2025 FY Results Presentation

#1

Colonial SFL

2025 Full Year Results

FY 2025 RESULTS | 1

February 26th, 2026

01 Highlights

Portfolio Management

Financial Performance

Strategic Update

Outstanding operating results with solid execution of the diposal programm

1

Sustained

Cash Flow Growth

Gross Rental Income

€399m +6% LfL

EPRA Earnings

€211m +9%

EPRA EPS

€33.6 cts Confirming

guidance

2

3

Operational Outperformance

Asset Value

Rental Growth1

+7% YoY

+9% in Paris YoY

Gross Asset Value

Release Spread2

+8% Group YoY

+16% in Paris YoY

Net Tangible Assets

Occupancy

92%

+62bp vs. 09/25

Net Tangible Assets

Growth

€12.2bn

€6.1bn

€9.70/sh. +1%

4

Capital Recycling

Disposal Program On Track

+€300m delivered YTD Confirming appraisal values

Loan To Value3

(-105 bp vs. 09/25)

Financial Cost

1. ERV Growth for Colonial commercial effort. Signed rents vs 12/24 ERV (new lettings & renewals)

2. Signed rents vs. previous contracts & re-let spaces

3. Proforma EPRA LTV stands at 45.4% including formalized disposals in 2026. EPRA LTV stands at 46.8%

4. Proforma Loan to Value including formalized disposals in 2026. Without including these Loan to Value is 38.5%

Our strategic positioning is set to deliver earnings and value growth

Solid progress on disposals Significant deleverage

Disposals of +€300m secured YTD

• Acceleration of disposal program with 60% secured in three months

• Prices confirm asset values - at P/L yields ≤ 4%

  ▪ +€240m Paris - Landmark disposal of 83 Marceau

  Deleveraging of capital structure

• Group Proforma LTV of 37.1%1 (-105bp vs. 09/25)

• Proforma EPRA LTV of 45.4%1 (-156bp vs. 09/25)

• Net Debt of €4,973m (Proforma Net Debt €4,684m)

1) Including formalized sale disposals

Peer

2022 2023 2024 2025

Peer (4.6%)

Peer

161

3.7%

3.4%

2.8%

Peer

172

Peer

193

211

+9%

CAGR

7.2%

5.8%

4.0%

Colonial SFL

Paris

Colonial SFL

3-year EPRA Earnings CAGR

GRI like for like growth YoY

Acceleration of operations in the quarter

1. Gross Rental Income like for like growth +6%

   • Among highest in the sector

   • Spread of +300 bp on indexation

2. Strong ERV growth +7%

   • More than 400 bp on indexation

   • Paris Portfolio outstanding with +9% ERV growth

3. Solid GAV like for like growth +3%

Superior growth capabilities

Prime Asset Class delivers strong rental growth

through superior pricing power

The best Prime product delivers outperformance in rental growth

€24m

FY 2025

+16%

YoY

+9%

YoY

Release Annualized

Spread2 rents signed

Rental

Growth1

€22m

FY 2025

+4%

YoY

+6%

YoY

Annualized

rents signed

Release

Spread2

Rental

Growth1

€18m

FY 2025

+1%

YoY

+5%

YoY

Annualized

rents signed

Release

Spread2

Rental

Growth1

Maximum rent signed

c.1,200

€/sqm/y

Maximum rent signed

43

€/sqm/m

Maximum rent signed

34

€/sqm/m

93%

100%

1. ERV Growth for Colonial commercial effort. Signed rents vs 12/24 ERV (new lettings & renewals)

2. Signed rents vs. previous contracts & re-let spaces

Solid progress on disposal program well ahead of schedule

Disposal program on track confirming appraisals Landmark disposal in Paris of +€240m

+€300m divested in three months

since announcement

Prices confirming appraisals and

at a ≤ 4% running P&L yield

+€300m

€43m

executed

YTD

>300m

executed

€100m in negotiation

+€240m

Disposal Program

+€500m

€17m

Program execution well ahead of schedule

ghI'ghts

0 1

Portfolio Management

Financial

Performance

04

Strategic Update

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

52

+22%

YoY

Barcelona

Paris

Barcelona 58,946

sqm

Madrid 70,554 sqm

€18m

€24m

€64m

Annualized GRI

147,580

sqm signed

2024 2025

147,580

sqm

134,797

sqm

+12,783

sqm YoY

Madrid

€22m

Paris 18,081 sqm

Rental price

c. 1,200

€/sqm/y

+18%

ERV 12/24

Rental price

1,000

€/sqm/y

+5%

ERV 12/24

Paris Prime letting activity achieving record rents

Rental price

c.1,000

€/sqm/y1

+9%

ERV 12/24

Rental price

> 3,700

€/sqm/y

+11%

ERV 12/24

Record Rental Price signed on this asset c.1,000 €/sqm/y

1) Rent for office contracts

Madrid & Barcelona: Increasing momentum with strong rental growth

Spain stands out in annualized GRI growth Quality-led new lettings & renewals at top rents

Rental price

+26

€/sqm/m

Rental price

+34

€/sqm/m

Rental price

+27 - 28

€/sqm/m

+16%

ERV 12/24

+19%

ERV 12/24

+4 - 8%

ERV 12/24

€m

40.0

+25%

YoY

32.1

2024 2025

Barcelona

58,946

sqm leased

€18m

annualized GRI

Rental price

+31

€/sqm/m

Rental price

+43

€/sqm/m

Rental price

+36

€/sqm/m

+15%

ERV 12/24

+13%

ERV 12/24

+6%

ERV 12/24

Madrid

70,554

sqm leased

€22m

annualized GRI

Accelerating rental growth & strong release spread across prime markets

Accelerating rental growth1 Release spread driven by Paris market2

2024

Paris

Madrid

Barcelona

(1%)

