Merlin Properties
SOCIMI, S.A. and
Subsidiaries
Interim condensed consolidated financial statements for the six-month period ended 30 June 2026 prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union
MERLIN PROPERTIES SOCIMI, S.A. AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 JUNE 2026
(Thousand euros)
Notes to the Notes to the
ASSETSfinancial
statements30-06-2026 31-12-2025 EQUITY AND LIABILITIESfinancial
statements30-06-2026 31-12-2025
NON-CURRENT ASSETS: EQUITY: Note 9
Other intangible assets Note 5 4,534 4,494 Share capital 620,000 563,725 Property, plant and equipment Note 5 21,332 24,197 Share premium 4,731,033 4,146,605 Investment property Note 6 12,861,326 11,983,699 Reserves 3,364,621 2,708,167 Investments accounted for using the equity method Note 7 533,041 530,570 Other shareholder contributions 540 540 Non-current financial assets- 369,780 283,813 Valuation adjustments 772 (8,138) Derivatives Note 10 2,524 229 Treasury shares (9,037) (10,033) Other financial assets Nota 8 367,256 283,584 Interim dividend - (112,563) Deferred tax assets 53,352 53,404 Profit/(Loss) for the year attributable to the Parent 578,893 786,129 Total non-current assets 13,843,365 12,880,177 Equity attributable to the Parent 9,286,822 8,074,432
NON-CURRENT LIABILITIES:
Debt instruments and other marketable securities Note 10 2,534,368 2,532,309 Long-term bank borrowings Note 10 1,608,480 1,573,449 Other financial liabilities Note 11 380,280 271,807 Deferred tax liabilities Note 11 673,685 627,862 Provisions Note 11 8,465 12,987 Total non-current liabilities 5,205,278 5,018,414
CURRENT LIABILITIES:
CURRENT ASSETS: Debt instruments and other marketable securities Note 10 850,933 820,658 Inventories 56,165 55,630 Bank borrowings Note 10 4,703 45,945 Trade and other receivables Note 8 86,447 84,617 Other current financial liabilities Note 11 13,990 14,272 Other current financial assets Note 8 7,206 5,954 Trade and other payables Note 12 190,793 277,046 Other current assets 29,219 27,395 Current income tax liabilities 6,856 7,103 Cash and cash equivalents 1,563,792 1,214,945 Other current liabilities Note 11 26,819 10,848 Total current assets 1,742,829 1,388,541 Total current liabilities 1,094,094 1,175,872
TOTAL ASSETS 15,586,194 14,268,718 TOTAL EQUITY AND LIABILITIES 15,586,194 14,268,718
The accompanying explanatory Notes 1 to 16 are an integral part of the interim condensed consolidated statement of financial position at 30 June 2026
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MERLIN PROPERTIES SOCIMI, S.A. AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2026
(Thousand euros)
Notes to the
financial
statements 30-06-2026 30-06-2025
CONTINUING OPERATIONS:
Revenue Notes 4 and 13.a 306,625 261,387 Other operating income 6,525 4,150 Staff costs Note 13.c (30,645) (20,065) Other operating expenses Note 13.b (64,605) (41,899) Profit/(loss) on disposal of non-current assets Note 6 (3,169) 4,279 Depreciation and amortisation charge Note 5 (3,198) (2,282) Allocation to profit or loss of grants related to non-financial non-current assets and other grants84 42 Provisions Note 11 3,912 1,425 Changes in fair value of investment properties Note 6 469,399 361,895
PROFIT/(LOSS) FROM OPERATIONS 684,928 568,932
Changes in fair value of financial instruments 91 (9,648) Finance income Note 13.d 15,778 21,305 Finance expenses Note 13.d (77,222) (69,012) Profit/(loss) on disposal of financial instruments (112) (355) Share of results of companies accounted for using the equity method Note 7 3,877 14,662 Exchange rate differences 371 (49)
PROFIT/(LOSS) BEFORE TAX 627,711 525,835
Income tax (48,818) (12,966)
PROFIT/(LOSS) FOR THE YEAR 578,893 512,869
Attributable to shareholders of the Parent 578,893 512,869 Attributable to minority interests - -
EARNINGS PER SHARE FROM CONTINUING OPERATIONS (in euros) Note 9.5
Basic 0.98 0.91 Diluted 0.98 0.91 The accompanying explanatory Notes 1 to 16 are an integral part of the interim condensed consolidated income statement for the six-month period ended 30 June 2026 .
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MERLIN PROPERTIES SOCIMI, S.A. AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2026
(Thousands of Euros) Notes to the
financial
statements 30-06-2026 30-06-2025
PROFIT/(LOSS) PER INCOME STATEMENT (I) 578,893 512,869
OTHER COMPREHENSIVE INCOME:
Income and expense recognised directly in equity-
Cash flow hedges (*) Note 9.6 5,658 (321)
OTHER COMPREHENSIVE INCOME RECOGNISED DIRECTLY IN EQUITY (II) 5,658 (321)
Transfers to income statement 3,353 429 Tax effect (100) (106)
TOTAL TRANSFERS TO INCOME STATEMENT (III) Note 9.6 3,253 323
TOTAL COMPREHENSIVE INCOME (I+II+III) 587,803 512,871
Attributable to shareholders of the Parent 587,803 512,871 Attributable to minority interests - -
(*) Amounts that will be taken to the income in subsequent years The accompanying explanatory Notes 1 to 16 are an integral part of the interim condensed consolidated statement of comprehensive income for the six-month period ended 30 June 2026 .
