Merlin Properties Socimi, S.a. · BME:MRL
Merlin Properties Socimi — 6M26 Earnings Presentation
47 slides from Merlin Properties Socimi's earnings presentation, Jul 28, 2026
Slide 1: 6M26 Results Presentation
6M26 RESULTS PRESENTATION 2 8 J U LY 2 0 2 6
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared certain assumptions and estimates. These offering, will not be registered under the This presentation may include forward- by MERLIN Properties SOCIMI, S.A. (the internal analyses may have not been verified U.S. Securities Act of 1933, as amended (the l
Slide 3: Agenda
□ Key highlights □ Offices □ Logistics □ Shopping centers □ Data centers (Phase I, II & III) □ Closing remarks & outlook □ Appendix ISMAEL INÉS FRANCISCO CLEMENTE ARELLANO RIVAS CEO DIRECTOR DIRECTOR
Slide 4: Key highlights
Key highlights OPERATING FINANCIAL VALUE PERFORMANCE PERFORMANCE CREATION • Strong operating performance with • Double-digit revenue growth (+11.7%) • Mega Plan execution continues ahead of +3.3% like-for-like rental growth, translated into solid bottom-line expectations, reaching 160 MW let or pre-
Slide 5: 6M26 Key financial & operating remarks
6M26 Key financial & operating remarks KEY financial metrics KEY operating metrics GRI FFO FFO p.s.(1) WAULT Occupancy € 291.7m €180.0m € 0.29 3.6 yr 94.7% +10.2% LfL +8.0% YoY (1.8%) YoY LTV NTA GAV LfL TSR YoY Sqm 24.5% € 15.99 p.s. +3.7% +9.1% contracted 148k sqm 5 (1) Calculated on TSO of 620 mi
Slide 6: Offices
OFFICES ——_
Slide 7: 6M26 Key financial & operating remarks | Offices
6M26 Key financial & operating remarks | Offices GRI Release € 148.0m Spread Occupancy +2.4% LfL +1.7% 93.6% Sqm WAULT GAV LfL contracted 85k sqm 3.3 yr +1.1% 7
Slide 8: Offices | Value Creation - Alfonso XI
Offices | Value Creation - Alfonso XI ONE OF THE VERY FEW REFURBISHMENTS OVER 10,000 SQM IN PRIME CBD • The scarcity of high-quality product within the M-30 ring makes this asset truly unique early non-existing •N refurbished assets in a PENDIENTES FOTOS market with several best- in-class tenants se
Slide 9: Offices | Value Creation - Liberdade
Offices | Value Creation - Liberdade 201 SOON TO BECOME THE BEST OFFICE BUILDING IN THE LISBON MARKET • Prime asset with a highly representative profile and PENDIENTES FOTOS location igh-street retail fully let •H to a top luxury group • Leasing status • Office: 50% pre-let or HoT • Retail: 100% pre
Slide 10: Offices | Value Creation - Adequa
Offices | Value Creation - Adequa 4 CONSOLIDATING THE LARGEST BUSINESS PARK IN THE A-1 CORRIDOR Adequa 4 • Securing a very large pre-let (21,441 sqm) • Adequa is the gateway to Castellana and Madrid Nuevo Norte PENDIENTES FOTOS • Adequa 7 pending final CAPEX costing to decide go/no go GLA Delivery T
Slide 11: Offices | Value Creation - Plaza Ruiz Picasso II
Offices | Value Creation - Plaza Ruiz Picasso II PLAZA RUIZ PICASSO II IS IDEALLY LOCATED IN AZCA, MADRID’S LEADING FINANCIAL DISTRICT • At the heart of Renazca, AZCA’s flagship redevelopment project designed to create a more PENDIENTES FOTOS open, sustainable, and vibrant urban environment • Enhanc
Slide 12: Logistics
LOGISTICS
