Merlin Properties Socimi, S.a. · BME:MRL
Merlin Properties Socimi — Merlin Pptys Socimi Ord — 6M25 Earnings Presentation
45 slides from Merlin Properties Socimi's earnings presentation, Jul 31, 2025
Slide 1: 6M25 Results Presentation
6M25 RESULTS PRESENTATION 3 1 J U LY 2 0 2 5
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
C TE □ 6M25 Financial results EO EN M LE □ Offices C EL A □ Logistics M IS □ Shopping centers TO O EC AN R IR L D EL □ Valuation and debt position R A ÉS □ Value creation IN □ Digital Infrastructure Plan TO AS R EC IV IR R □ Closing remarks & Outlook D CO IS C N A FR
Slide 4: Key highlights
Key highlights OPERATING FINANCIAL VALUE PERFORMANCE PERFORMANCE CREATION • Powerful operating momentum, with •S olid FFO generation (+12.8% YoY) • € 183.2m in non-core divestments satisfactory rental growth (+3.4% LfL) •S trong value creation (+3.2% GAV LfL at a premium to GAV, of which € 37.4m com
Slide 5: 6M25 Financial Results
6M25 FINANCIAL RESULTS ————
Slide 6: 6M25 Financial results
6M25 Financial results BETTER THAN EXPECTED FFO OF € 0.30 PER SHARE DUE TO POSITIVE OPERATING PERFORMANCE (€ million) 6M25 6M24 YoY Total revenues 275.3 253.7 8.5% Gross rents 264.7 248.2 6.7% Gross rents after incentives 249.6 234.5 6.5% Net rents(1) 224.2 208.6 7.5% EBITDA(2) 205.3 188.4 9.0% FFO(
Slide 7: 6M25 Financial results | GRI bridge
6M25 Financial results | GRI bridge SOLID RENTAL GROWTH (+3.4% LfL) ACROSS THE WHOLE PORTFOLIO (€m) +3.9% Offices LfL(1) +3.4% +2.2% Logistics +3.2% Shopping centers 248.2 +8.2 +8.3 264.7 6M24 Like-for-Like Balance acquisitions, 6M25 growth disposals & other 7 (1) Portfolio in operation for 6M24 (€
Slide 8: 6M25 Financial results | Occupancy and WAULT
6M25 Financial results | Occupancy and WAULT 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. 95.4% 95.4%
Slide 9: Offices
OFFICES
Slide 10: Offices | GRI bridge and breakdown
Offices | GRI bridge and breakdown ALL TIMES HIGH OCCUPANCY RATE AND VERY GOOD LFL RENT INCREASE (+3.9%) LfL(1) (€m) +3.9% 141.4 +5.3 144.3 (2.4) 6M24 Like-for-Like growth Balance acquisitions, 6M25 disposals & other LfL growth by area Occupancy by area 6M24 6M25 Madrid +3.3% Madrid 91.9% 94.5% +263
Slide 11: Offices | Leasing activity
Offices | Leasing activity Contracted sqm #Renewed contracts Release spread Tenants contracted Madrid 123,193 89 (3.7%) Barcelona 18,148 30 +2.5% Lisbon 23,555 10 +15.1% +5.1% excluding the renewal of Técnicas Total 164,896 129 (0.2%) Reunidas (+43k sqm) in Madrid. 11
Slide 12: Offices | Future of the Office market in Madrid
Offices | Future of the Office market in Madrid RECONVERSIONS ARE DRIVING STOCK REDUCTION AND PRESSURING MARKET RENTS UPWARDS MERLIN’s Madrid office stock as of 6M24 MERLIN’s Madrid portfolio occupancy evolution 94.5% +349 bps since pre-Covid 6M25 91.0% FY19 121,961 sqm 952,488 sqm of which identifi
Slide 13: Logistics
Y) L KE ca QO O a)
Slide 14: Logistics | GRI bridge and breakdown
Logistics | GRI bridge and breakdown GOOD LFL GROWTH +2.2% WITH SOUND OCCUPANCY LEVELS LfL(1) (€m) +2.2% 42.0 +0.9 41.9 (1.0) 6M24 Like-for-Like growth Balance acquisitions, 6M25 disposals & other LfL growth by location Occupancy by area 6M24 6M25 Madrid +3.5% Madrid 98.4% 94.7% (372 bps) Barcelona
Slide 15: Logistics | Leasing activity
