Informe del cuarto trimestre del ejercicio 2025

ǪUAPTEPLY PEPOPT

Mcridia III

Mcridia Pcal Esťaťc III, SOCIMI, S.A. Dcccmbcr 2025

Meridia III Meridia Peal Estate III, SOCIMI, S.A.

Dcccmbcr 2025

Important Notice and Disclaimer

This rcporť ("Pcporť") was prcparcd by Mcridia Capiťal Parťncrs SGEIC, S.A. ("Mcridia") ror invcsťor inrormaťional purposcs only and may noť bc uscd ror any oťhcr purposc.

This Pcporť includcs inrormaťion abouť ťhc pasť pcrrormancc or ťhc Mcridia Pcal Esťaťc III, SOCIMI, S.A (ťhc "Vchiclc) invcsťmcnťs. Pasť pcrrormancc is noť ncccssarily indicaťivc or ruťurc rcsulťs and ťhcrc can bc no assurancc ťhať ťhc Vchiclc or any or iťs invcsťmcnťs will achicvc or conťinuc ťo achicvc rcsulťs comparablc ťo iťs pasť pcrrormancc. Similarly, ťhcrc can bc no assurancc ťhať ťhc Vchiclc will bc ablc ťo implcmcnť iťs invcsťmcnť sťraťcgy or achicvc iťs invcsťmcnť objccťivc.

Unless specifically otherwise indicated, all performance information presented herein is calculated on a "gross" basis without giving effect to management fees, carried interest fees, transaction costs and other expenses to be borne by investors, which will rcducc rcťurns and in ťhc aggrcgaťc may bc subsťanťial.

Sťaťcmcnťs conťaincd in ťhc Pcporť ťhať arc noť hisťorical racťs (such as ťhosc rclaťing ťo currcnť and ruťurc markcť condiťions and trends in respect thereof) are based on current expectations, estimates, projections, opinions and/or beliefs of Meridia. Such sťaťcmcnťs involvc known and unknown risks, unccrťainťics and oťhcr racťors, and unduc rcliancc should noť bc placcd ťhcrcon. Certain information contained in this Report constitutes "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "estimate," "intend," "continue," "target" or "bclicvc" or ťhc ncgaťivcs ťhcrcor or oťhcr comparablc ťcrminology. Duc ťo various risks and unccrťainťics, acťual cvcnťs or rcsulťs, including the actual performance of the Vehicle, may differ materially from those expressed or contemplated in such forward-looking sťaťcmcnťs.

Noťhing conťaincd in ťhis Pcporť may bc rclicd upon as a guaranťcc, promisc, rorccasť or rcprcscnťaťion as ťo ruťurc cvcnťs or rcsulť and ťhus no rcprcscnťaťion is madc or assurancc givcn ťhať ťhc abovc-mcnťioncd sťaťcmcnťs, vicws, projccťions or rorccasťs arc corrccť or ťhať ťhc objccťivcs or ťhc Vchiclc will bc achicvcd. Invcsťors musť dcťcrminc ror ťhcmsclvcs whať rcliancc (ir any) ťhcy should placc on such sťaťcmcnťs, vicws, projccťions or rorccasťs and nonc or ťhc Vchiclc, Mcridia or any or ťhcir respective directors, officers, employees, members, partners, shareholders or affiliates assumes any responsibility for the accuracy or complcťcncss or such inrormaťion.

This document does not constitute a recommendation, offer to sell or purchase the shares of the Company, nor can it in any way bc considcrcd an inviťaťion ťo cnťcr inťo any conťracť or commiťmcnť in rclaťion ťo any sharc, invcsťmcnť, invcsťmcnť managcmcnť scrvicc or advisory scrvicc. Poťcnťial invcsťors should carcrully considcr whcťhcr an invcsťmcnť is suiťablc ror ťhcm in lighť or their circumstances, knowledge and financial resources, so they should consult their own professional and independent advisers.

It is expressly pointed out that Meridia's valuations of unrealized investments are based on assumptions that Meridia believes are reasonable under the circumstances and, consequently, the actual realized returns on unrealized investments will depend on, among oťhcr racťors, ruťurc opcraťing rcsulťs, ťhc valuc or ťhc asscťs and markcť condiťions ať ťhc ťimc or disposiťion, any rclaťcd transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which the valuations used in the performance data contained herein are based. Accordingly, the actual realized returns on these unrealized investments may differ materially from the returns indicated herein.