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MERLIN PROPERTIES SOCIMI, S.A. AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2026
(Thousands of Euros)
Equity
Shareholder Profit/(Loss) attributable Total Share Share for the Interim Valuation Treasury to the Equity Capital Premium Reserves contributions year dividends Adjustments shares Parent Balance at 31 December 2024 563,725 4,259,670 2,529,381 540 283,759 (101,234) (20,411) (14,450) 7,500,980 7,500,980 Consolidated comprehensive income - - - - 512,869 - 2 - 512,871 512,871 Distribution of profit for 2024 (Note 9) - - 182,525 - (283,759) 101,234 - - - -
Transactions with shareholders or owners:
Distribution of dividends (Note 9) - (113,065) (10,753) - - - - - (123,818) (123,818) Others - - 41 - - - (1) - 40 40 Acquisition / (disposal) of treasury shares - - (1) - - - - 16 15 15 Share-based payments - - (5,390) - - - - 3,198 (2,192) (2,192) Delivery of share distribution scheme - - (126) - - - - 1,223 1,097 1,097 Balance at 30 June 2025 563,725 4,146,605 2,695,677 540 512,870 - (20,411) (10,013) 7,888,992 7,888,992 Balance at 31 December 2025 563,725 4,146,605 2,708,167 540 786,129 (112,563) (8,138) (10,033) 8,074,432 8,074,432 Consolidated comprehensive income - - - - 578,893 - 8,910,263 - 587,803 587,803 Distribution of profit for 2025 (Note 9) - - 673,566 - (786,129) 112,563 - - - -
Transactions with shareholders or owners:
Distribution of dividends (Note 9) - (126,889) (9,343) - - - - - (136,232) (136,232) Capital increase (Note 9) 56,275 711,317 (14,310) - - - - - 753,282 753,282 Acquisition / (disposal) of treasury shares - - 58 - - - - 10 68 68 Recognition of share-based payments - - 6,236 - - - - - 6,236 6,236 Delivery of share distribution scheme - - 247 - - - - 986 1,233 1,233 Balances at 30 June 2026 620,000 4,731,033 3,364,621 540 578,893 - 772 (9,037) 9,286,822 9,286,822 The accompanying explanatory Notes 1 to 16 are an integral part of the interim condensed consolidated statement of changes in equity at 30 June 2026 .
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MERLIN PROPERTIES SOCIMI, S.A. AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2026
(Thousands of Euros) Notes to the
CONTINUING OPERATIONSfinancial
statements30-06-2026 30-06-2025
CASH FLOWS FROM OPERATING ACTIVITIES: 143,294 135,293
Profit for the year before tax 627,711 525,835 Adjustments for- (399,863) (324,279) Depreciation and amortisation charge Note 5 3,198 2,282 Change in fair value of investment property Note 6 (469,399) (361,895) Allocation to profit or loss of grants related to non-financial non-current assets and other
grants(84) (42)
Changes in provisions for contingencies and charges (3,912) (1,424) Profit/(Loss) on derecognition and disposal of non-current assets Note 6 3,169 (4,279) Finance income Note 13 (15,778) (21,305) Finance expenses Note 13 77,222 69,012 Changes in fair value of financial instruments Note 8 (91) 9,648 Impairment and result on disposal of financial instruments 112 355 Share of results of investments accounted for using the equity method Note 7 (3,877) (14,662) Exchange rate differences (371) 49 Other adjustments to profit or loss 9,948 (2,018) Changes in working capital- (53,042) (38,871) Inventories (535) (1,894) Accounts receivable Note 8 (1,829) (20,870) Other financial assets (1,862) 745 Accounts payable Note 12 (86,253) (62,022) Other assets and liabilities 37,437 45,170 Other cash flows from operating activities- (31,513) (27,392) Interest paid (40,779) (47,674) Interest received 10,295 20,803 Income tax recovered/(paid) (1,029) (521)
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES: (419,413) (220,458)
Payments due to investments- (444,621) (256,302) Investment property Note 6 (433,687) (238,572) Intangible assets and property, plant and equipment (1,292) (8,250) Contributions to associates and other non-current investments (9,641) (9,480) Proceeds from disposals- 25,208 35,844 Financial assets Note 7 990 -
Investment property Note 6 24,218 35,844
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES: 624,966 (626,217)
Proceeds and payments relating to equity instruments- 626,741 (116,848) Issue of equity instruments Notes 9.1 and 9.2 753,283 -
Premium refund Notes 9.2 and 9.3 (126,889) (113,065) Dividends paid Note 9.3 (9,343) (10,753) Dividends Paid/ Premium refunds from subsidiaries Note 7 9,622 6,954 Issue of equity instruments Note 9.4 68 16 Proceeds and payments relating to financial liabilities- (1,775) (509,369) Debt issuance with credit institutions Note 10.1 - 100,000 Repayment of bank borrowings Note 10.1 (375) (8,769) Issue/(Redemption) of debt instruments Note 10.2 - (600,000) Other amounts received (paid) from financing activities Note 10.5 (1,400) (600)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 348,847 (711,382)
Cash and cash equivalents at beginning of period 1,214,945 1,552,676 Cash and cash equivalents at end of period 1,563,792 841,294 The accompanying explanatory Notes 1 to 16 are an integral part of the interim condensed consolidated statement of cash flows for the six-month period ended 30 June 2026 .
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Merlin Properties SOCIMI, S.A. and Subsidiaries Explanatory notes for the interim condensed consolidated financial statements for the six-month period ended 30 June 2026 .
