Colonial Sfl Socimi Sa · BME:COL
Colonial Sfl Socimi Sa — Colonial SFL — FY2025 Earnings Presentation
47 slides from Colonial Sfl Socimi Sa's earnings presentation, Feb 26, 2026
Slide 1: Colonial SFL 2025 Full Year Results
#1 Colonial SFL 2025 Full Year Results February 26th, 2026 FY 2025 RESULTS | 1
Slide 2: Disclaimer
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Slide 3: Agenda
Agenda 01 Highlights 02 Portfolio Management 03 Financial Performance 04 Strategic Update FY 2025 RESULTS | 3
Slide 4: Outstanding operating results with solid execution of the disposal program
01 Highlights Outstanding operating results with solid execution of the diposal programm 1 Sustained Gross Rental Income EPRA Earnings EPRA EPS €399m +6% LfL €211m +9% €33.6 cts Confirming Cash Flow Growth guidance 2 Operational Rental Growth1 Release Spread2 Occupancy +7% YoY +8% Group YoY 92% Outp
Slide 5: Our strategic positioning is set to deliver earnings and value growth
01 Highlights Our strategic positioning is set to deliver earnings and value growth Prime Asset Class delivers strong rental growth Solid progress on disposals through superior pricing power Significant deleverage Acceleration of operations in the quarter Disposals of +€300m secured YTD 1. Gross Ren
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 Rental Release Annualized Rental Release Annualized Rental Release Annualized Growth1 Spread2 rents signed Growth1 Spread2 rents signed Growth1 Spread2 rents signed +9% +16% €24m +6% +4% €22m +5% +1%
Slide 7: Solid progress on disposal program well ahead of schedule
01 Highlights Solid progress on disposal program well ahead of schedule Disposal program on track confirming appraisals Landmark disposal in Paris of +€240m +€300m +€300m divested in three months executed since announcement Madrid €43m YTD Prices confirming appraisals and €0.5bn at a ≤ 4% running P&
Slide 8: Portfolio Management
02 Portfolio Management FY 2025 RESULTS | 8
Slide 9: Our Prime portfolio delivers outstanding letting performance
02 Portfolio Management Our Prime portfolio delivers outstanding letting performance Strong growth in annualized GRI Robust letting performance across Barcelona, Madrid & Paris €m 62% of surface from New lettings & Re-letting 64 +22% YoY 52 Barcelona Paris Barcelona Madrid €18m €24m 58,946 70,554 sq
Slide 10: Paris Prime letting activity achieving record rents
02 Portfolio Management Paris Prime letting activity achieving record rents Louvre Saint Honoré - Office Washington Plaza Champs Élysées 92 - Retail Paris CBD Paris CBD Paris CBD Rental price Rental price Rental price c. 1,200 1,000 > 3,700 €/sqm/y €/sqm/y €/sqm/y +11% +18% +5% ERV 12/24 ERV 12/24 E
Slide 11: Madrid & Barcelona: Increasing momentum with strong rental growth
02 Portfolio Management Madrid & Barcelona: Increasing momentum with strong rental growth Spain stands out in annualized GRI growth Quality-led new lettings & renewals at top rents €m Diagonal 197 Diagonal 609 - 615 Diagonal 682 40.0 Barcelona 22@ Barcelona CBD Barcelona CBD +25% YoY Rental price Re
Slide 12: Accelerating rental growth & strong release spread across prime markets
02 Portfolio Management Accelerating rental growth & strong release spread across prime markets Accelerating rental growth1 Release spread driven by Paris market2 2024 2025 2024 2025 7% Paris +6% +9% Paris +20% +16% +19% offices +186 bps 5% Madrid +4% +6% Madrid +1% +4% Barcelona +4% +5% Barcelona (
Slide 13: Delivered projects progressing through lease-up
02 Portfolio Management Delivered projects progressing through lease-up Madnum: Advancing towards full occupancy Haussmann: Driving interest from top tier corporates €14m €5m Annualized Passing Rent +44,000 Annualized Passing Rent +4,700 Captured Sqm Captured sqm signed signed +74% +39% Signed Signe
