Merlin Properties Socimi, S.a. · BME:MRL
Merlin Properties Socimi — Merlin Pptys Socimi Ord — Q4 2025 Earnings Presentation
71 slides from Merlin Properties Socimi's earnings presentation, Feb 27, 2026
Slide 1: Company Presentation
COMPANY PRESENTATION iF MERLIN PROPERTIES
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: A leading company, a well-grounded present, an exciting future
□ A leading company □ A well-grounded present □ An exciting future
Slide 4: A Leading Company
A LEADING COMPANY
Slide 5: MERLIN at a glance
A leading company | MERLIN at a glance € 12.6bn Listed GAV in Spain € 542m & Portugal GRI € 327m FFO Part of € 3,743m IBEX-35 NET DEBT 28.9% LTV BBB+ Stable 95.6% AVERAGE Baa1 Stable OCCUPANCY 5
Slide 6: A snapshot of MERLIN
A leading company | A snapshot of MERLIN 1.0% 10.8% 10.8% 1.0% otros otros 5.8% 5.8% Other Other 15.8% 15.8% Logistica Logistica 4% 15.4% Data Centers Data Centers CC Logistics CC Logistics 55.6%Shopping Gross asset 55.6% oficinascenters Shopping oficinascenters Gross rental 53.9% 53.9 value income(
Slide 7: A Well-Grounded Present
A WELL-GROUNDED PRESENT
Slide 8: Positioning
A well-grounded present | Positioning #1 REIT IN DATA CENTERS, LOGISTICS AND OFFICES #1 • Presence in prime cities: Madrid, Barcelona, Lisbon • Flexibility to offer multitenant or headquarter buildings Offices • Capacity to adapt to the needs of the tenant #1 • “One-stop-shop” solution for logistics
Slide 9: Offices
A well-grounded present | Offices PRIME SPACES IN BOTH CBD AND NBA OFFERING A WIDE VARIETY OF SOLUTIONS TO CLIENTS sqm Prime+CBD NBA Periphery Madrid 303,453 477,438 86,158 Barcelona 152,736 51,323 25,385 Lisbon 108,777 12,260 - Other - - 16,265 1,233,795 sqm By location By product Otros Otros Lisbo
Slide 10: Our clients
A well-grounded present | Our clients Offices Multinationals Leading spanish Leading spanish companies companies Tech sector Financial sector Public entities Consulting firms Law firms 10
Slide 11: Offices
A well-grounded present | Offices Castellana 259, Madrid Castellana 85, Madrid Plaza Ruiz Picasso 11, Madrid Castellana 280, Madrid Castellana 278, Madrid Castellana 93, Madrid 11
Slide 12: Offices
A well-grounded present | Offices Sede Endesa, Madrid Sede Indra, Madrid Alfonso XI, Madrid WIP Pedro de Valdivia 10, Madrid Alcalá 40, Madrid Sede Uría, Madrid 12
Slide 13: Offices
A well-grounded present | Offices Adequa Técnicas Reunidas & EDP HQ, Madrid Ática XIX, Madrid Vía Norte, Madrid Josefa Valcárcel 48, Madrid Partenón 12-14, Madrid Princesa, Madrid 13
Slide 14: Offices
A well-grounded present | Offices Diagonal 199, Barcelona Diagonal 211, Barcelona Diagonal 458, Barcelona Diagonal 514, Barcelona Diagonal 605, Barcelona Ed. Balmes, Barcelona 14
Slide 15: Offices
A well-grounded present | Offices Vilanova Poblenou 22@ – Barcelona Endesa HQ, Barcelona WTC 6&8, Barcelona Sant Cugat E-Forum Ricoh HQ, Barcelona Plaza Cataluña 9, Barcelona AEAT HQ, Barcelona 15
Slide 16: Offices
A well-grounded present | Offices Marqués de Pombal, Lisbon Marqués de Saldanha, Lisbon Arts Lisbon, Lisbon Torre A, Lisbon Liberdade 195, Lisbon WIP TFM, Lisbon 16
Slide 17: Offices
A well-grounded present | Offices Lisboa Expo Torre Zen, Lisbon Central Office, Lisbon Novabase HQ, Lisbon Nestlé HQ, Lisbon 17