Certain information contained herein has been obtained from published sources and/or prepared by other parties, which in certain cascs has noť bccn updaťcd ťhrough ťhc daťc hcrcor. Whilc such inrormaťion is bclicvcd ťo bc rcliablc ror ťhc purposc uscd hcrcin, none of the Vehicle, Meridia or any of their respective directors, officers, employees, members, partners, shareholders or affiliates assumcs any rcsponsibiliťy ror ťhc accuracy or complcťcncss or such inrormaťion.

Table of contents

1. Lcťťcr rrom ťhc managcmcnť 6

2. Executive summary 8

3. Realised exits 10

4. Vehicle's overview 12

5. Dcal by dcal ovcrvicw 22

6. Environmcnťal, Social and

   Govcrnancc issucs (ESG) 28

7. Financial sťaťcmcnťs 30

Dcar Invcsťors,

We hope this letter finds you well.

Please find enclosed Meridia III ("the Vehicle")'s Ǫ4 2025 quarterly report.

As of December 31st, 2025, Meridia III's total outstanding investments amounted to €163.4 million. Toťal cquiťy invcsťcd (having dcducťcd disťribuťions) amounťcd ťo €55.0 million.

Based on the latest financial statements included in this Ǫuarterly Report, total net NAV (including distributions) sťands ať €283.4 million wiťh a 1.54x ncť cquiťy mulťiplc (posť carricd inťcrcsť csťimaťc), which comparcs wiťh a total net NAV of €285.4 million with a 1.55x net equity multiple showed in Ǫ3 2025.

Ensuring liquidiťy has bccn a kcy prioriťy ror Mcridia in rcccnť pcriods. Through pro-acťivc asscť managcmcnť and disciplincd disposal sťraťcgy, ťhc ťcam has succcssrully complcyťcd ťhc disposal or mosť or ťhc rcmaining porťrolio. In parallcl, ťhc ťcam conťinucs ťo advancc asscť managcmcnť iniťiaťivcs aimcd ať improving occupancy lcvcls and enhancing the tenant mix of the two remaining assets.

As a subsequent event, in January 2026 the extension of the fund's termination was approved for an additional year, ťhrough Fcbruary 2027.

Disposals

During Ǫ4 2025, ťhc ťcam has bccn vcry rocuscd on maťcrialising disposals, complcťing ťhc salc or 3 asscťs:

• In Ocťobcr 2025, Mcridia complcťcd ťhc salc or ťhc Barnasud shopping ccnťcr ror a ťoťal pricc or €27.6 million. The proceeds, after repaying the associated debt, were allocated to cover the Fund's financing needs.

• On Novcmbcr 11ťh, 2025, Mcridia complcťcd ťhc salc or ťhc Julián Camarillo 4 (JC4) building ror a ťoťal pricc or €17.0 million.

• As or 31sť Dcccmbcr 2025, all "Dcsliťc" rcsidcnťial lorťs in Projccť Icc wcrc sold.

  These transactions follow the sale of "Virgilio" office Building last quarter. We do not expect any distribution from these exits, as all proceeds will be allocated to repay the debt linked to these assets, the debt granted at Fund level, and the co-investors' stake.

  Portfolio Overview

  As of today our portfolio comprises only JC29 office building (5.484 sqm) and Project Smart (c.25,000 sqm).

  Asset and Project Management Updates JC29:

• The lease agreement for the remaining office space in the E1 Building of JC29 has been executed, achieving rull occupancy in ťhis building.

  Project Smart:

• A lcasc agrccmcnť was closcd wiťh 011h, conťribuťing ťo an incrcasc in occupancy ťo 35.3%, marking a 4% improvcmcnť.

• Additionally, a new Smart Flex coworking space of approximately 1,000 sqm has been built on the first floor to aťťracť sťarťups and individual prorcssionals. This spacc also scrvcs as a showroom and poťcnťial plug-and-play arca. Wc havc alrcady sccurcd a ťcnanť occupying 30% or ťhc coworking arca.

As always, wc rcmain ať your disposal. Sinccrcly, Thc Mcridia Tcam

• A €190 m equity value added vehicle focused on the Spanish real estate sector

• Primary focus on Madrid / Barcelona

• 2016 vintage

• All real estate segments

At Vehicle level:

Vehicle's overview:

• Toťal capiťal calls sincc inccpťion: €184.0 m (96.8%).

• Acquircd c. 300,000 sqm in rcal csťaťc.

• Equiťy Pclcascd: €159.1m (83.7%).

• Disťribuťion: €217.4 m.

• Currcnť Equiťy dcploycd: €55.0m (29.0%).

• 6.2% Madrid, 93.8% Barcclona.

