible & efficient floor plates & amenities ▪ High demand from best-in-class clients capturing above average rental growth with our skills and capabilities ▪ Strong earnings growth on the back of a multi-layer growth platform The Prime Asset Class delivers superior growth Colonial to continue serving its clients’ needs through Urban Transformation ▪ Strong letting of delivered projects ▪ Urban Transformation pipeline advancing at good pace ▪ Science & Innovation venture with strong momentum Accelerating activity - Evolving product with our environment - Double Digit YoY growth Superior EPRA Earnings growth Double digit 3-year CAGR growth +17% EPRA Earnings 92 107 H1 24 H1 25 Madnum Haussmann Scope Sancho de Ávila Condorcet Sta. Hortensia Masid Basid Masid 60,000 sqm 12,000 sqm 22,000 sqm 17,860 sqm 24,000 sqm 47,000 sqm Fully prelet
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| 51H 2025 RESULTS 01 Current trends in our markets for 2025 Highlights - Office demand focuses on high quality spaces - Demand increasing - Central office supply is shrinking - European housing shortage is reducing city centre office stock ▪ 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 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 conversion 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 1) Plan Local d’Urbanisme Bioclimatique de Paris - Office Employment to Benefit from AI - Generative AI to have positive impact on office employment ▪ AI will automate routine tasks while creating new higher value-add AI related tasks and jobs ▪ The ultimate net effect on office employment from an increasing and broader application of AI tools is expected to be positive ▪ Markets like Paris with larger share of finance & Insurance and IT tenants will benefit more from future AI adoption ▪ In 2024 AI related jobs accounted for 0.3% of total office employment in Europe while in 2040 this will reach 3.2% of total office employment ▪ Occupiers are expanding (e.g. JP Morgan, BofA), as confidence improves after early 2025 trade tensions and geopolitical uncertainty ▪ Demand remains concentrated in CBDs - 70% of leasing activity in central locations - up from 60% pre-pandemic ▪ Occupiers prioritise well-located Grade A space & enhanced workplace quality for job retention / attraction Source: AEW ResearchSource: CBRE
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| 61H 2025 RESULTS Gross Asset Value €11.9bn +4.0% LfL YoY Net Tangible Assets €6.0bn Net Rental Income €181m +6% LfL YoY 01 Occupancy 95% Rental Growth1 +6% +9% in Madrid Loan To Value 36.6%4 4 3 2 Financial Cost 1.78% Release Spread2 +9% Group +20% in Paris Outstanding operating results with assets extending the growth trend EPRA EPS €17.1 cts Guidance on track EPRA Earnings €107m +17% +15% YoY Sustained Cash Flow Growth 1 Operational Outperformance Asset Values Back on Growth Path Solid Capital Structure 1) ERV Growth for Colonial commercial effort. Signed rents vs 12/24 ERV (new lettings & renewals) 2) Signed rents vs. previous contracts & re-let office spaces 3) NTA pre payment of exit tax for tax optimization of €9.71/share, +1% vs. €9.62/share NTA 12/24 4) EPRA LTV stands at 45.6% Strong Credit rating S&P BBB+ Moody’s Baa1 Highlights Net Tangible Assets €9.60/sh +1% Pre-tax optimization3
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| 71H 2025 RESULTS 01 The Best Prime Product delivers outperformance in rental levels Madrid BarcelonaParis 1) Total ERV Growth for Colonial letting performance. Signed rents vs 12/24 ERV (new lettings, renewals & relet) Highlights Maximum rent signed 30 €/sqm/month Maximum rent signed 43 €/sqm/month Maximum rent signed 1,125 €/sqm/year +7% 1H 2025 +9% 1H 2025 +3% 1H 2025 Rental growth1 Rental growth1 Rental growth1
