Merlin Properties Socimi, S.a. · BME:MRL
Merlin Properties Socimi — Investor Day (March 2026)
42 slides from Merlin Properties Socimi's investor day presentation, Mar 10, 2026
Slide 1: From Mega to Giga
CAPITAL MARKETS DAY 2026 FROM MEGA TO GIGA BILBAO - 10 MARCH 2026
Slide 2: Agenda
CAPITAL MARKETS DAY 2026 FROM MEGA TO GIGA BILBAO - 10 MARCH 2026 1. THE DATA CENTERS OPPORTUNITY 2. M ERLIN: THE NAME OF THE GAME 3. PHASE III: FROM MEGA TO GIGA 4. F UTURE PIPELINE ZOOM-IN
Slide 3: 1. The Data Centers Opportunity
1. THE DATA CENTERS OPPORTUNITY
Slide 4: Exponential growth in global demand for data centers
The data centers opportunity | Exponential growth in global demand BY 2030, 70% OF THE DEMAND FOR DATA CENTER CAPACITY WILL BE FOR ADVANCED-AI WORKLOADS Estimated global data center capacity demand 219 Gigawatts 181 64 153 128 56 102 50 82 45 3.5x 40 156 2025-30 change 38 124 102 83 62 44 2025 2026
Slide 5: Iberia: the right place, the right time
The data centers opportunity | Iberia: the right place, the right time IBERIA CONSOLIDATED AS A KEY EUROPEAN DATA CENTRE HUB, BENEFITTING FROM ITS STRATEGIC LOCATION Spanish Data Centre supply(1) (MW) Main Competitors estimated capacity in operation as of FY30 2,166 Company Category Location MW IT A
Slide 6: Iberia offers opportunities where European data centers face challenges
The data center opportunity | Iberia: the right place, the right time WHERE EUROPEAN DATA CENTERS FACE CHALLENGES, IBERIA OFFERS OPPORTUNITIES Generation Abundant and grid High Low renewable constraints in energy energy energy FLAP-D limits costs costs resources development Extensive submarine Compe
Slide 7: 2. MERLIN: The Name of the Game
2. MERLIN: THE NAME OF THE GAME
Slide 8: MERLIN's magic triangle for data centers
MERLIN: The name of the game | MERLIN’s magic triangle for data centers • Extensive • Leading the • Existing client • Excellent • Securing know-how way to meet relationships management competitive customer needs of supply chain and sustainable power Built on expertise • I n the sweet spot: • Outstan
Slide 9: Built on expertise | Extensive know-how
Built on expertise Built on expertise | Extensive know-how Leading Capacity from to deploy 301 DEDICATED EMPLOYEES the front capital ENERGY DESIGN & TECHNOLOGY STRATEGIC OPERATIONS & TEAM CONSTRUCTION TEAM PARTNERSHIP MAINTENANCE TEAM WITH TEAM • Securing grid access • In-house project • Long-term i
Slide 10: Future-ready infrastructure for high-density and AI workloads
Built on expertise Built on expertise | Leading the way to meet customer needs Leading Capacity from to deploy FUTURE-READY INFRASTRUCTURE FOR HIGH-DENSITY & AI WORKLOADS (70% OF FUTURE DEMAND) the front capital Digitalization Cloud AI Prompting Training Inference Enterprise & colocation Enterprise
Slide 11: Focus on hyperscale and wholesale co-location strategies
Built on expertise Built on expertise | Leading the way to meet customer needs Leading Capacity MERLIN FOCUSES ON HYPERSCALE AND WHOLESALE CO-LOCATION STRATEGIES, from to deploy the front capital LOOKING FOR A BALANCE BETWEEN RISK AND RETURN POWERED LAND / SHELL HYPERSCALER/NEOCLOUDS WHOLESALE CO-LO
Slide 12: Existing client relationships: a strong commercial platform
Built on expertise Built on expertise | Existing client relationships Leading Capacity from to deploy A STRONG COMMERCIAL PLATFORM the front capital HYPERSCALERS Dedicated in-house commercial team • Infrastructure tailored to large-scale International deployments presence with rep. • Successfully pa
