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

Trading Update

Total revenues YoY

Gross-to-net margin(1) 88.8% 88.8%

FFO YoY

Gross Rents like-for-like YoY

TSR per Share YoY

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 25th

  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

1. Consolidated Profit and Loss

2. Consolidated Balance Sheet

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

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