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| 81H 2025 RESULTS Our Prime Assets consolidate the recovery cycle with strong value growth 01 1) Gross Asset Value Like for Like growth over last 12 months 2) Colonial office portfolio in Operation, Capital values as of 1H25 Highlights BarcelonaMadridParis Colonial’s Prime Assets deliver on value recovery +3.3% GAV LfL YoY1 +6.0% GAV LfL YoY1 +4.3% GAV LfL YoY1 Colonial Asset Value 12 month Like for Like Variance 6% 1% (9%) 3% 4% 12/21 12/22 12/23 12/24 06/25 The transaction market is showing signs of recovery Prime Capital Values Trocadero CBRE Research 06/25 Colonial GAV Appraisal 06/252 Barcelona <4.5% yield c.4.25% yield Renaissance Paris CBD Paris CBD Planeta Barcelona CBD 9,259 €/sqm MadridParis 18,567 €/sqm 6,851 €/sqm 5,210 €/sqm 30,488 €/sqm 11,043 €/sqm 7,500 €/sqm €700m €300m €250m Core Plus Core Core Capital 8 Paris CBD 4.5% yield +€1bn Core
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| 91H 2025 RESULTS Financial Performance02
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| 101H 2025 RESULTS 192 8 7 197 (11) 06/24 Core Portfolio LFL Delivered Projects & Acquisitions Condorcet & Haussmann 06/25 02 Financial Performance Gross Rental Income growth on the back of Core Portfolio & Project deliveries Gross Rental Income Variance €m 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 +4% +4% Like for like1 Delivery of Projects 2 GRI Total Increase Core Portfolio Like for like +4% Gross Rental Income Growth (%) Delivered Projects & Acquisitions +4% +2% Alpha Condorcet & Haussmann (6%) +8% Madnum Madrid City Centre 2 +2%
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| 111H 2025 RESULTS 161 4 4 2 171 LfL NRI 06/24 Indexation Rental Growth Premium Occupancy LfL NRI 06/25 02 Financial Performance Solid Gross Rental Income like for like growth through superior pricing power Rental Income Variance €m Net Rental Income Like for Like (%) 1) Like-for-like calculated following EPRA BPR recommendations Barcelona Group +1% +6% Madrid +7% Paris +7% Net Rental Income Like-for-Like1 Gross Rental Income Like-for-Like1 Flat +5% +4% +6% +2.6% +2.2% +1.5% +6% like for like
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| 121H 2025 RESULTS 17.0 17.1 06/24 06/25 10 4 2 10 92 (11) 107 Recurring Profit 06/24 Core Portfolio Project Deliveries & Acquisitions SG&A & Other income Financial Cost & Others Condorcet, & Haussmann Recurring Profit 06/25 02 Financial Performance Double-digit EPRA earnings growth on the back of strong operations €m EPRA EPS €cts. 2025 EPRA EPS Guidance On Track 32 – 35 €cts. EPRA Earnings Variance 1) Includes taxes, minorities of SFL & others 2) Includes Condorcet & Haussmann entries into refurbishment as well as other non like for like impacts +17% 1 2 Nosh 540m shares 627m shares
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| 131H 2025 RESULTS 02 Financial Performance Gross Asset Values with strong growth in every segment Gross Asset Values GAV Like For like Variance Asset value increase on the back of rental growth & project delivery… +4.3% +6.0% BARCELONA MADRID +3.3%PARIS … all markets displaying GAV growth €m GROUP 4.0% +2.3% +4.0% +1.0% 1.8% 1H 2025YoY 11,646 11,860 155 59 GAV 12/24 Rental growth & project delivery Rates & other GAV 06/25
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| 141H 2025 RESULTS 36.0% 36.6% 12/24 06/25 4.5 4.6 12/24 06/25 02 Financial Performance Balance Sheet remains strong after dividend payment and capex deployment €bn Well-covered maturity schedule 1.2x Coverage 25-27 Debt Maturities Net Debt Evolution €bn Loan To Value % 45.6%43.7%EPRA LTV LTV incl. transf. costs Main Impacts Dividend paid Capex Alpha X Debt maturities 25 - 27 3.1 2.4 12/24 06/25 2026 2027 2025 4.95.0 GROSS DEBT €bn