Slide 13: Industrialised data center development process
Built on expertise Built on expertise | Excellent management of supply chain Leading Capacity from to deploy INDUSTRIALISED DATA CENTER DEVELOPMENT PROCESS the front capital 1 2 3 4 DESIGN CONSTRUCTION EQUIPMENT OPERATION • Working with renowned • In-house PM supervision • 100% of MERLIN’s • Procedu
Slide 14: Securing competitive and sustainable power
Built on expertise Built on expertise | Securing competitive and sustainable power Leading Capacity MERLIN: NOT JUST A LANDLORD BUT AN ENERGY SOLUTIONS PARTNER from to deploy the front capital PHYSICAL PPA SELF-CONSUMPTION STANDARD PHYSICAL PPA WITH SURPLUS • Generator delivers • Electricity is • Di
Slide 15: The Iberian Digital Diagonal
Built on expertise Leading from the front | In the sweet spot: the Iberian Digital Diagonal Leading Capacity from to deploy CONSOLIDATION OF THE IBERIAN PENINSULA AS A DATA CENTER HUB the front capital Location: Europe’s Workforce: Engineering Network digital Gateway and Technical bench depth connec
Slide 16: Connecting power, fiber and submarine cables
Built on expertise Leading from the front | In the sweet spot: the Iberian Digital Diagonal Leading Capacity from to deploy THE IBERIAN DIGITAL DIAGONAL: CONNECTING POWER, FIBER AND SUBMARINE CABLES the front capital Marea Grace Hooper Anjana Bilbao ri c a Barcelona 2 Af A1 Medusa A2 Zaragoza Equ ia
Slide 17: Shorter development timelines than peers
Built on expertise Leading from the front | Proven development capacity Leading Capacity SHORTER DEVELOPMENT TIMELINES THAN PEERS from to deploy the front capital Months 0 6 12 18 24 30 36 42 48 54 60 66 72 MERLIN’s KEY COMPETITIVE ADVANTAGES LAND ACQUISITION We were born as a real estate company EN
Slide 18: 100% say-do ratio in Phase I
Built on expertise Capacity to deploy capital | Outstanding returns for capital deployed Leading Capacity from to deploy 100% SAY-DO RATIO IN PHASE I the front capital MERLIN has outperformed Phase I base-case while meeting cost and delivery dates CAPACITY PHASE I CAPEX KPIs GRI (€m) YoC Stabilizati
Slide 19: Excellent returns for capital deployed
Built on expertise Capacity to deploy capital | Excellent returns for capital deployed Leading Capacity from to deploy FULLY FUNDED the front capital Fully 20% LET Phase I Pre-let Phase II Total IT Capacity (MW) 64 254 Stabilization year 2027 2030 Total investment (€m(1)) 614 2,756 Cost per MW (€m)
Slide 20: Balance sheet strength
Built on expertise Capacity to deploy capital | Balance sheet strength Leading Capacity from to deploy the front capital 1 2 3 4 ACCESS TO CAPITAL LOW LEVERAGE… SOLID CREDIT RATING… LIQUIDITY MARKETS 28.9% € 3.9bn LTV € 1.2bn total equity issuances cash in 12 years BBB+ Stable 9.0x Net debt / EBITDA
Slide 21: 3. Phase III: From Mega to Giga
3. PHASE III: FROM MEGA TO GIGA
Slide 22: Phase III: main features
From Mega to Giga | Phase III: main features 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 22 (1) Having distributed € 2.3bn
Slide 23: Phase III overview (412 MW)
From Mega to Giga | 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 23
Slide 24: Reinforcing our presence in the Iberian Digital Diagonal
From Mega to Giga | Phase III REINFORCING OUR PRESENCE IN THE IBERIAN DIGITAL DIAGONAL Marea Grace Hooper Anjana Bilbao +162 MW Extension ri c a 2 Af A1 Medusa A2 Zaragoza 01 & 02 Equ ia no 150 MW Nu A5 New vem Ella Link an o Eq u i Lisbon-VFX ic a +100MW f r A 2 Extension 24
Slide 25: Phase III stabilises in 2032