Slide 13: 6M26 highlights | Logistics
6M26 highlights | Logistics GRI Release € 42.5m Spread Occupancy +1.2% LfL +3.9% 95.0% Sqm WAULT GAV LfL contracted 39k sqm 2.9 yr +0.9% 13
Slide 14: Logistics roll-out: committed pipeline
Logistics | Value creation | Logistics roll-out: commercialization & pending capex | WIP 275k sqm Committed pipeline To be delivered by 2H27 Cabanillas Park II 39k sqm Azuqueca III 54k sqm Total remaining investment San Fernando III 43k sqm € 96m Lisboa Park 102k sqm Valencia-Bétera 25k sqm Expected
Slide 15: Logistics roll-out: non-committed pipeline and landbank
Logistics | Value creation | Logistics roll-out: commercialization & pending capex | Landbank 184k sqm Non-committed pipeline Pending Capex Cabanillas Park II 56k sqm € 111m San Fernando III 57k sqm Expected stabilized GRI Valencia-Bétera 71k sqm € 11.2m YoC(1) ±7.1% 15 (1) Including land cost
Slide 16: Shopping Centers
SHOPPING CENTERS
Slide 17: 6M26 highlights | Shopping centers
6M26 highlights | Shopping centers GRI Release Sqm Spread Occupancy € 71.8m contracted +6.4% LfL +5.6% 96.9% 23k sqm Tenant WAULT GAV LfL Sales Footfall OCR 2.4 yr +0.3% +8.4% +1.9% 10.8% 17
Slide 18: Data Centers (Phase I, II & III)
DATA CENTERS (PHASE I, II & III)
Slide 19: Data Centers Overview – Plan Mega at a glance
Data Centers | Overview – Phase I, II & II footprint (724 MW) PLAN MEGA AT A GLANCE Bilbao 280 MW CYL Zaragoza 144 MW A1 A2 Barcelona 22 MW A5 Madrid 98 MW Extremadura Lisbon 180 MW 19
Slide 20: Data Centers | MEGA Plan Overview (724 MW)
Data Centers | MEGA Plan Overview (724 MW) Phase I Phase II Phase III Total IT Capacity (MW) 64 254 406 Stabilization year 2027 2030 2032 Total investment (€m) 614 2,756 4,406 Cost per MW (€m) 9.6 10.8 10.9 Stabilized GRI (€m) 97 397 646 Gross YoC 15.8% 14.4% 14.7% Funded Partially Self-consumed ene
Slide 21: Phase I capacity in operation (64 MW)
Data Centers | Phase I capacity in operation (64 MW) PHASE I FULLY LET AND 100% OPERATIONAL FROM OCT-26 let let let 0 0% 0 0% 0 0% 1 1 1 Barcelona - PLZF Bilbao - Arasur Madrid - Getafe In operation In operation In operation IT capacity 22 MW 22 MW 20 MW Electricity supplied (10/2026) Equiped at 6M2
Slide 22: Phase I: Strong value creation
Data Centers | Phase I capacity in operation (64 MW) STRONG VALUE CREATION 1,416 Total investment(1) € 614m 321 (€ 22.1m/MW) (€m) (€ 9.6m/MW) 107 381 988 101 507 Investment Promote Revaluation GAV Pending Estimated value 2036 as of 6M26 accrued to date captured 6M26 Capex to be captured Exit Value a
Slide 23: Phase II overview (254 MW)
Data Centers | Phase II overview (254 MW) BILBAO LISBON MADRID CED NS C ED S - LET - LET AN AN N KED PRE PRE ADV TIATIO ADV TIATIO BOO O O NEG NEG MAD-TC I MAD-GET II BIO-ARA II BIO-ARA I LIS-VFX I LIS-VFX II Planning completed – Demolition ongoing – Environmental assessment Urbanization works ongoi
Slide 24: Works update: Bilbao Arasur 2 data center
Data Centers | Phase II overview (254 MW) WORKS UPDATE: BILBAO ARASUR 2 DATA CENTER (48 MW). DELIVERY DATE 4Q26 24
Slide 25: Works update: Bilbao Arasur 1 data center
