Slide 1: Colonial 2024 Full Year Results
#1 Colonial 2024 Full Year Results February 27th, 2025 FY 2024 RESULTS | 1
Slide 2: Disclaimer
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Slide 3: Agenda
Agenda 01 Highlights 02 Financial Performance 03 Portfolio Management 04 Future Growth FY 2024 RESULTS | 3
Slide 4: 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 Colonial to continue serving its clients’ needs through through superior pricing power Urban Transformation The Prime Asset Class delivers superior growth Colonial prod
Slide 5: Our view on our markets for 2025
01 Highlights Our view on our markets for 2025 - Further Polarization - - Office supply is shrinking - - Spain with strong growth - Demand for high quality European housing shortage is Madrid and Barcelona economies working environments increasing reducing city center office stock are leading Europe
Slide 6: Outstanding operating results with asset values stabilizing
01 Highlights Outstanding operating results with asset values stabilizing 1 Sustained Gross Rental Income EPRA Earnings EPRA EPS €391m +6% LfL €193m +12% €33.0 cts Beating upper Cash Flow Growth range of guidance 2 Operational Rental Growth1 Release Spread2 Occupancy +5% YoY +8% Group YoY 95% Outper
Slide 7: The Best Prime Product delivers outperformance on occupancy & rental growth
01 Highlights The Best Prime Product delivers outperformance on occupancy & rental growth Paris Madrid Barcelona Rental Net Rental Rental Net Rental Rental Net Rental Growth1 Income LfL Growth 1 Income LfL Growth1 Income LfL +6% +7% +4% +6% +4% +6% 1) ERV Growth for Colonial letting performance. Sig
Slide 8: Return to growth in asset values on the back of a prime portfolio
01 Highlights Return to growth in asset values on the back of a prime portfolio Colonial’s Prime Assets deliver on value recovery… …well-positioned to benefit from new growth cycle Paris Madrid Barcelona CBD Prime offices capital value (€/sqm base 100) +3.3% +2.4% +1.3% 2025-29 CBRE GAV GAV GAV LfL1
Slide 9: Financial Performance
02 Financial Performance FY 2024 RESULTS | 9
Slide 10: Gross rental income growth on the back of core portfolio & project deliveries
02 Financial Performance Gross rental income growth on the back of core portfolio & project deliveries Gross Rental Income Variance Gross Rental Income Growth (%) €m +5% Core Portfolio +6% Like for like Delivery of Alpha +10% Projects +6% Delivery of +5% Projects Like for like1 Disposals & Other No
Slide 11: Superior pricing power across markets driving solid rental income growth
02 Financial Performance Superior pricing power across markets driving solid rental income growth Gross Rental Income Like for Like1 Variance Rental Income Variance (%) €m Gross Rental Net Rental Income Income +6.4% +3.7% +2.0% +0.7% like for Like-for-Like1 Like-for-Like1 like 3 368 7 Group +6% +7%
Slide 12: Strong growth in EPRA EPS - beating upper range of guidance
02 Financial Performance Strong growth in EPRA EPS - beating upper range of guidance EPRA Earnings EPRA EPS €m €cts/share +19% Beating upper range of 2024 EPS Guidance +3% +7% +10% 5 11 193 (13) 33.0 16 31.9 32.0 +12% Guidance Continued Operations1 12/24 172 30.0 12/23 12/24 Recurring Core Delivered
Slide 13: Gross Asset Values accelerating
02 Financial Performance Gross Asset Values accelerating Gross Asset Values GAV Like For like Variance Asset value increase on the back of rental growth & project delivery… … GAV growth acceleration in the second half of 2024 €m 2024 2H 24 1H 24 +2.8% like-for-like GROUP 2.8% 2.1% 0.7% 309 5 11,646
Slide 14: Significant increase in NTA up to €6bn
02 Financial Performance Significant increase in NTA up to €6bn Significant increase in Shareholder Equity (NTA)… ...with return to NTA growth on the back of Prime Assets €m €/share +1.2% NTA per share “like for like” 1 590 6,036 +4% (143) 9.95 0.35 +12% 9.62 218 9.50 (0.23) Beating 5,372 Alpha X Gu
