Slides
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Financial Results Presentation FY25 April 2024 - March 2025 1
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1.1 Highlights 1.2 Main KPIs performance FY25 1.3 A Transformational Year KEY HIGHLIGHTS 1 2
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3 ▪ Like-for-Like GRI growth of +5.0% and NOI growth of +6.4% compared to FY24 ▪ Like-for-Like GAV growth of +3.6% versus March 2024 ▪ EPRA NTA of €904 million (+32% vs March 2024) or €7.08 per share ▪ Leading the market with strong occupancy at 98.4%(i) and rent collections at 98.4% ▪ 286 new leases signed (renewals and new lease agreements) renewing and generating new rent of €16.9 million, with an average rent increase of +17.31% ▪ Refinancing agreement of €254 million and 5 years with Aareal Bank supported by Banco Santander and BBVA, further diversifying company’s sources of funding. As part of the refinancing transaction, €50 million of the previous debt has been amortized ▪ Fixed rate hedge at 96% with Net LTV reduced to 34.4% and 4.7 years average maturity and no debt expiries until FY29 ▪ Investment-grade credit rating outlook for Castellana improved from stable to positive ▪ Achieved EPRA BPR and sBPR Gold Awards and 5-star rating in its fourth year in the GRESB Real Estate index ▪ Obtained the GPTW certification for fourth year with a trust rate by employees of 89% ▪ Outstanding net proceeds from Lar España stake disposal recycled into Bonaire, a trophy asset in Valencia at a very competitive entry yield of 7.2% ▪ Transformative FY25 through strategic Portugal entry, well-timed acquisitions, and capital recycling into prime assets ▪ El Faro Hipercor Project launched with remarkable success in December, highlighted by exceptional openings from Lefties and Álvaro Moreno. Lefties stood out as the best-performing store in Europe, driven by a significant uplift in footfall year-on-year 1.1 HIGHLIGHTS OPERATIONAL PERFORMANCE FINANCIAL PERFORMANCE ADDING VALUE FINANCIAL RESULTS PRESENTATION FY25 i. Occupancy data including Bonaire
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1.2 MAIN KPIs PERFORMANCE FY25 Corporate Financial Operational 20 ASSETS 539,707sqm GLA(i) 6.4% NOI LIKE-FOR-LIKE GROWTH 98.4% OCCUPANCY(ii) 8.6years WAULT (iii) 98.4% RENT COLLECTION (iv) 7.08€/share EPRA NTA PER SHARE €1.660billion +38% GAV(vii) €56million FFO/EPRA EARNINGS ADJUSTED €82million REPORTED GRI 34.4% NET LTV(vi) 4.95% ALL-IN COST €559million NET DEBT(v) BBB- POSITIVE OUTLOOK (INVESMENT GRADE FITCH RATING) 4 €904million +32%(ix) EPRA NTA FINANCIAL RESULTS PRESENTATION FY25 i. Including 100% of Alegro Sintra ii. Including Bonaire, excluding the area under development in Vallsur Repositioning Project and El Faro Hipercor. LfL occupancy is 98.6% iii. WAULT by rent iv. Excluding Bonaire v. Net Debt calculated excluding restricted Cash and excluding debt with related parties vi. Net LTV calculated considering Nominal Debt excluding debt with related parties excluding restricted cash and including Alegro Sintra stake vii.Portfolio value considering 50% Market Value de Alegro Sintra viii.Like-for-like growth in direct portfolio valuations versus March 2024 based on external valuation by Colliers ix. Versus March 2024 NTA €687 million +3.6% GAV LIKE-FOR-LIKE GROWTH(viii)
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DECEMBER 2024 Sale of 28.8% Stake in Lar España for €200 million. OCTOBER 2024 Acquisition portfolio of three assets in Portugal for €176.5 million. DECEMBER 2024 Acquisition 50% of Alegro Sintra for €83.4 million MARCH 2025 Acquisition Bonaire Shopping Centre for €305 million. APRIL 2025 Acquisition Forum Madeira for €63.3 million. MAY 2024 Sale of Mejostilla Retail Park for €8.9 million. 1.3 A TRANSFORMATIONAL YEAR FINANCIAL RESULTS PRESENTATION FY25 TRANSACTED (ii) €837million ACQUISITIONS €628million DISPOSALS €209million March 2024 March 2025 May 2025 €1.201 billion €1.660 billion +38% €1.734 billion(ii) +44% Seizing the moment: Creative and well-timed dealmaking for a transformative FY25 CASTELLANA PROPERTIES DELIVERED €837 MILLION IN TRANSACTIONS IN THE LAST YEAR: ▪ Strategic entry into Portugal with the acquisition of 5 Shopping Centers for c. €323 million ▪ Successful exit from Lar España at a significant profit and recycling net proceeds into prime shopping center Bonaire 2 3 4 5 61 5 i. Taking into account property valuations ii. Including Forum Madeira acquisition finally closed on 30 th April 2025 (FY26). GAV(i)