Data Centers | Phase II overview (254 MW) WORKS UPDATE: BILBAO ARASUR 1 DATA CENTER (48MW). DELIVERY DATE 4Q27 25
Slide 26: Works update: Lisbon data centers
Data Centers | Phase II overview (254 MW) WORKS UPDATE: LISBON DATA CENTERS (80 MW). DELIVERY DATE 4Q27 26
Slide 27: Phase III overview (406 MW)
Data Centers | Phase III overview (406 MW) BILBAO LISBON ZARAGOZA NC ED S A N ADV TIATIO O NEG BIO-ARA BIO-ARA LIS-VFX LIS-VFX LIS-VFX 04 05 03 04 05 ZGZ-WIND 01 IT capacity 80 MW 70 MW 40 MW 40MW 20 MW 144 MW Power Granted Power Granted Granted Granted Granted Granted Granted Sourcing NEW NEW Ready
Slide 28: Full picture capex commitments
Data Centers | Full picture capex commitments CAPEX 1,760 COMMITMENTS 1,695 (€m) 1,622 1,395 1,135 889 1,146 522 1,545 1,280 806 614 613 170 115 170 77 <2025 2026 2027 2028 2029 2030 Phase I Phase II Phase III 28
Slide 29: Closing remarks & outlook
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Slide 30: Closing remarks & Outlook
Closing remarks & Outlook OPERATIONS VALUE CREATION OUTLOOK • Strong operational performance • MERLIN continues to create • The combination of rental growth, across all asset classes, delivering significant shareholder value continued leasing success in Data Centers +3.3% like-for-like growth and ve
Slide 31: Appendix
APPENDIX
Slide 32: Appendix | 6M26 Financial results
Appendix | 6M26 Financial results BETTER THAN EXPECTED FFO OF € 0.29 PER SHARE DUE TO POSITIVE OPERATING PERFORMANCE (€ million) 6M26 6M25 YoY Total revenues 307.7 275.3 11.7% Gross rents 291.7 264.7 10.2% Gross rents after incentives 276.1 249.6 10.6% Net rents(1) 245.1 224.2 9.3% EBITDA(2) 229.4 2
Slide 33: 6M26 Financial results | GRI bridge
Appendix | 6M26 Financial results | GRI bridge SOLID RENTAL GROWTH (+3.3% LfL) ACROSS THE WHOLE PORTFOLIO (€m) +2.4% Offices LfL(1) +3.3% +1.2% Logistics +6.4% Shopping centers +18.9 291.7 264.7 +8.1 6M25 Like-for-Like Balance acquisitions, 6M26 growth disposals & other 33 (1) Portfolio in operation
Slide 34: Occupancy and WAULT
Appendix | 6M26 Financial results | Occupancy and WAULT OVERALL OCCUPANCY AT 94.7% 95.0% 95.0% 96.9% 96.9% n.a. n.a. 94.7% 94.7% Occupancy and WAULT to first break per asset type(1) MERLIN MERLIN 93.6% 93.6% Average Average 95.0% 95.0% 96.9% 96.9% n.a. n.a. 94.7% 94.7% MERLIN MERLIN 93.6% 93.6% Aver
Slide 35: Offices | GRI bridge and breakdown
Appendix | Offices | GRI bridge and breakdown LfL(1) (€m) +2.4% 144.3 +3.5 +0.2 148.0 6M25 Like-for-Like growth Balance acquisitions, 6M26 disposals & other LfL growth by area Occupancy by area 6M25 6M26 Madrid +4.5% Madrid 94.5% 95.4% +86 bps Barcelona (5.6%) Barcelona 89.7% 84.4% (529 bps) Lisbon
Slide 36: Offices | Leasing activity
Appendix | Offices | Leasing activity Contracted sqm #Renewed contracts Release spread Tenants contracted Madrid 69,141 71 +1.2% Barcelona 6,045 12 +1.7% Lisbon 10,354 6 +4.6% Total 85,540 89 +1.7% 36
Slide 37: Offices | Flex space
Appendix | Offices | Flex space RECORD BREAKING ADR (€ 503 ADR), POSITIONING THE LOOM PORTFOLIO AS BEST-IN-CLASS KPIs 35,866 sqm 3,548 desks 88.0% occupancy 15 spaces € 503 ADR(1) New opening 2026 Callao Main contracts signed: 37 (1) ADR: Average monthly desk rate
