Inmobiliaria Colonial SOCIMI S A : Quarterly Earnings Document

1H/2022

First half results January - June 2022

28 July 2022

First half results 2022

Recurring EPS growth of +27% year-on-year

Colonial closed the first half of 2022 with a Net Profit Increase of +120%

Total Shareholder Return (based on NTA)1 of +12% year-on-year (+6% in 6 months)

• Net Tangible Assets (NTA) per share of €12.49, +10% year-on-year (+4% in 6 months)
• Net Tangible Assets (NTA) of €6,742m, +17% year-on-year (+4% in 6 months)

Gross Asset Value of the portfolio of €13,334m, +8% like-for-likeyear-on-year (+4% LFL in 6 months)

• Madrid portfolio with a strong increase of +9% like-for-like,year-on-year (+5% like-for-like in 6 months)
• Paris portfolio with a growth of +8% like-for-like,year-on-year (+4% like-for-like in 6 months)

Double-digit Net Profit Growth

• Net profit of €355m, +120% vs. the previous year
• Recurring Net Profit of €76m, +35% vs. the previous year
• Recurring EPS (Earnings Per Share) of €14.13cts/share, +27% vs. the previous year
• Group EBITDA of €129m, +10% vs. the previous year

Solid growth on Gross Rental Income

• Gross Rental Income of €170m, +9% vs. the previous year (+6% like-for-like)
• Net Rental Income of €153m, +7% vs. the previous year (+6% like-for-like)

Strong operating fundamentals

• More than 104,000 sqm of letting volume, +75% vs. the previous year
• Occupancy levels of 96% (~100% in Paris)
• Solid growth in signed rents and captured indexation
• • +8% of release spread2
  • +5% vs ERV 12/213

Active management of the portfolio

• Disposal of 3 non-strategic assets for €59m with a premium of +11% over GAV
• Contract signed for €484m for the purchase of the Amundi Headquarters in Paris at very attractive terms

A strong balance sheet for future growth

• Conversion of all bonds to Green Bonds, the 1st company in the IBEX35
• LTV of 36.9% with a liquidity of €2,557m5
• Reduction in the Group's cost of debt, reaching 1.28%6
• 85% of the debt is hedged in the event of interest rate increases

1. Total return based on NTA (Net Tangible Assets) = NTA growth + approved dividends
2. Signed rents on renewals vs. previous rents
3. Signed rents vs. market rents at 31/12/2021 (ERV 12/21)
4. Portfolio in operation
5. Cash and undrawn balances
6. Cost of current debt including ECPs. Without considering the ECPs, the cost of debt will be of 1.39% (1.49% in December 2021)

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First half results 2022

Highlights

1H Results 2022

Total Shareholder Return1 of +12% year-on-year, reaching an NTA of €12.49/share

1. Growth in Net Tangible Assets (NTA) up to €6,742m, +17% year-on-year

Colonial closed the first half of 2022 with Net Tangible Assets (NTA) of €12.49/share, corresponding to a year-on-year increase of +10% (+4% in 6 months) which, together with the dividend paid per share of €0.24/share, amounts to a Total Shareholder Return1 of +12% (+6% in 6 months).

1. Total shareholder return understood as NTA (NAV) growth per share + dividends
2. Dividends paid and other impacts

In absolute terms, the net value of the assets (NTA) amounts to €6,742m, a year-on-year increase of +17%, and a value increase of more than €968m in a year (+4% in 6 months).

This significant growth in NTA has been achieved thanks to an industrial Real Estate strategy with a significant Alpha component in returns, mainly due to:

1. A strong increase in the value of the prime asset portfolios in the three markets, driven by a strong demand for prime Grade A buildings.
2. Solid fundamentals of Colonial's assets with high occupancy levels and solid increases in rental prices.
3. The successful management of the project pipeline: completed and rented projects, as well as the significant amount of pre-let signings in the project pipeline and the renovation program.
4. The completion of the renovation program, substantially improving rental levels, as well as the value of the assets.

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First half results 2022

2. Increase in the value of the real estate portfolio of +8% like-for-like,year-on-year

The Gross Asset value of the Colonial Group at the close of the first half of 2022 amounted to €13,334m

(€14,064m including transfer costs), showing an increase of +11% compared to the previous year (+7% in the first half of 2022).

In like-for-like terms, Colonial's portfolio was revalued at +8% compared to the previous year (+4% corresponding to the first half of 2022).

The portfolios in the three cities show solid growth, highlighting the Madrid market, where the assets were revalued by +9% like-for-likevs. the previous year (+5% in 6 months). In Paris, the assets reached like-for-like, year-on-yeargrowth of +8% (+4% in 6 months).

The growth in asset value is based on (1) the solid demand of the market for prime assets in the city centre,

1. the strong fundamentals of Colonial's portfolio with an occupancy of 96% and rents signed at the high end of the market and (3) the successful generation of Alpha real estate value through the project pipeline, the renovation program and the active management of the portfolio (non-core disposals and "Alpha" acquisitions).

In the first half of 2022, net investments of €434m were carried out. Highlighted is the Pasteur asset in Paris. Furthermore, the sale of three non-strategic assets was carried out in Spain and France, with a sale price premium of +11% over the last valuation.

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First half results 2022

Strong growth in the net profit and the recurring profit

1. Net profit of €355m, +120% compared to the previous year

The Colonial Group closed the first half of 2022 with a strong increase in the results in all metrics:

• Increase in the net profit of €355m, +120% compared to the same period of the previous year
• The recurring net profit increased by +35% compared to the previous year and stood at €76m in the first half of 2022.
• The net recurring EPS increased +27% compared to the previous year, reaching a level of €14.13cts per share.

The significant increase in the recurring earnings is mainly due to:

1. The significant advances in the project pipeline and the acceleration of the renovation program, substantially improving rental levels. It is important to highlight the additional income from the projects delivered in 2021: the Diagonal 525 asset (headquarters of Naturgy in the Barcelona CBD) as well as the 83 Marceau asset (headquarters of Goldman Sachs in the Paris CBD).
2. Solid increases in rental prices of the core portfolio, driven by solid like-for-like growth and the indexation impact captured in the contracts.
3. A decrease in financial costs thanks to the Liability Management carried out in 2020 and 2021, which has resulted in a saving in the average financial cost of the Group's debt.
4. The successful execution of the acquisition of the 16.6% stake in Société Foncière Lyonnaise in 2021, with very attractive terms for Colonial's shareholders.

1. Recurring earnings per share

The additional increase in the Net Profit of the Group is underpinned by the capital gains from the disposals, as well as the growth in value of the Group's portfolio, thanks to its prime positioning.

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