June 4th, 2026
9:40 - 9:55 AM | Introduction & Welcome |
10:00 - 10:25 AM | Investment Case |
10:30 - 10:55 AM | The Prime Asset Class Business Model |
11:00 - 11:15 AM | Coffee Break |
11:20 - 11:45 AM | Financials & Capital Allocation Framework |
11:50 - 12:15 PM | Strategic Plan & Value Drivers |
12:20 - 12:40 PM | An unparalleled opportunity in European Prime |
12:45 - 13:15 PM | Q&A |
Pere Viñolas Chief Executive Officer | Carmina Ganyet Chief Corporate Officer | Juan Manuel Ortega Chief Investment Officer | Carlos Krohmer Alexia Abtan Chief Corporate Directrice des Development Officer Investissements SFL |
01
Colonial SFL represents a unique opportunity to play the European Urban Transformation growth cycle
02
Our Prime Asset Class offers a clear path to value creation on the back of a solid track record
03
Our platform has significant embedded growth to be unlocked in the next three years
04
Our growth strategy is anchored in a strong capital allocation framework
05
Colonial SFL offers a strong proposition of shareholder value creation with solid short-term value drivers
and strong conviction in the opportunity ahead
1. Investment Case
Pere Viñolas
Chief Executive Officer
A Unique Pan-European Real Estate Powerhouse
A scaled, diversified platform with an unmatched Prime asset base
Prime Asset Class
Prime Capital Structure
Prime Portfolio
12% Barcelona 23% Madrid
96% City Center
NTA 12/25
€6.1bn
Market Capitalization
€3.4bn2
63% Paris
€12bn
GAV1
10% Value-Add
Member of Ibex-35 & FTSE EPRA Nareit Developed Europe
Spanish leading Blue-chip equity Index
European listed real estate benchmark
Balanced Return Profile
Strong Credit Rating
100%
Breeam/ Leed
BBB+ by Baa 1
by
90% Core
2% remaining in Third Party Capital Investments
Market capitalization as of 18th May 2026
Colonial SFL offers an Unparalleled Prime Asset Class Exposure
PARIS MADRID BARCELONA
CBD
22@
Superior Market Growth in the
Prime Asset Class
Socioeconomic and Structural Tailwinds Driving European Urbanization
Europe Population is Growing Talent Base is Becoming More Qualified Employment Levels are at Record Highs Innovation Investment Continues to Scale
EU population (in million) EU adults with university education1 EU employment rate, age 20-64 EU gross domestic expenditure on R&D
442
451
34%
€403bn
+750
bp
26%
76%
+660
bp
69%
+62%
€249bn
2014 2025
2014 2024
2014 2024
2014 2024
Germany France Spain
Growth in million people
2.8m
2.7m
2.6m
€24
bn
n
€403bn
n
€64bn
Spai
€30b
Italy
1 in 3
EU adults
with university education
c. 200m
people employed
highest level since 2009
France
€136bn
Germany
(1) EU population aged 25-74 with tertiary education
Source: Eurostat for EU27 and Goldman Sachs as of May 2026
European Gateway Cities with Superior Growth on the Back of Accelerating Urbanization Trends
Madrid | Barcelona
Paris
Berlin / Munich
London
100
124 Madrid
123 Barcelona
111
Berlin
100
122 Spain
120 London
100
Real GDP (Base 100)
113
110
Paris France
108
Munich
114 UK
102
Germany
100
2020 2021 2022 2023 2024 2025
2020 2021 2022 2023 2024 2025
2020 2021 2022 2023 2024 2025
2020 2021 2022 2023 2024 2025
Office employment
Madrid Barcelona
Paris
Berlin Munich
London
2020-25
+22%
2020-25
+17%
2020-25
+8%
2020-25
+10%
2020-25
+8%
2020-25
+21%
Source: CBRE
European Urban Growth Relies on Mission Critical Social Infrastructure in Prime
" Firms and startups have shifted towards urban districtsKings Cross Campus
London, UK
Harvard Business Review | April 26
Microsoft wants an office of 300,000 sq ft - triple the size of Film House - somewhere along the Elizabeth Line to house its growing UK-based artificial intelligence teams
The Times | May 26
Shibuya Station
Tokyo, Japan
Anthropic plans to expand its European operations with a major presence in London's CBD, leveraging the city's deep AI talent pool and strong connectivity to European markets.