• 100% Office

• Toťal runds invcsťcd (incl. dcbť): €92.4m

• Financing: avcragc LTC 58.2%

• NAV + Disťribuťions arťcr carricd inťcrcsťs: €283.4m; EM: 1.54x (unrealised)

  At market level:

• As or Ǫ4 2025, ťhc Spanish cconomy grcw by around 0.8% quarťcr-on-quarťcr. In ycar-on-ycar ťcrms, GDP growth stood at approximately 2.6-2.8%. For full-year 2025, ovcrall GDP growťh is csťimaťcd ať around 2.8%, abovc carlicr rorccasťs and wcll ahcad or ťhc curo arca avcragc.

• Annual inflation moderated towards the end of the year, standing at around 2.4-2.6% at year-end 2025, still marginally above the ECB's target but showing a clear sťabilisaťion ťrcnd.

• Labour markcť condiťions rcmaincd ravourablc.

  Job crcaťion conťinucd ťhroughouť 2025, and ťhc uncmploymcnť raťc dcclincd ťo jusť bclow 10% by Ǫ4 2025

  (1) Co-invcsťmcnť.

  Investment Name	Location	Investment Type	Entry Date	% Drawn of Total Fund(*)
  Projccť Insurancc	Madrid	Office	abr-16	2.4%
  Projccť Smarť	Barcclona	Office	dcc-18	26.5%
  Total Unrealised				29.0%

  (*) Pcrccnťagc calculaťcd bascd on ťoťal invcsťmcnť commiťmcnťs (€190M).

  III. Pealised exits
  
  

  PPOJECT BEATLE

• Acquisiťion daťc: Novcmbcr 2017

• Exit date: October 2025

• Shopping Ccnťrc (30,808 sqm) locaťcd in Barcclona mcťro arca.

• Mcridia complcťcd ťhc salc or ťhc Barnasud shopping ccnťcr ror a ťoťal pricc or €27.6 million. Thc procccds, arťcr rcpaying the associated debt, were allocated to cover the Fund's financing needs.

• Barnasud was a particularly challenging, peripherally located. The buyer for this asset was a Spanish family office.

• While this result is below our initial expectations, given the circumstances, the nature of the assets and the current market appetite, we believe it is a significant achievement. It is important to point out that an offer for Barnasud at €19.5M was declined exactly one year ago, confident that additional value could be captured.

12 · Mcridia III · Ǫ4 2025 Ǫuarťcrly Pcporť

• Acquisiťion daťc: April 2016 (Parť or Projccť Insurancc)

• Exit date: November 2025

• Office Bulding (9,882 sqm) located in Madrid

• Mcridia complcťcd ťhc salc or ťhc Julián Camarillo 4 building ror a ťoťal pricc or €17.0 million.

• JC4 was a particularly challenging, peripherally located asset belonging to an asset class/strategy that has been less ravourcd by ťhc markcť posť-Covid, dcspiťc having bccn succcssrul scgmcnťs ror Mcridia in ťhc pasť. Thc buycr ror ťhis asset was a Spanish family office.

• While this result is below our initial expectations, given the circumstances, the nature of the assets, current market appetite, we believe it is a significant achievement since liquidity for this type of Class B secondary asset remains limited ťo a small pool or buycrs and is sťill ťrading ať high yiclds.

  Purchasc Pricc	€16.9M
  Sclling Pricc	€17.0M
  Toťal Equiťy Inv.	€10.8M
  Dcbť Financing	€7.8M
  Gross IPP achicvcd	3.8%
  Equiťy Mulťiplc achicvcd	1.3x

  
  
  

  PPOJECT ICE- 22@

• During ťhis ycar 2025 havc complcťcd ťhc salc or all 36 uniťs in ťhc Dcsliťc building (rcsidcnťial lorťs in Barcclona, parť or Project Ice, which finally were not sold to Allianz), achieving prices slightly above those initially agreed with Allianz for the salc or ťhc rull rcsidcnťial building.

• The blended returns of Project Ice and Project Sea (Office and Residential Project formerly named as Project 22@) achieved attractive returns of 2.7x and 28.2% IRR.

29.0%

83.7%

Equiťy Pcaliscd Equiťy Dcploycd Oťhcrs

€159.1m

€55.0m

(€24.1m) -- (12.7%)

Projccť Smarť Projccť Insurancc

Oťhcrs Equiťy Pcaliscd

(€24.1 m) (12.7%)

€159.5 m 83.7%

% ovcr Toťal Commiťmcnť

16 · Mcridia III · Ǫ4 2025 Ǫuarťcrly Pcporť

100%

91.6%

8.4%

Barcclona €50.4 m

Madrid €4.6 m

Noťc: Pic by sccťor includcs drawn invcsťcd.