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1.3 A TRANSFORMATIONAL YEAR FINANCIAL RESULTS PRESENTATION FY25 Seizing the moment: Creative and well-timed dealmaking for a transformative FY25 Pricing not reflective of improving market conditions and strong operational performance ▪ Market pricing had not yet factored in favorable interest rate environment and improving retail real estate metrics. Improving Access to Senior Finance in the face of lower interest rates ▪ Banks willing to lend at better margins and terms to the right sponsors and asset managers. Willing Sellers and reliable Buyer ▪ Forced sellers facing redemptions, senior debt refinancings and corporate restructurings. ▪ Despite yield expansion, improvement in NOI has allowed Sellers to exit at decent pricing levels versus their historic entry prices. ▪ All deals were sourced on an off-market basis, leveraging off Castellana’s reputation and track record. 6 Castellana Properties Acquisitions Relevant Retail Spanish Transactions Relevant Retail Portuguese Transactions 2% 3% 4% 5% 6% 7% 8% 9% 10% Jan 24 Feb 24 Mar 24 Apr 24 May 24 Jun 24 Jul 24 Aug 24 Sep 24 Oct 24 Nov 24 Dec 24 Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Jul 25 Aug 25 Sep 25 Oct 25 Nov 25 Dec 25 Net yield (%) Interest rates ECB Prime shopping centre yields Project Trio(i) 9.2% Alegro Sintra 8.1% Bonaire 7.2% Forum Madeira 9.5% Alcalá Magna 7% Salera 7.7% Islazul 8.5% Moraleja Green 7.25% Espai Girones 7% Alegro Montijo 7.7% Nosso Shopping 8.25% Asset 1 6.7-6.9% Asset 2 6.5-6.75% ONGOING DEALS IN THE SPANISH MARKET Lowering cost of debt suggesting further yield compression Market Yields Trend Source: Cushman & Wakefield, Savills and Castellana Properties i. Project Trio Assets: 8 Avenida, LoureShopping, RioSul
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2.1 Footfall & Sales 2.2 Portfolio value evolution OPERATIONAL HIGHLIGHTS 2 7
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▪ All assets continue to thrive, with Vallsur standing out distinctly. Having successfully completed Phase I and with Phase II in progress, we are witnessing impressive footfall growth, with an increase of 8.6% during FY25. This positive trend underscores the vitality and potential of our investments. ▪ Last year, our shopping centers in Iberia received nearly 90 million visits. During this fiscal year, we set a new record in Spain, exceeding 54 million visits. Bahía Sur leads the way with 8.35 million visits, closely followed by El Faro with 8.3 million visits. 2.1 FOOTFALL AND SALES FOOTFALL OUTSTANDING PERFORMANCE ACROSS THE ENTIRE PORTFOLIO, ACHIEVING NEARLY 90 MILLION VISITS IN 2024 ▪ Sales in our shopping centers segment increased by +3.7% compared to FY24, with an improvement of +6.5% in our retail parks ▪ All key categories in Castellana's portfoliocontributed positively during the period, Homeware +6.1%, Health & Beauty +5.1%, Food & Beverage +4.8%, Leisure & Entertainment +3.5% and Fashion 2.9%. This consistent growth across categories and assets reinforces the strength and resilience of our portfolio operations SALES i. Although Bonaire was acquired in March, it was excluded from all datasets due to the flooding that occurred at the end of Oct ober. The center reopened in February and has been gradually recovering since then. ii. Footfall data includes the following shopping centers: El Faro, Bahía Sur, Los Arcos, Vallsur, Habaneras, Puerta Europa, Granaita, 8ª Avenida, Rio Sul, LoureShopping and 100% of Alegro Sintra. There are no counters in the rest of the retail park assets. Granaita counts only cars, so we have estimated 2 people on average per car. Sales data includes all retail assets. 8 FINANCIAL RESULTS PRESENTATION FY25 +2.7% FOOTFALL INCREASE IN SPAIN(i)(ii) +2.0% FOOTFALL INCREASE IN PORTUGAL(ii) +3.6% SALES INCREASE IN SPAIN(i) +5.5% SALES INCREASE IN PORTUGAL +2.4% FOOTFALL INCREASE IN PORTFOLIO +4.3% SALES INCREASE IN PORTFOLIO
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2.2 PORTFOLIO VALUE EVOLUTION ACTIVE ASSET MANAGEMENT ENSURED CONSISTENT GROWTH IN PORTFOLIO VALUE, DESPITE NEGATIVE YIELD PRESSURES IN CAP RATES OF RECENT YEARS Source: Colliers i. Stabilised NOI: Average NOI of Years 3-4-5 43 FINANCIAL RESULTS PRESENTATION FY25 NOI Stablised (in millions EUR) new acquisitions NOI Stablised (in millions EUR) Number of Assets open and without highly restricted mobility 190% 205% COVID-19 UKRANIAN WAR AND MACRO-ECONOMIC CHANGES 160% 175% 145% 130% 115% 100% 85% SEP’19 15 MAR’20 15 SEP’20 MAR’21 10 SEP’21 7 MAR’22 15 SEP’22 15 MAR’23 15 SEP’23 15 MAR’24 15 SEP’24 15 MAR’25 20 47 192.0% Average cap rate evolution Average exit yield evolution 100.0% 99.4% 99.5% 99.4% 97.2% 100.3% 108.5% 111.3% 116.5% 117.1% 