Merlin Properties Socimi, S.a. · BME:MRL
Merlin Properties Socimi — Investor Presentation (September 2025)
60 slides from Merlin Properties Socimi's investor presentation, September 2025
Slide 1: Company Presentation
COMPANY PRESENTATION J] MERLIN
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 € 12.1bn Listed GAV in Spain € 534m(1) & Portugal GRI € 0.56 p.s. 2025 FFO GUIDANCE Part of € 3,554m IBEX-35 NET DEBT 28.6% LTV BBB+ Stable 95.4% AVERAGE Baa1 Stable OCCUPANCY (1) Passing annualized at 6M25 5
Slide 6: A snapshot of MERLIN
A leading company | A snapshot of MERLIN(1) 7.6% 1.0% 7.6% 1.0% otros otros 4.8% 4.8% Other Other 15.8% 15.8% Logistica Logistica 2% 16.2% Data Centers Data Centers CC Logistics CC Logistics 57.9%Shopping Gross asset 57.9% oficinascenters Shopping oficinascenters Gross rental 54.5% 54.5 value income
Slide 7: A well-grounded present
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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 303,453 484,059 86,158 Barcelona 152,802 51,323 25,385 Lisbon 95,062 12,260 - Other - - 16,265 1,226,767 sqm By location By product Otros Otros Lisbon
Slide 10: Our clients - Offices
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 - Barcelona
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 - Barcelona
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 - Lisbon
A well-grounded present | Offices Marqués de Pombal, Lisbon Marqués de Saldanha, Lisbon Arts Lisbon, Lisbon Torre A, Lisbon Liberdade 195, Lisbon TFM, Lisbon 16
Slide 17: Offices - Lisbon
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 A BROAD OFFER OF FLEX SPACE SOLUTIONS KPIs 36,330 sqm 3,614 desks 82% occupancy 15 spaces € 478 ADR(1) Madrid (11 spaces) Barcelona (4 spaces) Plaza Ruiz Picasso 11 Castellana 280 Pedro de Valdivia 10 Huertas Torre Glòries Plaza Cataluña Tapices Salamanca Partenó
Slide 19: Logistics: national footprint in main hubs
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 845,955 154,511 897,025 139,218 26,774 61,604 21,579 45,171 Committed 100,625 - - 6,477 72,717 25,344 - 134,695 Non-Comm
Slide 20: A strategic stake - CILSA
A well-grounded present | A strategic stake - CILSA WITH A 48.5% STAKE IN ZAL PORT € 38.9 m 764,925 sqm GRI(1) Top tier stock € 23.1m tenants FFO(1)(2) (1) 6M25 figures 20 (2) 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 232,303 200,345 20,878 Lisbon Portugal - 60,089 - by GAV Other Spain 513,615 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 and Shopping Centers
A well-grounded present | Our clients Logistics Shopping Centers 26
Slide 27: GAV summary 6M25
A well-grounded present | GAV summary 6M25 VALUE CREATION IN DATA CENTERS (+€ 208.1M) DRIVING REVALUATION GAINS Passing yield 4.8% 5.6% 6.3% n.a. - 5.2% 12,120 11,387 6,592 GAV TOTAL with minority stakes (€ million) Shopping centers Minority stakes 2,059 Data Centers 1,441 Logistics 915 Other(1) Off
Slide 28: Occupancy and WAULT 6M25
A well-grounded present | Occupancy and WAULT(1) 6M25 OVERALL OCCUPANCY AT 95.4%, WITH OFFICES REACHING RECORD HIGH AT 94.2% 96.2% 96.2%96.5% 96.5%n.a. n.a. 95.4% 95.4% Occupancy and WAULT to first break per asset type (1) MERLIN MERLIN Average Average 94.2% 94.2% 96.2% 96.2%96.5% 96.5%n.a. n.a. 95.
Slide 29: Lease maturity 6M25
A well-grounded present | Lease maturity 6M25 Total Total 1% 1% 1% 1% 1% Others Others % of total 2025 2025 3%3% contracted 10% 10% 3%3% 8%8% Data Data Centers Centers rents 2026 2026 21%21% Shopping Shopping centers centers 7%7% 6%6% 5%5% 2027 2027 18%18% Logistics Logistics 11%11% 1% 1% 4%4% Offic
Slide 30: Sound financial structure
A well-grounded present | Sound financial structure FINANCIAL DISCIPLINE: LONG MATURITIES AND HEDGED DEBT 28.6% 2.58% 4.4 84.2% 941 100% € 3,554m € 1,649m(1) LTV Average Interest Years Non-mortgage debt Fixed Net financial Liquidity Rate (hedged) Maturity / total debt rate debt debt position Secured
Slide 31: Shareholder's return
A well-grounded present | Shareholder’s return +7.1% +4.8% +8.8% +1.4% (1.1%) +15.2% (2.3%) +6.6% +21.6% 16.11 15.39 15.46 15.67 15.08 15.04 14.81 14.32 +€ 2.2bn € p.s +17.2% 13.25 1.19 of dividends Total +9.1% distributed shareholder’s return 11.23 since IPO 11.13 share price 9.85 As a as of 30/06/
Slide 32: An exciting future
AN EXCITING * FUTURE
Slide 33: 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 European Data ~4.5x European ~4.5x 6.6 GW 13.6 GW 6.6 GW 13.6 GW Center market (13% CAGR) (13%
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
An exciting future | Why Iberia? - Competitive pricing and renewable energy leader IBERIA IS A RENEWABLE ENERGY LEADER AND OFFERS ONE OF THE LOWEST COST OF ELECTRICITY IN EUROPE 54.96 Average Difference vs Iberia (%) Cost 54.96 Average electricity electricity spot +76% Difference vs Iberia (%) +75%
Slide 37: Why Iberia? Capacity constraints in primary markets
