Merlin Properties Socimi, S.a. · BME:MRL
Merlin Properties Socimi — FY2025 Earnings Presentation
53 slides from Merlin Properties Socimi's earnings presentation, Feb 27, 2026
Slide 1: FY25 Results Presentation
FY25 RESULTS PRESENTATION 27 FEBRUARY 2026
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) □ 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 momentum, •S trong value uplift (+4.7% GAV LfL • € 128.7m in non-core divestments with satisfactory rental growth growth), boosted by Data Centers at a double digit premium to latest in traditional asset cla
Slide 5: FY25 Key financial & operating remarks
FY25 Key financial & operating remarks KEY financial metrics KEY operating metrics GRI FFO FFO p.s. WAULT Occupancy € 541.9m € 326.7m € 0.58 3.6 95.6% +3.5% LfL +5.1% YoY +5.1% YoY LTV NTA GAV LfL TSR Sqm 28.9% € 15.36 p.s +4.7% +10.2% contracted 803k sqm 5
Slide 6: Offices
OFFICES
Slide 7: FY25 Key financial & operating remarks | Offices
FY25 Key financial & operating remarks | Offices GRI Release € 291.8m Spread Occupancy +3.5% LfL +4.8% 94.2% Sqm WAULT GAV LfL contracted 275k sqm 3.3 +1.2% 7
Slide 8: Offices | Top Leasing Deals in 2025
Offices | Top Leasing Deals in 2025 FIVE STANDOUT LEASING DEALS IN 2025, SPREAD ACROSS CBD AND KEY PERIPHERAL CORRIDORS, ALL SECURED BY HIGH-PROFILE TENANTS 1 2 3 5 1 3 Adequa 4 Josefa Valcárcel 48 Castellana 278 21,441 sqm 19,572 sqm 14,468 sqm 4 2 4 5 ALL OF THESE TRANSACTIONS RANK AMONG THE LARGE
Slide 9: Offices | Change of use is changing the landscape in Madrid
Offices | Change of use is changing the landscape in Madrid Total stock in Madrid million square meters 27.5m Expected reconversion • Stock reduction well exceeding the size of Madrid Nuevo Norte (1.6m sqm Office associated of tertiary use of which 1.0m sqm of 4.6 to industrial uses expected office
Slide 10: 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 PENDIENTES FOTOS unique early non-existing •N refurbished assets in a market with several best- in-class tenants se
Slide 11: Offices | Value Creation - Liberdade
Offices | Value Creation - Liberdade 195 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 GLA Delivery Total CAPEX YoC(1) 17,897 sqm 2Q27 € 44.2m 5.6% 11
Slide 12: Offices | Value Creation - Adequa 4&7
Offices | Value Creation - Adequa 4&7 CONSOLIDATING THE LARGEST BUSINESS PARK IN THE A-1 CORRIDOR Adequa 4 Adequa 7 • Securing a very large pre-let (21,441 sqm) • Adequa Tower will become a landmark in the skyline of Madrid PENDIENTES FOTOS • Adequa is the gateway to Castellana and Madrid Nuevo Nort
Slide 13: 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 14: Logistics
LOGISTICS
Slide 15: Key 2025 highlights | Logistics
Key 2025 highlights | Logistics GRI Release € 85.8m Spread Occupancy +1.5% LfL +5.8% 96.4% Sqm WAULT GAV LfL contracted 444k sqm 2.6 +1.2% 15
Slide 16: Logistics | Logistics roll-out: commercialization & pending capex | WIP
Logistics | Value creation | 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 Valenci
Slide 17: Logistics | Logistics roll-out | Landbank
Logistics | Value creation | 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% 17 (1) Including
Slide 18: Shopping Centers
SHOPPING CENTERS
Slide 19: Key 2025 highlights | Shopping centers
Key 2025 highlights | Shopping centers GRI Release Sqm Spread Occupancy € 132.9m contracted +4.7% LfL +6.7% 97.0% 84k sqm Tenant WAULT GAV LfL Sales Footfall OCR 2.4 +2.9% +6.6% +2.1% 11.0% 19
Slide 20: Shopping centers | New tenant mix
Shopping centers | New tenant mix 1 NEW FORMATS 2 LARGER STORAGE SPACES • Fashion. Store absorption with •T he store is another link preference for flagship with larger within the omnichannel area and better location ecosystem • Perfumes & Cosmetics. Larger •T he warehouse can be units to include dr
Slide 21: Shopping centers | Latest retail trends in MERLIN portfolio