118.7% 121.0% SEP’19 MAR’20 SEP’20 MAR’21 SEP’21 MAR’22 SEP’22 MAR’23 SEP’23 MAR’24 SEP’24 MAR’25 7.9% 8.0% 8.2% 8.2% 8.2% 8.1% 8.6% 9.1% 9.3% 9.3% 9.2% 9.1% 9.2% 9.0% 9.5% 8.0% 8.5% 7.5% 7.0% IRR (%) Weighted average by FV with new acquisitions LfL IRR (%) Weighted average by FV SEP’19 MAR’20 SEP’20 MAR’21 SEP’21 MAR’22 SEP’22 MAR’23 SEP’23 MAR’24 SEP’24 MAR’25 6.1% 6.1% 6.1% 6.2% 6.2% 6.1% 6.1% 6.2% 6.4% 6.5% 6.5% 6.6% 6.8%6.8% 7.0% 6.4% 6.6% 6.2% 6.0% IRR (%) Weighted average by FV with new acquisitions LfL IRR (%) Weighted average by FV A significant expansion in both discount rates and exit yields observed during 2023 and 2024 valuations, offset the strong NOI performance seen year after year. The stabilised higher NOI bodes well for future valuation growth as we expect discount rates and exit yields to compress in a lower interest rate environment Transformative year in which our income stream grew by 58.8% (i)(i) 9
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3.1 Group Funds From Operations (FFO) 3.2 Financial Debt position 3.3 GRI Bridge and breakdown 3.4 GAV Bridge and breakdown 3.5 EPRA BPR Metrics FY25 FINANCIAL RESULTS 3 10
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3.1 GROUP FUNDS FROM OPERATIONS (FFO) CASTELLANA PROPERTIES REACHES A NET PROFIT OF €91 MILLION AND INCREASES EBITDA IN 12.1%. 11 ▪ NOI amounted €74.5 million for FY25. On a Like-for-Like basis and comparing with FY24 NOI increased by €4 million (+6.4%). NOI margin remains over 90% primarily driven by management excellence ▪ Annualized overheads for FY25 represents 0.8%over GAV ▪ EBITDA amounted to €61.8 million increased by +12.1% compared to FY24 ▪ Financial expenses stands at €28.6 million. Overall, total Group gross debt amounts €639 million with a Net LTV of 34.4% and all-in cost of 4.95% ▪ Dividends amounted €19 million correspond to the dividends received from the investment in the SOCIMI Lar España Real Estate ▪ Net profit amounts to €91 million. Increase from previous year is primarily driven by changes in fair value, dividends from Lar investment and increase in EBITDA ▪ Other adjustments mainly include accruals of Lar dividends to normalize results from the investment ▪ The Group’s consolidated Funds from Operations (FFO) amounted €56.5 million increased by +12.3% compared to FY24 FINANCIAL RESULTS PRESENTATION FY25 € thousand FY24 FY25 Gross rental income (GRI) 70.456 82.272 Property operating expenses (6.063) (7.787) Net operating Income (NOI) 64.393 74.485 Overheads (10.450) (12.516) Other income and expenses 1.179 (188) Operating income (EBITDA / EBIT) 55.122 61.781 Financial income 493 1.993 Dividends - 19.046 Financial expenses (21.670) (28.594) Results in Equity Method Investment - 614 Underlying net profit 33.945 54.840 Change in fair value of Equity Method Investment - 8.185 Change in fair value of assets (11.510) 27.791 Net profit 22.435 90.816 Other adjustments 16.366 1.647 Change in fair value of assets (+) 11.510 (27.791) Change in fair value of Equity Method Investment - (8.185) FFO 50.311 56.487 FFO to Minority interests (-) - 44 FFO att. to Castellana/EPRA Earnings adj. 50.311 56.443
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AAREAL BANK CAIXABANK SANTANDER OTHERS (INDIVIDUALY <5%) 3.2 FINANCIAL DEBT POSITION € million 31/03/2024 31/03/2025 Gross Asset Value (GAV)(i) 1,201 1,625 Gross Debt(ii) 500 639 Cash 35 82 Net Debt(ii)(iv) 465 559 Metrics Gross LTV(iii) 41.7% 39.3% Net LTV(iv) 38.8% 34.4% Fixed rate debt 43.4% 96.1% All-in cost(v) 4.74% 4.95% Average maturity 2.7 years 4.7 years Stress test Gross ICR 3.5 times 3.2 times Transactional ICR Market Level 1.5 times 1.5 times ICR stress level margin (%) 50% 46% ICR stress level amount (€ million) 39 44 Gross LTV 41.7% 39.3% Transactional LTV Covenant Level 65% 65% LTV stress level margin (%) 36% 40% LTV stress level amount (€ million) 431 642 FINANCIAL RESULTS PRESENTATION FY25 NOMINAL DEBT 31 MARCH 2024 500 DEBT AMORTIZED(vi) (60) NEW DEBT ACQUISITIONS 199 NOMINAL DEBT 31 MARCH 2025 639 € million DEBT WITH FINANCIAL ENTITIES 48% 23% 17% 12% 12 i. GAV considering Alegro Sintra stake consolidated under the equity method ii. Nominal debt excluding debt with related parties iii. Gross LTV calculated considering Nominal Debt excluding debt with related parties iv. Net LTV calculated considering Nominal Debt excluding debt with related parties excluding restricted cash v. Considering all interest, fees and all other financing transaction costs vi. As part of the refinancing transaction, €50 million of the previous debt has been repaid