Logistics | Leasing activity Contracted sqm #Renewed contracts Release spread Tenants contracted Madrid 123,129 5 +7.1% Barcelona 5,902 1 +5.0% Other 130,235 3 +7.4% Total 259,266 9 +7.2% 15
Slide 16: Logistics | ZAL Port
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 6M25 6M24 YoY 156,604 +3.2% 30 Gross rents 38.9 37.7 +3.1% Tenants Net rents 38.6 37.4 +3.0% EBITDA 36.4 36.4 - Oc
Slide 17: Shopping Centers
SHOPPING CENTERS \
Slide 18: Shopping centers | GRI bridge and breakdown
Shopping centers | GRI bridge and breakdown STRONG MOMENTUM IN TERMS OF FOOTFALL AND SALES WHILE MAINTAINING LOW OCR AT 11.0% LfL(1) (€m) +3.2% 63.8 +2.0 - 65.8 6M24 Like-for-Like growth Balance acquisitions, 6M25 disposals & other Footfall evolution Tenant sales evolution OCR evolution 6M25 11.0% F
Slide 19: Shopping centers | Full occupancy at 96.5%
Shopping centers | GRI bridge and breakdown FULL OCCUPANCY AT 96.5% Release spread # contracts Tenants All portfolio +4.1% 166 Contracted sqm Total 33,173 19
Slide 20: Valuation and Debt Position
VALUATION le TELL beee LL Pot ii TL ~ AND DEBF POSITION
Slide 21: Valuation and debt position | GAV summary
Valuation and debt position | GAV summary VALUE CREATION IN DATA CENTERS (+€ 208.1M) DRIVING REVALUATION GAINS Rentabilidad 4,8% 5,6% 6,3% n.m. - 5,2% bruta 12.120 11.387 6.592 TOTAL con participaciones minoritarias Valor de los Participaciones minoritarias activos Centros comerciales 2.059 Data Cen
Slide 22: Valuation and debt position | GAV drivers
Valuation and debt position | GAV drivers 7 BPS COMPRESSION DURING THE SEMESTER ACROSS THE PORTFOLIO +38.2% +3.2% MERLIN average(2) GAV LIKE-FOR-LIKE +1.4% +2.6% +1.0% EVOLUTION(1) Offices Logistics Shopping centers Data Centers n.m. (2) (7 bps) YIELD (7) MERLIN (COMPRESSION) average / EXPANSION(3)
Slide 23: Valuation and debt position | Sound financial structure
Valuation and debt position | Sound financial structure VERY HEALTHY FINANCIAL SITUATION 6M25 31/12/2024 Net debt € 3,554m € 3,347m LTV 28.6% 28.3% Average cost (spot) 2.58% (2.44%) 2.46% (2.55%) Fixed rate debt 100% 100% Average maturity (years) 4.4 4.3 Liquidity(1) € 1,649m € 2,364m Rating Outlook
Slide 24: Valuation and debt position | Debt maturities
2 600 800 500 400 500 136 600 Valuation and debt position | Sound financial structure 136 25 3 22 NEXT MATURITY 2025 IN 2026 NOVEMBER 2027 2026 2028 2029 2030 2031 2032 >2032 942 862 (€ million) Unsecured loans Unsecured bonds Secured bank loans 62 941 307 727 711 2 Secured bank loans 727 711 307 2
Slide 25: Value Creation
VALUE CREATION
Slide 26: Value creation | Investments & divestments
Value creation | Investments & divestments Investments 6M25 Non-core divestments • Acquisition of one coworking space operated •€ 183.2m asset disposals of which: but not owned by MERLIN (ca. 1,931 sqm) • € 37.4m were executed in 6M25, at a double • DC Landbank: digit premium vs GAV • Madrid Tres Ca
Slide 27: Value creation | Marineda Extension
Value creation | Marineda Extension OPPORTUNISTIC ACQUISITION OF THE DEPARTMENT STORE IN MARINEDA TO EXPAND THE MALL Food & Home Fashion & accesories Leisure & Dining GLA Total Marineda 92.9% Shopping center Delivery Total CAPEX YoC Pre-let 126,507 sqm 4Q25 € 41.0m 6.5% Post Refurbishment 27,497 sqm
Slide 28: Value creation | Adequa
