VBARE Iberian Properties SOCIMI S A : Presentación de Resultados del ejercicio finalizado a 31 de diciembre de 2023

2023 RESULTS PRESENTATION

March 7, 2024

DISCLAIMER

This document has been prepared by VBARE Iberian Properties SOCIMI, S.A. (the "Company") and its subsidiaries (the "Group").

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 for, or any solicitation of any offer to purchase or subscribe for, any securities of the Company in any jurisdiction, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. Any purchase of or subscription for securities of the Company should be based solely on each investor's own analysis of all public information, the assessment of risk involved and its own determination of the suitability of any such investment. No reliance should be placed and no decision should be based on this Presentation.

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The information contained in this Presentation does not purport to be comprehensive or to include all information that may be required to fully analyze the issues referred to therein. Accordingly, no representation or warranty, express or implied, is made as to the truth, accuracy or completeness of the information in this Presentation. None of the Company, any of its subsidiaries, or any of their respective directors, officers or employees accepts any responsibility or liability whatsoever for any loss howsoever arising from any use of this Presentation or otherwise arising in connection therewith.

The information and opinions contained in this Presentation are provided as at the date of the Presentation and are subject to verification, correction, completion and change without notice. In giving this Presentation, no obligation to amend, correct or update this Presentation or to provide the recipient with access to any additional information that may arise in connection with it is undertaken.

This Presentation may include forward-looking statements relating to, among others, the Company's financial position, operating results, strategy, plans, targets or goals. Forward-looking statements are subject to risks, uncertainties and factors beyond the Company's control that may result in actual results materially differing from prospective results or the results implied in the forward-looking statements. Therefore, the results and actual performance may materially differ from those expressed or implied in the forward-looking statements. In the same way, the forward-looking statements must not be deemed to entail any statement, promise or warranty of the accuracy or completeness of the assumptions or hypotheses on which the forward-looking statements, expectations, estimations or provisions are based or, in the case of assumptions, of their full inclusion in the Presentation. No undue reliance should be placed on the forward-looking statements.

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INDEX

1. 2023 Operating Performance
2. 2023 Financial Performance
3. Annex: Portfolio Overview

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2023 HIGHLIGHTS

PORTFOLIO SUCCESSFULLY REFURBISHED AND LEASED

COMMERCIAL ACTIVITY WITH 72 LEASES SIGNED IN 2023 AND AN ANNUALIZED RELETTING SPREAD1 OF +8.24%

(79 LEASES SIGNED IN 2022 WITH AN ANNUALIZED RELETTING SPREAD OF +4.56%)

NET OCCUPANCY ABOVE 95% FOR THE LAST 8 CONSECUTIVE QUARTERS

+27% LIKE-FOR-LIKE GROSS RENTAL INCOME vs 2022

+16% LIKE-FOR-LIKERENTS SIGNED AT DECEMBER 31, 2023 vs 2022

5.2% LIKE-FOR-LIKE PORTFOLIO REVALUATION (2.2% NET OF CAPEX INVESTED)

€1.95mn NET CONSOLIDATED GAIN EXPLAINED BY GRI IMPROVEMENT, PORTFOLIO REVALUATION AND COST REDUCTION

100% FINANCIAL DEBT FORMALIZED AT FIX INTEREST RATE2

4 UNITS SOLD IN 2023 FOR A TOTAL AMOUNT OF APPROXIMATELY €0.7 MILLION AND APPROXIMATE WEIGHTED LEVERAGED RETURNS OF AN IRR OF 13.36% AND A MULTIPLE OF 1.92x³

1. The reletting spread is calculated considering only units that have been leased at least 2 times by VBARE and excluding the buildings operated by 3rd parties
2. The Group has: 1) Mortgage loan with a pending principal as of December 31,2023 of €8 mn with 1.8% fix rate until 2030 and variable until maturity (2039). 2) Mortgage loan with a pending principal as of December 31,2023 of €4.7 mn with 1.8% fix rate until 2027 when

€3.4 mn became variable until maturity in 2039. €0.8 mn became variable in 2031 until 2034.

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3. IRR and Multiple calculated at asset level

1. 2023 OPERATING PERFORMANCE

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1. 2023 Operating Performance

LEASING PERFORMANCE

	Quarterly Leases Signed 1	Annualized Quarterly Reletting Spread 2
32	33
2022
		4.6%	10.02%

8.34%	9.10%

2023

8.2%

16	18	18
13	13
		8

6.81%

4.10% 4.50%

2.90%

6.06%

Q1 2022

Q2 2022

Q3 2022

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Stable seasonal number of contracts signed

Quarterly Net Occupancy 3

97.86%

98.44%

97.41%

95.20%

99.12%

98.68%

Q3 2022

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Stable Net occupancy over 98%

Q1 2022

Q2 2022

Q3 2022

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Reletting spread remains positive and significantly higher than 2022

Time to Lease over Total Portfolio (Days) 4

160150

140125

120 107

100					89		73
80		70							58			54
60						52		48
										43	43
										37
											30
40									28
20																9
0
Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4

2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023

1. It doesn't take into account residential units leased or operated to/by operators
2. The reletting spread is calculated considering only units that have been leased at least 2 times by VBARE
3. Occupancy calculated on the last day of the quarter over each period stabilized investments. From Q2 2023 the whole portfolio is considered stabilized
4. Calculated over Published Days (Only Residential and Loft Units taking into consideration). Residential units leased or operated to/by operators not considered in calculations