Slide 18: Flex space
A well-grounded present | Flex space RECORD BREAKING ADR (€ 500 ADR), POSITIONING THE LOOM PORTFOLIO AS BEST-IN-CLASS KPIs 36,330 sqm 3,609 desks 85% occupancy 15 spaces € 500 ADR(1) New opening 2026 Callao Main contracts signed: 18 (1) ADR: Average monthly desk rate
Slide 19: Logistics
A well-grounded present | Logistics NATIONAL FOOTPRINT IN THE MAIN LOGISTICS HUBS sqm Madrid-A2 Madrid-A4 Barcelona(1) Seville Basque Country Valencia Zaragoza Lisbon In operation 864,086 154,511 897,025 139,218 26,774 61,604 21,579 78,381 Committed 137,581 - - 14,011 - 25,344 - 101,653 Non-Committe
Slide 20: A strategic stake - CILSA
A well-grounded present | A strategic stake - CILSA WITH A 48.5% STAKE IN ZAL PORT € 78.1 m 764,925 sqm GRI Top tier stock € 40.0m tenants FFO(1) 20 (1) After reducing leasehold concession charge
Slide 21: Logistics
A well-grounded present | Logistics San Fernando, A2 Meco, A2 Cabanillas, A2 Azuqueca, A2 ZAL Port, Barcelona Lisbon Park, Lisboa 21
Slide 22: Logistics
A well-grounded present | Logistics Seseña, A4 Getafe, A4 Pinto II, A4 Gavilanes, A4 ZAL, Sevilla Ribarroja, Valencia 22
Slide 23: Shopping Centers
A well-grounded present | Shopping Centers URBAN AND DOMINANT ASSETS OFFERING NATIONAL SCALE IN HIGH GDP/CAPITA AREAS Muy grande sqm Urban(1) Dominant(2) Secondary Spain 232,303 200,324 20,878 Lisbon Portugal - 60,297 - by GAV Other Spain 513,802 sqm By Type By location Muy grande • Lisboa 21% • Val
Slide 24: Shopping Centers
A well-grounded present | Shopping Centers Marineda, A Coruña Almada, Lisbon Arturo Soria, Madrid Larios, Málaga Arenas, Barcelona Porto Pi, Mallorca 24
Slide 25: Shopping Centers
A well-grounded present | Shopping Centers Artea, Bilbao Saler, Valencia Tres Aguas, Madrid(1) X-Madrid, Madrid Centro Oeste, Madrid Callao, Madrid (1) Tres Aguas 50% ownership 25
Slide 26: Our clients: Logistics, Shopping Centers
A well-grounded present | Our clients Logistics Shopping Centers 26
Slide 27: GAV summary FY25
A well-grounded present | GAV summary FY25 REVALUATION UPLIFTS ARE DRIVEN BY DATA CENTERS (€ 359.0M UPLIFT) Passing yield 4.9% 5.7% 6.4% 6.6% - 5.3% 12,630 11,938 6,591 GAV TOTAL with minority stakes (€ million) Shopping centers(1) Minority stakes 2,133 Data Centers 1,449 1,367 Logistics Other(2) Of
Slide 28: Occupancy and WAULT FY25
A well-grounded present | Occupancy and WAULT(1) FY25 OVERALL OCCUPANCY AT 95.6% 96.4% Occupancy and WAULT to first break per asset type(1) 97.0% n.a. 95.6% MERLIN 94.2% Average 96.4% 97.0% n.a. 95.6% MERLIN 94.2% Average 9.4 9.4 3.6 3.3 2.6 MERLIN 2.4 Average 3.6 3.3 2.6 MERLIN 2.4 Average Offices
Slide 29: Lease maturity FY25
A well-grounded present | Lease maturity FY25 TotalTotal 6% 6% 2% 6% 2% 6% % of total 2026 2026 14% 14% contracted 9% 9% 6% 6% 5% 5% rents 20% 20% 2027 2027 10% 10% 1% 4% 1% 4% 2028 2028 15% 15% 11% 11% 1% 2% 1% 2% 2029 2029 14% 14% 18% 18% 5% 5% 5% 5% 9% 9% >2030>2030 37% 37% 98% 98% 98% 98% Office
Slide 30: Sound financial structure
A well-grounded present | Sound financial structure FINANCIAL DISCIPLINE: LONG MATURITIES AND HEDGED DEBT 28.9% 2.69% 4.4 86.4% 100% 941 € 3,743m € 1,965m (1) LTV Average Interest Years Non-mortgage debt Fixed Net financial Liquidity Rate (hedged) Maturity / total debt rate debt debt position Secure
