Informe segundo trimestre del ejercicio 2025

ǪUAPTEPLY PEPOPT

Mcridia III

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

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

Junc 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. Vehicle's overview 10

4. Dcal by dcal ovcrvicw 20

5. Environmcnťal, Social and

   Govcrnancc issucs (ESG) 32

6. Financial sťaťcmcnťs 34

Dcar Invcsťors,

We hope this letter finds you well.

Please find enclosed Meridia III ("the Vehicle")'s Ǫ2 2025 quarterly report.

As of June 30th, 2025, Meridia III's total outstanding investments amounted to €185.1 million. Toťal cquiťy invcsťcd (having deducted distributions) amounted to €75.2 million.

Based on the latest financial statements included in this Ǫuarterly Report, total net NAV (including distributions) stands at €284.7 million wiťh a 1.55x net equity multiple (post carried interest estimate), which comparcs wiťh a ťoťal ncť NAV or €286.9 million wiťh a 1.56x ncť cquiťy mulťiplc showcd in Ǫ1 2025.

Ensuring liquidity remains Meridia's top priority, with proactive measures underway to accelerate select asset disposals. In parallcl, ťhc ťcam conťinucs ťo advancc asscť managcmcnť iniťiaťivcs across ťhc porťrolio, aimcd ať improving occupancy levels and enhancing the tenant mix.

Disposals

On May 5th, 2025, Meridia completed the sale of La Siberia building in Barcelona's 22@ district to Allianz for €19.5m. This asset, part of Project ICE, consisted of 39 residential units, 28 parking spaces, 40 bicycle spaces and 10 storage rooms. Thc procccds rrom ťhc ťransacťion wcrc primarily allocaťcd ťo rcpay ťhc associaťcd bank dcbť.

As a posť quarťcr cvcnť, in July 2025, Mcridia complcťcd ťhc salc or Virgilio building (parť or Projccť Insurancc) ror c.€7m. The proceeds, after repaying the associated debt, were allocated to cover Fund financing needs.

As mcnťioncd, ťhc ťcam rcmains rully rocuscd on liquidiťy and iť is working in ncw divcsťmcnťs as plan or iťs disposals programmc, wiťh ťhc objccťivc or making disťribuťions ťo invcsťors ovcr ťhc coming monťhs.

Portfolio Overview

Equity exposure of the remaining portfolio is divided among office (74.9%), retail (25.0%), and residential (0.1%) sccťors.

As of June 30th, 2025, our portfolio comprised 6 properties: 4 office buildings, 1 shopping centre and 1 residential projccť.

Asset and Project Management Updates

On Asscť Managcmcnť:

Project Insurance: We renewed leases with two existing tenants at Julian Camarillo 29, allowing us to secure longcr-ťcrm occupancy.

The sale of Virgilio building, located in Pozuelo de Alarcón (Madrid), has been carried out during Ǫ2'25 and was complcťcd in July 2025.

Project Beatle: An agrccmcnť wiťh a gym opcraťor has bccn signcd in Ǫ2 2025 ťo ťakc up 1,600 sqm, which will benefit the floor and improve the commercial mix of the center.

Project Smart: Terms have been agreed with a new tenant, which will occupy 1,000 sqm, representing a 4% increase in the building's occupancy rate, which will stand at 35.3%.

Project Ice: The Deslite residential units have seen strong market interest, with the first sales deeds signed in July 2025. To date, 14 of the 36 flats have been sold; additional 9 units have been reserved pending to be hard sold.

On Projccť Managcmcnť:

Project Smart: the urbanization of road in the buildings public road (Pere IV street) is pending final budget approval by the Urban Planning Department. Works will start in Ǫ3 2025 with the City's endorsement. Improvements to the project, buildings and outside areas are advancing. Commercial strategies include Plug & Play Coworking, new Office Spaccs and Pcsťauranť projccťs, all or which arc currcnťly in ťhc ťcndcr phasc.

As always, we remain at your disposal. Sincerely, 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

  Key highlights during Ǫ2 2025

At Vehicle level:

Vehicle's overview:

• Total capital calls since inception: €184.0 m (96.8%).

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

• Equity Realesed: €132.7 m (69.9%).

• Distribution: €217.4 m.

• Current Equity deployed: €75.2m (1) (39.6%).

• 11.9% Madrid, 88.1% Barcelona.

• 74.9% Office, 0.1% Residential and 24.9% Retail.

• Total funds invested (incl. debt): €185.1 m

• Financing: average LTC 53.7%

• NAV + Distributions after carried interests: €284.7 m; EM: 1.55x (unrealised)

  (1) Excluding €7.3 m co-investment.

  At market level:

• As of Ǫ2 2025, the Spanish economy continues to show solid performance, albeit with signs of a moderate deceleration. GDP grew by 0.5% quarter-on-quarter and 2.5% year-on-year, supported by resilient domestic demand and a positive contribution from net exports, particularly in services. Following 3.2% GDP growth in 2024, forecasts for 2025 are now pointing to an expansion of around 2.6%-2.7%.

• Inflation: Annual inflation stood at 2.3% in June 2025, core inflation continues to ease, and the average inflation rate for the full year is projected to remain between 2.2% and 2.5%, broadly in line with the ECB's target.