Slide 14: Leasing momentum driving occupancy recovery
02 Portfolio Management Leasing momentum driving occupancy recovery Strong Group EPRA occupancy Available prime space provides additional reversion 0.9% Prime Paris 93% 0.6% Floor signed Prime Madrid & Barcelona2 Haussmann Q1 26 1.6% +62 Barcelona 22@ 92% bp 1.0% 91% Secondary Madrid/Barcelona Madnu
Slide 15: Financial Performance
03 Financial Performance FY 2025 RESULTS | 15
Slide 16: Core Portfolio & Project deliveries drive strong rental income growth
03 Financial Performance Core Portfolio & Project deliveries drive strong rental income growth Gross Rental Income Variance Gross Rental Income Growth (%) €m +8% Core Portfolio +6% Like for like1 Alpha +8% Like for Delivery of like1 Projects Delivered Projects +2% & Acquisitions 11 Condorcet & 21 Ha
Slide 17: Strong Gross Rental Income like for like growth through superior pricing power
03 Financial Performance Strong Gross Rental Income like for like growth through superior pricing power Gross Rental Income Like for Like1 Colonial SFL outperforms in LfL rental growth €m Gross Rental Income Asset Like for Like YoY Class +6% +2.7% +1.5% +1.6% like for like Avg. Peers 6 377 Colonial
Slide 18: EPRA earnings growth on the back of strong operations
03 Financial Performance EPRA earnings growth on the back of strong operations EPRA Earnings Variance EPRA Earnings €m €m 211 +9% +20% 193 YoY 16 6 18 211 12/24 12/25 (21) +9% EPRA EPS 193 33.6 €/cts. FY25 EPS Towards the upper range of the guidance €33cts. - €34cts. Recurring Core Project SG&A, Con
Slide 19: Gross Asset Values grow in all geographies
03 Financial Performance Gross Asset Values grow in all geographies Gross Asset Values GAV Like For like Variance €m Yield Valuation Expansion 2025 Yield2 +3.0% like-for-like Since - 2H 25- 06/2022 202 12,203 MADRID +5.7% 4.8% +76bp 88 267 11,646 BARCELONA +3.9% 5.0% +74bp PARIS +2.0% 4.2% +115bp GR
Slide 20: Resilient asset values supported by transactional evidence
03 Financial Performance Resilient asset values supported by transactional evidence Solid Gross Asset Value like for like growth Underpinned by increasing momentum in investment markets Paris Madrid & Barcelona Paris CBD Madrid City Centre 83 Marceau +€240m Retama 3 (Faro) €109m 18,492 PARIS €/sqm 1
Slide 21: Accelerated execution of disposal program in three months
03 Financial Performance Accelerated execution of disposal program in three months What we promised… …is being delivered Disposal Program announced in 11/25 €300m disposals executed – 60% of target in three months > +€240m in Paris (100% completed) > Planned execution in 18 – 24 months > €43m in Com
Slide 22: Strengthened balance sheet and improved leverage
03 Financial Performance Strengthened balance sheet and improved leverage Improved leverage metrics Robust liquidity position and credit ratings Net Debt Improvement Benefiting from hedging strategy in place €bn €222m 4.9 5.0 4.7 High liquidity1 2.2 €bn 09/25 12/25 12/25 Proforma Well covered debt m
Slide 23: Colonial SFL secures competitive financial costs with proactive hedging strategy
03 Financial Performance Colonial SFL secures competitive financial costs with proactive hedging strategy Cost of debt reflecting hedging strategy in place Strong balance sheet protection & contained debt cost 5% 5% 4% 3.6% Market 4% Price1 3% 2.6% 3% 5Y Swap2 1.9% 1.9% 2% 1.7% 1.8% 1.7% 2% Colonial
Slide 24: Strategic Update
04 Strategic Update FY 2025 RESULTS | 24
Slide 25: Three Pillars for Colonial SFL's Strategic Framework
04 Strategic Update Three Pillars for Colonial SFL’s Strategic Framework 1 2 3 Portfolio Management Prime CBD Operations Alpha X Capital Allocation Strategic ▪ Pricing Power & Differentiation ▪ Driver of Mid-Term EPS Growth ▪ Divestment Plan +€1b asset sold in last 3 years Pillars ▪ Paris/ Madrid/ B