Slide 31: Shareholder's return
A well-grounded present | Shareholder’s return +7.1% +4.8% +10.2% +8.8% +1.4% (1.1%) +15.2% (2.3%) +21.6% 16.11 15.36 15.39 15.46 15.67 15.08 14.81 14.32 +€ 2.3bn € p.s +17.2% 13.25 14.20 share price 1.19 of dividends Total +9.1% as of 26/02/26 distributed shareholder’s return 11.23 since IPO 9.85 A
Slide 32: An Exciting Future
AN EXCITING FUTURE
Slide 33: Opportunity - Europe's data centers on the verge of significant expansion
An exciting future | Opportunity - Europe’s data centers on the verge of significant expansion POWERFUL SECULAR TRENDS: CLOUD, AI AND DATA SOVEREIGNTY FUELLING EXPONENTIAL GROWTH IN GLOBAL DATA CONSUMPTION ~4.1x ~4.1x European Data (14% CAGR) (14% CAGR) European 8.0 GW 17.7 GW 8.0 GW 17.7 GW Center
Slide 34: Data Center | MW leased per year
An exciting future | Data Center | MW leased per year EUROPE IS 2 YEARS BEHIND THE US IN TERMS OF COMMERCIALIZATION MW 4,500 Primary U.S. Markets Top Nine European Markets 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 2018 2020 2019 2021 2020 2022 2021 2023 2022 2024 2023 2024 Year 1 Year 2 Year 3 Y
Slide 35: Why Iberia? - Submarine cables
An exciting future | Why Iberia? - Submarine cables: strategic gateway for transcontinental data traffic THE IBERIAN PENINSULA IS SET TO BECOME THE HUB FOR CONTINENTAL EUROPE AND AFRICA, THANKS TO THE SUBMARINE CONNECTIONS WITH NORTH AND SOUTH AMERICA, ASIA AND AFRICA 70% of US-EU data 2022 Grace Ho
Slide 36: Why Iberia? - Competitive pricing and renewable energy leader
An exciting future | Why Iberia? - Competitive pricing and renewable energy leader IBERIA IS A RENEWABLE ENERGY LEADER AND OFFERS ONE OF THE LOWEST COSTS OF ELECTRICITY IN EUROPE 67.76 Average Difference vs Iberia (%) Cost Average electricity electricity spot +36% +36% Attractive 16.19 72.72 prices
Slide 37: Why Iberia? - Ready to benefit from increasing capacity constraints
An exciting future | Why Iberia? - Ready to benefit from increasing capacity constraints in primary markets POWER SHORTAGE, SCARCITY OF LAND AND GRID CONSTRAINTS ARE MAJOR BARRIERS IN FLAP-D MARKETS 30% FLAP-D markets in short supply with vacancy expected to reach 15% all-time lows by year end Europ
Slide 38: Why Iberia? - Local demand tailwinds
An exciting future | Why Iberia? - Local demand tailwinds HYPERSCALERS INFLUENCE AND LOCAL DEMAND ARE FUELLING SPAIN’S DATA CENTER BOOM LEADING GLOBAL PLAYERS EXPANDING AVAILABILITY ZONES DRIVING SPAIN’S DIGITAL INFRASTRUCTURE Channel Partner, 11 June 2024 Data Center Dynamics, 13 June 2023 El Españ
Slide 39: Why MERLIN? - Unique value proposition
An exciting future | Why MERLIN? - Unique value proposition MERLIN OFFERS ACCELERATED TIME TO MARKET AND CUTTING-EDGE TECHNOLOGY Accelerated time Cutting-edge technology and leader Best-in-class real estate to market in sustainability and energy efficiency development team • Available power • 99.999
Slide 40: Why MERLIN? - Our Data Center partnership
An exciting future | Why MERLIN? - Our Data Center partnership • 100% ownership of the assets • Design & Construction management • 100% of lease agreements cash-flows • Technological expertise • Local know-how • Staff training Spain 50% • Local staff for the development 50% and project management •