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| 151H 2025 RESULTS 02 Financial Performance 2. Tax optimization through conversion into REIT regime1. Stable Financial Cost Through hedging Colonial is continually optimizing its Cash Flows Colonial has invested €67m to convert 90 Champs Elysees & Haussmann into SIIC regime and unlock additional cash flow and value from tax efficiencies Transaction rationale: ▪ High double digit ungeared IRR ▪ Accretive in earnings (€3-4m per year) ▪ Exit tax is payment schedule in the next 4 years - Immaterial impact in LTV ▪ Exit tax cash-out offset by NPV of the future operational tax savings ▪ With this transaction all Colonial assets in Spain and France are included in the REIT regime 1.8% 1.7% 1.8% 12/23 12/24 06/25 Thanks to Colonial’s hedging strategy, the cost of debt remains stable at levels below 2%
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| 161H 2025 RESULTS 9.62 9.71 9.60 0.21 0.17 ( 0.29 ) ( 0.11 ) NTA 12/24 NTA Growth EPRA EPS 1H 25 DPS Paid Real Estate NTA Tax Optimization NTA 06/25 02 Financial Performance NTA growth on a comparable basis - tax optimization with further upside for EPS NTA & NDV1 Impacts NTA Growth | +0.21€/share | Value created as per increase in asset values net of capex in all three cities EPRA EPS 1H 25 | +0.17€/share | Rental growth drives EPS DPS Paid | (€0.29/share) | Impact of payment of dividend to shareholders (treasury shares are not entitled to dividend) Debt Mark to Market: Evolution of market value of derivative instruments Tax optimization: • NTA: Exit tax derived from asset conversion to SIIC • NDV: Net positive tax impact from asset conversion to SIIC 9.45 9.49 9.54 0.21 0.17 ( 0.34 ) 0.05 NDV 12/24 NTA Growth EPRA EPS 1H 25 DPS Paid & Debt Mark to Market Real Estate NDV Tax Optimization NDV 06/25 NTA - €/shareNDV - €/share Tax optimization 1) Net Disposal Value +1% NTA Pre Tax Optimization vs 12/24
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| 171H 2025 RESULTS 03 Portfolio Management
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| 181H 2025 RESULTS 65,972 87,438 H1 24 H1 25 03 Portfolio Management Another Quarter with Outstanding Operations Madrid €34.0m Annualized GRI ParisBarcelona 54% New lettings & Re-letting …on the back of top tier clients Strong Letting Performance… ... with prime properties capturing the highest rents in the market HAUSSMANN Paris 8 1,050 €/sqm/y WASHINGTON PLAZA Paris 8 >1,000 €/sqm/y EDOUARD VII Paris 9 >950 €/sqm/y RECOLETOS 37 Madrid CBD 43 €/sqm/m DIAGONAL 609 Barcelona CBD 30 €/sqm/m LOUVRE ST HONORÉ Paris 1 1,125 €/sqm/y sqm +33% YoY
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| 191H 2025 RESULTS MADNUM – A Flagship Project delivering strong performance 03 Portfolio Management >8% Yield On Cost €20m New Rents Mixed use approach leads to outperformance +18,000 sqm in HoT > Large demands in negotiation with additional anchor tenants > Appetite from tech companies, software and financials +40,000 sqm Signed / HoT +22,000 sqm signed, with AAA tenants > +4,100 sqm recently signed to top creative & design industry above ERV > Demand coming from industrial and tech sectors > Retail fully let & restaurants in operation 70% of total surface signed / HoT
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| 201H 2025 RESULTS Strong pricing power - letting performance achieving record rental levels 03 Portfolio Management Barcelona Paris Madrid Release Spread 1 Indexation ERV Growth 2 +7% +9% +3% Group +20% +6% (1.7%) +9% +6% +3.4% +2.5% +2.5% +3.0% YoY Strong pricing power across markets… 1) Signed rents vs. previous contracts & re-let office spaces 2) Signed rents vs 12/24 ERV (new lettings & renewals) … on the back of 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 Large banks upscaling office space New working uses require more space Source: Savills, Eurofound, AEW Source: Living and working in the EU e-survey, press reports