The new office will be located in the Knowledge Quarter, a leading AI hub home to companies such as OpenAI, Google DeepMind, Meta, Synthesia, and Wayve
CNBC | April 26
Rives de Seine
Paris, France
Tokyo's Shibuya knowledge campus attracts a dynamic talent pool across finance, IT, and tech, underpinned by excellent connectivity and direct access to Shibuya Station.
Regus | April 26
"
Paris riverside locations are becoming a key differentiator, driving tenant and talent attraction through quality of life, recreational uses, and strong connectivity
Newmark | Jan 26
Chronic Supply Shortage & High Entry Barriers in Europe's Prime Asset Class Markets
Supply Scarcity in Prime CBD Premises ... ... Further Enhanced with Reconversion Trends and Restricted Policies
m sqm Expected pipeline deliveries in European office markets
8
Madrid & Barcelona
392,000 sqm under conversion
73 building conversions
Offices are the most converted
61% converted into Living uses
Paris
7
6
Avg. last 14 years
5
4
3
2
1
0
2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027F 2029F
The Paris PLU prioritizes housing
Regulatory support on office to resi conversion
Removal of stock in CBD
Regulation supports mixed assets
Berlin & Munich
Government incentives accelerates conversion
Obsolete office reproposed
Prime CBD scarcity intensifies
London
Acceleration on office to residential conversion
>+100k new homes in former offices
Scarcity of prime CBD assets
Europe office vacancy CBD Premium vs overall
9.8%
3.5%
CBD Premium Overall vacancy
Source: JLL Research, Reuters website
Chronic Supply Shortage in Europe's Prime Asset Class Markets
Barcelona CBD
Madrid CBD
6.4%
3.6%
4.3%
3.3%
CBD
CBD
3.0%
Grade A
2024
1.6%
1Q 2026
1.4%
2024
0.5%
1Q 2026
Grade A
Source: CBRE
0.9
Source: CBRE
Source: BNP
0.6
years
1.4%
3.1
13
2026 2027 - 28
Grade A Absorption vacancy CBD New Supply
0.6
Paris CBD
1.9
CBD Vacancy and Grade A vacancy (%)
131
2.9
New CBD completions2
In thousand sqm
Absorption of New Supply1 - Years
Prime CBD vacancy remains very low, reflecting strong
occupier demand
Planning constraints and project selectivity continue to limit new completions in CBD
- Paris CBD New Supply Rapidly Absorbed -
In a context of Prime product scarcity
- Madrid & Barcelona with Structurally
Constrained Prime Stock -
Continued tension in Grade A Prime assets
Office conversions: >1m sqm of office in Spain converted to alternative uses (2023-2025), selectively affecting obsolete stock and ultra-prime assets
Increasing attractiveness of the Spanish market & continued polarization driving imbalance
Multi-year low CBD vacancy rates (4.3% in Barcelona &
3.3% in Madrid)
(1) 1-Year New Supply vs. 5-Year Average Transactions
(2) Considering projects >5,000 sqm
2026 Capital Markets Day
| 14
Superior Rental Growth with Accelerating Momentum in the Prime Asset Class
Flight to quality continues to concentrate demand in
well-located, ESG-compliant Prime assets…
…Driving superior rent growth
Surface let in Madrid
CBD & City Centre (%)
Market rents (€/sqm/m)
Madrid Prime CBD
52
53
49
900
bp
59%
44
40
50%
36
Madrid A1