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 Upsizing Pipeline Total IT Capacity (MW) 64 246 426 2,160 Stabilization year 2027 2029 Capex (€m) 608 2,506 Pending Capex (€m) 195 2,402 Stabilized GRI (€m) 92 379 Gross YoC 15.1% 14.2% Funded Madrid MAD-GET 01 MAD-TCS MAD-GET 02
Slide 42: Onboarding electrified land at reasonable prices
An exciting future | Data Center | Overview - Onboarding electrified land at reasonable prices SECURING THE FUTURE OF PLAN MEGA Bilbao-Arasur 180 MW + 12 MW(1) Bilbao-Arasur Bilbao-Arasur 30 MW 22 MW Bilbao-Arasur 96 MW BCN-PLZF 16MW BCN-PLZF 6 MW(1) Madrid-Tres Cantos Madrid-Tres Cantos 130 MW 30 M
Slide 43: Data Center Phase I (64 MW)
An exciting future | Data Center | Phase I (64 MW) 45MW LET TO GENERATE € 66M ANNUAL GRI IN 2027 GRI (€m) € 92m 92 Barcelona Stabilized GRI (2027) 16+6 MW 100% let 62 66 Bilbao - Arasur let + pre-let 22 MW 15.1% 31 100% let Stabilized gross YoC Mad - Getafe 2 20 MW 100% booked 2024 2025 E 2026 E 202
Slide 44: Data Center Phase I overview (64MW)
An exciting future | Data Center | Phase I overview (64MW) PHASE I DEVELOPED ACROSS THE THREE SITES, WITH 42 MW EQUIPPED AS OF 6M25 (64 MW FOR FY26) % let % let 100 100 Barcelona - PLZF Bilbao - Arasur Madrid - Getafe In operation In operation In operation IT capacity 22 MW(1) 22 MW 20 MW Electricit
Slide 45: Phase I overview: remarkable value creation
An exciting future | Data Center | Phase I overview (64MW) REMARKABLE VALUE CREATION (€m) 1,207 Total investment € 608m (1) 293 (€ 18.9m/MW) (€ 9.5m/MW) 195 255 719 464 Investment Revaluation captured GAV Pending Estimated value 2035 as of 6M25(2) as of 6M25 6M25 Capex to be captured Exit Value as p
Slide 46: Data Center Phase II overview (246 MW)
An exciting future | Data Center | Phase II overview (246 MW) Biggest DC campus in Spain Bilbao - Arasur Lisboa - VFX Madrid - Getafe II Madrid - Tres Cantos Under development Under development Licensing in progress Licensing in progress IT capacity 96 MW 72 MW 48 MW 30 MW Power Granted 140 MW 250 M
Slide 47: Data Center Phase II (246 MW)
An exciting future | Data Center | Phase II (246 MW) 49% OF 2025 EXPECTED CAPEX COMMITMENTS ALREADY ORDERED Capex Commitments plan (€m) € 379m 189 2,506 Stabilized GRI (2029) 674 807 14.2% Stabilized gross YoC 836 411 ~70% 49% as of 6M25 Stabilized NOI Margin <2025 2026 2027 2028 Total commitment 47
Slide 48: Phase III overview - Upsizing (426 MW)
An exciting future | Data Center | Phase III overview - Upsizing (426 MW) Lisboa - VFX Bilbao - Arasur Madrid - Getafe (repowering) 108 MW (3 buildings of 36 MW) 180 MW extension first extension in adjacent landplot (redensification of buildings obtained) 6 MW IT + power granted + 12 MW 120 MW exten
Slide 49: 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 49
Slide 50: 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 51: Logistics roll-out: committed pipeline
An exciting future | Logistics | Roll-out: commercialization & pending capex | WIP 291k sqm Committed pipeline To be delivered by 1H27 Total remaining Cabanillas Park II 58k sqm investment € 155.5m San Fernando III 43k sqm Expected stabilized GRI Lisboa Park(2) 102k sqm Valencia-Bétera 25k sqm € 17.
Slide 52: Logistics roll-out: landbank
An exciting future | Logistics | Roll-out: commercialization & pending capex | Landbank 190k sqm Non-committed pipeline Pending Capex € 101m Cabanillas Park II 56k sqm San Fernando III 57k sqm Expected stabilized GRI € 11.5m Valencia-Bétera 70k sqm YoC(1) +8.0% Sevilla Zal 6k sqm YoC Capex 11.4% 52
Slide 53: Offices | A strategic stake - DCN
An exciting future | Offices | A strategic stake - DCN 53
Slide 54: A strategic stake - DCN regeneration program
An exciting future | Offices | A strategic stake - DCN THE MOST EXCITING RE-GENERATION PROGRAM IN EUROPE TIMELINE Urbanisation Delivery of the infrastructures first building Jul-2020 Jul-2021 Final approval Signing of of modification framework Tender of the Chamartín of PGM Madrid agreement station
Slide 55: 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 • Launch of the • Obtained • Procurement of renewable • Pathway to Net Zero
Slide 56: 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 57: ESG | Project Sun
An exciting future | ESG | Project Sun Projects Capacity (Mwp) 36 16.5 executed executed 36 27.4 under execution under execution or pipeline # households(1) we can supply 7,158 executed 11,794 under execution 57 (1) Using as reference 3.49 MWh/year consumption of an average house in Spain
Slide 58: 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 58 (1) 2024 score
Slide 59: 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 60: Contact
Paseo de la Castellana, 257 28046 Madrid +34 91 769 19 00 info@merlinprop.com www.merlinproperties.com
MERLIN Properties SOCIMI — Investor Presentation (September 2025) on 6ix