Merlin Properties SOCIMI S A : 3M 2026 Executive Summary (Executive Summary 3M26 1)

About this update from Merlin Properties Socimi, S.a.

CONSOLIDATED PERFORMANCE 3M26 RESULTS Trading Update +11.2% Total revenues YoY +3.9% Gross-to-net margin (1) 88.8% 88.8% EBITDA (2) 113.6 102.0 11.4% Margin 77.7% 76.9% FFO (3) 87.4 84.2 3.9% FFO YoY +3.5% Gross Rents like-for-like YoY +8.8% TSR per Share YoY (€ million) 3M26 3M25 YoY Total revenues 153.4 138.0 11.2% Gross rents Gross rents after 146.2 132.5 10.3% incentives 138.6 125.2 10.7% Strong activity in traditional asset classes, benefited by macro and asset management FFO increasing YoY (+3.9%) despite financial expenses thanks to top line growth (+11.2%) Occupancy remains very high (95.0%) and stable Margin 59.8% 63.5% AFFO 85.6 82.2 4.1% Net earnings 77.0 84.2 (8.6%) Seamless execution of MEGA Plan continues: assets under construction meeting delivery dates and new licensing milestones achieved € 6.8m non-core sales above GAV. Further € 122.9m signed for execution in 2026 and 2027 NTA per share stands at € 15.32. No valuation Net rents after propex & collection losses 123.1 111.2 10.7% during 1Q (€ per share) (4) 3M26 3M25 YoY FFO 0.14 0.15 (5.6%) AFFO 0.14 0.15 (5.3%) increase to fund Phase III. The transaction was EPS 0.12 0.15 (16.9%) Substantial revaluation from DCs expected in 1H In March, MERLIN executed a € 768m capital NTA 15.32 14.47 5.9% executed at strike, was 12x oversubscribed and 100% allocated to existing shareholders € 0.22 p.s. final FY25 dividend to be paid on May 25 th 3M26 Contracted Rent Leasing activity Occ. vs 31/12/25 Offices sqm 47,028 €m 73.7 LfL change +3.1% Release spread 2.8% Bps (57) Logistics 30,149 21.3 +0.6% 6.2% (60) Shopping centers 16,068 36.8 +6.1% 7.4% (41) Data Centers n.a. 13.8 n.a. n.a. n.m. Other n.a. 0.7 +2.0% n.m. n.m. Total 93,245 146.2 +3.5% (58) BUSINESS PERFORMANCE Rents like-for-like YoY +3.1% +0.6% +6.1% Offices Logistics S. Centers Release spread +2.8% +6.2% +7.4% Offices Logistics S. Centers Occupancy vs 31/12/2025 95.0% (58 pbs) Offices: 47,028 sqm contracted. LfL of +3.1% and release spread of +2.8% Logistics: 30,149 sqm contracted. LfL of +0.6% and release spread of +6.2% Shopping centers: 16,068 sqm contracted. LfL of +6.1% and release spread of +7.4% (1) Net of incentives (2) Excludes non-overhead costs items (€ 0.6m) and LTIP accrual (€ 4.6m) (3) FFO equals EBITDA less net interest payments, less minorities, less recurring income taxes plus share in earnings of equity method Gross rents bridge LfL (5) +3.5% +9.4 132.5 +4.3 146.2 (€m) (4) 3M26 per share figures assume new total number of shares of € 620m vs. € 564m for 3M25 (5) Portfolio in operation for 3M25 (€ 124.1m of GRI) and for 3M26 (€ 128.4m of GRI) 3M25 Like-for-Like growth Balance acquisitions, disposals & other 3M26 OFFICES Gross rents bridge (€m) Rents breakdown LfL (1) +3.1% 71.5 3M25 +2.1 Like-for-Like growth +0.1 Balance acquisitions, disposals & other 73.7 Gross rents 3M26 (€ m) Passing rent (€/sqm/m) WAULT (yr) Madrid 52.6 22.0 3.1 Barcelona 11.9 22.1 2.9 Lisbon 8.5 23.7 5.0 Other 0.6 12.6 4.2 Total 73.7 22.1 3.2 3M26 Leasing activity Healthy release spread +2.8%, in line with LfL growth (+3.1%) fueled by strong momentum in Madrid and Lisbon, with Barcelona lagging behind 1Q26 leasing activity highlights: 19,573 sqm new lease with Naturgy in Josefa Valcarcel 48, Madrid (New delivery) 6,035 sqm new lease with Credit Agricole in Art, Lisbon 4,494 sqm renewal with Boston Scientific in PE Puerta de las Naciones, Madrid 2,420 sqm renewal with Sony in Pedro de Valdivia 10, Madrid 1,587 sqm renewal with Van Golem Cinemas in Plaza de los Cubos, Madrid 1,221 sqm renewal with Connectis in PE Alvento, Madrid 1,009 sqm renewal with New Relic in Torre Glories, Barcelona 954 sqm new lease with Asociacion