Slide 26: Prime CBD Operations: Outperformance in absolute & relative terms
04 Strategic Update Prime 1 Prime CBD Operations: Outperformance in absolute & relative terms CBD Operations GRI like for like growth +300 bp above indexation1 Colonial SFL outperforms in LfL rental growth Group Paris Portfolio Gross Rental Income Asset Like for Like YoY Class Avg. Colonial SFL 6% C
Slide 27: Prime CBD Operations: Paris Prime Asset Class Market
04 Strategic Update Prime 1 Prime CBD Operations: Paris Prime Asset Class Market CBD Operations - Paris CBD new supply rapidly absorbed - - Paris CBD rental growth - In a context of Prime product scarcity Reinforced market bifurcation towards high quality ▪ Prime CBD vacancy remains very low, reflec
Slide 28: Prime CBD Operations: Madrid & Barcelona Prime Asset Class Market
04 Strategic Update Prime 1 Prime CBD Operations: Madrid & Barcelona Prime Asset Class Market CBD Operations - Structurally constrained Prime stock - - The best locations are sought after - Continued tension in Grade A Prime assets ▪ Flight to quality continues to concentrate demand in well-located,
Slide 29: Alpha X: Prime Factory as a solid source for mid-term EPS growth
04 Strategic Update 2 Alpha X: Prime Factory as a solid source for mid-term EPS growth Alpha X Close to 200,000 sqm in Urban Transformation Initiatives with +€100m of rental income Topped-up GRI timeline Additional EPRA EPS of more than 11 €/cts1 €m 64 +100 Madnum Project & Renovations Alpha X - Pro
Slide 30: Portfolio Management & Capital Allocation
04 Strategic Update 3 Portfolio Management & Capital Allocation Portfolio Mgmt & Capital Allocation Disposal Program ahead of plan Capital Allocation 1 Deleveraging of Colonial SFL €500m Disposal Program with solid progress ▪ LTV decrease of more than 100 bp 1. Strong execution YTD at attractive pri
Slide 31: EPS & DPS Growth - Guidance
04 Strategic Update EPS & DPS 4 EPS & DPS Growth - Guidance Growth/ Guidance Strong EPS Growth Profile based on Prime CBD Operations + Alpha X Our Prime Startegy delivers consistent EPS & DPS growth EPS & DPS Guidance EPRA EPS €cts./share 2026 +8% €cts./share CAGR +37% 33 34 32 EPS 34-35 30 25 DPS p
Slide 32: Attractive Shareholder Remuneration
04 Strategic Update 5 Attractive Shareholder Remuneration Shareholder Remuneration Growing shareholder remuneration with 6% DPS Yield1 based on Prime collateral Historical Dividend Paid Remuneration Proposal for 2026 €cts./share 30 DPS paid DPS paid €32cts.2 (+2cts.) 24 + Cancellation of 5m treasury
Slide 33: Strategy & Outlook
04 Strategic Update Strategy & Outlook Colonial’s Prime Platform delivers profitable growth 1. Colonial SFL’s Prime Portfolio guarantees sustained high rental growth driving recurring earnings 2. Our Prime Factory Pipeline will deliver more than €100m of rents in the coming years 3. We are successfu
Slide 34: Thank You
THANK YOU https://www.colonial- sfl.com/en/investors FY 2025 RESULTS | 34
Slide 35: Profit & Loss Account
Appendices – 01 Financials & Operations PROFIT & LOSS ACCOUNT GROSS RENTAL INCOME RECURRING EBITDA €m €m Results analysis - €m FY 2025 FY 2024 +6% Like- Gross Rents 399 391 399 for-like 391 Net operating expenses & Overheads (65) (69) +4% 333 321 YoY Recurring EBITDA 333 321 +2% YoY Recurring financ
Slide 36: Resilient asset values underpin NTA progression
Appendices – 01 Financials & Operations Resilient asset values underpin NTA progression Solid Gross Asset Value like for like growth Net Tangible Assets €m +2.0% GAV LfL1 PARIS 211 18,492 €/sqm 2 6,085 +1% 6,036 22 (183) +5.7% GAV LfL1 MADRID 6,914 €/sqm 2 NTA NTA Earnings Dividend NTA 12/24 Growth