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3.3 GRI BRIDGE AND BREAKDOWN € million NOI LIKE-FOR-LIKE GROWTH OF 6.4% VERSUS FY24 FY25 REPORTED GRI INCREASE TO €82 MILLION LIKE-FOR-LIKE GROWTH OF 5.0% FINANCIAL RESULTS PRESENTATION FY25 SHOPPING CENTRES €115 million 84% RETAIL PARKS €22 million 16% LfL GROWTH 5.0%(i) REPORTED GRI FY24 ASSET DIVESTMENT LfL GROWTH ONGOING REPOSITIONING PROJECTS ACQUISITIONS REPORTED GRI FY25 50% GRI ALEGRO SINTRA(ii) GRI FY25 ANNUALISED PONTENTIAL STABLE GRI(iii) 70.5 (0.5) 3.4 (1.4) 10.3 82.3 1.9 84.2 137 13 i. Excluding Mejostilla Retail Park, a non-strategic asset sold in May 2024 ii. GRI attributable to the 3-month FY25 period starting from the Alegro Sintra acquisition in December 2024 iii. Annualised GRI based on a fully let portfolio, incorporating projects and acquisitions ( annualised), 50% Alegro Sintra and Forum Madeira added in post year -end
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€ million Total GAV like-for-like increase FY25 3.6%(i) GAV 31 MARCH 2024 LAR ESPAÑA INVESTMENT DISPOSSAL 50% ALEGRO SINTRA(ii) ASSET DIVESTMENT ASSET ACQUISITIONS CAPEX INVESTMENT CHANGES IN FAIR VALUE GAV 31 MARCH 2025 1,201 (174) 92 (9) 497 2825 3.4 GAV BRIDGE AND BREAKDOWN FINANCIAL RESULTS PRESENTATION FY25 15 i. Excluding non-strategic asset divestment regarding Mejostilla Retail Park sale in May 2024 ii. Portfolio value considering 50% Market Value de Alegro Sintra 38% GAV GROWTH: STRATEGIC REINVESTMENT OF LAR ESPAÑA PROCEEDS DRIVES LANDMARK ACQUISITIONS IN PORTUGAL AND SPAIN 1,660 74 CURRENT GAV FORUM MADEIRA 1,734 14
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Earnings adjusted per share 3.5 EPRA BPR METRICS i. Ratio calculated considering recurring expenses and excluding costs of direct vacancy. FINANCIAL RESULTS PRESENTATION FY25 €904m EPRA NTA €56m EPRA Earnings adjusted 6.89% EPRA NIY 2.07% EPRA Vacancy rate €7.08 EPRA NTA per share 7.29% EPRA “topped-up” NIY 21.63% EPRA Cost ratio(i) €0.5 EPRA 2024 2019 2020 2023 2022 2021 1615
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4.1 Operating metrics & Leasing Activity 4.2 Value Added Project - El Faro Hipercor 4.3 Value Added Project - Vallsur 1st Floor Repositioning 4.4 Value Added Project - Los Arcos Phase II 4.5 Strategic Expansion Into The Portuguese Market 4.6 Bonaire Acquisition 4.7 Customer centricity 4.8 ESG 4 VALUE CREATION 16
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€6.5 million Renewals 7.23% Renewals(ii) 4.1 OPERATING METRICS & LEASING ACTIVITY i. Considering operations with existing passing rent as renewals, relocations, replacements and resizing. Out of 286 leases signed, 163 include passing rent (107 renewals and 56 new contracts). Passing rent is defined as leases sig ned when a unit passes from one contract to another with no more than 6 months of void period between them. ii. Excludes CPI increases which are applied on indexation date. 17 78 Renewals 198 leases €13.1m 120 New contracts €4.2 million Renewals €8.9 million New contracts 46,202 sqm 21.21% 16,298sqm Renewals 29,904sqm New contracts 9.71% Renewals(ii) 36.78% New contracts FINANCIAL RESULTS PRESENTATION FY25 SPAIN LEASES SIGNED GLA SIGNED NEW RENT SIGNED AV.RENT INCREASE(i) PORTUGAL 55 Renewals 88 leases €3.8m 33 New contracts €2.3 million Renewals €1.5 million New contracts 15,441 sqm 9.50% 10,001sqm Renewals 5,440sqm New contracts 3.16% Renewals(ii) 24.56% New contracts PORTFOLIO 133 Renewals 286 leases €16.9m 153 New contracts €10.4 million New contracts 61,643 sqm 17.31% 26,299sqm Renewals 35,344sqm New contracts 33.62% New contracts CONTINUING OUTSTANDING LEASING ACTIVITY WITH EXCEPTIONAL RESULTS ACROSS THE PORTFOLIO
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4.1 OPERATING METRICS & LEASING ACTIVITY 18 FINANCIAL RESULTS PRESENTATION FY25 SPAIN PORTUGAL PORTFOLIO OCCUPANCY(i) RENT COLLECTION i. Occupancy data including Bonaire and excluding the area under development in Vallsur Repositioning Project, El Faro Hipercor Project and all storages. 98.5%98.4% 98.4% 94.0%99.4% 98.4% LEADING SECTOR EXCELLENCE BY CONSISTENTLY DELIVERING EXCEPTIONAL METRICS
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4.2 VALUE ADDED PROJECT - EL FARO HIPERCOR THE NEWLY LAUNCHED BRANDS HAVE DELIVERED OUTSTANDING RESULTS, ACHIEVING AN IMPRESSIVE INCREASE IN FOOTFALL OF OVER 13% SINCE THEIR OPENING FINANCIAL RESULTS PRESENTATION FY25 Transformation of a former hypermarket into a premium retail space, consolidating El Faro's status as a shopping destination 19 €2.6m ADITIONAL NOI GENERATED 18,799sqm GLA AFFECTED €22.4m CAPEX INVESTMENT 12% YIELD Grd FLOOR 1st FLOOR 73% 18% 9% OPENED & TRADING CONTRACT SIGNED NEGOTIATIONS