1. Nature and activity of the Group Merlin Properties SOCIMI, S.A. (“the Parent” or “MERLIN”) was incorporated in Spain on 25 March 2014 under the Spanish Corporate Enterprises Act ( Ley de Sociedades de Capital ). On 22 May 2014, the Parent requested to be included in the tax regime for real estate investment trusts (REITs), effective from 25 March 2014 (date of incorporation of the Parent).
On 27 February 2017, the Parent changed its registered office from Paseo de la Castellana 42 to Paseo de la Castellana 257, Madrid.
The Parent’s corporate purpose, as set out in its bylaws, is as follows::
–The acquisition and development of urban real estate for subsequent leasing, including the refurbishment of buildings as per Spanish Law 37/1992, of 28 December, on Value Added Tax (Ley 37/1992, de 28 de diciembre, del Impuesto sobre el Valor Añadido );
–The holding of equity interests in real estate investment trusts (“REITs”) or in other non-
resident entities in Spain with the same corporate purpose and that operate under a similar regime as that established for REITs with respect to the mandatory profit distribution policy stipulated by law or by the Articles of Association;
–The holding of equity interests in other resident or non-resident entities in Spain whose main corporate purpose is to acquire urban real estate for subsequent leasing, and that operate under the same regime as that established for REITs with respect to the mandatory profit distribution policy enforced by law or by the Articles of Association, and that fulfil the investment requirements stipulated for these companies; and –The holding of shares or equity interests in collective real estate investment undertakings regulated by Spanish Law 35/2003, of 4 November, on collective investment undertakings (Ley 35/2003, de 4 de noviembre, de Instituciones de Inversión Colectiva ), or any law that may replace it in the future.
In addition to the economic activity relating to the main corporate purpose, the Parent may also carry on any other ancillary activities, i.e., those that generate income representing less than 20%, taken as a whole, of its income in each tax period, or those that may be considered ancillary activities in accordance with the law applicable at any given time.
The activities included in the Parent’s corporate purpose may be indirectly carried on, either wholly or in part, through the ownership of shares or equity interests in companies with a similar or identical corporate purpose.
The direct and, where applicable, indirect performance of any activities that are reserved under special law are excluded. If the law requires a professional qualification, prior administrative authorisation, registration with a public registry, or any other requirement for the purpose of exercising any of the activities within the corporate purpose, such activity may not commence until all the applicable professional or administrative requirements have been met.
Merlin Properties SOCIMI, S.A. and Subsidiaries (“the Group”) engage mainly in the acquisition and management (through leasing to third parties) of buildings, offices, logistics assets, shopping centres and data centres, and may also invest to a lesser extent in other types of assets for lease.
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On 30 June 2014, the Parent was floated on the Spanish stock market through the issuance of EUR 125,000 thousand shares, with a share premium of EUR 1,125,000 thousand. Merlin Properties SOCIMI, S.A.'s shares/securities have been listed on the electronic trading system of the Spanish stock exchanges since 30 June 2014.
On 15 January 2020, the Parent's shares were listed on Euronext Lisbon under a dual listing.
On 24 July 2024, the Parent carried out a capital increase amounting to EUR 93,954 thousand, with a share premium of EUR 826,796 thousand.
On 26 March 2026, the Parent carried out a capital increase amounting to EUR 56,275 thousand, with a share premium of EUR 711,317 thousand (see Note 9.1 ).
The tax regime of the Parent and some of its subsidiaries is governed by Spanish Law 11/2009, of 26 October, as amended by Spanish Law 16/2012, of 27 December, and subsequent amendments, regulating REITs ( Ley 16/2012, de 27 de diciembre, por la que se regulan las Sociedades Anónimas Cotizadas de Inversión en el Mercado Inmobiliario ). Article 3 sets out the investment requirements for these types of companies, namely:
1.At least 80% of an REIT's assets must be invested in urban real estate for leasing purposes and/or in land to be developed for leasing purposes provided such development starts within three years of acquisition, along with investments in the capital or equity of other entities referred to in Section 1, Article 2 of the REIT Act.
The value of the assets will be determined according to the average of the individual balance sheets for each quarter of the year, whereby the REIT may opt to calculate such value by taking into account the market value of the assets included in such balance sheets instead of their carrying amount, in which case that value would apply to all balance sheets for the year.
For these purposes, the money and collection rights arising from the disposal of these properties or shareholdings, if applicable, during the same year or previous years will not be calculated, provided that, in this last case, the reinvestment period referred to in Article 6 of the ReIT Act has not elapsed.
2.Similarly, at least 80% of the income for the tax period for each year, excluding that arising from the disposal of shareholdings and properties used in fulfilment of its primary corporate purpose, once the holding period referred to below has elapsed, should come from the lease of properties and from dividends or shares in profit from these investments.
This percentage is calculated based on consolidated profit if the company is a parent of a group, as defined in Article 42 of the Spanish Commercial Code, irrespective of the place of residence and the obligation to prepare consolidated financial statements. That group will be exclusively composed of the REIT and all the other entities referred to in Section 1, Article 2 of said Act.
3.The REIT’s real estate assets must be leased for at least three years. The time that the properties have been offered for lease, up to a maximum of one year, will be included for the purposes of this calculation.
This period will be calculated:
a.In the case of properties that are included in the REIT's assets before it avails itself of the regime, from the date of commencement of the first tax period in which the special tax regime set forth in this Act is applied, provided that the property is leased or offered for lease at that date. Otherwise, the following paragraph apply.
b.In the case of properties developed or acquired subsequently by the REIT, from the date on which they were leased or offered for lease for the first time.
