Slide 1: Colonial SFL 2026 First Half Results
#1 Colonial SFL 2026 First Half Results July 23rd, 2026
Slide 2: Disclaimer
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Slide 3: Agenda
Agenda 01 Highlights 02 Financial Performance 03 Strategic Plan & Value Drivers 04 Future Growth 2026 First Half Results | 3
Slide 4: First Half 2026: Robust Financial Performance Underpinned by Strategic Execution
1. Highlights First Half 2026: Robust Financial Performance Underpinned by Strategic Execution 1H 2026 Results: Strong Financial Performance Execution Against CMD Strategic Pillars 1 Prime CBD Operations: Managing & Repositioning 1. Gross Rental Income growth +5% YoY ▪ +4% Like for Like GRI growth (
Slide 5: Prime Portfolio Delivering Sector-Leading Performance
1. Highlights Prime Portfolio Delivering Sector-Leading Performance 1 Sustained Gross Rental Income EPRA Earnings EPRA EPS €207m +5% YoY €111m +4% €17.8cts Guidance confirmed Cash Flow Growth 2 Rental Growth1 Release Spread2 Occupancy Operational +5% +9% 94% +8% in Madrid +26% in Paris +203 bp year
Slide 6: Financial Performance
02 Financial Performance 2026 First Half Results | 6
Slide 7: Project Ramp-Up Unlocks Additional Gross Rental Income Growth
2. Financial Performance Project Ramp-Up Unlocks Additional Gross Rental Income Growth Gross Rental Income Variance Gross Rental Income Growth (%) €m Prime CBD Operations +4% Like for like1 Prime CBD Alpha X +7% Operations Prime Factory Alpha X +3% Delivered Projects 6 207 8 (3) +5% Disposals & (2%)
Slide 8: Superior Pricing Power Across Markets & Occupancy Gains Driving Solid Rental Income Growth
2. Financial Performance Superior Pricing Power Across Markets & Occupancy Gains Driving Solid Rental Income Growth Gross Rental Income Like for Like1 Outperformance Against Indexation and Peers +10% GRI €m Like-for-Like1 Spread of 286 bp on indexation BARCELONA +13% GRI +4% 4.4% +1.5% +1.0% +1.9% L
Slide 9: Strong Rental Growth Translates Into EPRA EPS Growth
2. Financial Performance Strong Rental Growth Translates Into EPRA EPS Growth EPRA Earnings Variance EPRA EPS €m €cts. 17.8 +4% YoY +12% 17.1 Prime CBD Alpha X Operations Prime Factory 6 7 111 +4% (8) (1) 06/25 06/26 107 Nosh 627m 627m shares shares2 2026 EPRA EPS Guidance On Track 34 – 35 €cts. Rec
Slide 10: Gross Asset Values Grow in All Geographies Driven By Rental Growth & Project Deliveries
2. Financial Performance Gross Asset Values Grow in All Geographies Driven By Rental Growth & Project Deliveries Gross Asset Values GAV Like For like Variance €m GAV LfL Valuation Net Initial Colonial GAV Variance Yield1 Yield Appraisal +3.4% like-for-like YoY - 1H 26- Full Reversion2 06/263 108 7,3
Slide 11: Disposal Execution Strengthens the Balance Sheet and Preserves Ample Liquidity
2. Financial Performance Disposal Execution Strengthens the Balance Sheet and Preserves Ample Liquidity Disposals Confirming Appraisal Values Leverage Levels In Line With Framework & Strong Credit Profile Ample Liquidity and Contained Cost of Debt Liquidity2 Investment grade ratings confirmed by Moo
Slide 12: Strategic Plan & Value Drivers
03 Strategic Plan & Value Drivers 2026 First Half Results | 12
Slide 13: Strong Leasing Activity Delivering Rental Growth Across Markets
3. Strategic Plan & Value Drivers Prime CBD Alpha X Active Strong Leasing Activity Delivering Rental Growth Across Markets Operations Prime Factory Transforming Portfolio Management Prime Assets Continue to Outperform in Rents Robust Letting Performance Across All Markets Diversified Pool of Tenants
Slide 14: Occupancy Momentum Builds, Backed by Strong Demand for Prime Office Space
3. Strategic Plan & Value Drivers Prime CBD Alpha X Active Occupancy Momentum Builds, Backed by Strong Demand for Prime Office Space Operations Prime Factory Transforming Portfolio Management Strong Group EPRA occupancy Paris portfolio occupancy at 96% Madrid portfolio occupancy at 94%1 +203 bps 94.