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FINANCIAL RESULTS PRESENTATION FY25 4.3 VALUE ADDED PROJECT - VALLSUR 1ST FLOOR REPOSITIONING Phase I delivered an excellent performance, with footfall growing by an impressive 8.6% PHASE 1 - COMPLETED 20 * * 50% 4% 46% OPENED & TRADING CONTRACT SIGNED NEGOTIATIONS Phase II shows a promising outlook after the successful opening of the first new stores, with project completion estimated for late 2025 PHASE 2 - ON GOING €8.6m CAPEX INVESTMENT 6,421sqm GLA AFFECTED Innovative structure designed for the enjoyment of the little ones and accessible from the restaurant and leisure areas. * 4,343sqm GLA AFFECTED €8.1m CAPEX INVESTMENT * The next feature is a spectacular, unique and innovative kids playground with colorful climbing tunnels and slides connecting floors €1.0m ADITIONAL NOI GENERATED 6% YIELD €16.7m CAPEX INVESTMENT
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4.4 VALUE ADDED PROJECT – LOS ARCOS PHASE II 21 FINANCIAL RESULTS PRESENTATION FY25 A VALUE-CREATING PROJECT THAT REDEFINES THE VISITOR EXPERIENCE AND STRENGTHENS THE ASSET’S LONG-TERM PERFORMANCE €1.2m ADITIONAL NOI GENERATED 5,845sqm GLA AFFECTED €25.5m CAPEX INVESTMENT 5% YIELD Through a complete exterior renovation, a new dining area, and the addition of a modern Fun Park with bowling the project will significantly improve the commercial mix of the shopping center BOWLING CINEMA 29% 34% 37% CONTRACT SIGNED H.O.T SIGNED NEGOTIATIONS Grd FLOOR 1st FLOOR 2ndLOOR ESTIMATED COMPLETION DATE Q2 2026 i. H.O.T: Heads of Terms (i)
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4.5 STRATEGIC EXPANSIONINTO THE PORTUGUESE MARKET 22 FINANCIAL RESULTS PRESENTATION FY25 SIGNIFICANT PROGRESS AND IMPRESSIVE OPERATIONAL RESULTS ▪ All assets trading in line or above our expectations and forecasts. ▪ Ongoing optimization of the commercial mix (33 leases signed since October2024) to drive footfall, increase dwell time, and boost sales performance. ▪ Strategic renegotiation of undervalued lease contracts to align with current market conditions and asset potential. ▪ Evaluation of multiple value-add initiatives aimed at unlocking hidden asset value and driving long-term growth. 8 Avenida Loures Shopping Alegro Sintra RioSul Forum Madeira TRANSFORMATIVE INVESTMENT IN PORTUGAL SUPPORTED BY €323 MILLION IN PRIME ASSETS 8 AVENIDA RIOSUL LOURES SHOPPING Municipality Sao Joao da Madeira Seixal Loures Sintra Funchal District Aveiro Lisbon Lisbon Lisbon Madeira Opening Date 2007 2006 2005 2011 2005 Total GLA (sqm) 21.170 23.534 29.399 42.274 21.472 Footfall (in Mn) 6.3 7.8 6.1 8.9 5.7 Occupancy Rate (%) 97.9 98.8 97.1 99.5 97.4 Transaction Date October 2024 December 2024 April 2025 Price €176.5 million €83.4 million €63.3 million ALEGRO SINTRA FORUM MADEIRA
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23 4.6 BONAIRE ACQUISITION FINANCIAL RESULTS PRESENTATION FY25 ▪ Creative and entrepreneurial approach to dealmaking allowed us to recycle the profits from the Lar Espana exit into a best of breed shopping centre in Valencia ▪ Strong relationship between Buyer and Seller resulted in transaction of Bonaire with repair works already completed guaranteed by the Seller and 18-month NOI guarantee ▪ All major tenants have updated their stores to the latest concepts NET PRICE (i) €305m Municipality Aldaya District Valencia Opening Date 2000 Total GLA (sqm) 57.004 Footfall (in Mn) 11.7 Occupancy Rate (%) 97.4 Transaction Date March 2025 Price €305 million BONAIRE SHOPPING CENTRE Bonaire RECYCLING CAPITAL ACQUIRING A TOP 10 SHOPPING CENTRE IN SPAIN
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BUILDING A LOYAL FAN BASE IN OUR MALLS... 4.7 CUSTOMER CENTRICITY FINANCIAL RESULTS PRESENTATION FY25 INNOVATIVE AI SYSTEM TO PUSH SALES IN OUR MALLS (*) Spanish SCs data excluding Bonaire SC that wil be launched in June EXTENDING AVERAGE STAY To continue offering the best visitor experience, we have implemented, among other services, a recharge mobile station for our member's club 31.4k TICKETS VALIDATED +5.3K USERS HAVE REGISTERED TICKETS €1.3million IN GENERATED SALES CONSOLIDATING OUR POSITION AS THE BEST DIGITAL TOOL IN THE ENTIRE RETAIL SECTOR IN IBERIA EXCEPCIONAL RESULTS 1 YEAR AFTER ITS RESTYLING 89% ACTIVE USERS +17% NEW USERS WITH APP 10.6K ACTIVATIONS (FROM JAN’25) 79 AVG PER DAY 65,2% USERS CONFIRM THEY WOULD GO HOME IF THEY DIDN’T HAVE THIS SERVICE 4.7million INTERACTIONS IN THE APPS (+72.3%) 24
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...WHILE DESIGNING UNIQUE AND MEMORABLE MOMENTS 4.7 CUSTOMER CENTRICITY 28 FINANCIAL RESULTS PRESENTATION FY25 EVENTS & ANIMATIONS IN FY25 320 COLABORATIONS WITH TENANTS IN FY25 105 FOOTFALL ON AVERAGE +11% 25 25