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c.Shares or equity investments in entities referred to in section 1, Article 2 of the Act must be kept in the REIT's asset base for a period of at least three years after their acquisition or, if applicable, from the beginning of the first tax period during which the special tax regime in the Act applies.
As in transitional provision one of Law 11/2009, of 26 October, amended by Law 16/2012, of 27 December, and subsequent amendments, governing listed companies investing in the property market, these companies may opt to apply the special tax regime under Article 13 of this Act, even when the requirements stipulated therein are not fulfilled, under the condition that such requirements are met within two years of the date application of the REIT tax regime is sought.
REITs are taxed at a rate of 0% for corporate income tax. However, where dividends distributed to an equity holder owning at least 5% of the REIT’s share capital are exempt from taxation or taxed below 10%, such REIT will be subject to a special charge of 19% of the dividends distributed to the said equity holder, in respect of corporate income tax. If deemed applicable, this special charge shall be paid by the REIT within two months after the dividend distribution date.
With effect from 1 January 2021, Law 11/2021 of 9 July on Measures to Prevent and Combat Tax Fraud amends Section 4 of Article 9 of Law 11/2009 of 26 October, which regulates listed REITs.
Specifically, it introduces a special tax of 15% on the amount of profit earned in the year that is not distributed, in the portion derived from a) income that was not taxed at the general corporate tax rate, and b) income that is not derived from the transfer of eligible assets after the expiration of the three-
year holding period, which fall under the three-year reinvestment period set forth in Article 6.1.b) of Law 11/2009 of 26 October. This special tax will be considered corporate income tax and will accrue on the day of the agreement to apply profit for the year by the general meeting or equivalent body.
Self-assessment and payment of the tax must be made within two months of the tax accruing.
The transitional period in which the Parent had to meet all requirements of this tax regime ended in 2017. Group management, based on the opinion of its tax advisers, assessed compliance with the requirements of the regime, concluding that such requirements were met at 30 June 2026 .
The separate and consolidated financial statements of Merlin Properties SOCIMI, S.A. for 2025 , prepared by its directors, were approved by the shareholders at the Annual General Meeting on 29 April 2026.
The 2025 separate financial statements of the Group companies, which were prepared by their respective directors, were approved by their shareholders at the respective General Meetings within the periods established in applicable tax legislation.
In view of the business activities currently performed by the Group, it does not have any environmental liability, expenses, assets, provisions or contingencies that might be material with respect to its equity, financial position or results. For this reason, no specific disclosures on environmental issues are included in these interim condensed consolidated financial statements.
The Company has not changed its name during the six-month period ended 30 June 2026 or during the 2025 financial year.
2. Basis of presentation of the interim condensed consolidated financial statements and
consolidation principles
2.1 Regulatory framework The regulatory financial reporting framework applicable to the Group consists of the following:
–The Spanish Commercial Code and all other Spanish commercial laws.
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–International Financial Reporting Standards (IFRSs) as adopted by the European Union pursuant to Regulation (EC) No 1606/2002 of the European Parliament and Law 62/2003, of 30 December, on tax, administrative and social security measures, and applicable rules and circulars of the Spanish National Securities Market Commission (CNMV);
–Law 11/2009, of 26 October, as amended by Law 16/2012, of 27 December, and subsequent amendments, regulating REITs, and other commercial law.
–All other applicable Spanish accounting regulations.
The consolidated financial statements for 2025 were prepared in accordance with the regulatory financial reporting framework described in the paragraph above and, accordingly, they present fairly the Group’s consolidated equity and consolidated financial position at 31 December 2025 and the consolidated results of its operations, the changes in consolidated equity and the consolidated cash flows in the year ended 31 December 2025 .
These interim condensed consolidated financial statements are presented in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting, and were approved by the Parent's directors on 27 July 2026, in accordance with Article 12 of Royal Decree 1362/2007.
Pursuant to IAS 34, interim financial reports must be prepared with the sole intention of updating the content of the Group's previous consolidated annual financial statements, with an emphasis on any new activities, events or circumstances that may have occurred during the semester, but not duplicating the information that was already published in the consolidated annual financial statements.
The interim condensed consolidated financial statements at 30 June 2026 therefore do not include all the disclosures that would be required in complete consolidated financial statements prepared in conformity with International Financial Reporting Standards as adopted by the European Union and, accordingly, the accompanying interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2025 .
The consolidated results and determination of consolidated equity are sensitive to the accounting principles and policies, measurement bases and estimates adopted by the Directors of the Parent Company in the preparation of the condensed consolidated financial statements. The main accounting principles and policies and valuation criteria used correspond to those applied in the 2025 consolidated financial statements, except for the standards and interpretations that came into force during the first half of 2026 .
2.2 Bases for reporting the interim condensed consolidated financial statements The interim condensed consolidated financial statements were obtained from the accounting records of the Parent and consolidated companies, and have been prepared in accordance with the regulatory financial reporting framework described in Note 2.1 and, accordingly, they present fairly the Group’s consolidated equity and consolidated financial position at 30 June 2026 and the consolidated results of its operations, the changes in consolidated equity and the consolidated cash flows in the six-month period ended 30 June 2026 .
Given that the accounting policies and measurement bases applied in preparing the Group’s interim condensed consolidated financial statements for the six-month period ended 30 June 2026 may differ from those applied by some of the Group companies, the necessary adjustments and reclassifications were made on consolidation to unify these policies and bases and to make them compliant with IFRSs as adopted by the European Union In order to uniformly present the various items composing the interim condensed consolidated financial statements, the accounting policies and measurement bases used by the Parent Company were applied to all the consolidated companies.