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| 211H 2025 RESULTS 96% 97% 95% 95% 12/22 12/23 12/24 06/25 03 Portfolio Management High occupancy profile with attractive reversion potential Strong Group EPRA Occupancy Delivered Projects12.1% Like for like Availability – 2.9% Future Reversion – 2.1% 5% Availability with Attractive Reversion 1) Includes Alpha X portfolio, Madnum & Diagonal 197 2) Includes CBD & City Centre Méndez Álvaro Alpha X Portfolio Diagonal 197 Prime Paris 0.4% 0.9% 0.9% Prime Madrid & Barcelona2 Secondary Madrid/Barcelona 0.8% Barcelona 22@
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| 221H 2025 RESULTS 13.2% 3.6% 7.4% 2.6% 2015 2017 2020 2022 2025 03 Prime centric office scarcity is setting future rental growth Portfolio Management Paris Madrid Increased Prime Office Scarcity Paris CBD Vacancy at healthy levels > Paris new zoning plan forces social housing use in redeveloped offices > In Paris Center West ~700,000 sqm in ~380 assets are affected > Colonial CBD Paris assets exempt Source: LeoSquare, Apur, Knight Frank Removal of 700k sqm office space Source: CBRE Q2 2025 CBD Vacancy at a 10y low Prime Rents Trend Higher Vacancy rate (%) Madrid CBD Source: CBRE TORRES COLÓN Madrid CBD RECOLETOS 37 Madrid CBD CASTELLANA 36 Madrid CBD 44 €/sqm/m 43 €/sqm/m c.45 €/sqm/m 5.0% 1.0% CBD Stock Grade A stock Lower quality assets Colonial playing field > Strong economic tailwinds > Polarization > Change of use trends > Structurally limited supply Removal of 380 assets
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| 231H 2025 RESULTS Clear Leadership on ESG & Decarbonization 03 Portfolio Management 5.7 Top 0.7% (Global Real Estate) 1st on Ibex-35 A CLIMATE SCORE Max. Score 4th year in a row 100% Of portfolio Unparalleled in Europe RATING 99/100 score in Development Benchmark Colonial recognized as Europe’s Climate Leader by Financial Times
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| 241H 2025 RESULTS Future Growth04
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| 251H 2025 RESULTS 76 87 92 107 1H 22 1H 23 1H 24 1H 25 We deliver strong earnings growth on the back of a multi-layer growth platform 04 Future Growth Rental Growth Projects & Value Add Initiatives Financial Hedging Capital Recycling & Acquisitions DOUBLE-DIGIT EPRA EARNINGS GROWTH €m +12% CAGR1 1) Earnings CAGR between 1H22 – 1H25
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| 261H 2025 RESULTS 04 Urban Transformation Projects Science & Innovation + Third Party Capital Prime Asset Reversion Superior Cash Flow Growth Opportunistic Capital Recycling EPS Impact +€11cts Mid-term EPS Impact +€2-3cts Mid-term GRI Impact +€47m Mid-term Maximizing the European Real Estate Cycle Recovery III I IV II Strong EPS Growth Profile with Double-Digit IRRs +13% Levered IRR +15% Levered IRR Future Growth
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| 271H 2025 RESULTS Urban Transformation Projects: Sustained growth in rents and value 04 Haussmann Scope Condorcet Sancho de Ávila Santa Hortensia 2025 2026 2027 2028 Madnum Project & Renovations 87,000 sqm Colonial to continue serving its clients’ needs through Urban Transformation Close to 200,000 sqm in Urban Transformation Initiatives with €100m of rental income Diagonal 197 Business Campus 59% 35% 6%Business Campus Life Science/ Healthcare Urban Mixed use €100m Topped-up GRI 87,000 sqm 22.000 sqm 41,860 sqm 46,928 sqm Business Campus Business Campus Madnum Urban Mixed Use Alpha X - Project Pipeline More than 110,000 sqm Urban Mixed Use Urban Mixed Use LifeScience/ Healthcare Additional EPRA EPS of more than 11 €/cts1: +33% on 2024 EPRA EPS 1) Stabilized Earnings per share run rate Future Growth 37 10063 2025 - 2026 2027 - 2029 Total €m Topped-up GRI timeline I