Value creation | Adequa 4 ONE OF THE LARGEST PRE-LETS (21,441 SQM) IN MADRID SINCE THE GREAT FINANCIAL CRISIS • Supply-demand imbalance has crystalized in one of the largest pre-lets since the GFC • 1 0 years contract, adding PENDIENTES FOTOS >€ 70m to backlog • MERLIN will assess the convenience of
Slide 29: Value creation | Logistics roll-out: committed pipeline
Value creation | Logistics roll-out: commercialization & pending capex | WIP 291k sqm Committed pipeline To be delivered by 1H27 Total remaining Cabanillas Park II 58k sqm investment € 156m San Fernando III 43k sqm Azuqueca III 55k sqm Expected stabilized GRI Lisboa Park(2) 102k sqm Valencia-Bétera
Slide 30: Value creation | Logistics roll-out: landbank
Value creation | 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% 30 (1) In
Slide 31: Digital Infrastructure Plan (MEGA)
DIGITAL INFRASTRUCTURE PLAN (MEGA)
Slide 32: Digital Infrastructure Plan | Onboarding electrified land
Digital Infrastructure Plan | 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 MW Mad
Slide 33: Digital Infrastructure Plan | MEGA Plan Overview
Digital Infrastructure Plan | 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 MAD-
Slide 34: Digital Infrastructure Plan | Phase I overview (64 MW)
Digital Infrastructure Plan | Phase I overview (64 MW) PHASE I DEVELOPED ACROSS THE THREE SITES, WITH 42 MW EQUIPPED AS OF 6M25 (64 MW FOR FY26) let let 0% 0% 10 10 Barcelona - PLZF Bilbao - Arasur Madrid - Getafe In operation In operation In operation IT capacity 22 MW(1) 22 MW 20 MW Electricity su
Slide 35: Digital Infrastructure Plan | 45MW let to generate €66M annual GRI
Digital Infrastructure Plan | 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 2027 E ~
Slide 36: Digital Infrastructure Plan | Phase I remarkable value creation
Digital Infrastructure Plan | Phase I (64 MW) 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 per appraisals
Slide 37: Digital Infrastructure Plan | Phase II overview (246 MW)
Digital Infrastructure Plan | 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 MW 70
Slide 38: Digital Infrastructure Plan | Phase II capex commitments
Digital Infrastructure Plan | 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 38
Slide 39: Works update: Bilbao Arasur 2 Data Center
Digital Infrastructure Plan | Phase II (246 MW) WORKS UPDATE: BILBAO ARASUR 2 DATA CENTER (48 MW). DELIVERY DATE 4Q26 39
Slide 40: Works update: Lisbon Data Center
Digital Infrastructure Plan | Phase II (246 MW) WORKS UPDATE: LISBON DATA CENTER (72 MW). DELIVERY DATE 4Q27 40
Slide 41: Digital Infrastructure Plan | Phase III overview - Upsizing (426 MW)
Digital Infrastructure Plan | 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 extension
Slide 42: Digital Infrastructure Plan | EU Gigafactories - Consortium
Digital Infrastructure Plan | 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 As a result, in April 2025, the EU determined to become a lies building large-scale AI data
Slide 43: Closing Remarks & Outlook
CLOSING REMARKS & OUTLOOK
Slide 44: Closing remarks & Outlook
Closing remarks & Outlook OPERATIONS VALUE CREATION OUTLOOK • Good organic rental growth (+3.4% LfL) • MERLIN is generating alpha through an • Improving investment market should attractive pipeline of developments, with support continued valuations uplift • Strong momentum in Offices in remarkable p
Slide 45: Paseo de la Castellana, 257 Madrid
Paseo de la Castellana, 257 28046 Madrid +34 91 769 19 00 info@merlinprop.com www.merlinproperties.com