From Mega to Giga | Phase III 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 25
Slide 26: Bilbao campus (+162 MW)
From Mega to Giga | Bilbao campus (+162 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 Link Equ ian o Lisbo
Slide 27: Lisbon campus (+100 MW)
From Mega to Giga | Lisbon campus (+100 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 1H31 Granted a ic
Slide 28: Zaragoza campus (150 MW)
From Mega to Giga | Zaragoza campus (150 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 28
Slide 29: Phase III funding plan
From Mega to Giga | Phase III: Funding Plan € 4.5BN OF CAPEX TO BE FUNDED, COMPLYING WITH BBB+/BAA1 STANDARDS 50 equity % 50 debt % • Subsequent • Green plain vanilla capital increases bonds as the preferred option • ABB as preferred option, with soft • Alternative options pre-emption under analysis
Slide 30: Full picture after Phase III (730 MW)
From Mega to Giga | Full picture after Phase III (730 MW) Phase I Phase II Phase III Total IT Capacity (MW) 64 254 412 Stabilization year 2027 2030 2032 Total investment (€m)(1) 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 0
Slide 31: Full picture capacity installed (RFS)
From Mega to Giga | Full picture capacity installed (RFS) 730 660 BREAKDOWN BY PHASE (MW IT) 450 412 342 254 254 254 232 232 168 168 132 112 64 64 64 64 64 64 44 48 44 – – – – – 2025 2026 2027 2028 2029 2030 2031 Phase I Phase II Phase III Total 31
Slide 32: Full picture capex commitments
From Mega to Giga | Full picture capex commitments CAPEX 1,760 COMMITMENTS (€m) 1,493 1,420 1,332 1,146 987 610 1,424 1,215 849 372 721 849 614 615 205 68 110 <2025 2026 2027 2028 2029 2030 Phase I Phase II Phase III 32
Slide 33: Full picture GRI effect
From Mega to Giga | Full picture GRI effect DATA CENTERS EXPOSURE TO INCREASE 10x WITH PHASE III ACCOMPLISHED 6% 6% otros otros Data Centers 20%20% 16%16% Data Centers Logistica Logistica Logistics Logistics 53%53% 65%65% GRI 2032 CC Shopping CC Shopping Centers Centers GRI FY25 oficinasOffices Offi
Slide 34: 4. Future Pipeline Zoom-In
it 4. FUTURE PIPELINE ZOOM-IN =—
Slide 35: Future pipeline totalling 5.1 GW
Future pipeline zoom-in 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 06 70 Location Project IT Ba
Slide 36: Flexibility to move pipeline projects to Phase III
Future pipeline zoom-in 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 Sourced Yes Yes authority a
Slide 37: Phase IV: Navalmoral de la Mata (1.4GW)
Future pipeline zoom-in | Phase IV: Navalmoral de la Mata (1.4GW) 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 Tagu
Slide 38: Navalmoral: close to Almaraz nuclear plant and photovoltaic production
Future pipeline zoom-in | Phase IV: Navalmoral de la Mata (1.4GW) 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 Po
Slide 39: Starting construction of 200 MW IT
Future pipeline zoom-in | Phase IV: Navalmoral de la Mata (1.4GW) 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. WIT
Slide 40: Absolute leadership in the Iberian Digital Diagonal
Future pipeline zoom-in | 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 / 1,300 MW 4
Slide 41: Closing remarks
Closing remarks Outstanding growth MERLIN has opportunity Compelling proven its in building financial returns track record the Iberia AI thanks to first- by developing infrastructure mover advantage Phases I & II leader MERLIN is I beria has launching Phase emerged as a III to meet key European dema
Slide 42: From Mega to Giga
CAPITAL MARKETS DAY 2026 FROM MEGA TO GIGA BILBAO - 10 MARCH 2026