Colonial Sfl Socimi Sa · BME:COL

Colonial Sfl Socimi Sa — Inmobiliaria Colonial, SOCIMI — H1 2025 Earnings Presentation

44 slides from Colonial Sfl Socimi Sa's earnings presentation, Jul 24, 2025

  1. Slide 1: Colonial SFL 2025 First Half Results

    #1 Colonial SFL 2025 First Half Results July 24th, 2025 1H 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 1H 2025 RESULTS | 3

  4. 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 Accelerating

  5. Slide 5: Current trends in our markets for 2025

    01 Highlights Current trends in our markets for 2025 - Office demand focuses on - Central office supply is - Office Employment to high quality spaces - shrinking - Benefit from AI - European housing shortage is Generative AI to have positive Demand increasing reducing city centre office stock impact

  6. Slide 6: Outstanding operating results with assets extending the growth trend

    01 Highlights Outstanding operating results with assets extending the growth trend 1 Sustained Net Rental Income EPRA Earnings EPRA EPS €181m +6% €107m +17% €17.1 cts Cash Flow Growth LfL YoY Guidance on track 2 Operational Rental Growth1 Release Spread2 Occupancy +6% +9% Group 95% Outperformance +9

  7. Slide 7: The Best Prime Product delivers outperformance in rental levels

    01 Highlights The Best Prime Product delivers outperformance in rental levels Paris Madrid Barcelona Maximum rent signed Maximum rent signed Maximum rent signed 1,125 €/sqm/year 43 €/sqm/month 30 €/sqm/month Rental Rental Rental +7% +9% +3% growth1 1H 2025 growth1 1H 2025 growth1 1H 2025 1) Total ER

  8. Slide 8: Our Prime Assets consolidate the recovery cycle with strong value growth

    01 Highlights Our Prime Assets consolidate the recovery cycle with strong value growth Colonial’s Prime Assets deliver on value recovery The transaction market is showing signs of recovery Paris Madrid Barcelona <4.5% 4.5% Paris CBD Paris CBD yield yield +3.3% +6.0% +4.3% Trocadero Capital 8 GAV LfL

  9. Slide 9: Financial Performance

    02 Financial Performance 1H 2025 RESULTS | 9

  10. 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 +4% Core Portfolio +4% +4% Like for like Delivery of Alpha +8% Projects Like for like1 Delivered Projects +4% & Acquisitions 7 Condorc

  11. Slide 11: Solid Gross Rental Income like for like growth through superior pricing power

    02 Financial Performance Solid Gross Rental Income like for like growth through superior pricing power Rental Income Variance Net Rental Income Like for Like (%) €m Gross Rental Net Rental Income Income Like-for-Like1 Like-for-Like1 +6% +2.6% +2.2% +1.5% like for like 2 171 Group +5% +6% 4 4 161 Mad

  12. Slide 12: Double-digit EPRA earnings growth on the back of strong operations

    02 Financial Performance Double-digit EPRA earnings growth on the back of strong operations EPRA Earnings Variance EPRA EPS €m €cts. 17.0 17.1 10 2 107 4 (11) +17% 10 06/24 06/25 92 Nosh 540m 627m shares shares 2025 EPRA EPS Guidance On Track 32 – 35 €cts. Recurring Core Project SG&A & Financial Con

  13. Slide 13: Gross Asset Values with strong growth in every segment

    02 Financial Performance Gross Asset Values with strong growth in every segment Gross Asset Values GAV Like For like Variance Asset value increase on the back of rental growth & project delivery… … all markets displaying GAV growth €m YoY 1H 2025 GROUP 4.0% 1.8% 11,860 59 155 11,646 PARIS +3.3% +1.0

  14. Slide 14: Balance Sheet remains strong after dividend payment and capex deployment

    02 Financial Performance Balance Sheet remains strong after dividend payment and capex deployment Net Debt Evolution Loan To Value Well-covered maturity schedule €bn % €bn Main Impacts Dividend paid Capex Alpha X LTV 36.6% incl. transf. 36.0% 3.1 4.6 costs 4.5 2.4 1.2x Coverage 25-27 Debt Maturities

  15. Slide 15: Colonial is continually optimizing its Cash Flows

    02 Financial Performance Colonial is continually optimizing its Cash Flows 1. Stable Financial Cost Through hedging 2. Tax optimization through conversion into REIT regime Thanks to Colonial’s hedging strategy, the cost of debt Colonial has invested €67m to convert 90 Champs remains stable at levels

  16. Slide 16: NTA growth on a comparable basis - tax optimization with further upside for EPS

    02 Financial Performance NTA growth on a comparable basis - tax optimization with further upside for EPS +1% NTA Pre Tax Optimization vs 12/24 NTA & NDV1 Impacts Tax 0.17 optimization NTA Growth | +0.21€/share | Value created as per 0.21 NTA - €/share 9.71 increase in asset values net of capex in al