Slide 41: Data Center | MEGA Plan Overview
An exciting future | Data Center | MEGA Plan Overview Phase I Phase II Phase III Total IT Capacity (MW) 64 254 412 Stabilization year 2027 2030 2032 Total investment (€m) 614 2,756 4,470 Cost per MW (€m) 9.6 10.8 10.9 Stabilized GRI (€m) 97 397 656 Gross YoC 15.8% 14.4% 14.7% Funded MAD-GET 01 MAD-T
Slide 42: Data Center | Phase I capacity in operation
An exciting future | Data Center | Phase I capacity in operation (64 MW) FULL CASH FLOW CONTRIBUTION IN 2027 (€ 97M) € 97m GRI (€m) 97 Stabilized GRI (2027) 66 15.8% Stabilized gross YoC 31 2 ~70% Stabilized NOI 2024 2025 2026 E 2027 E Margin 42
Slide 43: Data Center | Phase I capacity in operation
An exciting future | Data Center | 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/
Slide 44: Data Center | Phase I capacity in operation
An exciting future | Data Center | Phase I capacity in operation (64 MW) STRONG VALUE CREATION (€m) Total investment € 614m (1) 1,234 291 (€ 19.3m/MW) (€ 9.6m/MW) 132 279 811 50 482 Investment Promote Revaluation GAV Pending Estimated value 2035 as of FY25 accrued to date captured FY25 Capex to be c
Slide 45: Data Center | Phase II overview
An exciting future | Data Center | Phase II overview (254 MW) COMMERCIALIZATION DEFINITION UPDATE ADVANCED BOOKINGS NEGOTIATIONS Demand materialised LET OR PRE-LET Legal documentation in a lead, followed exchanged with Lease contract signed by HoT or MoU the potential with the tenant and technical t
Slide 46: Data Center | Phase II overview
An exciting future | Data Center | Phase II overview (254 MW) BILBAO LISBON MADRID C ED S CED NS -LET KED AN ADV TIATIO N AN KED PRE BOO O ADV TIATIO BOO 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 – Urbaniz
Slide 47: Data Center | Phase II overview
An exciting future | Data Center | Phase II overview (254 MW) Capex Commitment plan (€m) 205 2,756 € 397m 68 Stabilized GRI 721 (2030) 615 14.4% 1,146 Stabilized gross YoC ~70% Stabilized NOI <2025 2026 2027 2028 2029 Total Margin commitment(1) 2025 commitments ahead of schedule (€ 987m vs. € 836m)
Slide 48: Data Center | Phase III overview
An exciting future | Data Center | Phase III overview (412 MW) CAMPUS READY TO GO APPROACH INTERCONNECTED Owned land, power Expanding our Allowing redundancies secured, licensing campuses in Bilbao and and remote control in process Lisbon and creating a operations new one in Zaragoza 48 (1) Having d
Slide 49: Data Center | Phase III overview
An exciting future | Data Center | Phase III overview (412 MW) PHASE III: CONVERTING OUR UPSIZING INTO A TANGIBLE REALITY LISBON CAMPUS (+100 MW) BILBAO CAMPUS (+162 MW) ZARAGOZA CAMPUS (150 MW) Creating AI-ready campuses in key markets in the Iberian Digital Diagonal 49
Slide 50: Data Center | Phase III overview
An exciting future | Data Center | Phase III overview (412 MW) PHASE III STABILISES IN 2032 WITH FIRST RFS IN 1H29, OVERLAPPING WITH PHASE II 412 € 4,470m € 656m 14.7% Total Investment MW IT (€ 10.9m/MW) Stabilized GRI Gross YoC 50
Slide 51: Data Center | Phase III overview
An exciting future | Data Center | Phase III overview (412 MW) Marea Grace Grace Hooper Hooper Anjana Marea Bilbao Bilbao Bilbao ica IT Capacity (MW) RFS date Power Sourcing Barcelona 2 Af r A1 A2 Zaragoza Medusa Equ BIO-ARA 04 80 1H30 Granted ia no Nu vem A5 Madrid BIO-ARA 05 70 1H31 Granted Ella L