Slide 15: Highly successful refinancing: €500m Green Bond Issuance at 3.25% coupon
02 Financial Performance Highly successful refinancing: €500m Green Bond Issuance at 3.25% coupon Outstanding capital markets demand for high quality security Other Asset Other Managers UK & Banks & Private 8% 12% Banking Iberia Ireland 1 Unparalleled demand 12% 28% 8% > 8 times oversubscribed Inves
Slide 16: Significant debt and leverage reduction with enhanced liquidity
02 Financial Performance Significant debt and leverage reduction with enhanced liquidity Significant net debt reduction Loan To Value Enhanced liquidity & improved maturities €bn % €bn 4.9 LTV 39.5% 3.1 incl. transf. costs 2.9 1.3x Coverage (€0.4bn) (350bp) 25-27 Debt Maturities 36.0% 2027 4.5 2026
Slide 17: Portfolio Management
03 Portfolio Management FY 2024 RESULTS | 17
Slide 18: Our premium assets deliver strong letting performance
03 Portfolio Management Our premium assets deliver strong letting performance Strong Letting Performance… ... with prime properties capturing the highest rents in the market >1,100 >1,000 >1,000 €/sqm/y €/sqm/y €/sqm/y New Lettings 54,045 sqm 40% CÉZANNE SH EDOUARD VII #CLOUD 134,797 Paris 8 Paris 9
Slide 19: Strong pricing power - letting performance achieving record rental levels
03 Portfolio Management Strong pricing power - letting performance achieving record rental levels Strong pricing power across markets Our assets outperform the market ERV Growth Release ERV Solid Our Grade A assets have higher rental growth than the YoY Spread 1 Growth 2 Indexation market Colonial c
Slide 20: High occupancy profile with attractive reversion potential
03 Portfolio Management High occupancy profile with attractive reversion potential Group EPRA Vacancy Attractive Reversion 2.2% Delivered Projects1 >€28m Additional reversion Méndez Álvaro Alpha X Portfolio 4.9% 4.3% Diagonal 197 4.1% Future Reversion 2.2% 2.9% 0.3% Prime Paris 0.6% 2.8% Like for li
Slide 21: Strong momentum on project delivery – MADNUM
03 Portfolio Management Strong momentum on project delivery – MADNUM €20m New MADNUM - Mixed use approach leads to outperformance Rents >8% Yield On 1 8,400 sqm signed with Gestamp, who will relocate its headquarters 1) Cost 2) 2 2,800 sqm signed with Bestseller, to establish Financial & Tech hub fo
Slide 22: Total carbon emissions reduction ahead of ambition
03 Portfolio Management Total carbon emissions reduction ahead of ambition Refurbishments delivering in embodied Carbon Footprint Full Reduction Trajectory carbon target ≤ 700 KgCO2e/sqm2 Scope 1, 2 y 3 all categories – kTnCO2e1 Full embodied carbon emissions (all stages) 599 650 KgCO2e/ KgCO2e/ sqm
Slide 23: In-use emissions reduction ahead of target
03 Portfolio Management In-use emissions reduction ahead of target Carbon in-use emissions reduction trajectory Top sustainability credentials Almost all assets with top credentials Total Reduction Scope 1 & 21 LFL Reduction Scope 1 & 21 99% Real YTD Real YTD Target 2024 vs18 2024 vs18 2030 vs18 Bre
Slide 24: Clear Leadership on ESG & Decarbonization
03 Portfolio Management Clear Leadership on ESG & Decarbonization 5.7 Rating A – Score – 4th year in a row 5 STAR – 5th year in a row #1 Max. Score 92/ 100 Consolidating Standing Leader on Global Investments IBEX 35 Leadership Top 1.3% 99/ 100 Global Development All Industries Benchmark Top 0.7% 30/
Slide 25: Future Growth
04 Future Growth FY 2024 RESULTS | 25
Slide 26: We deliver strong earnings growth on the back of a multi-layer growth platform
04 Future Growth We deliver strong earnings growth on the back of a multi-layer growth platform HIGH DOUBLE-DIGIT EPRA EARNINGS GROWTH €m 1 Rental Growth 193 172 +15% +51% CAGR 161 2 Project Pipeline 128 3 Financial Hedging 2021 2022 2023 2024 EPS +10% 24.6 29.8 31.9 33.0 +34% 4 Capital Recycling €c
Slide 27: Rental growth driving an uplift in portfolio valuation