Shopping centers | Latest retail trends in MERLIN portfolio LOW COST SPORT HEALTH HOBBIES SUSTAINABLE CARS, BIKES HOME F&B ENTERTAINMENT & BEAUTY & LOCAL & MOTORBIKES Fashion Fashion Perfumes Culture Fashion & Cosmetics & craft MEDITERRANEAN Other Services Services Geek world Other World fooding 21
Slide 22: Data Centers (Phase I & II)
DATA CENTERS (PHASE I & II)
Slide 23: Data Centers | Overview – Phase I & II footprint
Data Centers (Phase I & II) | Overview – Phase I & II footprint (318 MW) PLAN MEGA AT A GLANCE Bilbao-Arasur Bilbao-Arasur 22 MW 96 MW BCN-PLZF 22 MW Madrid-Tres Cantos 30 MW Madrid-Getafe Lisboa-VFX Madrid-Getafe II 20 MW 80 MW 48 MW Phase I (64 MW) Phase II (254 MW) 23
Slide 24: Data Centers | Overview - Phase I & II key metrics
Data Centers (Phase I & II) | Overview - Phase I & II key metrics (318 MW) Phase I Phase II Total IT Capacity (MW) 64 254 Stabilization year 2027 2030 Total investment (€m)(1) 614 2,756 Pending capex (€m) 132 2,515 Cost per MW (€m) 9.6 10.8 Stabilized GRI (€m) 97 397 Gross YoC 15.8% 14.4% Funded Mad
Slide 25: Data Centers | Phase I capacity in operation
Data Centers (Phase I & II) | 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)
Slide 26: Phase I: full cash flow contribution in 2027
Data Centers (Phase I & II) | 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 26
Slide 27: Phase I: strong value creation
Data Centers (Phase I & II) | Phase I capacity in operation 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 captured Exit
Slide 28: Data Centers | Phase II overview – commercialization definition
Data Centers (Phase I & II) | 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 tenant
Slide 29: Data Centers | Phase II overview (254 MW)
Data Centers (Phase I & II) | 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 – Urbanization
Slide 30: Data Centers | Phase II capex commitment plan
Data Centers (Phase I & II) | Phase II (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) 30 (1) Includi
Slide 31: Works update: Bilbao Arasur 2 Data Center
Data Centers (Phase I & II) | Phase II (254 MW) WORKS UPDATE: BILBAO ARASUR 2 DATA CENTER (48 MW). DELIVERY DATE 4Q26 31
Slide 32: Works update: Bilbao Arasur 1 Data Center
Data Centers (Phase I & II) | Phase II (254 MW) WORKS UPDATE: BILBAO ARASUR 1 DATA CENTER (48MW). DELIVERY DATE 4Q27 32
Slide 33: Works update: Lisbon Data Centers
Data Centers (Phase I & II) | Phase II (254 MW) WORKS UPDATE: LISBON DATA CENTERS (80 MW). DELIVERY DATE 4Q27 33
Slide 34: Data Centers | EU Gigafactories - Consortium
Data Centers (Phase I & II) | EU Gigafactories - Consortium EUROPE’S APPROACH TO BECOME A GLOBAL LEADER IN ARTIFICIAL INTELLIGENCE The European Union is Within the EU’s objective is to become an AI Continent TIMINGS determined to become a lies building large-scale AI data and computing Significant d
Slide 35: Closing Remarks & Outlook
CLOSING REMARKS & OUTLOOK
Slide 36: Closing remarks & Outlook
Closing remarks & Outlook OPERATIONS VALUE CREATION OUTLOOK • MERLIN has delivered strong • Logistics: efforts are focused on the • Sustainable double digit TSR… performance in all key financial development portfolio, distributed • …but flat FFO and dividend guidance and operating metrics (LfL renta
Slide 37: Appendix
APPENDIX
Slide 38: Appendix | FY25 Financial results
Appendix | FY25 Financial results FFO OF € 0.58 PER SHARE (€ million) FY25 FY24 YoY Gross rents 541.9 500.4 8.3% Gross rents after incentives 509.8 470.6 8.3% Net rents(1) 454.7 418.1 8.8% EBITDA(2) 415.8 379.2 9.7% Margin 76.7% 75.8% FFO(3) 326.7 310.8 5.1% Margin 60.3% 62.1% AFFO 304.7 291.3 4.6%
Slide 39: FY25 Financial results | GRI bridge
Appendix | FY25 Financial results | GRI bridge STRONG OPERATING MOMENTUM, WITH GOOD RENTAL GROWTH (+3.5% LfL) (€m) +3.5% Offices LfL(1) +3.5% +1.5% Logistics +4.7% Shopping centers +16.8 +24.7 541.9 500.4 FY24 Like-for-Like Balance acquisitions, FY25 growth disposals & other 39 (1) Portfolio in oper