Slide 52: Data Center | Phase III overview
An exciting future | Data Center | Phase III overview (412 MW) Marea Grace Hooper Anjana Bilbao ica IT Capacity (MW) RFS date Power Sourcing Barcelona 2 Af r A1 A2 Zaragoza Medusa Equ LIS-VFX 03 40 1H29 Granted ia no Nu vem A5 LIS-VFX 04 40 1H30 Granted Ella Link Equ iano Lisbon Lisbon LIS-VFX 05 20
Slide 53: Data Center | Phase III overview
An exciting future | Data Center | Phase III overview (412 MW) Marea Grace Hooper Anjana Bilbao ica IT Capacity (MW) RFS date Power Sourcing Barcelona 2 Af r A1 A2 Medusa Equ ZGZ-WIND 01 80 4Q29 Granted ia Zaragoza no Nu vem A5 ZGZ-WIND 02 70 2H31 Granted Ella Link iano Lisbon Equ a ric Af 2 53
Slide 54: Data Center | Phase I/II/III vs. Full potential
An exciting future | Data Center | Phase I/II/III (730 MW) vs. Full potential (5.1 GW) ABSOLUTE LEADERSHIP IN THE IBERIAN DIGITAL DIAGONAL Bilbao 280 MW / 350 MW CYL - / 150 MW Zaragoza 150 MW / 150 MW A1 A2 Barcelona 22 MW / 178 MW A5 Madrid 78 MW / 570 MW Extremadura - / 2,400 MW Lisbon 180 MW / 1
Slide 55: Data Center | Future pipeline
An exciting future | Data Center | Future pipeline MERLIN IS WORKING ON FUTURE PIPELINE TOTALLING 5.1 GW OF WHICH 2.5 GW ENJOY RELATIVELY HIGH VISIBILITY PHASE IV-Navalmoral SHORT TERM PIPELINE LONG TERM PIPELINE 1.4 GW 1.1 GW 1.9 GW A1 A1 A1 A2 A2 A2 A5 A5 A5 Location Project IT MW Bilbao BIO-ARA 0
Slide 56: Data Center | Future pipeline
An exciting future | Data Center | Future pipeline FLEXIBILITY TO MOVE TO PHASE III ANY OF THE PIPELINE PROJECTS IF AND WHEN THEY ARE READY TO GO Ready to go Future Phase III Phase IV Pipeline ST Pipeline LT 412 MW 1.4 GW 1.1 GW 1.9 GW Land Owned Owned Owned Optioned Pending grid Pending grid Power
Slide 57: Navalmoral de la Mata
An exciting future | Data Center | Future pipeline Navalmoral de la Mata (Extremadura, Spain) is the Extremadura site of a landmark private Cáceres project to develop a GW- scale, ultra-sustainable data A1 Central-Western Iberia, positioned center campus focused on A2 between the Tagus and Tiétar ri
Slide 58: Data Center | Future pipeline
An exciting future | Data Center | Future pipeline LESS THAN 20KM AWAY FROM BACK-UP 2-GW ALMARAZ NUCLEAR POWER PLANT AND SURROUNDED BY >1 GW OF RENEWABLE PHOTOVOLTAIC PRODUCTION > 1m sqm Total landplot Up to 1.4 GW IT A5 - Madrid Navalmoral de la Mata n bo is -L 5 A Almaraz Nuclear Power Plant (2 GW
Slide 59: Starting construction of MW IT (EXT-NAV 01 & 02)
An exciting future | Data Center | Future pipeline STARTING CONSTRUCTION OF 200 MW IT (EXT-NAV 01 & 02) • February 2025 Electricity MERLIN requested 2GW power DECEMBER 2024 800 MW IT INITIAL in the Arañuelo 400 kV ST and MERLIN gained full control • Urbanized landplot with DESIGN. WITH ranks first i
Slide 60: Logistics | MERLIN's scale is second to none
An exciting future | Logistics | MERLIN’s scale is second to none THE LARGEST PLAYER IN THE IBERIAN PENINSULA Logistics footprint under management (million sqm) 2.8 x1.5 1.9 1.5 1.4 1.1 0.8 0.6 0.6 60
Slide 61: Logistics | MERLIN anticipated the logistics boom