Slide 37: Colonial SFL ERV growth delivers significant spread above indexation
Appendices – 01 Financials & Operations Colonial SFL ERV growth delivers significant spread above indexation Colonial SFL delivers pricing power over Inflation ERV Spread over Indexation2 YoY Growth 1 Indexation ERV vs Indexation Group +7% +2.3% 433bp Paris +9% +2.1% 682bp Madrid +6% +2.6% 326bp Bar
Slide 38: Prime CBD Operations: Strong reversion driving future EPS growth
Appendices – 01 Financials & Operations Prime 1 Prime CBD Operations: Strong reversion driving future EPS growth CBD Operations Prime Paris +€32m Madrid & Barcelona +€20m GRI reversion GRI reversion More than €50m of +€13m +€7m +€9m additional revenues GRI GRI GRI GRI reversion potential €m >50 10 9
Slide 39: The Prime Asset Class delivers the highest rental growth
Appendices – 02 Real Estate Market & Growth The Prime Asset Class delivers the highest rental growth PARIS - Office rental market SPAIN - Office rental market Paris City Market rents (€/sqm/y) City Centre Market rents (€/sqm/m) 99% Colonial’s playing field 87% Colonial’s playing field Prime Madrid P
Slide 40: Significant growth profile at adjusted Risk Return
Appendices – 02 Real Estate Market & Growth Significant growth profile at adjusted Risk Return Investments & Revenue Growth increasing passing rents Significant Additional Revenue Growth Annualized Topped-up GRI (€m) On track to capture +€150m of growth >52 >575 64 25 27 434 434 419 (12) Passing Dis
Slide 41: Renewed transaction momentum in core markets
Appendices – 02 Real Estate Market & Growth Renewed transaction momentum in core markets - Paris Transaction Market Recovery - - Record Breaking Activity in Spain - +51% in investment volume YoY in Greater Paris Largest ever single asset office transaction in Barcelona Return of major deals with Q4
Slide 42: Paris Latest Market transactions
Appendices – 03 Market Transactions Latest Market transactions Asset Area Price GLA Cap. Value 4 Pl. de la R. Dominicaine (Most) CBD +€100m 4,172 sqm +€24,000 /sqm (Oct 25) 10 Hoche CBD +€100m 4,495 sqm +€22,000 /sqm (Dec 25) 54 Rue de Londres CBD €78m 4,622 sqm €17,000 /sqm (Dec 25) PARIS 39 Rue du
Slide 43: Barcelona Latest Market transactions
Appendices – 03 Market Transactions Latest Market transactions Asset Area Price GLA Cap. Value C/ Retama 3 (Faro) City Centre €109m 13,688 sqm €8,000/sqm (Sep 2025) C. del Ombú 6 City Centre c.€110m 14,000 sqm c.€8,000/sqm (Dec 2025) MADRID C. Albacete 5 (Los Cubos) M-30 €100m 20,000 sqm €5,000/sqm
Slide 44: Clear Leadership on ESG & Decarbonization
Appendices – 04 ESG Clear Leadership on ESG & Decarbonization A – Score – 5th year in a row 6.0 Rating 5 STAR – 6th year in a row Max. Score Leader among Ibex 35 Consolidating Global Leadership - 3rd year in a row ranked 1st - STANDING > Colonial maintains A rating for the 5th 6.0 INVESTMENTS RATING
Slide 45: Solid financial structure with strong coverage of mid term maturities
Appendices – 05 Financial Structure Solid financial structure with strong coverage of mid term maturities EXTENSION OF DEBT MATURITIES A Solid Financial Structure Maturity profile of debt facilities - €m 31/12/2024 31/12/2025 €4,465m €4,973m Net Debt 36.0% 37.1% LTV1 Total Facilities €2,570m €2,085m
Slide 46: Pre-hedge strategy covers 62% notional and at rates below current market
Appendices – 05 Financial Structure Pre-hedge strategy covers 62% notional and at rates below current market Bonds maturity for the next 3 years (€m) 1,099 700 599 Average 1 2026 2027 2028 Unhedged 4… 4… Hedge ratio (%) 73% 58% 57% 62% Hedged 5… 5… Pre-hedge price (%) (strike) 2,4% 1,5% 1,6% 1,9% FY
Slide 47: www.colonial-sfl.com
www.colonial-sfl.com © 2026 Colonial SFL FY 2025 RESULTS | 47