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4.7 CUSTOMER CENTRICITY BRINGING DIFFERENTIAL EVENTS AS “THE CHOCOLATE FACTORY”, INCREASINGTRAFFIC BY +8.3% AND ACHIEVING A CUSTOMER SATISFACTION RATING OF 9 OUT OF 10 RESULTS OF THE SHOW This immersive experience, inspired by the world of Willy Wonka, included an exhibition featuring over 4,500 kg of chocolate, chocolate workshops for children, and live shows that delighted the little ones. 9/10 CUSTOMER SATISFACTION NEW MEMBERS IN LOYALTY CLUB +4,700 FOOTFALL VS PREVIOUS YEAR +8.32% CHILDRENS IN WORKSHOP +7,100 VISITS TO THE EXPO +350K 29 FINANCIAL RESULTS PRESENTATION FY25 26
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4.8 ESG AT CORPORATE LEVEL We have completed the implementation of our first ESG strategy, launched in 2021, which has enabled us to achieve, in just three years, the highest recognitions in the sector across environmental, social, and governance areas Additionally, this year we were awarded by the Spanish Association of Shopping Centers (AECC) in the category of 'Best Implementation of a Corporate ESG Strategy' in recognition of our efforts to effectively integrate sustainable practices into our business model on a global scale and in record time Won the award in the category ‘Best Implementation of an ESG strategy’ 27 FINANCIAL RESULTS PRESENTATION FY25 EPRA sBPR Obtained the top award (Gold) for the third consecutive year GRESB Achieved 5 out of 5 stars (92 points) increasing from 3 to 5 stars in 2 years MITERD Registered the verified carbon footprint for scopes 1+2 and 3 (partially) according to ISO 14064 GPTW Obtained the GPTW certification for fourth year with a trust rate by employees of 89% FY25 to FY27 CASTELLANA ESG STRATEGY BEYOND ESG BOUNDARIES FY22 2022 FY23 2023 FY24 2024 CASTELLANA PROPERTIES SUCCESSFULLY CONTINUES WITH ITS ESG ROAD MAP (1/2)
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4.8 ESG NEXT STEPS: “BEYOND ESG BOUNDARIES”OTHER ACHIEVEMENTS 28 FINANCIAL RESULTS PRESENTATION FY25 CASTELLANA PROPERTIES SUCCESSFULLY CONTINUES WITH ITS ESG ROAD MAP (2/2) BREEAM 100% of portfolio is currently certified EU TAXONOMY 100% of Castellana Properties’ shopping centre portfolio is aligned with the EU Taxonomy for sustainable activities. OTHER HOT TOPICS Working on accessibility, waste management, and biodiversity certification standards TFCD Climate Risks Report has been updated, to better understand the potential impact of extreme weather conditions on the portfolio CDP First report submitted with a C rating on Climate Change and Water categories CRREM 81% of Castellana Properties assets would not be stranded until 2030 or later ENVIRONMENTAL AND ENERGY MANAGEMENT Current certification according to ISO standards has fulfilled the annual audit process 1 Contributing to the fight to reduce Climate Change 2 Reducing climate risks through the protection of natural resources 3 Competitive differentiation 4 Generate a positive impact on the local community 5 Promoting employee wellbeing 7 Consolidating an internal ESG management framework 6 Developing a responsible Value Chain in response to stakeholder’s demands The successful implementation of all actions in our first strategy has driven us to move forward with the launch of our new vision, Beyond ESG Boundaries. Through this strategy, we will implement ambitious measures over the coming years to create an even greater positive impact for all our stakeholders and the environment. The main lines of action are:
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5.1 Portfolio 5.2 Top 10 Assets Overview 5.3 Other ESG Initiatives 5.4 ESG Assessment Landscape 5.5 Sales Performance Per Tenant Category APENDIX 5 29
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5.1 PORTFOLIO FINANCIAL RESULTS PRESENTATION FY25 SPAIN 423,330sqm ANDALUCÍA 6 Assets ASTURIAS 1 Asset CASTILLA Y LEÓN 1 Asset C. VALENCIANA 3 Assets EXTREMADURA 3 Assets MADRID 1 Asset MURCIA 1 Asset PORTUGAL 137,849sqm LISBOA 3 Assets NORTE 1 Asset MADEIRA 1 Asset 8 Avenida Loures Shopping Alegro Sintra Rio Sul El Faro La Heredad La Serena Los Arcos Bahía Sur Marismas del Polvorín Puerta Europa Granaita Motril Pinatar Park Habaneras Bonaire Ciudad del Transporte Forum Madeira Vallsur Parque Principado Portfolio as of June 2025 Parque Oeste 30 TOTAL PORTFOLIO 21 Assets 561,179sqm