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The figures relating to 30 June 2025 and 31 December 2025 are presented for comparison purposes only. The comparative figures presented as at 30 June 2025 in each of the financial statements have not been audited; a limited review has been carried out by the external auditor.
2.2.1 Adoption of Financial Reporting Standards and Interpretations effective as from 1 January 2026 During the first six months of 2026 , the following standards, amendments and interpretations came into force, which, where applicable, were used by the Group in preparing the interim condensed consolidated financial statements:
Standards, Amendments and InterpretationsDescriptionMandatory application in annual reporting periods beginning on
or after:
Amendments to IFRS 9 and IAS 7 Amendments to the classification and measurement of financial instrumentsThese amendments clarify the date of recognition and derecognition of certain financial assets and financial liabilities; clarify and add additional guidance for assessing whether a financial asset meets the solely payments of principal and interest test; include and update new disclosure requirements; and update the disclosures for equity instruments designated at fair value through other comprehensive income.1 January 2026 Amendments to IFRS 9 and IAS 7 Contracts referencing nature-dependent electricityContracts referencing nature-dependent electricity production, also known as power purchase agreements (PPAs), are contracts to buy and receive electricity that is produced from renewable sources. The amendments include details on which PPAs can be used in hedge accounting and the specific conditions allowed in these hedging transactions and new disclosure requirements.1 January 2026 Annual Improvements to IFRS Accounting Standards, volume 11The purpose of the amendments is to avoid potential confusion arising from inconsistencies in the wording of the standards by making changes to the following standards:
• IFRS 1 “First-time Adoption of International Financial Reporting Standards”;
• IFRS 7 “Financial Instruments: Disclosures”;
• IFRS 9 “Financial Instruments”;
• IFRS 10 “Consolidated Financial Statements”;
and • IAS 7 “Statement of Cash Flows”.1 January 2026 These standards and amendments have not had a significant impact.
All accounting policies and measurement bases with a significant effect on the consolidated financial statements were applied.
2.2.2 Standards not yet in force in 2026 The following standards were not yet in force in the first six months of 2026 , either because their effective date is subsequent to the date of the interim condensed consolidated financial statements, or because they have not yet been adopted by the European Union:
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Standards, Amendments and InterpretationsDescriptionMandatory application in annual reporting periods beginning on
or after:
IFRS 18
Presentation and disclosure in financial statementsA new standard replacing IAS 1, the key new concepts introduced relate to the structure of the income statement; disclosures for certain performance measures reported in the financial statements; and improved principles on aggregation and disaggregation of information in the financial statements and notes.1 January 2027
IFRS 19
Subsidiaries without public accountability:
DisclosuresThis new standard has been developed to permit subsidiaries without public accountability, with a parent that applies IFRS Standards in its consolidated financial statements, to apply IFRS Standards with reduced disclosure requirements.1 January 2027
IAS 21
Translation to a Hyperinflationary Presentation CurrencyThis amendment clarifies how companies should translate their financial statements from a non-
hyperinflationary currency into a hyperinflationary one, which is relevant for companies whose presentation currency is that of a hyperinflationary economy, and whose functional currency, or the currency of their foreign operations, is that of a non-
hyperinflationary economy.1 January 2027
IFRS 20
Regulatory Assets and Regulatory LiabilitiesThis standard introduces the accounting treatment for regulatory assets and liabilities arising from temporary differences in rate regulation. It requires entities to recognise regulatory assets and liabilities where rights or obligations exist in respect of goods or services already supplied, but for which consideration will be received in a future period. It replaces IFRS 14 "Regulatory Deferral Accounts".1 de January de 2029 At present, the Group is assessing the impacts that the future application of standards with a mandatory application date from 1 January 2027 could have on the consolidated financial statements once they come into force, although these impacts are not expected to be significant.
With regard to the application of IFRS 18, during the first half of 2026 the Group analysed the expected impacts of its implementation, assessing the following key aspects:
•the new structure of the income statement, including the introduction of categories of income and expenses (operating, investing and financing), new mandatory subtotals and the potential reclassification of certain items currently included in operating profit;
•the basis for presenting operating expenses (by function or by nature);
•the criteria for classifying income and expenses, which may affect certain presentation
accounting policies;
•the criteria for aggregating and disaggregating information between the financial statements and the notes;
•the identification of management-defined performance measures (MPMs) and their consistency with information reported outside the financial statements;
•and the impact on information systems and reporting processes.
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Income statement structure Based on the analysis carried out to date, the Group expects to incorporate these mandatory subtotals and has not, at this stage, identified any circumstances that would justify the presentation of additional subtotals.
Criteria for the classification of income and expense The Group has analysed the classification of income and expenses based on the economic nature of its transactions and the identification of its main activities. As a result of this analysis, certain items are expected to be reclassified between the operating, investing and financing categories.
Management-defined performance metrics (MPMs) The Group is assessing the financial measures used in its external communications to determine which of them are expected to meet the definition of an MPM under IFRS 18 and, consequently, will be subject to the new reconciliation and disclosure requirements in the financial statements.
Other impacts
Furthermore, the Group is assessing the potential impacts on its accounting policies, reporting processes, information systems, internal controls, financial covenants, contracts linked to financial measures, as well as on the preparation of financial information in ESEF format and the corporate reporting tools used by the Group. As at the date of preparation of these interim financial statements, no material impacts have been identified, although the analysis remains ongoing.
2.3 Functional currency These consolidated financial statements are presented in euros, since the euro is the functional currency in the area in which the Group operates.
