Millenium Hospitality Real Estate SOCIMI S A : Results Presentation 1H23

Excellent exposure to iconic hotel assets

January-June 2023 results

21 September 2023

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Disclaimer

This document has been prepared by MILLENIUM HOSPITALITY REAL ESTATE, SOCIMI, SOCIEDAD ANÓNIMA ("MHRE" or the "Society") solely for use in the Company's results presentations.

This Presentation does not constitute or form part of, and should not be construed as, any offer to sell or issue, or invitation to purchase or subscribe, or any request for an offer to purchase or subscribe, any of the Company's securities, nor shall it form the basis of, or be relied on, even the fact that it is distributed, in connection with any contract or investment decisions.

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To the extent possible, the industry, market and competitive position data contained in this Presentation come from official or third-party sources. In general, third-party industry publications, studies and surveys assert that the data they contain was obtained from sources believed to be reliable, but the accuracy or completeness of such data is not guaranteed. Although the Company reasonably believes that each of these publications, studies and surveys has been prepared by a reliable source, the Company has not independently verified the data contained in them. In addition, some of the industry, market and competitive position data contained in this Presentation comes from the Company's internal research and estimates based on the knowledge and experience of the Company's management in the markets in which the Group operates. Although the Company reasonably believes that such research and estimates are reasonable and reliable, said research and estimates, as well as their underlying methodology and assumptions, have not been verified by any independent source as to their accuracy or completeness, and they are subject to change. Consequently, undue reliance should not be placed on any industry, market or competitive position data contained in this Presentation.

This Presentation contains alternative performance measures according to Commission Delegated Regulation 2019/979 of 14 March 2019 and the ESMA Guidelines on Alternative Performance Measures of 5 October 2015. Other companies may calculate such financial information differently or use such measures for different purposes than those of the Company, which limits the comparability of these measures. These measures should not be considered as alternatives to those established in the Company's financial information, they have limited use and may not be indicative of the results of operations. Recipients of this Presentation should not place undue reliance on this information.

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Contents
1.	Main figures
2.	Main milestones in the period
3.	Consolidated Results 1H23
4.	Portfolio
5.	Market context
6.	Annexes
7.
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Contact

• • Balance sheet

• • EPRA metrics

• • Relevant and Privileged Information

Main figures as at 30 June 2023

GAV(1) €632.1 million

(+7.8% vs 2022)

68% in operation 14% in restructuring 18% in development

+ 21% revaluation in hotels in operation (GAV(1)/

Acquisition Cost(3) +6.6%, total portfolio

• (1) Valuation carried out on 30 June 2023 by independent experts.

  Liquidity of €72.9 million

  Low net LTV leverage level(2) 15.1%

  (gross LTV 26.6%)

  90% of the debt matures after

  January 2026

  81% fixed rate debt(5)

• (2) (Debt with credit institutions - Cash and cash equivalents)/GAV

• (3) Acquisition cost = acquisition price + transaction costs + Capex

• (4) Average of SOCIMIS listed on the Spanish continuous market

• (5) Includes debt with negotiated cap

Revenue €9.93 million;

(+80.4% vs 1H22)

EBITDA €3.18 million

(9.4x that of 1H22)

Net Result €5.47 million

Result of hotel business activity +€8.05 million

EPRA NTA €4.71/share (+1% vs 2022)

Increase in asset value of

+€4.64 million, due to the quality and value potential of the MHRE portfolio in a market environment with widespread declines.

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Main milestones in the period

• (1) Valuation carried out on 30 June 2023 by independent experts.

• (2) Debt with credit institutions - cash and cash equivalents/GAV

• (3) Source INE (National Statistics Institute) July 2023 and Colliers International

  • ➢ The portfolio's GAV(1) has increased by 7.8% from the close of 2022 to €632.1 million as a result of:

    • ✓ The CAPEX implemented in the period amounting to €40.78 million, arising from the progress of the repositioning works in the hotels.

    • ✓ The increase in valuations carried out by independent experts amounting to €4.64 million, which represents an exception to the widespread decline in valuations observed in the sector(4) in the first half of 2023.

    • ✓ The large increase in value of all assets in operation after their repositioning stands out (+21% compared to their acquisition cost), with the improvement registered by JW Marriot Hotel Madrid being particularly significant, standing at 30.5%.

  • ➢ The 2023 opening plan has been completed ahead of schedule: during the first half of 2023, JW Marriott Hotel Madrid and Nobu Hotel Seville opened their doors. In August, Nobu Hotel San Sebastian did so ahead of schedule. After these 3 openings, MHRE has 8 of its 13 assets in operation.

  • ➢ In relation to the performance of hotels in operation, the Radisson Collection Seville and the JW Marriott Madrid stand out, thanks to the improvement seen in luxury tourism, which has translated into higher occupancy and ADRs than expected.

  • ➢ In line with the company's philosophy, lease agreements have been successfully signed with prestigious international hotel chains to put together a unique multi-brand portfolio, which will contribute to the portfolio's security and the expected profitability of the assets.

  • ➢ Significant improvement in results (revenues of €9.93 million; and net result of €5.47 million) as a consequence of the higher income arising from the hotel business activity due to the commissioning of new assets, the updating of rents in line with the CPI and the improvement in the valuation of the portfolio.

  • ➢ We maintain a strong balance sheet: Net debt (LTV(2)) of 15.1% and a cash balance of €72.86 million as at 30 June 2023.

  • ➢ The company teams' excellent capacities in the repositioning of assets and the implementation of Capex.

  • ➢ Improvement in EPRA NTA per share of 1%, thanks to the increase in value arising from the entry into operation of new assets.

  • ➢ Thehotelmarketcontinuestoshowsignsofnotablestrength,bothintermsofhotelinvestmentandtheevolutionofratesandoccupancyvolumes.+€1.383billionhasbeeninvestedin1H23,withoperationsin5*hotelsstandingout,accountingfor50%ofsaidamount.Hotelratesandoccupancyof5*hotelscontinuetorise(ADR+8.85%andREVPAR+9.46%vs7M22);thisisalsothecategorythatisgrowingthemost.Addedtothisisthefactthatthisyearitisexpectedthattherecordfortouristsandspendingpertouristseenin2019willbebroken,ahistoricrecordyearfortourisminSpain.

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• (4) SOCIMIS listed on the Spanish Continuous Market