  17. Slide 17: Portfolio Management

    03 Portfolio Management 1H 2025 RESULTS | 17

  18. Slide 18: Another Quarter with Outstanding Operations

    03 Portfolio Management Another Quarter with Outstanding Operations Strong Letting Performance… ... with prime properties capturing the highest rents in the market sqm 1,125 1,050 >1,000 €/sqm/y €/sqm/y €/sqm/y 87,438 +33% YoY LOUVRE ST HONORÉ HAUSSMANN WASHINGTON PLAZA 65,972 Paris 1 Paris 8 Paris

  19. Slide 19: MADNUM – A Flagship Project delivering strong performance

    03 Portfolio Management MADNUM – A Flagship Project delivering strong performance €20m Mixed use approach leads to outperformance +40,000 sqm New Signed / HoT Rents 70% of total surface signed / HoT >8% Yield On Cost +22,000 sqm signed, with AAA tenants > +4,100 sqm recently signed to top creative &

  20. Slide 20: 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… … on the back of further Polarization Demand for high quality working Release ERV environments increasing Indexation YoY Spread 1 Growth 2 ▪ Increase in office-based

  21. Slide 21: High occupancy profile with attractive reversion potential

    03 Portfolio Management High occupancy profile with attractive reversion potential Strong Group EPRA Occupancy 5% Availability with Attractive Reversion 2.1% Delivered Projects1 Future Reversion – 2.1% Méndez Álvaro Alpha X Portfolio 97% 96% 95% 95% Diagonal 197 0.4% Prime Paris Like for like Availa

  22. Slide 22: Prime centric office scarcity is setting future rental growth

    03 Portfolio Management Prime centric office scarcity is setting future rental growth Paris Madrid Increased Prime Office Scarcity CBD Vacancy at a 10y low Vacancy rate (%) Removal of > Strong > Paris new zoning plan Madrid CBD 700k economic forces social housing sqm office space 13.2% tailwinds use

  23. Slide 23: Clear Leadership on ESG & Decarbonization

    03 Portfolio Management Clear Leadership on ESG & Decarbonization Colonial recognized as Europe’s Climate Leader by Financial Times 100% RATING Of portfolio 99/100 score in Unparalleled Development in Europe Benchmark A 5.7 CLIMATE Top 0.7% SCORE (Global Real Estate) Max. Score 1st on Ibex-35 4th ye

  24. Slide 24: Future Growth

    04 Future Growth 1H 2025 RESULTS | 24

  25. Slide 25: 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 DOUBLE-DIGIT EPRA EARNINGS GROWTH Rental Growth €m +12% 107 CAGR1 Projects & Value Add Initiatives 92 87 76 Capital Recycling & Acquisitions Financial Hedging 1H 22 1H 23 1H 24 1H 25 1) Earnings CAGR betw

  26. Slide 26: 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 Prime Asset Reversion GRI Impact Superior Cash Flow +€47m Growth Mid-term III +15% Levered EPS Impact IRR Science & Innovation +€2-3cts + Third Party Capi

  27. Slide 27: Urban Transformation Projects: Sustained growth in rents and value

    04 Future Growth I Urban Transformation Projects: Sustained growth in rents and value Colonial 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 EPRA EPS of more t

  28. Slide 28: Prime Asset Reversion with Superior Cash Flow Growth

    04 Future Growth II Prime Asset Reversion with Superior Cash Flow Growth Portfolio with Strong Reversionary Potential Louvre Saint Honoré Paris 1 7,990 Sqm Mid-term GRI impact from upcoming renovation programs Paris €m 1 20 4 6 €47m 21 26 Total reversion 8 Champs Élysées 90 5,994 Paris 8 Sqm Price &

  29. Slide 29: Science & Innovation + Third Party Capital

    04 Future Growth III Science & Innovation + Third Party Capital Colonial & Stoneshield complete their unique strategic alliance in S&I European platform Executing on the S&I Platform officially launched leveraging durable growth drivers envisioned roadmap Transaction signed, after receiving all nece

  30. Slide 30: Opportunistic Capital Recycling enabled by Transaction Market Recovery

    04 Future Growth IV Opportunistic Capital Recycling enabled by Transaction Market Recovery Prime capital values recovery… …to unlock capital recycling opportunities CBD Prime offices capital value (€/sqm base 100) > Cycle Recovery: 2025-30 CBRE European Real Estate have hit bottom values and Forecas

  31. Slide 31: Pan-European Platform Fully Streamlined

    04 Future Growth Pan-European Platform Fully Streamlined Advancing the Strategic Integration of a Prime Pan-European Platform Strategic Rationale > Reinforced leadership in Prime European Offices > Fully integrated, simplified platform with enhanced scale > Enhanced visibility & liquidity through a

  32. Slide 32: 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 with +17% YoY growth ▪1 More than €150m of future rents through new pipeline and reversion > EPRA EPS full year guidance on track ▪2 Enhanced