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BONAIRE EL FARO BAHÍA SUR LOS ARCOS GRANAITA PROVINCE VALENCIA BADAJOZ SAN FERNANDO SEVILLA GRANADA AREA 57 004 sqm 61,681 sqm 35,437 sqm 26,774 sqm 55,854 sqm SECTOR Shopping Centre Shopping Centre Shopping Centre Shopping Centre Retail Park MAJOR TENANTS Cinesa Lefties Primark Mercadona Decathlon Primark Primark Zara Lefties Media Markt Zara Zara Yelmo Cines Media Markt Mercadona H&M Yelmo Cines Lefties Kiabi Ozone Lefties Media Markt Sould Park Bershka Sprinter WALE NEXT BO BY RENT 2.7 years 2.8 years 2.2 years 2.4 years 2.1 years VACANCY 2.6% 0.9%(i) 0.1% 2.4% 4.7% 5.2 TOP 10 ASSETS OVERVIEW (by GAV) 1/2 FINANCIAL RESULTS PRESENTATION FY25 i. Excluding the area under development in Vallsur Repositioning Project, El Faro Hipercor Project and all storages. 31
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ALEGRO SINTRA (i) PUERTA EUROPA HABANERAS VALLSUR RIOSUL PROVINCE LISBOA ALGECIRAS TORREVIEJA VALLADOLID LISBOA AREA 42,274 sqm 29,894 sqm 29,943 sqm 35,075 sqm 23,534 sqm SECTOR Shopping Centre Shopping Centre Shopping Centre Shopping Centre Shopping Centre MAJOR TENANTS Primark Primark Leroy Merlin Carrefour Zara Castello Lopes Cinemas Yelmo Cines Zara Yelmo Cines C&A Zara Mercadona Forum Sport Ozone Element H&M Zara C&A Forum Sport Bershka Clinica Joaquin Chaves Lefties Bershka Álvaro Moreno Pull&Bear WALE NEXT BO BY RENT 2.7 years 2.4 years 2.0 years 2.5 years 3.4 years VACANCY 0.5% Fully Let 3.3% 1.6%(ii) 1.2% 5.2 TOP 10 ASSETS OVERVIEW (by GAV) 2/2 i. Considering 100% of Alegro Sintra ii. Excluding the area under development in Vallsur Repositioning Project, El Faro Hipercor Project and all storages. 32 FINANCIAL RESULTS PRESENTATION FY25
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5.3 OTHER ESG INITIATIVES We are developing new initiatives to promote local talent and foster entrepreneurship by transforming our shopping centres into hubs for small businesses. We are turning our shopping centres into hubs for small businesses, giving emerging brands the chance to test their products and connect with customers. Following successful pilots at Bahía Sur and Puerta Europa, we are expanding the initiative to other Castellana Properties centres— including El Faro, Vallsur and Granaíta—with new projects launching in FY26. “YO SOY EMPRENDEDORA” BAHIA SUR ENTERPRENEUR WOMEN FAIR In 2024, Bahía Sur reaffirmed its support for local entrepreneurship by hosting the second edition of the Soy Emprendedora Fair. The event featured 17 emerging brands and included a workshop for aspiring women entrepreneurs to mark International Women’s Day. The fair led to two new permanent tenants at the centre, including Ola Negra Cadizfornia, a local brand from San Fernando now operating a permanent space at Bahía Sur. More projects are currently under review for future promotion. PUERTA EUROPA EMPRENDE Launched in partnership with Algeciras City Council, Puerta Europa Emprende offered a dedicated space for local entrepreneurs, small businesses, and non- profits in Campo de Gibraltar. The initiative enabled emerging brands to test their products and reach a wider audience, reinforcing the centre’s social impact. Inaugurated in September 2024 by councilors Sabina Quiles and Álvaro Márquez, the project has generated strong interest, with new expansions already under evaluation. 33 FINANCIAL RESULTS PRESENTATION FY25 INVESTING AND ENCOURAGING ENTREPRENEURSHIP HAND IN HAND WITH OUR COMMUNITIES
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5.4 ESG ASSESMENT LANDSCAPE ESG CORPORATE LEVEL ASSET LEVEL ENVIRONMENTAL SOCIAL GOVERNANCE 34 FINANCIAL RESULTS PRESENTATION FY25 2024 RD 390/2021 RD 56/2016
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5.5 SALES PERFORMANCE PER TENANT CATEGORY SPAIN ANOTHER YEAR MARKED BY OUTSTANDING SALES GROWTH ACROSS ALL CATEGORIES 35 FINANCIAL RESULTS PRESENTATION FY25 WEIGHT BY RENT: 6.85 % 1.58 % 5.08 % 3.18 % -1.43 % 4.32 % 3.25 % 9.15 % -12.72 % 0.00 50.00 100.00 150.00 200.00 250.00 Homeware Fashion Health & Beauty Food & Beverage Food Leisure & Entertainment Sports & Adventure Other Retail Culture, Media & Technology € MILLION SALES FY25 SALES FY24 13.5% 36.5% 7.6% 10.8% 7.6% 8.6% 7.9% 2.9% 0.9% i. Excluded services category (3.1%) due to inconsistent sales data and non retail category 0.6% ii. The sample of Culture, Media & Technology is composed by only one brand, that experienced a significant increase in sales last year due to the launch of a new product. However, this year, sales have stabilized compared to the previous year iii. Bonaire not included The Homeware category has experienced substantial growth during this FY, outperforming the Fashion category. This increase is primarily attributed to a notable +13% rise in sales in the Furniture and Decoration subcategories. (ii) (i) (i) (iii)(iii)