para la Prevención de Accidentes in PE Alvia, Madrid 671 sqm new lease with Goodman in Castellana 93, Madrid sqm Contracted Out In Renewals Net LTM Release spread # Contracts Madrid 37,075 (13,812) 23,895 13,180 10,083 +2.6% 74 Barcelona 2,276 (1,513) 737 1,539 (776) +0.9% 13 Lisbon 7,677 (9,167) 7,677 - (1,490) +6.1% 7 Total 47,028 (24,492) 32,309 14,719 7,817 +2.8% 94 Occupancy Occupancy at very high levels (93.6%) Josefa Valcarcel 48 (19,573 sqm) has been added back to stock after finalization of refurbishment and delivery to Naturgy Strong leasing momentum in WIP. By 1H28 WIP will be limited to Adequa 7, maximizing cashflow of the portfolio and focus on Data Centers By markets, best performer this quarter has been Madrid NBA A-1, reaching 93.7% in occupancy, above the average of the portfolio (93.6%) Stock 1,246,162 sqm WIP 112,021 sqm Stock incl. WIP 1,358,182 sqm 3M26 3M25 Change bps Madrid 94.6% 93.4% +111 Barcelona 88.5% 91.9% (341) Lisbon 95.7% 100.0% (427) Other 100.0% 100.0% - Total 93.6% 93.8% (19) Occupancy rate (2) (1) Portfolio in operation for 3M25 (€ 70.5m of GRI) and for 3M26 (€ 72.6m of GRI) (2) MERLIN policy excludes buildings under complete refurbishment. Buildings excluded this period are Liberdade 201, Alfonso XI, Plaza Ruiz Picasso extension, PE Cerro Gamos 2, 3 & 5 and Elipse LOGISTICS Gross rents bridge LfL (1) +0.6% (€m) Rents breakdown Gross rents 3M26 (€ m) Passing rent (€/sqm/m) WAULT (yr) 20.5 +0.1 +0.7 21.3 Madrid 13.9 4.7 3.3 Barcelona 3.2 8.4 2.3 Other 4.2 4.9 1.9 3M25 Like-for-Like growth Balance acquisitions, disposals & other 3M26 Total 21.3 5.1 2.8 Leasing activity The portfolio delivered an optically low growth (+0.6% LfL) due to occupancy reduction from abnormal high levels offset by strong rental growth (+6.2% release spread) 1Q26 leasing activity highlights 7,452 sqm renewal with Luis Simoes in Barcelona-PLZF 7,132 sqm renewal with Biogran in A4-Seseña 6,882 sqm renewal with Transmec de Bortoli in A2-Coslada Complex 4,618 sqm new leases with Next Logistics and Comercial Servicios Alimenticios in Barcelona-PLZF 2,477 sqm new lease with XPO in Sevilla Zal (new development) sqm Contracted Out In Renewals Net LTM Release spread # Contracts Madrid 15,602 (5,208) 1,588 14,014 (3,620) +6.4% 6 Barcelona 12,070 (8,264) 4,618 7,452 (3,646) +9.3% 2 Other 2,477 - 2,477 - 2,477 +3.3% 2 Total 30,149 (13,472) 8,683 21,466 (4,789) +6.2% 10 Occupancy High occupancy (95.8%) despite YoY impacted by one XXL exit in the A-2 corridor Efforts focused on the development portfolio. Sevilla ZAL (2,477 sqm) delivered to Logista and added back to stock Zal Port occupancy stands at 96.5%, with two additional warehouses under development Stock 1,441,966 sqm WIP 497,416 sqm Refurbishments 38,763 sqm Commited 276,112 sqm Non-Commited 182,541 sqm Stock incl. WIP 1,939,382 sqm ZAL Port 765,354 sqm ZAL Port WIP 79,579 sqm Stock managed 2,784,315 sqm Occupancy rate (79,579 sqm) pre-let to Lidl and Logista 3M26 3M25 bps Madrid 94.7% 99.7% (497) Barcelona 96.1% 95.5% +59 Other 98.7% 100.0% (132) Total 95.8% 99.4% (362) (1) Portfolio in operation for 3M25 (€ 20.4m of GRI) and for 3M26 (€ 20.5m of GRI) LOGISTICS (CONT.) INVESTMENTS, REFURBISHMENTS AND DEVELOPMENTS Logistics development program (as of 31/03/2026) 579k sqm delivered to date achieving a YoC at delivery of 7.8% 459k sqm of Landbank, all of which has now reached ready to build status, distributed among selected locations in Madrid, Lisboa, Valencia and Seville 179k sqm are pre-let to best in class tenants including XPO, Obramat or Worten Logistics pipeline as of 3M26 GLA (sqm) Pending Capex (€m) GRI (€m) YoC (1) (%) YoC Capex (%) Commited 276,112 115.5 16.4 7.2% 14.2% Of which pre-let or HoT 178,320 86.4 10.7 Non-Commited (2) 182,541 114.6 11.2 7.1% 9.8% Total 458,653 230.0 27.6 (1) Including