04 Future Growth Rental growth driving an uplift in portfolio valuation Gross asset value Like for Like - % Values bottoming Out 6% Rental growth & Project Delivery 2.8% 1% driving growth, with rates shifting to neutral (9%) Rental Growth and Projects - Alpha 2021 2022 2023 2024 Dominant value drive
Slide 28: Our Prime Assets are leading the market in value stabilization
04 Future Growth Our Prime Assets are leading the market in value stabilization GAV like for like Asset Driving higher valuations through Variance 2024 Class Urban Transformation Colonial 2.8% Prime Urban transformation trends ▪ Demand for well-positioned buildings with comprehensive 0.7% Office & P
Slide 29: Sustained growth in rents and value through urban transformation
04 Future Growth Sustained growth in rents and value through urban transformation Colonial to continue serving its clients’ needs through Urban Transformation Close to 200,000 sqm in Urban Transformation Initiatives with €100m of rental income Urban Transformation Additional EPRA EPS of more than 11
Slide 30: Colonial driving Urban Transformation on the back of its Project Pipeline
04 Future Growth Colonial driving Urban Transformation on the back of its Project Pipeline Scope | Business Campus with amenities Sancho de Ávila | Life Science / Healthcare 10% 61% 10% 61% Business Campus Life Science/ Delivery 2026 29% Delivery 2027 29% Healthcare Paris – Gare de Lyon A renewed bu
Slide 31: Colonial driving Urban Transformation on the back of its Project Pipeline
04 Future Growth Colonial driving Urban Transformation on the back of its Project Pipeline 10% 61% Delivery 2027 Condorcet | Urban mixed-use Urban mixed use 29% Paris – City centre A visionary mixed-use campus in the heart of the 9th arrondissement 24,000 sqm Transformation project > Sales agreement
Slide 32: Colonial driving Urban Transformation on the back of its Project Pipeline
04 Future Growth Colonial driving Urban Transformation on the back of its Project Pipeline 10% 61% Delivery 2028 Santa Hortensia | Urban mixed-use Urban mixed use 29% Madrid – City centre The conversion of an outdated office building into mixed uses with demand supported by megatrends 46,928 sqm Tra
Slide 33: Colonial portfolio positioned in the Top destinations in Continental Europe
04 Future Growth Colonial portfolio positioned in the Top 3 destinations in Continental Europe Leading European Cities for Real Estate Investment1 Prime Capital Values are bottoming-out CBD Prime offices capital value (€/sqm base 100) 2025-29 CBRE Forecasts 31,335 Paris 13,284 Madrid 8,401 20,219 Ba
Slide 34: Acceleration of Rental Growth & Value Creation
04 Future Growth Acceleration of Rental Growth & Value Creation Gross Rental Income1 Several sources of Cash Flow Growth & Value Creation €m I Active Asset Management +€151m Alpha X - Office Portfolio Madrid & Barcelona – 20,000 sqm Alpha X – Living Portfolio Spain – 55,000 sqm Haussmann St-Augustin
Slide 35: Strategy & Outlook
04 Future Growth Strategy & Outlook Colonial’s Prime Platform delivers profitable growth … … with a strong growth profile for the coming years > EPRA Earnings growth: +15% CAGR in 2021-24 ▪ 1 More than €150m of future rents through new pipeline and reversion > Recovery in Capital Value Growth leadin
Slide 36: Thank You
THANK YOU https://www.inmocolonial.com/en/shareholders-and-investors FY 2024 RESULTS | 36
Slide 37: Demand for prime consistently outstrips supply driving rental growth
Appendices – 01 Real Estate Market Demand for prime consistently outstrips supply driving rental growth PARIS Center West - Office rental market PARIS - Office rental market (k sqm) 88 93 Market rents (€/sqm/y) 59 Net 44 48 Absorption 31 Colonial’s playing field 20 Net Prime 9 8 0 0 0 0 0 1 Addition
Slide 38: The Prime Asset Class delivers the highest rental growth
