Slide 1: Colonial SFL 2026 First Quarter Results
#1 Colonial SFL 2026 First Quarter Results May 14th, 2026 1Q 2026 RESULTS | 1
Slide 2: Disclaimer
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Slide 3: Agenda
Agenda 01 Highlights 02 Portfolio Management 03 Financial Performance 04 Closing Remarks 1Q 2026 RESULTS | 3
Slide 4: Unique Prime Platform Delivering Resilient Growth and Disciplined Capital Allocation
01 Highlights Unique Prime Platform Delivering Resilient Growth and Disciplined Capital Allocation Outstanding first quarter results … …supported by clear Strategic Growth Pillars A solid multi-layer growth platform ▪ Strong leasing activity and superior rental growth 1. +3% rental growth in the qua
Slide 5: Prime Portfolio Delivering Sector-Leading Performance
01 Highlights Prime Portfolio Delivering Sector-Leading Performance 1 Sustained Gross Rental Income Recurring EBITDA EPRA EPS €104m +7% YoY €83m +5% YoY €8.7 cts Cash Flow Growth Full Year Guidance on track 2 Operational Rental Growth1 Release Spread2 Occupancy +3% in one quarter +7% 93% Outperforma
Slide 6: Portfolio Management
02 Portfolio Management 1Q 2026 RESULTS | 6
Slide 7: Strong Leasing Activity Benefitting from Technology and AI driven Demand
02 Portfolio Management Strong Leasing Activity Benefitting from Technology and AI driven Demand Continued strong letting momentum Tech and AI tenants driving demand Annualized GRI from lettings (€m) AI & Tech tenants 36% +13,000 sqm signed 17 37,135 sqm signed +28% YoY 13 Barcelona Paris 03/25 03/2
Slide 8: Pricing Power and Rental Reversion Supporting Earnings Visibility
02 Portfolio Management Pricing Power and Rental Reversion Supporting Earnings Visibility Release spreads1 accelerate… …with rental growth remaining strong Q1 26 Rental Growth2 18% 16% Renewals3 New Space Total Paris PARIS +7% Flat +2% Q1 25 Q1 26 2% MADRID +6% +5% +6% Madrid (0%) Q1 25 Q1 26 BARCEL
Slide 9: Strong Progress on Project Leasings Enhancing Future Income Visibility
02 Portfolio Management Strong Progress on Project Leasings Enhancing Future Income Visibility Madnum nearing full occupancy Haussmann: Driving interest from top tier corporates €21m €13m Annualized Annualized Passing Rent Passing Rent Target Target +85% +39% Secured Signed +97% High visibility 76%
Slide 10: Occupancy Increased to 93.3% Amid Sustained Leasing Activity
02 Portfolio Management Occupancy Increased to 93.3% Amid Sustained Leasing Activity Paris portfolio occupancy at 95% Strong Group EPRA occupancy +195 bps 93.3% Prelets in Madnum as of 92.9% reporting date 92.0% 91.3% Madrid portfolio occupancy at 92%1 Q3 25 Q4 25 Q1 26 Q1 26 Proforma incl. prelets
Slide 11: Financial Performance
03 Financial Performance 1Q 2026 RESULTS | 11
Slide 12: Embedded Rental Income Expansion from Core Portfolio and Project Deliveries
03 Financial Performance Embedded Rental Income Expansion from Core Portfolio and Project Deliveries Gross Rental Income Variance Gross Rental Income Growth (%) €m Core Portfolio +4% Like for like1 Alpha Like for Delivery of Delivered Projects +3% like1 Projects 3 0 104 4 Disposals & +7% 0% Other no
Slide 13: Like-for-Like Rental Growth Beating Indexation
03 Financial Performance Like-for-Like Rental Growth Beating Indexation Gross Rental Income Like for Like1 Top line significantly exceeds indexation €m % +4% +1.9% +0.7% +1.4% like for like Colonial SFL 4.0% Gross Rental 1 92 Income 1 2 like for like 2 216 bp Indexation 1.9% 89 Net Rental Income Col
Slide 14: Recurring Profit Expansion Reinforcing Earnings and Cash Flow Visibility
03 Financial Performance Recurring Profit Expansion Reinforcing Earnings and Cash Flow Visibility EPRA Earnings Variance EPRA Earnings €m €m 55 55 3 +16% 4 (3) +1% 47 55 55 21 (3) 53 03/24 03/25 03/26 €8.7 cts./share EPRA EPS 03/26 2026 EPS Guidance on track Recurring Core Delivered Financial Dispos