Q4 2024 Q4 2025
20
22
16
17
18
Sources: CBRE, BNP
21
23
25 27E 29E
27%
Source: CBRE
21 23 25 27E 29E
327
320
2025
10m
2023 2024
337
320
320
7%
Periphery
- The Best Locations are Sought After -
40%
930
1,070
1,295
1,250
1,387
≥1,000
€/sqm/y signed rent
Market rents (€/sqm/y)
Paris Prime CBD
Paris CBD leasing by rent bracket
% number of operations
Tenant demands increasingly focused on high quality
assets, which experience rent hikes and minimal vacancy
Prime demand supports continued rental growth
- Paris CBD Rental Growth -
A Structurally Polarized Prime Office Market
Average rental premium for each tier of asset quality
London
Paris
Berlin
Colonial's
playing field
Source: JLL
Colonial SFL Best Positioned in the
Prime Asset Class
Colonial SFL Best Positioned to Play the European Urban Prime Growth Cycle
ASSET CLASS
TRACK RECORD ON PRIME FACTORY TRANSFORMATION1
INTERNATIONAL EXPERIENCE1
TRACK RECORD ON CAPITAL RECYCLING1
✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Prime Large-scale city-center Pan-European Prime +€3bn recycled over 10 | ||||
transformation expertise | Asset Platform | years at disciplined pricing | ||
Peer 1 | Office & Other | ✓ | ✓ | ✓ ✓ |
Peer 2 | Office | ✓ | ✓ ✓ | ✓ ✓ |
Peer 3 | Office | ✓ ✓ | ✓ | ✓ ✓ ✓ |
Peer 4 | Office & Other | ✓ ✓ | ✓ | ✓ ✓ ✓ |
Peer 5 | Diversified | ✓ | ✓ | ✓ |
Peer 6
Office
✓ ✓ ✓ ✓
(1) Scoring is illustrative and based on public disclosure, portfolio mix, track record, geographic footprint and relevance to each company's business model
Source: Morgan Stanley, Colonial SFL analysis as of May 2026
Dominant Player in Key European Gateway Cities with Strong Growth Perspectives
Madrid City Center (inside M30) Barcelona City Center Paris CBD
22@
Top trophy assets in Paris CBD
Paris Trophy assets1
Colonial SFL
59%
Top Property Owners Inside M30
Assets GLA (sqm)
Colonial 2
24
294,678
Peer 1 16 262,884
Peer 2 12 210,303
Peer 3 12 163,072
Peer 4 4 73,594
Top Property Owners in City Center
Assets GLA (sqm)
Colonial 2
21
232,013
Peer 1 9 131,984
Peer 2 7 59,275
Top Trophy Assets in Paris CBD1
Asset Arrondissement GLA (sqm)
Edouard VII
Paris 9e
54,600
Washington Plaza
Paris 8e
46,800
Louvre Saint-Honoré | Paris 1er | 42,200 | Étoile Saint-Honoré | Paris 8e | 27,000 |
Le Centorial | Paris 2e | 34,500 |
Capital 8 Paris 8e 45,500
Colonial SFL owns
5 out of 9Top trophy assets
Asset Arrondissement GLA (sqm)
Paris Bourse Paris 2e 33,000
#cloud.paris
Paris 2e
31,700
Cézanne Saint-Honoré Paris 8e
27,400
Top Business Centers located in Paris CBD with GLA >27,000 sqm
Data as of 12/25
Source: Colonial based on public information
Our Prime Strategy Offers Embedded Growth with High Visibility
EPRA EPS
27
% 15-20
+134%
CAGR 15-20
+19%
12
€cts.
2015 2020
34
25
% 21-25
+37%
CAGR 21-25
+8%
2
Alpha X - Prime Factory
Transforming
1
Prime CBD Operations
Managing & Repositioning
2021 2025
Mantaining resilient EBITDA through occupancy cycles
178
EBITDA €m
300
333
3
Capital Recycling
Active Portfolio Management
200
100
0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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