• Labour market: The unemployment rate fell to 11.1% in Ǫ2 2025, the lowest level since 2008, confirming the ongoing rccovcry or ťhc labour markcť. Job crcaťion rcmains robusť, parťicularly in scrviccs, consťrucťion, and ťourism, alťhough somc lcading indicaťors poinť ťo a slighť slowdown in hiring ovcr ťhc summcr monťhs.

39.6%

69.9%

Equiťy Pcaliscd Equiťy Dcploycd Oťhcrs

€132.7 m

€75.2 m

(€17.9m) --- (9.4%)

Projccť Smarť Projccť Bcaťlc Projccť Insurancc

Projccť Icc

Oťhcrs Equiťy Pcaliscd

€47.4 m 24.9%

€0.1 m 0.1%

(€17.9) m (9.4%)

€132.7 m 69.8%

% over Total Commitment

12 · Mcridia III · Ǫ2 2025 Ǫuarťcrly Pcporť

0.1%

24.9%

74.9%

88.1%

11.9%

Barcelona €66.2 m

Madrid €9.0 m

Office €56.4 m

Retail €18.7 m Residential €0.1 m

Noťc: Pic by sccťor includcs drawn invcsťcd.

(1) Excluding €7.3 m co-investment

46.8%

10.8%

19.3%

Project Smart €86.6m

Project Beatle €42.9 m

Project Insurance €35.6m

Project Ice €20.0 m

23.2%

(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.

66.0%

10.8%

19.3%

80.7%

23.2%

Barcelona €149.5 m Madrid €35.6 m

Office €122.2 m

Retail €42.9 m Residential €20.0 m

Barcclona

Madrid

Oťhcrs 0%

Limiť 33%

1. % calculated over total vehicle of €190 m.

   Financing - June 30th 2025(1)

   Refinancing Risk

Projccť Insurancc Project Ice - 22@ Projccť Bcaťlc Projccť Smarť

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 5.6 years

(1) Additionally, the fund has three credit policies in order to finance the working capital needs: a credit policy with Bankinter for €4 m, with maturity date November 2025; a credit policy with Banc Sabadell for € 5 m, that matures in July 2025; and a a credit policy with Banca March for € 5 m, that maťurcs in Novcmbcr 2025.

CaixaBank

Banco Sanťandcr

Crcand

€13 m

€19.6 m

€66.9 m

• Current Exposure ● Toťal Sccurcd

  Finance Perspective

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

1.21x

1.41x

1.57x

1.62x

1.42x

1.59x

1.57x

1.56x

1.55x

1.75x

160.6

194.9

175.6

247.2

184.0

184.0

184.0

184.0

74.7

214.3

217.4

122.8

217.4

80.8

1.62x

217.4

81.1

184.0

22.8

238.3

1.62x

184.0

217.4

184.0

217.4

184.0

217.4

184.0

217.4

217.4

184.0 67.4

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

Ǫ4.24

Ǫ1.25 Ǫ2.25

• Disburscmcnťs ● NAV arťcr carricd inťcrcsť ● Disťribuťions

€ million, unless otherwise stated.

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.

19

19

1. Overview
   
   
   Project Insurance

   Location	Sector	Size (sqm)	Acquisition Date	Equity Investment	Valuation (1)
   					Gross Asset	Equity Value
   Madrid	Office	19,935	April 2016	€9.0m (+€4.4m or co-invcsťmcnť)	€37.9m	€12.9m

   Description

• 4 office buildings.

• Madrid 100% of total value

• 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.

    Update

Juliin Camarillo 29 (5,484 sqm). 2 buildings and 2 single offices. Occupancy: 60%.

• Two existing tenants in the building have signed their lease renewals, resulting in higher rent levels and extension of their mandatory term.

• Small improvcmcnť projccťs wcrc carricd ouť during Ǫ2 25.

  Virgilio 2 (4,568 sqm). Occupancy: 100%.

• Thc sale of the asset has been completed in July 2025 for a total price of €7m.

  Juliin Camarillo 4 (9,882 sqm). Occupancy: 78%.

• Thcrc havc bccn scvcral visiťs during ťhc sccond quarťcr, which wc arc acťivcly rollowing up on wiťh ťhc aim or convcrťing ťhcm inťo incrcascd occupancy.

• No invcsťmcnť or improvcmcnťs havc bccn carricd ouť during Ǫ2 25

OCCUPANCY (%)

€/SǪM PEP MONTH

GPOSS INCOME (€'000)

NOI (€'000)

95.4

76.3

2,759

2,474

2,717

2,236

UW Currcnť

UW Currcnť

UW Currcnť

Currcnť adj. (3)

UW Currcnť

Currcnť adj. (3)

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.

   Project Beatle

   Location	Sector	Size (sqm)	Acquisition Date	Equity Investment	Valuation (1)
   					Gross Asset	Equity Value
   Gavà (Barcclona)	Shopping ccnťrc	30,808	Novcmbcr 2017	€18.7m	€25.8 m	€10.2m

   Description

OCCUPANCY (%)

€/SǪM PEP MONTH

GPOSS INCOME (€'000)

NOI (€'000)

95.6

90.9

3,415

3,786

3,554

2,537

UW Currcnť

UW Currcnť

UW Currcnť

Currcnť adj. (3)

UW Currcnť

Currcnť adj. (3)

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.

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

   Description

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

   Description

1. CapEx Projects

Project ICE - 22@

30 · Mcridia III · Ǫ2 2025 Ǫuarťcrly Pcporť

Project ICE - 22@