Slide 15: €350m of Disposals Deliver Lower Leverage and Balance Sheet Strength
03 Financial Performance €350m of Disposals Deliver Lower Leverage and Balance Sheet Strength Program execution well ahead of schedule Strenghtened balance sheet LTV EPRA LTV €350m disposals executed as of May26 (144bp) (182bp) €350m 38.1% 47.0% executed YTD 36.7% 45.2% €0.5bn 09/25 03/26 09/25 03/2
Slide 16: Closing Remarks
04 Closing Remarks 1Q 2026 RESULTS | 16
Slide 17: Three Pillars Underpinning Earnings Visibility and Value Creation
04 Closing Remarks Three Pillars Underpinning Earnings Visibility and Value Creation 1 2 3 Portfolio Management Prime CBD Operations Alpha X Capital Allocation ▪ Pricing Power & Differentiation ▪ Driver of Mid-Term EPS Growth ▪ Divestment Plan +€1b asset sold in last 3 years ▪ Paris/ Madrid/ Barcelo
Slide 18: Market-leading +4% LFL GRI Growth, +7% Including Delivered Projects
04 Closing Remarks Prime Market-leading +4% LFL GRI Growth, +7% Including Delivered Projects CBD Operations Colonial SFL outperforms in absolute rental growth Colonial SFL outperforms in like for like rental growth Gross Rental Income Gross Rental Income Growth YoY Like for Like1 YoY Avg. Avg. Peers
Slide 19: Prime CBD Platform Combining Sector-Leading Growth and Embedded Value
04 Closing Remarks Prime CBD Platform Combining Sector-Leading Growth and Embedded Value Operational Outperformance and Growth Visibility 1. Market-leading rental growth and pricing power 2026 Capital Markets Day continue to reinforce cash flow visibility 2. 93% occupancy, supported by sustained dem
Slide 20: Thank You
THANK THANK YOU YOU https://www.colonial- sfl.com/en/investors https://www.colonial-sfl.com/en/investors 1Q 2026 RESULTS | 20
Slide 21: Appendices: Profit & Loss Account
Appendices PROFIT & LOSS ACCOUNT GROSS RENTAL INCOME RECURRING EBITDA Results analysis - €m Q1 2026 Q1 2025 €m €m +4% Gross Rents 104 97 Like- 104 for-like Net operting expenses & Overheads (21) (18) 97 83 Recurring EBITDA 83 79 +7% +5% YoY 79 YoY Recurring financial result (21) (18) Income tax expe
Slide 22: Appendices: Extension of Debt Maturities
Appendices EXTENSION OF DEBT MATURITIES A Solid Financial Structure Maturity profile of debt facilities - €m 31/12/2025 31/03/2026 €4,973m €4,656m Net Debt New Bond Green Bonds Green Loans Undrawndown balances 37.1%1 36.7% LTV Maturities covered by current liquidity Total Facilities €2,085m €2,085m
Slide 23: Investor demand and ratings endorse Colonial's robust capital structure
Appendices Investor demand and ratings endorse Colonial’s robust capital structure Successfully placed a €500m Green Bond Issuance BBB+ Credit Rating reaffirmed with Stable despite challenging geopolitical environment Outlook by S&P Global in April-26 1 Robust demand > In April, S&P reaffirmed Colon
Slide 24: Paris: Latest Market Transactions
Appendices Latest Market transactions Asset Area Price GLA Cap. Value 83-85 Marceau CBD €242.5m 9,700 sqm n.a. (Feb 2026) 91 Champs-Élysées (Mar 2026) CBD €320m 4,200 sqm €76,000/sqm 48 Boulevard Raspail Southern Paris €300m1 13,500 sqm €22,000/sqm (Mar 2026) PARIS 39 Rue du Colisée CBD €137m 6,193
Slide 25: Madrid and Barcelona: Latest Market Transactions
Appendices Latest Market transactions Asset Area Price GLA Cap. Value Development Avenida del Cardenal Herrera-Oria A-1 €200m 47,800 sqm n.a. (Jan 2026) Paseo del General Martínez Campos 30 CBD n.a. 10,000 sqm n.a. MADRID (Apr 2026) Virgen de los Peligros 14 CBD €25m 2,500 sqm €10,000/sqm (Apr 2026)
Slide 26: www.colonial-sfl.com
www.colonial-sfl.com © 2026 Colonial SFL 1Q 2026 RESULTS | 26