Inmobiliaria Colonial SOCIMI

ladies and gentlemen welcome to colonial sfl full year 2025 results presentation the management of the company will run you through the presentation that will be followed by a question and answer session you can ask a question by phone by pressing star 5 on your telephone keypad I would now like to introduce Mr. Pere Viñolas, CEO of Inmobiliaria Colonial SFL. Please, sir, go ahead.

Thank you. Good afternoon. This is Pere Viñolas speaking. Welcome to the 2025 full year results presentation. It is a pleasure to share with you the results of the company for 2025. We are going to run you through this immediately. There are two things that we would like to do today. One is report to you these results, this excellent set of results. Second, also inform you about relevant matters, recent events, and the strategic framework that the company is using to run ahead. It's strategy. I'm on page four. of the presentation. So let me start you directly with the highlights of the results of our company for 2025. As you will see, we believe that these are outstanding operating results with solid execution of the disposal program. Main highlights. In terms of cash flow and cash flow growth, We are presenting a total gross rental income of 399 million for 2025, with a very impressive 6% like for like growth attached to this. EPRA earnings of 211, 9% more, and an EPRA EPS of 33.6, that is confirming the guidance that we've been sharing with the market in the past. In order to produce this cashflow growth, we've been able to deliver an excellent operational outperformance. Rental growth in terms of ERB growth is 7% year on year, life for life. It's particularly remarkable that this 7% becomes a 9% if we talk about Paris. The release spread is 8% year on year for the group, 16% in Paris. And the occupancy, it's 92 remaining at the standard high levels that the company is used to. Translated into asset value growth, the gross asset value grows 3.0 like for like, reaching a new figure of 12.2 billion. The MTA, the net tangible assets is now 6.1. The net tangible assets per share becomes now 9.70 euros per share. And this is also supported by relevant capital recycling activity. We will share more details today about recent events regarding this strategy, but the main headline would be disposal program on track, 300 billion euros delivered year to day, everything in line and conforming appraisal values. As a result of that loan to value 37.1 and always with a contained financial cost that is 1.91. This would be the highlights of the results that we will be sharing with you in detail immediately. It is important today also to provide a little bit of framework and also information about recent events that provide additional light into this recent performance. I'm in page five. First of all, as I said, no? these results are proving that prime asset class are delivering a strong rental growth, which is number one, superior to pricing power, more than 400 basis points above indexation. It is also clear that these results are not only very good in absolute terms, but also in relative terms to our peers. 70 0.2% like-for-like growth for Colorado SFL in Paris. To the group 5.8, NEPR well below this performance. So this first message is our positioning is delivering consistently superior growth. But moreover, we would like to share with you some additional news, no? on our progress in other directions, such as the disposal strategy. We would like to announce today that the disposals have reached, as I said, a 300 million year figure. This is based most importantly on the fact that we recently executed the sale of a landmark asset in Paris, 83 marcel that we have sold at roughly speaking 240 million euros that is in line with appraisal values that is roughly speaking four percent or even below in terms of yield so these are additional news that they would like to share with you today as a result of that uh the group is been having progress in the leveraging of its capital structure. Group proforma LTV is coming down 105 basis points based on the LTV or 156 basis points if we use the APRA LTV measure. So good set of results and additionally speaking, very additional good news regarding recent transactions. Page six, just to illustrate these headlines, you can see the traditional footprint of Colonial SFL in different markets, but particularly I would like to highlight where do we finish the year in terms of rental growth? 9% Paris, 6% Madrid, 5% Barcelona. We'll come back to this and we will be particularly more detailed in the performance of certain markets, such as Paris. And as I was saying, in page seven, besides the results we are presenting today, we are confirming our execution of the disposal program. It's now 300 million euros executed below 4% yield. Remarkable. Transaction, the one that we are announcing today on 83 in Marceau, about 240 million in line with appraisal values. And good progress in the other fronts related to non-core office products or assets in Madrid. Also, good progress under residential divesting. These will be the highlights for today. Now we will enter into the presentation of results, and later on I will come back with some remarks on the strategic positioning of the company. Now we will go first through the explanation of what's been happening on the operational front, and later on we will see the consequences of this in the financial KPIs of the company. With me, Cardinal Gagnet, Chief Corporate Officer of Colonial, and Carlos Comer, Chief Corporate Development Officer of Colonial SFL. Please, Carlos, go ahead with the next section on portfolio management.