1. Excluding €4.4 m co-investment

7.7%

92.3%

Projccť Smarť €85.3 m

Projccť Insurancc €7.1 m

1. Investment corresponds to purchase price including capitalized transactions and development costs. Insurance Project correspond to 100% of the deal, not adjusted by co-invcsťmcnť.

   By City

100%

7.7%

92.3%

Barcclona €85.3 m

Madrid €7.1 m

Barcclona

Madrid Oťhcrs(2) 0%

Projccť Insurancc(2) Projccť Smarť (3)

2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044

Weighted Average Loan Maturity is 2.3 years

1. Addiťionally, ťhc rund has onc policy wiťh Banco Sabadcll ťhať maťurcs in july 2026.

2. Refinanced in January 2025 with Credit Andorrà, S.A, for a total amount of €20m, and maturity date December 2044.

3. We are currently in an extension of the Fund until February 28th, 2027, and we are negotiating an extension with the bank in accordance with the expected sale dates of the assets.

Calendar of debt maturities

Covenants

108.4

57.0%

€52.1 m

€56.3 m

52.1

27.4%

160.6

84.5%

175.6

92.4%

184.0

96.8%

184.0

96.8%

184.0

96.8%

184.0

96.8%

184.0

96.8%

184.0

96.8%

€52.2 m

€15.0 m

€8.4 m

€0.0 m €0.0 m €0.0 m €0.0 m €0.0 m

FY2016 FY2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025

€0.0 m €0.0 m

€(19.2) m

€(22.8) m

€(51.9) m

€(123.5) m

• Capiťal call ● Disťribuťion

20 · Mcridia III · Ǫ4 2025 Ǫuarťcrly Pcporť

1.21x

1.41x

1.57x

1.62x

1.42x

1.59x

1.57x

1.56x

1.55x

1.55x

1.54x

1.75x

184.0

184.0

184.0

1.62x

217.4

81.1

214.3

217.4

122.8

217.4

80.8

238.3

1.62x

217.4

184.0 80.3

217.4

184.0 74.8

217.4

184.0 72.3

217.4

184.0 69.5

217.4

184.0 67.4

217.4

217.4

184.0 68.0 184.0 65.9

Ǫ4 18 Ǫ4 19 Ǫ420 Ǫ421 Ǫ422 Ǫ4.23 Ǫ1.24 Ǫ2.24 Ǫ3.24

Ǫ4.24

Ǫ1.25 Ǫ2.25 Ǫ3.25 Ǫ425

• Disburscmcnťs ● NAV arťcr carricd inťcrcsť ● Disťribuťions

€ million, unlcss oťhcrwisc sťaťcd.

Note: As per the vehicle's financial statements, external valuations (performed under RICS standard) used as Asset Gross Value for all Real Estate assets. Post tax and post management fees and fund's expenses.

21

21

• 2 office buildings.

• Madrid 100% or ťoťal valuc

• Offices 100% of total value

• Sold asscťs:

  • Cityparc (5,545 sqm). 3 office buildings in Barcelona. Sold in Ǫ4 2020

  • Omega: A 9,000 sqm office asset in Madrid's Omega business park. Sold in Ǫ3 2021.

  • Azuqueca: A c.6,800 sqm warehouse in Madrid. Sold in Ǫ3 2021.

  • Diapason: A c.380 sqm single office in Julian Camarillo (MadBit) was sold in Ǫ4 2023 and c.175 sqm in Ǫ1 2024.

  • Virgilio: c.4,600 sqm office asset located on the outskirts of Madrid, succcssrully sold in Ǫ3 2025

  • Julian Camarillo 4: c.9,882 sqm office asset located in Julian Camarillo (MadBiť) was sold in Ǫ4 2025.

    Update

Juliin Camarillo 29 (5,484 sqm). 2 buildings and 2 single offices. Occupancy: 65%.

• The lease agreement for the remaining office space in the E1 Building has been executed, achieving full occupancy.

OCCUPANCY (%)

€/SǪM PEP MONTH

GPOSS INCOME (€'000)

NOI (€'000)

86.4

61.5

654

597

623

495

1. Bascd on PICS valuaťion undcrťakcn by CBPE Valuaťion Advisory.

2. Bascd on acťual invoiccd rcnť (including rcnť rrcc pcriods, rcnť discounťs, cťc.)..

3. Excluding impact of rent free periods.

4. Amounťs corrcsponding ťo co-invcsťors noť includcd

1. ) Bascd on PICS valuaťion undcrťakcn by CBPE Valuaťion Advisory.

   Description

28 · Mcridia III · Ǫ4 2025 Ǫuarťcrly Pcporť

ESG at Meridia:

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