Colonial Sfl Socimi Sa · BME:COL

Colonial Sfl Socimi Sa — Colonial SFL — Q3 2025 Earnings Presentation

36 slides from Colonial Sfl Socimi Sa's earnings presentation, Nov 13, 2025

  1. Slide 1: Colonial SFL 2025 Third Quarter Results

    #1 Colonial SFL 2025 Third Quarter Results November 13th, 2025 3Q 2025 RESULTS | 1

  2. Slide 2: Disclaimer

    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.

  3. Slide 3: Agenda

    Agenda 01 Highlights 02 Financial Performance 03 Portfolio Management 04 Future Growth 3Q 2025 RESULTS | 3

  4. Slide 4: Our Strategic Positioning in Prime is set to deliver earnings and value growth

    01 Highlights Our Strategic Positioning in Prime is set to deliver earnings and value growth Prime Asset Class delivers strong rental growth Colonial SFL to continue serving its clients’ needs through superior pricing power through Urban Transformation The Prime Asset Class delivers superior growth

  5. Slide 5: Our Prime Asset Class Strategy delivers robust results

    01 Highlights Our Prime Asset Class Strategy delivers robust results 1 Sustained Gross Rental Income EPRA Earnings EPRA EPS €296m +5% €156m +6% YoY €25 cts Cash Flow Growth LfL YoY Full Year Guidance on track 2 Operational Rental Growth1 Release Spread2 Occupancy +6% +9% 91% Outperformance +9% in Pa

  6. Slide 6: The Best Prime Product delivers outperformance in rental growth

    01 Highlights The Best Prime Product delivers outperformance in rental growth Paris Madrid Barcelona Maximum rent signed Maximum rent signed Maximum rent signed c.1,200 €/sqm/year 43 €/sqm/month 30 €/sqm/month Rental Rental Rental +9% +6% +3% growth1 YTD 2025 growth1 YTD 2025 growth1 YTD 2025 94% 10

  7. Slide 7: Financial Performance

    02 Financial Performance 3Q 2025 RESULTS | 7

  8. Slide 8: Rental Income increase through solid growth in Core Portfolio & Project deliveries

    02 Financial Performance Rental Income increase through solid growth in Core Portfolio & Project deliveries Gross Rental Income Variance Gross Rental Income Growth (%) €m +8% Core Portfolio +5% Like for like Alpha +8% Like for Delivery of like1 Projects Delivered Projects +3% & Acquisitions Condorce

  9. Slide 9: Strong Gross like for like Rental Income growth through superior pricing power

    02 Financial Performance Strong Gross like for like Rental Income growth through superior pricing power Gross Rental Income Like for Like Colonial SFL outperforms in LfL rental growth €m Gross Rental Income Asset Like for Like YoY Class +5% +2% +2% +1% like for Avg. like Peers Colonial SFL | Paris P

  10. Slide 10: EPRA earnings growth on the back of strong operations

    02 Financial Performance EPRA earnings growth on the back of strong operations EPRA Earnings Variance EPRA EPS €m +18% 9 €cts. 5 25.9 24.9 11 156 +6% (17) 147 09/24 09/25 Nosh 568m 627m shares shares Recurring Core Project SG&A, Condorcet, Recurring Profit Portfolio Deliveries & Financial Cost Hauss

  11. Slide 11: Balance Sheet remains strong with increased liquidity position

    02 Financial Performance Balance Sheet remains strong with increased liquidity position Loan To Value Ample liquidity position Competitive cost of debt1 % €bn % LTV incl. transf. 38.1% costs 36.0% 2.8 1.6x 1.9% 1.8% 1.7% Coverage Undrawn 25-27 Debt Maturities lines 2027 2026 Cash 0.7 2025 12/24 09/2

  12. Slide 12: Strong credit profile recognized by markets and rating agencies

    02 Financial Performance Strong credit profile recognized by markets and rating agencies Strong credit rating… …attracts top tier demand in debt markets Baa1 Rating confirmed by Moody’s on Sep25 Two benchmark Green Bonds placed in 2025 Stable Baa1 Outlook €500m | 5-year Green Bond (Jan 25) > Competi