Slide 38: Logistics | GRI bridge and breakdown
Appendix | Logistics | GRI bridge and breakdown LfL(1) (€m) +1.2% 41.9 +0.5 +0.1 42.5 6M25 Like-for-Like growth Balance acquisitions, 6M26 disposals & other LfL growth by location Occupancy by area 6M25 6M26 Madrid (0.8%) Madrid 94.7% 94.5% (17 bps) Barcelona +4.2% Barcelona 98.6% 99.7% +117 bps Oth
Slide 39: Logistics | Leasing activity
Appendix | Logistics | Leasing activity Contracted sqm #Renewed contracts Release spread Tenants contracted Madrid 15,602 3 +2.2% Barcelona 21,183 2 +9.3% Other 2,477 2 +3.3% Total 39,262 7 +3.9% 39
Slide 40: Logistics | ZAL Port
Appendix | Logistics | ZAL Port STRONG PERFORMANCE Stock(1) 844,933 sqm Third parties stock (ground leases) 106,859 sqm Stock under management 951,972 sqm Contracted sqm Release spread # contracts €m 6M26 6M25 YoY 203,022 +0.8% 42 Gross rents 39.6 38.9 +1.9% Tenants Net rents 39.5 38.6 +2.4% EBITDA
Slide 41: Shopping centers | GRI bridge and breakdown
Appendix | Shopping centers | GRI bridge and breakdown LfL(1) (€m) +6.4% 65.8 +4.2 +1.8 71.8 6M25 Like-for-Like growth Balance acquisitions, 6M26 disposals & other Footfall evolution Tenant sales evolution OCR evolution 6M26 10.8% 6M25 vs 6M24 +1.9% 6M25 vs 6M24 +8.4% FY25 11.0% FY24 11.2% 41 (1) Po
Slide 42: Shopping centers | Leasing activity
Appendix | Shopping centers | Leasing activity Release spread # contracts Tenants All portfolio +5.6% 108 Contracted sqm Total 23,328 42
Slide 43: Valuation and debt position | GAV summary
Appendix | Valuation and debt position | GAV summary REVALUATION UPLIFTS ARE DRIVEN BY DATA CENTERS Passing yield 4.8% 5.7% 6.6% 6.2% - 5.3% 13,508 12,814 6,661 GAV TOTAL with minority stakes (€ million) Shopping centers 2,103 Minority stakes 2,151 Data Centers(1) 1,438 Logistics Other(2) Offices 69
Slide 44: Valuation and debt position | GAV drivers
Appendix | Valuation and debt position | GAV drivers 2 BPS EXPANSION DURING THE SEMESTER ACROSS THE PORTFOLIO 27.9% +3.7% MERLIN average(2) GAV LIKE-FOR-LIKE 1.1% 0.9% 0.3% EVOLUTION(1) Offices Logistics Shopping centers Data Centers 13 8 0 2 bps Total YIELD (COMPRESSION) / EXPANSION(3) (37) Offices
Slide 45: Sound financial structure
Appendix | Valuation and debt position | Sound financial structure RATING REAFFIRMED BY BOTH S&P & MOODY’S 6M26 31/12/2025 Net debt 3,394 € 3,743m LTV 24.5% 28.9% Average cost (spot) 2.71% (2.65%) 2.69% (2.56%) Fixed rate debt 99.8% 100% Average maturity (years) 4.0 4.4 Liquidity(1) € 2,571m € 1,965
Slide 46: Financial discipline: long maturities and hedged debt
Appendix | Valuation and debt position | Sound financial structure FINANCIAL DISCIPLINE: LONG MATURITIES AND HEDGED DEBT 941 24.5% 2.71% 871 4.0 86.4% 99.8% € 3,394m € 2,571m (1) LTV Average Interest Years Non-mortgage debt Fixed Net financial Liquidity Rate (hedged) 71 Maturity / total debt rate de
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Paseo de la Castellana, 257 28046 Madrid +34 91 769 19 00 info@merlinprop.com www.merlinproperties.com
MERLIN Properties SOCIMI — 6M26 Earnings Presentation on 6ix