2.4 Comparative information As required by International Financial Reporting Standards (IFRS) adopted by the European Union, the information contained in these interim condensed consolidated financial statements for the year ended 30 June 2026 is presented for comparative purposes with information relating to the six-month period ended 30 June 2025 for the interim condensed consolidated income statement, interim condensed consolidated statement of comprehensive income, interim condensed consolidated statement of changes in equity and interim condensed consolidated statement of cash flows and for the year ended 31 December 2025 for the interim condensed consolidated statement of financial position. .
2.5 Responsibility for the information and use of estimates The information in these Interim Condensed Consolidated Financial Statements is the responsibility of the directors of the Parent Company.
The Group’s interim condensed consolidated financial statements for the six-month period ended 30 June 2026 occasionally use estimates made by the senior executives of the Group and of the consolidated companies, later ratified by the directors, to quantify certain of the assets, liabilities, income, expenses and obligations reported by them. These estimates relate basically to the following:
1.The market value of the Group's property assets. The Group obtained valuations from independent experts at 30 June 2026 .
2.The fair value of certain financial instruments.
3.The assessment of provisions and contingencies.
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4.Management of financial risk and, in particular, of liquidity risk and climate change risk.
5.The recovery of deferred tax assets and the tax rate applicable to temporary differences.
6.Compliance with the requirements that govern listed real estate investment companies.
Changes in estimates:
Although these estimates were made on the basis of the best information available at 30 June 2026 on the events analysed, events that take place in the future might make it necessary to change these estimates (upwards or downwards) in coming years. Changes in accounting estimates would be applied prospectively in accordance with the requirements of IAS 8, recognising the effects of the change in estimates in the related consolidated income statement.
2.6 Contingent assets and liabilities There were no significant changes in the Group’s main contingent assets or liabilities in the first six months of 2026 .
2.7 Seasonal nature of Group transactions In view of the activities carried out by the Group companies, the transactions are not markedly cyclical or seasonal. Accordingly, no specific disclosures in this regard are included in these explanatory notes to the interim condensed consolidated financial statements for the six-month period ended 30 June 2026 .
2.8 Consolidated statement of cash flows The following terms are used in the condensed consolidated statement of cash flows, which was prepared using the indirect method, with the meanings specified:
1.Cash flows: inflows and outflows of cash and cash equivalents, which are short-term, highly liquid investments that are subject to an insignificant risk of changes in value.
2.Operating activities: the principal revenue-producing activities of the entities composing the consolidated Group and other activities that are not investing or financing activities.
3.Investing activities: the acquisition and disposal of long-term assets and other investments not included in cash and cash equivalents.
4.Financing activities: activities that result in changes in the size and composition of the equity and liabilities that are not operating activities.
2.9 Relative importance In determining the information to be broken down in the explanatory notes to the interim condensed consolidated financial statements or other matters, the Group has, in accordance with IAS 34, taken into account the relative importance in relation to the interim condensed consolidated financial statements for the six-month period ending on 30 June 2026 .
2.10 Quantitative and qualitative information on the current economic and geopolitical impacts Looking ahead to 2026, the European macroeconomic environment continues to be characterised by a high degree of geopolitical uncertainty, particularly in relation to the conflict in the Middle East, volatility in energy prices and its impact on inflation, confidence and domestic demand. In its June 2026 projections, the European Central Bank forecasts real GDP growth in the euro area of 0.8% in 2026, 1.2% in 2027 and 1.5% in 2028, with a downward revision of 0.1 percentage points for 2026 and 2027 compared with its March projections, reflecting the greater impact of the conflict in the Middle
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East now expected. However, the European Central Bank's baseline scenario envisages a gradual improvement over the medium term, supported by a recovery in real disposable income, a resilient labour market and increased public spending on infrastructure and defence, particularly in Germany.
Spain remains in a relatively favourable position within the euro area. The European Commission forecasts real GDP growth of 2.4% in 2026 and 1.9% in 2027, following growth of 2.8% in 2025.
Economic activity is expected to continue to be driven primarily by domestic demand, supported by private consumption, investment and a resilient labour market. The European Commission also notes that household consumption will be supported by employment growth, immigration and low levels of household indebtedness. The Commission identifies the main risks as a possible slowdown in tourism, particularly in long-haul travel, due to higher travel costs or other disruptions, together with a deterioration in confidence resulting from heightened geopolitical tensions.
In Portugal, although on a smaller economic scale, the outlook remains positive, albeit somewhat more moderate. The European Commission forecasts real GDP growth of 1.7% in 2026 and 1.8% in 2027, compared with the estimated 1.9% for 2025. The same source notes that the Portuguese economy was affected in early 2026 by a series of shocks, including severe storms in January and February and a sharp increase in energy prices in March and April. However, it highlights that retail sales remained resilient and that business confidence indicators, particularly in the services sector, recovered following the decline in January. In the tourism sector, Turismo de Portugal reports that Portugal welcomed 12 million guests between January and May 2026, 4.5% more than in the corresponding period of 2025.
Against this backdrop, the Spanish real estate market made a strong start to 2026. During the first quarter, investment volume amounted to approximately EUR 6,300 million, representing a year-on-
year increase of 93% and one of the highest quarterly volumes on record. Activity was driven by large transactions and the prominence of domestic capital, with more than 70% of total investment concentrated in Madrid and Barcelona.