  13. Slide 13: Portfolio Management

    03 Portfolio Management 3Q 2025 RESULTS | 13

  14. Slide 14: Our Prime Portfolio delivers outstanding letting performance

    03 Portfolio Management Our Prime Portfolio delivers outstanding letting performance Strong growth in annualized GRI Robust letting performance across Barcelona, Madrid & Paris €m 54 Barcelona Paris Barcelona Madrid +26% €16m €20m 54,473 57,046 sqm YoY sqm 43 €54m 125,714 Annualized sqm GRI signed Y

  15. Slide 15: Robust leasing activity in Colonial-SFL Paris

    03 Portfolio Management Robust leasing activity in Colonial-SFL Paris +€8m +€3m +€2m annualized GRI signed annualized GRI signed annualized GRI signed Champs Élysées 92 - Retail Louvre Saint Honore - Office Haussmann Saint - Augustin Paris CBD Paris CBD Paris CBD Rental price Rental prices Rental pr

  16. Slide 16: Madrid and Barcelona with accelerating leasing momentum

    03 Portfolio Management Madrid and Barcelona with accelerating leasing momentum MADRID BARCELONA 57,046 54,473 sqm signed sqm signed 09/25 09/25 21,601 40,028 sqm signed sqm signed in Madnum in 22@ 22@ 3Q 2025 RESULTS | 16

  17. Slide 17: Madnum – Flagship Campus on track to achieve full occupancy

    03 Portfolio Management Madnum – Flagship Campus on track to achieve full occupancy Madnum advancing towards full occupancy c.40,000 Sqm sqm signed 19,972 59,605 19,972 sqm – high demand €20m >8% New Yield On > + 3,500 sqm signed in Rents Cost 17,124 39,632 October > Additional +5,000 sqm 27 22,508

  18. Slide 18: Our Prime Asset Class portfolio achieves superior rental growth

    03 Portfolio Management Our Prime Asset Class portfolio achieves superior rental growth Strong pricing power across markets Return-to-office momentum reinforces global polarization Manhattan: Record-breaking flight to quality, with 23.2m sq ft Release ERV Spread over Indexation3 leased in the first

  19. Slide 19: Solid occupancy profile with attractive reversion potential

    03 Portfolio Management Solid occupancy profile with attractive reversion potential Stable Group EPRA occupancy Available prime space provides additional reversion 0.7% Prime Paris 97% 96% 95% 95% 0.7% 91% Prime Madrid & Barcelona1 1.7% Barcelona 22@ 1.1% Secondary Madrid/Barcelona Madnum & Haussman

  20. Slide 20: Leadership in Sustainability on the back of a Prime Asset Class Strategy

    03 Portfolio Management Leadership in Sustainability on the back of a Prime Asset Class Strategy 2025 GRESB Rankings 2025 Sustainalytics Rankings 2025 GRESB STANDING INVESTMENTS BENCHMARK Leader among Ibex 35 STANDING - 3rd year in a row ranked 1st - INVESTMENTS RATING 6.0 94/100 score Top 0.15% (ne

  21. Slide 21: Future Growth

    04 Future Growth 3Q 2025 RESULTS | 21

  22. Slide 22: Our Pan European Prime Platform delivers strong earnings growth

    04 Future Growth Our Pan European Prime Platform delivers strong earnings growth Proven earnings growth track record on the back of a multi-layer growth platform Rental Growth €m +9% CAGR1 156 Prime Factory Projects 147 & Value Add Initiatives 129 119 Capital Recycling & Acquisitions Financial Hedgi

  23. Slide 23: Strong EPS Growth Profile with Double-Digit IRRs

    04 Future Growth Strong EPS Growth Profile with Double-Digit IRRs I +13% EPS Impact Levered IRR Urban Transformation +€11cts Projects Mid-term II GRI Impact Prime Asset Reversion +€47m Cash Flow Growth Mid-term III +15% Levered IRR EPS Impact Third Party Capital +€2-3cts Science & Innovation Mid-ter

  24. Slide 24: Urban Transformation Projects providing additional cash flow and value creation

    04 Future Growth I Urban Transformation Projects providing additional cash flow and value creation Colonial-SFL to continue serving its clients’ needs through Urban Transformation Close to 200,000 sqm in Urban Transformation Initiatives with €100m of rental income Topped-up GRI timeline Additional E

  25. Slide 25: €47m Reversion from Prime Assets with Superior Cash Flow Growth

    04 Future Growth II €47m Reversion from Prime Assets with Superior Cash Flow Growth Prime Paris +€35m Madrid & Barcelona +€12m Mid-term GRI Mid-term GRI +€11m +€7m +€4m GRI GRI GRI Louvre Saint Honoré - Office 90 Champs - Élysées Madrid portfolio Paris - 1st Arrondissement Paris - 8th Arrondissement