land cost (2) To be developed on a pre-let basis SHOPPING CENTERS Gross rents bridge LfL (1) +6.1% (€m) Rents breakdown TOTAL 36.8 25.4 2.5 Gross rents 3M26 (€ m) Passing rent (€/sqm/m) WAULT (yr) 34.0 +2.1 +0.7 36.8 3M25 Like-for-Like growth Balance acquisitions, disposals & other 3M26 Footfall and tenant sales vs 3M25 Footfall 1.5% OCR 10.8% Tenant sales 10.3% Leasing activity The quality of the portfolio, paired with population trends and private spending is reflected in the footfall (+1.5% vs 3M25) and sales (+10.3% vs 3M25) Revenue is accelerating (+6.1% LfL vs 3M25) while maintaining affordable rents (10.8% OCR) 1Q26 leasing activity highlights: 2,102 sqm new lease with Lefties (Inditex) in Almada 1,370 sqm new lease with Druni in Callao 5 891 sqm renewal with Climbat in X-Madrid 635 sqm new lease with Dealz in Porto Pi 588 sqm new lease with Zara Home in Artea 557 sqm renewal with La Tagliatella in Saler 439 sqm new lease with Normal in Almada sqm Contracted Out In Renewals Net LTM Release spread # Contracts Total 16,068 (8,871) 8,392 7,676 (479) +7.4% 118 Occupancy Stock 445,862 sqm Tres Aguas (2) 67,940 sqm Stock with Tres Aguas 513,802 sqm Very high occupancy (96.6%). Efforts will continue focusing on yield management Best performer this quarter has been Porto Pi Occupancy rate 3M26 3M25 bps Total 96.6% 96.1% +49 (1) Portfolio in operation for 3M25 (€ 33.3m of GRI) and for 3M26 (€ 35.4m of GRI) (2) Tres Aguas at 100% allocation DATA CENTERS Phase I: MAD-GET 01, BCN-PLZF and BIO-ARA 03: fully equipped (64MW) and fully let, reaching € 97m GRI upon stabilization in 2027 BCN-PLZF and BIO-ARA 03: fully operational. BCN-PLZF repowering executed and cash flowing as of 3Q26 MAD-GET 01: 20 MW IT let to a Tier 1 neocloud operator and 2 leading hyperscalers. Fully cash flowing upon finalization of power connection works (4Q26). Repowering opportunity (+6MW) Based on expected RFS dates, Phase I GRI is estimated at € 66m in 2026 and € 97m in 2027 Phase II: Construction progressing as planned. Pre-lets becoming a reality BIO-ARA 02: fully let (48MW) one year before delivery. Cash-flow of the first 20 MW expected by 01/2027 and 28 MW in 06/2027 BIO-ARA 01: construction underway and pre-leasing in advanced negotiations (expected by 2Q27 upon confirmation of the delivery date) LIS-VFX 01 and 02: licensed and powered; construction underway. IT capacity leasing in advanced negotiations MAD-GET 02: demolition works underway to be finished by FY26 and construction licence expected by 1Q27. Booked MAD-TCS 01: planning completed, urbanization permit granted. Ground works Phase III: BIO-ARA 04-05: power granted pending execution of power infrastructure. Construction license requested LIS-VFX 03-04-05: construction license granted. Ground works started ZGZ-WIND 01-02: power granted. Planning (DIGA) submitted, to be followed by full license submission (PIGA) before summer Other: Navalmoral declared Project of Regional Interest (PREMIA) in Extremadura Phase I Phase II Phase III Total IT Capacity (MW) 64 254 412 Stabilization year 2027 2030 2032 Total Investment (€m) 614 2,756 4,470 Stabilized GRI (€m) 97 397 656 Gross YoC 15.8% 14.4% 14.7% Funded Partially Ratios 31/03/2026 31/12/2025 LTV (Inc. TC) 24.4% 28.9% Av. Interest rate 2.69% 2.69% Av. Maturity (years) 4.2 4.4 Unsecured debt to total debt 86.4% 86.4% Interest rate fixed 100.0% 100.0% Liquidity position (€m) (1) 2,495 1,965 BALANCE SHEET LTV stands at 24.4%. (-444 bps vs FY25) after the capital increase to partially fund Phase III, executed in March (€ 768m) November 2026 bond maturity to be repaid in cash with a combination of the bond issuance 2025 and unsecured bilateral facilities € million GAV 12,813 Gross financial debt 4,967 Corporate rating Outlook Cash and equivalents (2) (1,755) BBB+ Stable Net financial