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| 281H 2025 RESULTS #Cloud Paris Paris 2 Prime Asset Reversion with Superior Cash Flow Growth 04 Future Growth Portfolio with Strong Reversionary Potential Louvre Saint Honoré Paris 1 Champs Élysées 90 Paris 8 2,621 Sqm 5,994 Sqm 7,990 Sqm €m Mid-term GRI impact from upcoming renovation programs Paris +20,000 sqm of upcoming renovation programs in Prime Paris • Three renovation projects to enhance common areas and office floors of best-in-class assets in Paris CBD • Ability to benefit upon lease of increased cash flows through reversion • New leasing materialized in Louvre Saint Honoré at 1,125€/sqm/y, up +12% vs. ERV12/24. II 21 26 €47m Total reversion Renovation programs Price & Volume 20 8 6 4 1 Louvre Office 90 CE #Cloud & Washington Pl. Other Total Paris
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| 291H 2025 RESULTS 04 Science & Innovation + Third Party Capital Future Growth Colonial & Stoneshield complete their unique strategic alliance in S&I European platform Executing on the envisioned roadmapS&I Platform officially launched leveraging durable growth drivers Megatrends Ageing, technological & Geopolitical Urban Transformation Capabilities Expertise in pipeline development Third Party Capital To accelerate growth Outreach of +250 accounts Several investors already engaged in due diligence +15% Levered IRR >€2.4bn Target AuM €0.7bn AuM Short term pipeline+2-3cts. EPRA EPS Mid-term III Transaction signed, after receiving all necessary approvals €200m Investment High Returns & Accretive Solid Growth Drivers Pan European Buildup Lisbon Amsterdam Paris
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| 301H 2025 RESULTS 2020 2022 2024 2026 2028 Opportunistic Capital Recycling enabled by Transaction Market Recovery 04 Prime capital values recovery… 2025-30 CBRE Forecasts Madrid Paris Future Growth CBD Prime offices capital value (€/sqm base 100) Barcelona Source of market information: CBRE 20,219 9,347 6,572 31, 717 13,252 8,581 …to unlock capital recycling opportunities IV To recycle capital into value enhancing ventures Urban Transformation Projects Pan European Expansion Joint Ventures with Third Parties > Cycle Recovery: European Real Estate have hit bottom values and increasing > Transaction market Deal Flow Returns: Increased transaction activity opens deal windows > Active asset sourcing: Ongoing market scouting to pinpoint acquisition targets > Mature asset monetization: Divest mature / non-core assets to fund targeted acquisitions
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| 311H 2025 RESULTS 04 Pan-European Platform Fully Streamlined Advancing the Strategic Integration of a Prime Pan-European Platform Strategic Rationale > Reinforced leadership in Prime European Offices > Fully integrated, simplified platform with enhanced scale > Enhanced visibility & liquidity through a single listed vehicle > Unified platform across Paris, Madrid & Barcelona Update on the process: Nov 2024 Apr 2025 Feb 2025 Merger announcement AMF exempts Colonial from SFL delisting offer Share exchange ratio and exit price fixed 2H 2025May 2025 2H 2025 Merger execution & SFL delisting Colonial & SFL AGMs greenlight merger Completion of regulatory validation Future Growth