Time to Lease at minimum levels

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1. 2023 Operating Performance

OPERATING PERFORMANCE

Like-for-Like GRI Evolution (€ k)

Annualized Rents Potential Growth (€ k) 2

		Rents net of temporary rebates ¹		Total Rents
2,889	2,905	3,063	+16%
2,651

3,071

3,070

+10%

3,385

2,599

1,9932,018

3,061

3,070

Dec. 31, 22

Mar. 31, 23

Jun. 30, 23

Sept. 30, 23

Dec. 31, 23

Strong annualized GRI evolution (+16% vs Q4 2022, thanks to strong commercial

strategy and full portfolio stabilization)

Current Rents	Temporary Rebates	Rents	Vacant	Under	Reversionary
December. 2023	December. 2023	Below ERV	Units	Refurbishment	ERV

Yield3-6 on Invested Capital 4

Yield3-6 on GAV 5

			Gross Yield		Net Yield
	5.9%	5.8%	6.2%
4,2%	5.4%				5.7%

3.7%

+50%

6.3%

5.7%

Gross Yield		Net Yield

4.3%	4.2%	4.5%

3,1%	4.2%
	3.9%
2.7%

+55%

4.5%

4.1%

Dec. 31, 22

Mar. 31, 23

Jun. 30, 23

Sept. 30, 23

Dec. 31, 23

Net Yield vs Q4 2022 +50%

1. Rent including discounts equal to rent free periods in place
2. Potential Growth based on the Company´s estimated ERV (Estimated Rental Value) as of December 31, 2023
3. Current yields calculated over annualized rents as of December 31, 2023, and considering discounts granted
4. Total Invested Capital includes Total Acquisition Price, Total Transaction Costs and Total Accumulated CAPEX
5. GAV is based on external independent appraisal
6. Yield on invested capital and on GAV calculated over the whole portfolio in all periods to make it comparative as the whole portfolio is considered stabilized from Q2 2023

Dec. 31, 22

Mar. 31, 23

Jun. 30, 23

Sept. 30, 23

Dec. 31, 23

Stabilized Net Yield on GAV (+55% vs Q4 2022)

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2. 2023 FINANCIAL PERFORMANCE

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2. 2023 Financial Performance

IFRS 2023 PROFIT & LOSS ACCOUNT

Profit & Loss Account (€ k)

	31 December 2023	31 December 2022	Variation
Gross Rental income (Like-for-Like Assets)	2,268	1,785	27.1%
Gross Rental income (Units sold)	12	135	-91.1%
Gross Rental Income	2,280	1,920	18.8%
Other operating income	23	36	-36.1%
Personal expenses	-525	-503	4.4%
General and administrative expenses	-1,747	-1,945	-10.2%
Realized gain (Loss) and change of fair value on investment properties	2,384	1,615	47.6%
Operating result	2,415	1,123
Finance result	-467	-475	-1.7%
Profit for the period	1,948	648
Corporate income tax	-	-
Profit for the period attributable to the shareholders	1,948	648
Basic and diluted earnings per share (Euro)	0.55	0.18

Consolidated Profit & Loss account according to International Financial Reporting Standards as adopted by the European Union (IFRS-EU)

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2. 2023 Financial Performance

DECEMBER 31, 2023 CONSOLIDATED BALANCE SHEET

Assets (€ k)

Liabilities (€ k)

	December 31, 2023	December 31, 2022	Variation
Non- Current Assets	69,024	66,295	4.1%
Property, plant and equipment	9	29	-70.2%
Investment properties	68,827	66,060	4.2%
Non - Current financial assets	189	207	-8.8%
Current Assets	2,548	3,967	-35.8%
Advance to suppliers	28	41	-30.9%
Trade and other receivables	1,691	781	116.5%
Trade debtors	88	122	-28.2%
Other receivables from Public Administrations	1,603	659	143.3%
Short term accruals	37	60	-39.2%
Cash and cash equivalents	792	3,085	-74.3%
Total Assets	71,572	70,263	1.9%

	December 31, 2023	December 31, 2022	Variation
Net Equity	46,309	44,405	4.3%
Share capital	18,049	18,049	0.0%
Share Premium	15,259	15,259	0.0%
Treasury shares	-475	-533	-11.0%
Retained earnings	13,476	11,630	15.9%
Non-current Liabilities	23,439	23,542	-0.4%
Non-current financial liabilities	23,439	23,542	-0.4%
Bank Borrowings	22,852	23,216	-1.6%
Other financial liabilities	587	326	80.3%
Current Liabilities	1,823	2,316	-21.3%
Current financial liabilities	1,070	936	14.3%
Bank Borrowings	1,070	936	14.3%
Trading creditors and other accounts payable	753	1,380	-45.4%
Trade Payables	500	958	-47.8%
Trade payables, group companies and associates	-	232	-100.0%
Accruals, wages and salaries	28	59	-53.0%
Other payables with Tax Administration	70	101	-30.7%
Advance to suppliers	156	30	414.3%
Equity and Liabilities	71,572	70,263	1.9%

Consolidated Balance Sheet according to International Financial Reporting Standards as adopted by the European Union (IFRS-EU)

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