An exciting future | Logistics | MERLIN anticipated the logistics boom MERLIN HAS SECURED THE BEST LOCATIONS AT A COMPELLING YoC THANKS TO AN EXCELLENT ENTRY POINT Prime Yields evolution Transacted volume (€m) 2,800 2,877 1,850 1,641 1,400 1,450 1,376 789 854 854 5.4% 604 5.0% 5.2% 2012 2013 2014 20
Slide 62: Logistics | Roll-out: commercialization & pending capex
An exciting future | Logistics | Roll-out: commercialization & pending capex | WIP 279k sqm Committed pipeline To be delivered by 2H27 Total remaining Cabanillas Park II 39k sqm investment Azuqueca III 56k sqm € 126m San Fernando III 43k sqm Expected stabilized GRI Lisboa Park 102k sqm Valencia-Béte
Slide 63: Logistics | Roll-out: commercialization & pending capex
An exciting future | Logistics | Roll-out: commercialization & pending capex | Landbank 183k sqm Non-committed pipeline Pending Capex € 115m Cabanillas Park II 55k sqm San Fernando III 57k sqm Expected stabilized GRI € 11.2m Valencia-Bétera 71k sqm YoC(1) ±7.1% YoC Capex 9.7% 63 (1) Including land c
Slide 64: Offices | A strategic stake - DCN
An exciting future | Offices | A strategic stake - DCN 64
Slide 65: Offices | A strategic stake - DCN
An exciting future | Offices | A strategic stake - DCN URBANIZATION AND CONSTRUCTION OF THE FIRST BUILDING IS EXPECTED BY 2027 TIMELINE Jul-2020 Jul-2021 Final approval Signing of of modification framework Tender of the Chamartín of PGM Madrid agreement station relaunched 2020 2021 2022 2023 2024 20
Slide 66: ESG | MERLIN's journey
An exciting future | ESG | MERLIN’s journey DISTINCT TRACK RECORD ON ESG SINCE INCEPTION, WHICH POISES MERLIN TO SUCCESSFULLY IMPLEMENT OUR PATHWAY TO NET ZERO 2015 2016 2018 Baseline 2020 2022 2024 • Inclusion of ambitious •L aunch of the • Obtained • Procurement of renewable • Pathway to Net Zero
Slide 67: ESG | Pathway to net zero
An exciting future | ESG | Pathway to net zero MERLIN LAUNCHED ITS PATHWAY TO NET ZERO IN 2022, ENSURING A BOTTOM-UP ANALYSIS TO SHAPE AND DEFINE THE PATHWAY The backbone of our strategy Sustainable Wellbeing Reshaping assets of people cities Pillars 1 Reducing 2 Reducing 3 Reducing 4 Offsetting ope
Slide 68: ESG | Project Sun
An exciting future | ESG | Project Sun Projects Capacity (Mwp) 36 18.9 executed executed 36 27.4 under execution under execution or pipeline # households (1) we can supply 7,158 Self-comsumption executed 27.4 11,794 under execution 68 (1) Using as reference 3.49 MWh/year consumption of an average ho
Slide 69: ESG | Recognitions
An exciting future | ESG | Recognitions MERLIN(1) Inclusion for B 8.7 Top 1% 4th year in a row in the Europe DJSI Average score (negligible risk) +2nd time in the World DJSI pending disclosure 83% 70% #1 Average peers: 69% Average sector: 37% IBEX-35 69 (1) 2024 score
Slide 70: ESG | Technology
An exciting future | ESG | Technology MERLIN IS FOCUSING ITS TECHNOLOGY EFFORTS THROUGH 3 PILLARS Deployment in our portfolio Mentoring Sponsoring Sensorization Proptech challenge MERLIN has invested in Fifth Wall, MERLIN teamed up with a venture capital proptech fund ISDI and Impact accelerator The
Slide 71: Paseo de la Castellana, 257 28046 Madrid info@merlinprop.com
Paseo de la Castellana, 257 28046 Madrid +34 91 769 19 00 info@merlinprop.com www.merlinproperties.com
Merlin Pptys Socimi Ord — Q4 2025 Earnings Presentation on 6ix