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| 321H 2025 RESULTS 04 Strategy & Outlook Colonial’s Prime Platform delivers profitable growth … > EPRA Earnings with +17% YoY growth > EPRA EPS full year guidance on track > Net Rental Income with +6% like for like growth, among the highest in Europe > Ongoing recovery in portfolio valuation with +4% like for like growth > Additional cash flow and value growth on the back of project deliveries & pricing power … with a strong growth profile for the coming years ▪ More than €150m of future rents through new pipeline and reversion ▪ Enhanced Urban Transformation growth strategy through Science & Innovation and Third-Party Capital ▪ Opportunistic Capital Allocation to benefit from European Real Estate Cycle Recovery On track 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 1 2 3 Future Growth
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| 331H 2025 RESULTS THANK YOU https://www.inmocolonial.co m/en/shareholders-and- investors
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| 341H 2025 RESULTS Results analysis - €m H1 2025 H1 2024 Gross Rents 197 192 Net operating expenses & Overheads (34) (35) Recurring EBITDA 162 157 Recurring financial result (37) (41) Income tax expense & others - recurring 0 (6) Minority interests - recurring (19) (19) Recurring Earnings 107 92 Change in fair value of assets & provision 118 (13) Non-recurring financial result & MTM (3) (3) Income tax & others - non-recurring 24 49 Minority interests - non-recurring 2 (39) Profit attributable to the Group 249 86 Recurring earnings - €m 107 92 Nosh (mm) 627 540 EPS recurring - Cts€/share 17.1 17.0 178 181 06/24 06/25 92 107 06/24 06/25 157 162 06/24 06/25 192 197 06/24 06/25 APPENDICES PROFIT & LOSS ACCOUNT GROUP RECURRING EBITDA GROSS RENTAL INCOME EPRA EARNINGS €m€m €m +3% YoY NET RENTAL INCOME €m +2% YoY +5% Like- for-like +2% YoY +6% Like- for-like +17% YoY
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| 351H 2025 RESULTS APPENDICES GROSS ASSET VALUES 1) In Spain consultants publish gross yields whereas in France consultants publish net yields +4.3% +6.0% BARCELONA MADRID +3.3%PARIS GAV Variance YoY Valuation Yield1 - 1H 25- GAV Variance 1H 2025 5.0% 4.8% 4.1% +2.3% +4.0% +1.0% €m GAV LIKE FOR LIKE VARIANCE Gross Asset Values Increasing 11,646 11,860 155 59 GAV 12/24 Rental growth & project delivery Rates & other GAV 06/25
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| 361H 2025 RESULTS APPENDICES NDV consolidates above €6bn Increase in Net Disposal Value €bn 5.9 6.0 6.0 0.1 0.1 (0.2) 0.03 NDV 12/24 NTA Growth EPRA Earnings 1H 25 Dividend Paid & Debt Mark to Market Real Estate NDV Tax Optimization NDV 06/25 NTANDV +1% vs 12/24 €6.0bn Flat vs 12/24 €6.0bn 9.49 €/share 9.71 €/share 9.54 €/share 9.60 €/share Absolute Pre-tax optimization Post-tax optimization
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| 371H 2025 RESULTS Strategic Transition of Two Companies to SIIC Regime to Enhance Tax Efficiency SIIC conversion of two companies 90 Champs Elysees & Haussmann have been converted to SIIC Financially accretive Strong Value Creation Initial situation: > Both assets subject to 25% corporate income tax > Not subject to SIIC transparency & distribution standards Asset Conversion: > 19% exit tax over latent capital gains to be paid over 4 years > Full exemption from corporate income tax on rental income and capital gains going forward > Conversion retroactive for 2025 2019 2021 2023 2025 2027 2029 Paris CBD Capital values €/sqm Source: CBRE Accretive in Earnings: Immaterial impact in LTV +3 - 4 €m per year APPENDICES 20,219 31, 717 Attractive timing to minimize exit tax
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| 381H 2025 RESULTS Colonial is accelerating its Urban Transformation portfolio Scope Condorcet S. de Ávila Santa Hortensia Business Campus Urban Mixed Use Urban Mixed UseLifeScience/ Healthcare Urban Transformation – Value Add Returns with exceptional growth Alpha X - Project Pipeline Total Cost €1bn Science & Innovation SOCIMI Initial GAV €0.4bn +13% Levered IRR 6-7% Yield on Cost +15% Levered IRR 7-8% Yield on Cost 24% 12% Well Diversified Barcelona Madrid Paris 10% Madrid BarcelonaParis Strong Returns with superior Growth Profile 85-90% Core with Pricing Power & 10 -15% Value Add Core Pricing Power Value Add Urban Transformation Colonial to continue serving its clients’ needs through Urban Transformation APPENDICES