Slide 15: Continued Pricing Power Confirmed by Increasing Release Spreads
3. Strategic Plan & Value Drivers Prime CBD Alpha X Active Continued Pricing Power Confirmed by Increasing Release Spreads Operations Prime Factory Transforming Portfolio Management Strong pricing power across markets Release Spread1 in Paris Marks Another Record Release ERV Spread over Indexation3
Slide 16: Project Leasing Progress Supports Visibility on CMD Rent Targets
3. Strategic Plan & Value Drivers Prime CBD Alpha X Active Project Leasing Progress Supports Visibility on CMD Rent Targets Operations Prime Factory Transforming Portfolio Management Madnum nearing full occupancy Haussmann: Leasing Momentum Building Visibility on 2028 Project GRI Target €17m €6m €19
Slide 17: Net Seller Position Through Continued Disposal and Investment Execution
3. Strategic Plan & Value Drivers Prime CBD Alpha X Active Net Seller Position Through Continued Disposal and Investment Execution Operations Prime Factory Transforming Portfolio Management Current Disposal Program On Track Net Capital Recycling €0.5bn Disposals €0.2bn New Investments Fully Deployed
Slide 18: Future Growth
04 Future Growth 2026 First Half Results | 18
Slide 19: Executing Our Value Creation Strategy to Deliver the Next Phase of Growth
4. Future Growth Executing Our Value Creation Strategy to Deliver the Next Phase of Growth 1 Revenue Growth of +4% like for like, 300 bp above indexation > Strong occupancy ramp up of 200 bp in 6 months up to 94% Prime CBD Operations > Strong rental growth in lettings of +5% in 6 months Managing & R
Slide 20: Acquisition of a Portfolio of Prime Assets in the Central Business District of Berlin
4. Future Growth Prime CBD Alpha X Active Acquisition of a Portfolio of Prime Assets in the Central Business District of Berlin Operations Prime Factory Transforming Portfolio Management LindenCorso – Berlin Central Entry into a joint venture with Generali for a CBD Prime Portfolio 24,226 sqm 16% Re
Slide 21: Acquisition of a Portfolio of Prime Assets in the Central Business District of Berlin
4. Future Growth Prime CBD Alpha X Active Acquisition of a Portfolio of Prime Assets in the Central Business District of Berlin Operations Prime Factory Transforming Portfolio Management A LindenCorso – Berlin Central Central Berlin 24,226 sqm Tiergarten Brandenburger Tor B FriedrichStraße A Unter d
Slide 22: Strategy & Outlook
4. Future Growth Strategy & Outlook Strong Execution and Enhanced Growth Visibility 1. Recurring EPS +4% YoY, leading the European real estate sector 2. Revenue growth of +5% YoY ▪ Gross rental income LfL growth of +4%, +286 bp above indexation ▪ Letting activity with solid rental price increases of
Slide 23: Thank You
THANK YOU www.colonial-sfl.com © 2026 Colonial SFL
Slide 24: First Half 2026: Robust Financial Performance Underpinned by Strategic Execution
Appendices First Half 2026: Robust Financial Performance Underpinned by Strategic Execution PROFIT & LOSS ACCOUNT GROSS RENTAL INCOME RECURRING EBITDA €m €m +4% Results analysis - €m 1H 2026 1H 2025 Like- 207 for-like Gross Rents 207 197 197 174 +5% +7% Net operting expenses & Overheads (33) (34) Yo