Thank you very much, Pedro. We are now on page number nine. When we look for how has been the year, we have had an extremely outstanding letting activity and letting performance. We have secured rents for total annualized value of 64 million. This is 22% higher than the amount that we had the previous year, and corresponds to 150,000 square meters. Very important to highlight that 62%, more than half of it, are letting up of new spaces, of new delivered spaces, for instance, Madnum and Hausmann. The split is equally, it's well diversified, 24 million in Paris, 22 million in Madrid, 18 million in Barcelona. So very strong activity because this is what we see when we are in the prime asset class market. When we then go into more detail on page number 10, we see that we are signing really at record high prices, setting the prime reference in Paris. We are signing at levels of 1,000 and above 1,000, and with significant growth on ERE on the rural center of the 1,200 in Washington, Florida, several contracts at 1,000, as you have said, several contracts at 1,000. Grinnell, we have really also reached 1,000. This is absolutely record for this building. Previous year, it was lower, super record price. And then we signed on Champs-Élysées a retail space at a total rent of 3,700 euro per square meter a year. So all of them well above the previous year, so with strong rental growth and at very high absolute levels. So really our segment is performing extremely well. When we go to the other two cities where we operate on page number 11, we see as an overall that our activity in Madrid and Barcelona has increased on 32 to 40 million of total volume of contracts that have been signed in terms of annualized rents that this represent. What is extremely interesting is a lot of square meters, 60,000 square meters in Barcelona. We are seeing a significant acceleration in Barcelona. Just to remind you, last year it were 35,000 square meters. Now it's almost double. In Madrid, 17,000 square meters. And when we look at the prices, we see very high prices, 26 on the 22 ad, because we are there in the super prime niche on Diagonal 197. This is 16% growth in ERE, 34 and 28 on the Diagonal, and in Madrid, levels between 36 and 43. So across the board, in our product, that is the best product, we are signing top trends. When we go and take a perspective year-on-year on page number 12 and look at the overall rental growth, as Pera mentioned at the beginning, we have signed with an ERE growth year-on-year of 7%. What is extremely interesting about this is that in every single city our portfolio has increased significantly the rental growth that was achieved last year. Last year we had in Paris 6% growth in 2024, and 2025, now we have 9% growth. So we've increased by 300 basis points. Madrid also has an acceleration, and Barcelona also. And the 7%, just to keep in mind, is more than 400 basis points higher than the indexation. So we are really achieving growth above indexation. On the release spread, it remains simple strong. We are having an 8%. release spread. Barcelona turned from negative to positive. This market is really recovering at a very accelerating pace. Madrid, a 4% release spread, and Paris, 16%. If we take into account retail, the pure office release spread is 19%, so at the 20% levels of the previous year, so a very strong pricing performance. When we now look at the project pipeline, we are also progressing well on the letting up of the project pipeline. Page 13, the two big elements or big assets that we have for letting up and that have been delivered recently are Madnum and Hausmann. In Madnum, we have year-to-date already signed 14 million of rents. It is 74% of the building. We are signing at levels of between 27 and 28 euros per square meter a month. Just to remind you that initial underwriting when we did this project was at levels of 22. So we are really beating what we were envisaging. On Hausmann, we have already signed and we have in place today 5 million of rents. So we are approaching to the full 13 million. Also here rental levels quite attractive, 1,000 euros per square meter a year. the previous tenant pre-project was more at levels of 800. All in all, when we take all this together, we are at the occupancy of 93%, 92% at December, but with the contracts that have been signed in December, but come in force on Magnum, because the tenant steps in during the month of January, and also the floor signed in Hausmann, we are today, as we speak at this moment, already at a 93% occupancy, so coming quite quickly at very high levels again. And so I will pass over to Carmina to the financial section.