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| 391H 2025 RESULTS Maturities covered by current liquidity APPENDICES Maturity profile of debt facilities - €m EXTENSION OF DEBT MATURITIES A SOLID FINANCIAL STRUCTURE Net Debt LTV Total Facilities Cash Liquidity Debt Maturity Group Non-Mortgage debt Cost of Gross Debt Group Cost of Net Debt Group 31/06/2025 €4,624m 36.6% €2,085m €274m €2,359m 4.2 years 100% 1.78% 1.77% 31/12/2024 €4,465m 36.0% €2,570m €543m €3,113m 4.1 years 100% 1.70% 1.54%500 700 500 1,125 500 599 599 75 300 150 100 1,835 2025 2026 2027 2028 2029 2030
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| 401H 2025 RESULTS 2020 2022 2024 2026 2028 Prime capital values expected to rise… 2025-30 CBRE Forecasts Madrid Paris CBD Prime offices capital value (€/sqm base 100) Barcelona Source of market information: CBRE 20,219 9,347 6,572 31, 717 13,252 8,581 …buoyed by the recovery of transaction activity Trocadero <4.5% yield c.4.25% yield Renaissance Paris CBD Paris CBD Planeta Barcelona CBD 9,259 €/sqm €700m €300m €250m Rambla Catalunya 19 Barcelona City Center 5,000 €/sqm €30m Odeon Paris BD 18,308 €/sqm €250m 10,648 €/sqm Gamazo Madrid CBD €60m Torre Caleido Madrid BD €76m Prime Capital Values Rise amid Transaction Market Recovery APPENDICES Capital 8 Paris CBD 4.5% yield +€1bn
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| 411H 2025 RESULTS APPENDICES Latest & ongoing market transactions Source: public information, press and consultants Asset Area Price GLA Cap. Value PARIS 48 Rue Notre Dame des Victoires (Mar 25) CBD €97m 7,100 sqm €13,634 /sqm c.€300m32 Rue François 1er (Renaissance) 9,200 sqm €32,609 /sqmCBD(Jul 25) CB21 Tower1 (Jun 25) BD n.a. 68,000 sqm n.a. 19/21 rue Dumont D’Urville (Jan 25) CBD €58m 3,140 sqm €18,471 /sqm €118m280 boulevard Saint-Germain 8,700 sqm €13,563 /sqm(Mar 25) BD Solstys Complex (May 25) CBD €435m 32,000 sqm €13,594/sqm €107m 80 rue Taibout 14,000 sqm €7,643 /sqm(Jul 25) BD 1) The acquisition corresponds to 25% of the asset Mixed use Mixed use Mixed use
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| 421H 2025 RESULTS APPENDICES Latest & ongoing market transactions Source: public information, press and consultants Asset Area Price GLA Cap. Value PARIS 54 Rue de Londres Transaction not completed CBD €78m 4,622 sqm €16,876/sqm 91 Champs Élysées Transaction not completed CBD €320m 4,100 sqm n.a. €250m77 - 81 boulevard Saint-Germain 13,655 sqm €18,308 /sqmTransaction not completed BD €700mCentre d’Affaires Paris-Trocadéro 41,234 sqm €16,976 /sqmTransaction not completed CBD Mixed use Capital 8 Transaction not completed +€1,000m 45,000 sqm €22,222 /sqmCBD
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| 431H 2025 RESULTS APPENDICES Latest & ongoing market transactions Source: public information, press and consultants Asset Area Price GLA Cap. Value MADRID Palacio de Gamazo (Jun 2025) CBD €60m 5,635 sqm €10,648/sqm €85m Gran Via 37 (Uniqlo) 4,000 €21,250/sqm n.a.Siemens Technology Park 21,450 sqm n.a.(May 2025) City Center Secondary (Apr 2025) Av. Diagonal 662 (Grupo Planeta) €250m 27,000 sqm €9,259/sqmCBD BARCELONA Clara Campamor 2 (Nestlé) (May 2025) BD €65m 30,000 sqm € 2,167 /sqm 1) The acquisition corresponds to 50% of the asset, therefore surface has been adjusted to represent 50% of the above ground surface €70m Torre Caleido 35,000 sqm1 €2,171/sqmBD(Jun 2025) (May 2025) Rambla de Catalunya 19 - 21 €30m 6,000 sqm €5,000/sqmCity Centre(May 2025) Retail
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