Slide 40: FY25 Financial results | Occupancy and WAULT
Appendix | FY25 Financial results | Occupancy and WAULT OVERALL OCCUPANCY AT 95.6% 96.4% 97.0% n.a. 95.6% Occupancy and WAULT to first break per asset type(1) (116 bps) 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 Aver
Slide 41: Offices | GRI bridge and breakdown
Appendix | Offices | GRI bridge and breakdown GOOD LFL RENT INCREASE (+3.5%) AND RELEASE SPREAD (+4.8%)(1) COMBINED WITH OCCUPANCY GROWTH LfL(2) (€m) +3.5% 287.7 +9.6 291.8 (5.5) FY24 Like-for-Like growth Balance acquisitions, FY25 disposals & other LfL growth by area Occupancy by area FY24 FY25 Mad
Slide 42: Offices | Leasing activity
Appendix | Offices | Leasing activity Contracted sqm #Renewed contracts Release spread Tenants contracted Madrid 213,667 88 +3.3% Barcelona 31,603 23 +1.7% Lisbon 30,183 8 +16.4% Total 275,453 119 +4.8%(1) 42 (1) +0.4% including Técnicas Reunidas renewal and pre-let
Slide 43: Offices | Flex space
Appendix | Offices | 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: 43 (1) ADR: Average monthly desk rate
Slide 44: Logistics | GRI bridge and breakdown
Appendix | Logistics | GRI bridge and breakdown LfL(1) (€m) +1.5% 83.7 +1.2 +0.9 85.8 FY24 Like-for-Like growth Balance acquisitions, FY25 disposals & other LfL growth by location Occupancy by area FY24 FY25 Madrid +1.1% Madrid 99.7% 95.3% (442 bps) Barcelona +5.7% Barcelona 95.8% 98.9% +309 bps Oth
Slide 45: Logistics | Leasing activity
Appendix | Logistics | Leasing activity Contracted sqm #Renewed contracts Release spread Tenants contracted Madrid 195,513 6 +5.7% Barcelona 14,675 1 +6.3% Other 235,334 5 +3.9% Total 443,522 12 +5.8% 45
Slide 46: Logistics | ZAL Port
Appendix | Logistics | ZAL Port STRONG PERFORMANCE Stock 764,925 sqm Third parties stock (ground leases) 162,633 sqm Stock under management 927,558 sqm Contracted sqm Release spread # contracts €m FY25 FY24 YoY 137,279 +1.1% 27 Gross rents 78.1 76.1 +2.7% Tenants Net rents 77.3 75.2 +2.7% EBITDA 74.
Slide 47: Shopping centers | GRI bridge and breakdown
Appendix | Shopping centers | GRI bridge and breakdown STRONG MOMENTUM IN TERMS OF FOOTFALL AND SALES WHILE MAINTAINING HISTORICALLY LOW OCR AT 11.0% LfL(1) (€m) +4.7% 126.8 +6.0 +0.1 132.9 FY24 Like-for-Like growth Balance acquisitions, FY25 disposals & other Footfall evolution Tenant sales evoluti
Slide 48: Shopping centers | Leasing activity
Appendix | Shopping centers | Leasing activity Release spread # contracts Tenants All portfolio +6.7% 119 Contracted sqm Total 84,203 48
Slide 49: Valuation and debt position | GAV summary
Appendix | Valuation and debt position | GAV summary 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 O
Slide 50: Valuation and debt position | GAV drivers
Appendix | Valuation and debt position | GAV drivers 4 BPS EXPANSION DURING THE YEAR ACROSS THE PORTFOLIO 64.1% 4.7% MERLIN GAV average(2) LIKE-FOR-LIKE 2.9% EVOLUTION(1) 1.2% 1.2% Offices Logistics Shopping centers Data Centers 14 4 bps 2 YIELD Total (COMPRESSION) / EXPANSION(3) (5) Offices Logisti
Slide 51: Valuation and debt position | Sound financial structure
Appendix | Valuation and debt position | Sound financial structure RATING REAFFIRMED BY BOTH S&P & MOODY’S 31/12/2025 31/12/2024 Net debt € 3,743 € 3,347m LTV 28.9% 28.3% Average cost (spot) 2.69% (2.56%) 2.46% (2.55%) Fixed rate debt 100% 100% Average maturity (years) 4.4 4.3 Liquidity(1) € 1,965m
Slide 52: Debt maturity profile
600 800 500 400 500 136 600 136 25 3 22 Appendix | Valuation 2025 2026 and2027 debt position | Sound 2028 2029 financial2030 structure 2031 2032 >2032 (€ million) Unsecured loans Unsecured bonds Secured bank loans 842 42 784 Secure 941 727 711 740 2 134 Unse Secured bank loans 727 173 711 307 50 2 1
Slide 53: 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 Properties SOCIMI — FY2025 Earnings Presentation on 6ix