  33. Slide 33: Thank You

    THANK YOU https://www.inmocolonial.co m/en/shareholders-and- investors 1H 2025 RESULTS | 33

  34. Slide 34: Appendices

    APPENDICES PROFIT & LOSS ACCOUNT GROSS RENTAL INCOME NET RENTAL INCOME Results analysis - €m H1 2025 H1 2024 €m €m +5% Gross Rents 197 192 Like- for-like Net operating expenses & Overheads (34) (35) 197 192 +6% Recurring EBITDA 162 157 181 Like- +2% 178 for-like YoY Recurring financial result (37) (

  35. Slide 35: Gross Asset Values Increasing

    APPENDICES Gross Asset Values Increasing GROSS ASSET VALUES GAV LIKE FOR LIKE VARIANCE €m GAV GAV Valuation Variance Variance Yield1 59 11,860 1H 2025 155 YoY - 1H 25- 11,646 PARIS +3.3% +1.0% 4.1% MADRID +6.0% +4.0% 4.8% BARCELONA +4.3% +2.3% 5.0% GAV Rental growth Rates GAV 12/24 & & other 06/25 p

  36. Slide 36: NDV consolidates above €6bn

    APPENDICES NDV consolidates above €6bn Increase in Net Disposal Value €bn NDV NTA 0.1 Absolute 0.1 €6.0bn +1% €6.0bn Flat 0.03 6.0 vs 12/24 vs 12/24 6.0 5.9 (0.2) optimization Pre-tax 9.49 9.71 €/share €/share optimization Post-tax 9.54 9.60 €/share €/share NDV NTA EPRA Dividend Paid Real Estate Tax

  37. Slide 37: Strategic Transition of Two Companies to SIIC Regime to Enhance Tax Efficiency

    APPENDICES Strategic Transition of Two Companies to SIIC Regime to Enhance Tax Efficiency SIIC conversion of two companies Financially accretive 90 Champs Elysees & Haussmann have been converted to SIIC Strong Value Creation Initial situation: Asset Conversion: > Both assets subject to 25% > 19% exi

  38. Slide 38: Colonial is accelerating its Urban Transformation portfolio

    APPENDICES Colonial is accelerating its Urban Transformation portfolio Colonial to continue serving its clients’ needs through Urban Transformation Strong Returns with superior Growth Profile Urban Transformation – Value Add Returns with exceptional growth 85-90% Core with Pricing Power & 10 -15% Va

  39. Slide 39: Extension of debt maturities, a solid financial structure

    APPENDICES EXTENSION OF DEBT MATURITIES A SOLID FINANCIAL STRUCTURE Maturity profile of debt facilities - €m 31/12/2024 31/06/2025 €4,465m €4,624m Net Debt 36.0% 36.6% LTV Total Facilities €2,570m €2,085m Maturities covered Cash €543m €274m by current liquidity Liquidity €3,113m €2,359m 1,835 300 10

  40. Slide 40: Prime Capital Values Rise amid Transaction Market Recovery

    APPENDICES Prime Capital Values Rise amid Transaction Market Recovery Prime capital values expected to rise… …buoyed by the recovery of transaction activity CBD Prime offices capital value (€/sqm base 100) <4.5% 4.5% Paris CBD Paris CBD yield yield 2025-30 CBRE Trocadero Capital 8 Forecasts €700m +€

  41. Slide 41: Paris: Latest & ongoing market transactions

    APPENDICES Latest & ongoing market transactions Asset Area Price GLA Cap. Value 19/21 rue Dumont D’Urville CBD €58m 3,140 sqm €18,471 /sqm (Jan 25) Mixed use 280 boulevard Saint-Germain (Mar 25) BD €118m 8,700 sqm €13,563 /sqm 48 Rue Notre Dame des Victoires CBD €97m 7,100 sqm €13,634 /sqm (Mar 25)

  42. Slide 42: Paris: Latest & ongoing market transactions

    APPENDICES Latest & ongoing market transactions Asset Area Price GLA Cap. Value 77 - 81 boulevard Saint-Germain BD €250m 13,655 sqm €18,308 /sqm Transaction not completed 54 Rue de Londres CBD €78m 4,622 sqm €16,876/sqm Transaction not completed Mixed use 91 Champs Élysées PARIS CBD €320m 4,100 sqm

  43. Slide 43: Madrid and Barcelona: Latest & ongoing market transactions

    APPENDICES Latest & ongoing market transactions Asset Area Price GLA Cap. Value Retail Gran Via 37 (Uniqlo) City Center €85m 4,000 €21,250/sqm (Apr 2025) Siemens Technology Park Secondary n.a. 21,450 sqm n.a. (May 2025) MADRID Palacio de Gamazo CBD €60m 5,635 sqm €10,648/sqm (Jun 2025) Torre Caleido

  44. Slide 44: www.inmocolonial.com

    www.inmocolonial.com © 2025 Colonial 1H 2025 RESULTS | 44

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