Group

+8%

+8%

+1%

+4%

+16%

+19%

offices

2025

2024

Paris

Madrid

Barcelona

+4%

Group

+5%

+7%

+5%

+6%

+9%

2025

5%

+186

bps

+20%

+6%

7%

+4%

+1%

2024 2025

1. Signed rents vs previous year ERV (new lettings & renewals)

2. Signed rents vs. previous contracts & re-let spaces

Delivered projects progressing through lease-up

Madnum: Advancing towards full occupancy Haussmann: Driving interest from top tier corporates

€14m

Annualized Passing Rent Captured

+44,000

Sqm signed

+74%

Signed

€5m

Annualized Passing Rent Captured

+39%

Signed

Solid Progress on Madnum letting

Passing rent - €m

Bifurcation towards quality driving Prime Paris delivery

Passing rent - €m

7 21

14

8 13

5

Q1 2026

2025

Signed YTD Remaning to be let

Total

Signed YTD Remaning to be let

Total

Leasing momentum driving occupancy recovery

Strong Group EPRA occupancy Available prime space provides additional reversion

0.9%

Prime Paris

0.6%

Prime Madrid & Barcelona2

93%

1.6%

Barcelona 22@

Floor signed Haussmann Q1 26

91%

+62

1.0%

Secondary Madrid/Barcelona

bp

92%

Madnum & Haussmann

4.0%

2.6%

134 bps improvement due to contracts signed in Madnum and Haussmann as of 26th Feb 2026

09/25 12/25 12/25 Proforma with contracts

signed in Madnum & Haussmann1

1. Includes Ericsson contract & new floor signed in Haussmann as of Q1 2026

2. Includes CBD & City Centre

ghI'ghts

0 1

02

Portfolio Management

Financial Performance

04

Strategic Update

Core Portfolio & Project deliveries drive strong rental income growth

Gross Rental Income Variance

€m

Gross Rental Income Growth (%)

+8%

+6%

Core Portfolio

+8%

Like for like1

Like for like1

Delivery of Projects

+2%

Delivered Projects & Acquisitions

(6%)

11

Condorcet &

21 Haussmann 2

399

391

(23)

+2%

Gross Rental Income

Madnum

Madrid City Centre

Total Increase YoY

12/24 Core Portfolio LFL1

Delivered Projects & Acquisitions

Condorcet & Haussmann 2

12/25

1. Like-for-like calculated following EPRA BPR recommendations

2. Includes Condorcet & Haussmann entries into refurbishment as well as small other non like for like impacts

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

+2.7%

+1.5%

+1.6%

6 377

Gross Rental Income

+6%

like for

like

Like for Like YoY

Avg. Peers

5

10

356

Colonial SFL | Paris

7.2%

Asset

Class

Prime

Colonial SFL

5.8%

Prime

Peer

Peer

Peer

4.0%

3.7%

3.4%

Office & Other

Office

Office & Other

LfL GRI 12/24

Indexation Rental Growth Premium

Occupancy LfL GRI 12/25

Peer

Peer

(4.6%)

2.8%

Office & Other

Office &

Other

1) Like-for-like calculated following EPRA BPR recommendations

EPRA earnings growth on the back of strong operations

EPRA Earnings Variance

€m

+20%

EPRA Earnings

211

193

+9%

YoY

€m

16

6

18

211

(21)

193

+9%

12/24 12/25

EPRA EPS

33.6

€/cts.

FY25 EPS Towards the upper range of the guidance

€33cts. - €34cts.

Recurring Profit 12/24

Core Portfolio

Project Deliveries & Acquisitions

SG&A,

Financial Cost

& Others 1

Condorcet, Haussmann & Other no LFL2

Recurring Profit 12/25

1. Includes overheads, financial costs, taxes, other income, minorities of SFL & others

2. Includes Condorcet & Haussmann entries into refurbishment as well as other non like for like impacts

Gross Asset Values grow in all geographies

Gross Asset Values GAV Like For like Variance

€m

+3.0% like-for-like

Valuation Yield2

- 2H 25-

Yield Expansion Since 06/2022

88

202

12,203

MADRID

+76bp

2025

+5.7%

+3.9%

+2.0%

+3.0%

4.8%

267

11,646

+74bp

BARCELONA 5.0%

+115bp

PARIS 4.2%

GROUP

GAV 12/2024

Rental growth & project delivery

Rates & other

Net acquisitions

GAV 12/2025

1. Colonial office portfolio in Operation, Capital values as of 2H25

2. In Spain consultants publish gross yields whereas in France consultants publish net yields. Office yields portfolio in operation.

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

+€240m

€109m

8,000

€/sqm

18,492

€/sqm 1

PARIS

+€100m

22,000

€/sqm

€60m

10,600

€/sqm

6,914

€/sqm 1

MADRID

€402m

33,000 Inc.

€/sqm Retail

€385m

7,400

€/sqm

5,284

€/sqm 1

BARCELONA

1. Colonial office portfolio in Operation, Capital Values Appraisal as of 31/12/25

FY 2025 RESULTS |