  26. Slide 26: Third Party Capital to capture opportunities in Science & Innovation

    04 Future Growth III Third Party Capital to capture opportunities in Science & Innovation Strategic Alliance Seed portfolio on track Pipeline underway Fundraising progressing with attractive returns Advanced conversations with Cash Flow Reversion progressing Pipeline identification on track institut

  27. Slide 27: Active Capital Recycling to source new Prime Opportunities in Europe

    04 Future Growth IV Active Capital Recycling to source new Prime Opportunities in Europe Active Capital Recycling unlocking sources … … to capture opportunities in the European Real Estate Cycle Disposals of non-core or mature assets Identify new Prime opportunities to play the with no further value

  28. Slide 28: Strategy & Outlook

    04 Future Growth Strategy & Outlook Colonial SFL’s delivers profitable growth ... … with an attractive growth profile for the coming years > EPRA Earnings growth with +9% 3-year CAGR ▪1 More than €150m of future rents through new pipeline and reversion > EPRA EPS full year guidance on track ▪2 Enhan

  29. Slide 29: Thank You

    THANK YOU https://www.colonial- sfl.com/en/investors 3Q 2025 RESULTS | 29

  30. Slide 30: Merger with SFL Completed – Unlocking Scale & Visibility

    APPENDICES Merger with SFL Completed – Unlocking Scale & Visibility First cross border merger of a Spanish-listed group with a French-listed group The foundation of the leading pan European Group for Prime Real Estate Merger AMF exempts Certificate of conformity announcement Colonial from SFL issued

  31. Slide 31: Group Profit & Loss Accounts

    APPENDICES Group Profit & Loss Accounts PROFIT & LOSS ACCOUNT GROSS RENTAL INCOME NET RENTAL INCOME Results analysis - €m 3Q 2025 3Q 2024 €m €m +5% Gross Rents 296 293 Like- for-like Net operating expenses & Overheads (51) (51) 296 +5% 293 Recurring EBITDA 244 242 Like- +1% 275 274 for-like YoY Recu

  32. Slide 32: Financial Structure

    APPENDICES Financial Structure EXTENSION OF DEBT MATURITIES A SOLID FINANCIAL STRUCTURE Maturity profile of debt facilities - €m 31/12/2024 30/09/2025 €4,465m €4,906m Net Debt 36.0% 38.1% LTV Total Facilities €2,570m €2,085m Maturities covered Cash €543m €717m by current liquidity Liquidity €3,113m

  33. Slide 33: Pre-hedge strategy ensures a low cost of debt

    APPENDICES Pre-hedge strategy ensures a low cost of debt Bonds maturity for the next 3 years €m Bond’25 and S&I investment already refinanced with new Bond maturing in 2031 1,099 700 599 500 1 2025 2026 2027 2028 Unhedged 4… Hedge ratio (%) 93% 73% 58% 57% Hedged 5… Pre-hedge price (%) (strike) 1.8%

  34. Slide 34: Paris: Latest & ongoing market transactions

    APPENDICES Latest & ongoing market transactions Asset Area Price GLA Cap. Value Mixed use 223 Rue Saint Honoré (Sep 25) CBD €170m 3,670 sqm €46,300/sqm Centre d’Affaires Paris-Trocadéro CBD €700m 41,234 sqm €17,000 /sqm (Sep 25) 3 Rue Scribe CBD €85m 3,906 sqm €22,000 /sqm (Oct 25) PARIS 29-33 Champ

  35. Slide 35: Barcelona & Madrid: Latest & ongoing market transactions

    APPENDICES Latest & ongoing market transactions Asset Area Price GLA Cap. Value Fray Bernardino Sahagún 24 City Center €46m 4,356 €10,600/sqm (Aug 2025) Agustín de Foxá 29 City Center €52m 7,047 sqm €7,400/sqm (Sep 2025) MADRID C/ Retama 3 (Faro City Center €109m 13,688 sqm €8,000/sqm (Sep 2025) Dis

  36. Slide 36: www.colonial-sfl.com

    www.colonial-sfl.com © 2025 Colonial SFL 3Q 2025 RESULTS | 36

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