The office sector continued to perform well, supported by demand focused primarily on high-quality assets in established locations. In Madrid, approximately 110,000 m² of office space was taken up during the first quarter, while Barcelona recorded take-up of approximately 91,000 m², reflecting a recovery in activity compared with the same period of the previous year. Availability continued to decline in the most sought-after areas, particularly in the prime and CBD markets, contributing to rental growth and reinforcing the attractiveness of higher-quality assets. The retail sector continued to benefit from the recovery in consumer spending and international tourism, recording investment of EUR 1,376 million, led by shopping centres and retail parks. Similarly, the industrial and logistics sector maintained high levels of activity, with take-up exceeding 750,000 m² nationwide, supported by the strength of the main logistics hubs and the limited availability of high-quality space.
Overall, both markets present favourable macroeconomic fundamentals for the real estate sector, supported by financial stability, robust domestic demand and strong appeal to international investors.
However, the outlook for 2026 also requires explicit recognition of the key sources of uncertainty:
energy price volatility, inflation remaining above target in the short term, geopolitical tensions, the potential deterioration in confidence, and risks affecting tourism flows and external demand.
Measurement of fair value of investment property The Group adjusted the fair value of its real estate investments in accordance with IAS 40. This fair value is determined by using the appraisals carried out every six months by independent third-party experts as reference values, such that at the end of each six-month period the fair value reflects the market conditions of the investment properties at that date. In accordance with the Group's policy, valuation firms are periodically rotated between the different categories of investment property. This took place in the financial years 2016, 2019, 2020 and 2023. In the first half of 2026, the Group rotated the firms responsible for valuing the assets located in Portugal, with the exception of those responsible for valuing data centres and logistics assets.
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At 30 June 2026 , the valuations performed by CBRE Valuation Advisory, S.A., Jones Lang LaSalle, S.A. and Savills Consultores Inmobiliarios, S.A. did not indicate any type of material uncertainty regarding the market value of the Group's investment property.
With regard to its data centre business, the Group measures at fair value those assets for which a building permit has been obtained, together with the corresponding grid access and connection permits, and on which construction has commenced, as it considers that their fair value can be measured reliably.
Although these assets are in their early stages, it should be noted that assumptions have been taken into consideration for these assets regarding growth in occupancy, rents and normalised margins in mature markets, and the rate of completion of the capacity expansion work. The valuation of these assets is therefore sensitive to achieving the assumptions made, and there may be significant changes in value in the event of variances with respect to these assumptions.
The details of the main assumptions used in the appraisals at June 2026 and December 2025 , based on the nature of the assets and the sensitivities to increases and decreases of those variables are included in Note 6 to the accompanying interim condensed consolidated financial statements.
Liquidity risk
Experience has shown that consumer and investor behaviour can change rapidly during these times of uncertainty and volatility. Therefore, lending and investment decisions must reflect this high level of volatility and a potential deterioration in market conditions that may have a significant impact on the overall financial position of companies, which could be divided into the companies’ or groups’ own liquidity risk and the liquidity risk or credit risk of their customers.
Against this backdrop, at 30 June 2026 the Group had a leverage ratio of 24.5%, understood as debt over the fair value of the assets (LTV) (this ratio is obtained by dividing the Company’s net debt by the fair value of the assets including transaction costs) and cash and cash equivalents (including treasury shares) amounting to EUR 1,573 million. The only significant debt maturity for the Group over the next twelve months is in November 2026, due to the maturity of a bond amounting to EUR 800 million.
However, the Group has a liquidity position, including the corporate credit facility and undrawn loans, of EUR 2,571 million (see Note 10).
The Parent's Directors and Management Team are constantly monitoring the evolution of the current situation and the effects it may have on the credit market, and they believe that the Group's situation at 30 June 2026 ensures that it will be solvent to fulfil the obligations on the statement of financial position at 30 June 2026 , and there is no material uncertainty about the continuity of the Group's operations.
Credit risk
In applying the simplified approach to impairment and credit risk, and also taking into consideration other differential factors of the Group’s portfolio of tenants, the characteristics of their leases, and the amounts collected thus far, the Group has concluded that the increased credit risk of its customers has not been significantly affected, as the risk of default is less than 1% of turnover.
In relation to its other financial assets exposed to credit risk, which mainly correspond to loans to associates and third parties, the Parent’s directors have determined that there has not been a significant increase in this risk, considering the measures agreed in some cases with borrowers and the long-term expectations based on the historical experience with those entities, which make it possible to estimate that the credit risk will remain stable over the expected life of the financial asset.
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3. Changes in the scope of consolidation On 23 March 2026, the Group increased its interest in Moregal Hotels, S.L. from 35.04% to 50% by subscribing for EUR 9,250 thousand in a cash capital increase. This increase in its ownership interest did not result in a change in control of the investee.
On 21 January 2026, the Group sold the 33% interest it held in Parking del Palau, S.A. The sale did not have a significant impact on these condensed consolidated financial statements.
On 18 November 2025, the Extraordinary General Meeting of Silicius Real Estate SOCIMI, S.A.
approved a capital reduction through the cancellation of all the company's shares held by Merlin Properties SOCIMI, S.A., with the return of contributions in kind to that shareholder consisting of a residential building in Madrid and a hotel in Menorca. The corresponding public deed was executed on 22 December 2025.
On 16 September 2025, the Group acquired 100% of the share capital of Evergreen Eclipse Capital, S.L.U. and Solstice Sage Finance, S.L.U. for a total consideration of EUR 6 thousand. As at the end of the first half of 2026, both companies were inactive.
On 18 August 2025, Edged Spain, S.L., 50% owned by the Parent, incorporated Edged Portugal, Unipessoal Lda.
On 21 March 2025, the Group increased its interest in Moregal Hotels, S.L. from 7.32% to 35.04% by subscribing for EUR 9,250 thousand in a cash capital increase.