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5.5 SALES PERFORMANCE PER TENANT CATEGORY PORTUGAL STRONG SALES GROWTH ACROSS ENTIRE PORTUGUESE PORTFOLIO In our Portuguese portfolio, the Fashion category continues to lead strongly 36 FINANCIAL RESULTS PRESENTATION FY25 37.4% 4.5% 13.0% 8.8% 4.4% 17.9% 7.9% 2.8% 1.5%WEIGHT BY RENT: i. Sales of 8ª Avenida, Rio Sul, LoureShopping and 100% Alegro Sintra ii. Excluding non retail category 1.8% (i) (i) (ii) 4.89% 10.41% 6.73% 3.46% 2.39% 5.12% -0.80% -1.52% 12.39% 0 20 40 60 80 100 120 140 Fashion Other Retail Food & Beverage Services Homeware Health & Beauty Leisure & Entertainment Sports & Adventure Food € MILLION SALES FY25 SALES FY24 (ii)
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PURPOSE OF THIS PRESENTATION AND LIABILITY This document has been prepared by Castellana Properties SOCIMI, S.A. ("Castellana Properties") exclusively for use during the presentation of financial results of the FY25 fiscal year. As a consequence, thereof, this document may not be disclosed or published, nor used by any other person or entity, for any other reason, without the express and prior written consent of Castellana Properties. Castellana Properties does not assume liability for this document if it is used for any purpose other than the above. Except for the financial information included in this document (which has been extracted from the Condensed Consolidated Interim Financial Statements year ending 31st March 2025, as reviewed by PricewaterhouseCoopers Auditores, S.L.), the information and any opinions or statements made in this document have not been verified by independent third parties; therefore, no express or implied warranty is made as to the impartiality, accuracy, completeness or correctness of the information or the opinions or statements expressed herein. Neither Castellana Properties nor its subsidiaries assume liability of any kind, whether for negligence or any other reason, for any damage or loss arising from any use of this document or its contents. Neither this document nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract or agreement. Information in this document about the price at which securities issued by Castellana Properties have been bought or sold in the past or about the yield on securities issued by Castellana Properties cannot be relied upon as a guide to future performance. IT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO PURCHASE OR SUBSCRIBE SHARES This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the restated text of the Securities Market Law approved by Royal Legislative Decree 4/2015, of 23 October, Royal Decree-Law 5/2005, of 11 March, and/or Royal Decree 1310/2005, of 4 November, and their implementing regulations. In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities, nor a request for any vote or approval in any other jurisdiction. ACCOUNTING STANDARDS APPLIED This document and the information presented herein was prepared by Castellana Properties solely with respect to the consolidated financial results of Castellana Properties and was prepared and is presented in accordance with the International Financial Reporting Standards (“IFRS”). FORWARD-LOOKING INFORMATION This communication contains forward-looking information and statements about Castellana Properties, including financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts. Although Castellana Properties believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Castellana Properties' shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of Castellana Properties, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the registration documents (DiiM and DAR) sent by Castellana Properties to the BME Growth, which are accessible to the public. Forward-looking statements are not guarantees of future performance. They have not been reviewed by the auditors of Castellana Properties. You are cautioned not to place undue reliance on the forward-looking statements. All subsequent oral or written forward-looking statements attributable to Castellana Properties or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. All forward-looking statements included herein are based on information available to Castellana Properties on the date hereof. Except as required by applicable law, Castellana Properties does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. DISCLAIMER FINANCIAL RESULTS PRESENTATION FY25 37
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Rubén Darío, 3 28010 Madrid (+34) 91 426 86 86 castellanaproperties.es