debt 3,212 Baa1 Stable NTA 9,496 INVESTMENTS, DIVESTMENTS AND CAPEX € 6.8m in non-core divestments above GAV. Further € 122.9m signed to be executed in 2026 and 2027 in office assets to be reconverted Muted acquisitions during 3M26, limited to adquiring the land for our Data Center projects Capex efforts continue focused on Best II & III and Digital Infrastructure Plan (Mega) Offices Retail Logistics Data Centers Others € million Acquisitions 18.3 Navalmoral Madrid Tres Cantos Madrid Getafe II Greenfield development A2-Cabanillas Park II • Bilbao-Arasur 3, 2 & 1 Lisboa-Park Valencia-Betera Madrid-Getafe Barcelona-PLZF Lisboa-VFX 1 & 2 139.3 Refurbishments Plaza Ruiz Picasso II Liberdade 201 PE Cerro Gamos Josefa Valcarcel 48 Like-for-like portfolio (Defensive Capex) (3) 2.9 Alfonso XI Callao 5 • Sevilla ZAL 16.0 Marineda Total 176.5 (1) Includes cash (€ 1,745.7m) and treasury stock (€ 9.7m) and undrawned credit facilities (€ 740.0m) in 3M26 (2) Includes cash (€ 1,745.7m) and treasury stock (€ 9.7m) (3) € 1.8m are capitalized in balance sheet and € 1.1m are expensed in P&L APPENDIX Consolidated Profit and Loss Consolidated Balance Sheet 1. Consolidated Profit and Loss (€ thousand) 31/03/2026 31/03/2025 Gross rents 146,248 132,549 Offices 73,682 71,547 Logistics 21,292 20,532 Shopping centers 36,799 34,032 Data Centers 13,824 6,414 Other 650 24 Other income 7,165 5,421 Total Revenue 153,413 137,970 Incentives (7,608) (7,365) Total Operating Expenses (37,462) (29,197) Propex (15,542) (14,015) Personnel expenses (11,177) (10,392) Opex general expenses (5,501) (4,242) Opex non-overheads (618) (548) LTIP Provision (4,624) - Accounting EBITDA 108,343 101,408 Depreciation (1,749) (1,106) Gain / (losses) on disposal of assets 298 3,958 Provisions (81) 539 Change in fair value of investment property - - EBIT 106,811 104,799 Net financial expenses (28,928) (20,464) Debt amortization costs (1,951) (2,077) Gain / (losses) on disposal of financial instruments (43) - Change in fair value of financial instruments 75 872 Share in earnings of equity method instruments 2,509 2,356 PROFIT BEFORE TAX 78,473 85,486 Income taxes (1,499) (1,280) PROFIT (LOSS) FOR THE PERIOD RECURRING OPERATIONS 76,974 84,206 Minorities - - PROFIT (LOSS) FOR THE PERIOD ATTRIBUTABLE 76,974 84,206 Stapled shares (end of period) 620,000,000 563,724,899 EARNINGS PER SHARE 0.12 0.15 2. Consolidated Balance Sheet (€ thousand) ASSETS 31/03/2026 EQUITY AND LIABILITIES 31/03/2026 NON CURRENT ASSETS 13,146,992 EQUITY 8,923,451 Intangible assets 4,376 Subscribed capital 620,000 Property, plant and equipment 22,030 Share premium 4,857,922 Investment property 12,155,551 Reserves 3,483,134 Investments accounted by the equity method 541,296 Treasury stock (9,688) Non-current financial assets 370,387 Other shareholder contributions 540 Deferred tax assets 53,352 Interim dividend (112,563) Profit for the period 76,974 Valuation adjustments 7,132 NON-CURRENT LIABILITIES 5,036,626 Long term debt 4,397,831 Long term provisions 10,666 Deferred tax liabilities 628,129 CURRENT ASSETS 1,934,751 CURRENT LIABILITIES 1,121,666 Trade and other receivables 106,278 Short term debt 899,958 Short term investments in group companies and associates 4,559 Trade and other payables 201,054 Short-term financial assets 2,340 Other current liabilities 20,654 Cash and cash equivalents 1,745,739 Other current assets 75,835 TOTAL ASSETS 15,081,743 TOTAL EQUITY AND LIABILITIES 15,081,743 APM: definitions and reconciliation of APMs to the latest audited financial accounts can be found on page 47 of https://ir.merlinproperties.com/wp-content/uploads/2026/03/Results-report-FY25-3.pdf Paseo de la Castellana, 257 28046 Madrid +34 91 769 19 00 [email protected] https://www.merlinproperties.com and

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