Appendices – 01 Real Estate Market The Prime Asset Class delivers the highest rental growth PARIS - Office rental market IBERIA - Office rental market Paris Market rents (€/sqm/y) City Market rents (€/sqm/m) City Colonial’s playing field Centre Colonial’s playing field 99% Prime 87% Madrid Prime Col
Slide 39: Market disequilibrium to persist for Prime locations driving rent increases
Appendices – 01 Real Estate Market Market disequilibrium to persist for Prime locations driving rent increases PARIS Center West - Office rental market (k sqm) Total 8,809 8,809 8,809 8,809 8,809 8,810 8,817 8,838 8,869 stock 150 8.0% Net 100 93 88 Absorption 6.0% 59 44 48 50 Net 31 Additions 20 4.3
Slide 40: Appendices – Financials: Profit & Loss Account
Appendices – 02 Financials PROFIT & LOSS ACCOUNT GROSS RENTAL INCOME RECURRING EBITDA €m €m Results analysis - €m 2024 2023 +6% Like- Gross Rents 391 377 391 for-like 377 Net operting expenses & Overheads (69) (62) 321 +2% +4% 316 YoY Recurring EBITDA 321 316 YoY Recurring financial result (77) (93)
Slide 41: Gross Asset Values accelerating
Appendices – 02 Financials Gross Asset Values accelerating Gross Asset Values GAV Like For like Variance €m Yield Expansion +2.8% like-for-like GAV GAV Valuation Variance Full Year Since Variance Yield1 2H 2024 2024 06/2022 2024 - 2H 24- 309 5 11,646 PARIS +3.3% +2.2% 4.2% (6bp) +118bp (4) 11,336 MA
Slide 42: Solid financial structure with strong coverage of mid term maturities
Appendices – 02 Financials Solid financial structure with strong coverage of mid term maturities EXTENSION OF DEBT MATURITIES A Solid Financial Structure Maturity profile of debt facilities - €m 31/12/2023 31/12/2024 €4,864m €4,465m Net Debt 39.5% 36.0% LTV Total Facilities €2,465m €2,570m Maturitie
Slide 43: Alpha X Pipeline - The start of a new cycle of Urban Transformation
Appendices – 03 Projects & Operations Alpha X Pipeline - The start of a new cycle of Urban Transformation Alpha X: substantial value creation from urban Option for mixed use enables us to deliver best financial and strategic outcomes mixed use pipeline > 9% > 9% Capital Value €1.4-1.6bn ungeared ung
Slide 44: 2025: Strong Momentum for Letting
Appendices – 03 Projects & Operations 2025: Strong Momentum for Letting T. Marenostrum & Illacuna Alpha X - Office Portfolio Haussmann St-Augustin Diagonal 197 Barcelona 22@ Madrid & Barcelona Prime CBD – 12,000 sqm Barcelona 22@ – 15,000 sqm Cash Flow & Renovation Renovation Value extraction progra
Slide 45: Significant growth profile at adjusted Risk Return
Appendices – 03 Projects & Operations Significant growth profile at adjusted Risk Return Investments & Revenue Growth increasing passing rents Significant Additional Revenue Growth Annualized Topped-up GRI (€m) More than €150m of growth to be captured 47 >570 64 20 19 419 419 8 10 401 Passing Rent N
Slide 46: Additional future growth on the back of capital recycling
Appendices – 03 Projects & Operations Additional future growth on the back of capital recycling More than €700m divested – 15 Assets Ongoing flight to quality through active capital allocation 2017 Alpha III 2018IV Alpha 2019 2020V Alpha 2021VI Alpha 2022VII Alpha 2023 2024 1,000 4Q23-2024 786 Reloa
Slide 47: Latest Market transactions – Paris
Appendices – 04 Market Transactions Latest Market transactions Asset Area Price GLA Cap. Value Rue Danielle Casanova 19 CBD €50m 2,700 sqm €18,519/sqm (Nov 2024) Rue Rivoli 88 CBD €100m 5,991 sqm €16,692/sqm Transaction not completed Rue Dumont d'Urville 19 CBD €55m 3,140 sqm €17,516/sqm (Jan 2025)
Slide 48: Latest Market transactions – Barcelona and Madrid
Appendices – 04 Market Transactions Latest Market transactions Asset Area Price GLA Cap. Value Claudio Coello 123 CBD €60m 3,869 sqm €15,508/sqm (Nov 2024) Recoletos 14 CBD €70m 6,100 sqm €11,475/sqm (Dec 2024) MADRID General Castaños 4 CBD c.€45m 3,700 sqm €12,162/sqm (Dec 2024) Cedaceros 9 CBD n.a
Slide 49: www.inmocolonial.com
www.inmocolonial.com © 2025 Colonial FY 2024 RESULTS | 49