Slide 25: Gross Asset Values Grow in All Geographies Driven By Rental Growth & Project Deliveries
Appendices Gross Asset Values Grow in All Geographies Driven By Rental Growth & Project Deliveries Gross Asset Values GAV Like For like Variance €m Yield Valuation Expansion 1H 2026 Yield1 +1.9% like-for-like Since - 1H 26- 06/2022 65 MADRID +4.1% 4.7% +59bp 165 12,203 12,082 (351) BARCELONA +2.8% 4
Slide 26: Stable Full-Reversion Yields Highlight Significant Embedded Income Upside
Appendices Stable Full-Reversion Yields Highlight Significant Embedded Income Upside Variance 12/25 06/26 06/26 vs. 12/25 EPRA EPRA Net Initial EPRA EPRA Net Initial Var. Net Initial Net Initial Topped-Up Yield Net Initial Topped-Up Yield Yield Yield Net Initial Yield1 Full Reversion2 Yield Net Init
Slide 27: Net Tangible Assets 1H 2026
Appendices Net Tangible Assets 1H 2026 Net Tangible Asset 1H 2026 Total Shareholder Return per Share NTA per share in € NTA Share Price Based Based 0.32 10.14 NTA + DPS 0.32 DPS DPS Yield1 +3.3% +5.9% 0.12 9.70 9.82 NTA Share Value +1.2% +3.7% 5.67 5.47 Price Growth2 Total Return +4.5% +9.6% in 6 Mo
Slide 28: AI Demand Increasingly Translating Into Prime Urban Office Leasing
Appendices AI Demand Increasingly Translating Into Prime Urban Office Leasing - AI Impact Narrative Shift - - Market Evidence of AI Demand - - Colonial Capturing AI Demand - Leading voices increasingly position AI as a +1m sq ft expected to be leased by AI Strong Tech & AI-related demand productivit
Slide 29: Berlin Super Prime Portfolio
Appendices Berlin Super Prime Portfolio Atrium – Berlin CBD (17.453 sqm) Offices: 13.616 sqm Retail: 3.066 sqm Brandenburger Tor Resi: 771 sqm FriedrichStraße, 60, 10117, Berlin 2026 First Half Results | 29
Slide 30: Berlin Super Prime Portfolio
Appendices Berlin Super Prime Portfolio Lindencorso – Berlin CBD (24.226 sqm) Offices: 19.042 sqm Retail: 3.428 sqm Resi: 1.756 sqm Tiergarten Brandenburger Tor Unter Den Linden, 21, 10117, Berlin FriedrichStraße 2026 First Half Results | 30
Slide 31: Disposal Execution Strengthens the Balance Sheet and Preserves Ample Liquidity
Appendices Disposal Execution Strengthens the Balance Sheet and Preserves Ample Liquidity EXTENSION OF DEBT MATURITIES A SOLID FINANCIAL STRUCTURE Maturity profile of debt facilities - €m 31/12/2025 30/06/2026 €4,973m €4,708m Net Debt 37.1%2 36.7% LTV Maturities covered Total Facilities €2,085m €2,0
Slide 32: Latest & Ongoing Market Transactions: Paris
Appendices Latest & Ongoing Market Transactions Asset Area Price GLA Cap. Value 31 Rue Bergère CBD €35m1 2,100 sqm €16,600/sqm (Apr 26) 39 Rue du Colisée CBD €137m 6,193 sqm €22,000/sqm (Apr 26) 34 Rue du Louvre CBD +€100m 8,200 sqm n.a. (Apr 26) Value PARIS add 43 Rue Beaubourg City Center (3rd Arr
Slide 33: Latest & Ongoing Market Transactions: Madrid and Barcelona
Appendices Latest & Ongoing Market Transactions Asset Area Price GLA Cap. Value Office to Resi C/ Alcalá 40 (May 26) CBD n.d. 9,315 sqm n.d. Los Cubos (May 26) M30 €91m 19,600 sqm €4,600/sqm MADRID Puerto de Somport 21 (Jun 26) A1 c.€100m 20,000 sqm c.€5,000/sqm Paseo de la Castellana 1 Transaction
Slide 34: www.colonial-sfl.com
www.colonial-sfl.com © 2026 Colonial SFL