BBB+ Credit Rating Reaffirmed with Stable Outlook by S&P Global

Madrid, 29 April 2026

• BBB+ rating with stable outlook reaffirmed, reinforcing balance sheet strength and credit quality

• Strong cash flow visibility, with disciplined capital allocation, driven by a European prime asset portfolio

• Leverage remains well-managed, supported by proactive liability management and hedging strategy

• Resilient financial profile positioned to navigate higher interest rates and market volatility with disciplined capital allocation

Colonial SFL today announced that S&P Global Ratings has reaffirmed its long-term issuer credit rating at BBB+ with a stable outlook, confirming the strength and consistency of its credit profile, supported by disciplined financial management, solid operating performance, and a resilient balance sheet, with the stable outlook indicating expectations of continued stability in key credit metrics.

The reaffirmation is consistent with Colonial SFL's strong competitive positioning, supported by a high-quality portfolio concentrated in prime, supply-constrained office markets across key European cities, where sustained tenant demand underpins high occupancy levels, stable cash flow generation, and rental growth, further reinforced by a tenant base of leading corporates; in parallel, the company continues to execute its divestment program in line with market valuations, demonstrating disciplined capital recycling and active portfolio management.

The rating also reflects Colonial's strong liquidity position and continued access to capital markets, as evidenced by the successful execution of its latest €500m green bond issuance. A key factor in the reaffirmation is Colonial SFL´s approach to leverage remains a central component of its financial policy, with a debt structure that is actively managed through a balanced maturity profile and interest rate hedging programs in place, reducing

exposure to interest rate volatility and limiting refinancing risk, while remaining aligned with its investment-grade profile.

The stable outlook reflects expectation that Colonial SFl will continue to generate predictable cash flows and maintain conservative financial policies, supporting strong credit fundamentals across cycles, while disciplined capital allocation and a clear focus on balance sheet strength underpin a resilient financial profile capable of sustaining stable credit metrics in an environment of elevated interest rates and market volatility.

"The reaffirmation of our BBB+ rating with a stable outlook reflects the strength and consistency of our financial strategy," said Carmina Ganyet, Chief Corporate Officer of Colonial SFL. "We maintain a disciplined and proactive approach to leverage and liquidity, ensuring that our balance sheet remains resilient and well positioned to navigate changing market conditions while continuing to deliver stability in line with our investment-grade profile."

Colonial SFL's reaffirmed rating is consistent with its long-standing positioning as a benchmark issuer, having been the first Spanish real estate company to achieve and maintain an investment grade rating as a core element of its financial discipline, and the first IBEX 35 company to fully convert its bond portfolio into green bonds.

COLONIAL SFL https://www.colonial-sfl.com/