4. Financial information by business line
a) Criteria
Group management has segmented its business into the branches of activity detailed below according to the type of assets acquired and managed:
– Office buildings – Shopping centers – Logistics assets – Data centers – Others: Assets not included in the above branches of activity, which correspond mainly to non-
strategic land and other smaller assets..
Any revenue or expense that cannot be attributed to a specific business line or relate to the entire Group are attributed as a “Corporate unit/Other”, as are the reconciling items arising from the reconciliation of the result of integrating the financial statements of the various business lines (prepared using a management approach) and the Group’s consolidated financial statements.
The profits of each business line, and each asset within each line, are used to measure performance since the Group considers this information to be the most relevant when evaluating the results of the business lines compared to other groups operating in the same businesses.
The Group carried out its business activities in Spain and Portugal in the six-month period ended 30 June 2026 .
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b) Basis and methodology for business line reporting The information by branch of activity below is based on monthly reports prepared by Group management and is generated using the same computer application that prepares all the Group’s accounting information. The branches of activity follow the same accounting policies as the Group, which are described in Note 2.
Business line revenue relates to the revenue directly attributable to the business line plus the relevant proportion of the Group’s general revenue that can be allocated on a reasonable basis to that business line. The revenue of each business line does not include interest or dividend income, gains on the disposal of investment property, or gains on debt redemption or repayment transactions.
The expenses of each business line are determined by assigning to each line the expenses arising from its operating activities, plus the corresponding proportion of the expenses that can be reasonably allocated to the business line.
The business line’s profit or loss is presented before any adjustment for non-controlling interests.
The assets and liabilities of the business lines are those that are directly related to their operations plus those that can be directly attributed to them in accordance with the above allocation basis, and include the relevant proportion of joint ventures.
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c) Information on business lines The information by business line at 30 June 2026 and the comparative information for the previous period (30 June 2025 for income and expenses, and 31 December 2025 for assets and liabilities) is as
follows:
At 30 June 2026 Thousands of euros
Office
buildingsShopping
centersLogistics
assetsData
centersOtherCorporate
unitGroup total
Revenue from non-Group customers Rental income 137,556 68,519 40,705 28,064 1,289 - 276,133 Services rendered 10,330 1,051 - 18,306 - 805 30,492 Net income 147,886 69,570 40,705 46,370 1,289 805 306,625 Other operating income 2,631 404 192 3 6 3,289 6,525 Staff costs (6,110) (5,387) (2,222) (1,228) - (15,698) (30,645) Operating expenses (18,052) (5,540) (1,896) (28,973) (1,157) (8,987) (64,605) Gains or losses on disposals of non-current assets (3,833) 512 (12) - 164 - (3,169) Depreciation and amortisation charge (2,084) (1) - - (30) (1,083) (3,198) Allocation of grants relating to non-
financial assets and others 69 12 3 - - - 84 Provisions 35 35 378 - - 3,464 3,912 Changes in fair value of investment property 75,301 7,189 14,865 371,919 125 - 469,399 Profit/(Loss) from operations 195,843 66,794 52,013 388,091 397 (18,210) 684,928 Changes in the fair value of financial
instruments -
Changes in fair value of financial instruments - Other 94 - (3) - - - 91 Finance income 547 537 11 - - 14,683 15,778 Finance expenses (13,093) (5) (2,216) (2,650) - (59,258) (77,222) Profit/(loss) on disposal of financial instruments- - - - - (112) (112) Share of results of companies accounted for using the equity method- - - - - 3,877 3,877 Translation differences - - - 432 - (61) 371 Profit/(Loss) before tax 183,391 67,326 49,805 385,873 397 (59,081) 627,711 Income tax 321 (1,570) (2,900) (44,707) 38 - (48,818) Income for the year 183,712 65,756 46,905 341,166 435 (59,081) 578,893
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At 30 June 2025 Thousands of euros
Office
buildingsShopping
centersLogistics
assetsData
centersOtherCorporate
unitGroup
total
Revenue from non-Group customers Rental income 133,750 63,049 40,109 12,664 51 - 249,623 Services rendered 9,146 1,024 - 836 - 758 11,764 Net income 142,896 64,073 40,109 13,500 51 758 261,387 Other operating income 3,777 158 285 77 2 (149) 4,150 Staff costs (3,751) (3,281) (1,322) (292) - (11,419) (20,065) Operating expenses (15,174) (6,675) (1,453) (9,277) (1,605) (7,715) (41,899) Gains or losses on disposals of non-current assets 3,031 45 431 - 772 - 4,279 Depreciation and amortisation charge (1,815) (8) - - (30) (429) (2,282) Allocation of grants relating to non-
financial assets and others 37 5 - - - - 42 Provisions 782 - - - 13 630 1,425 Changes in fair value of investment property 90,986 20,551 42,423 207,954 (19) - 361,895 Profit/(Loss) from operations 220,769 74,868 80,473 211,962 (816) (18,324) 568,932 Changes in the fair value of financial
instruments -
Changes in fair value of financial instruments - Other (1) - 16 - - (9,663) (9,648) Finance income 2,101 743 10 - - 18,451 21,305 Finance expenses (13,057) (8) (3,282) (236) - (52,429) (69,012) Gains on disposal of financial instruments (355) - - - - - (355) Share of results of companies accounted for using the equity method- - - - - 14,662 14,662 Translation differences - - - (49) - - (49) Profit/(Loss) before tax 209,457 75,603 77,217 211,677 (816) (47,303) 525,835 Income tax (2,811) (2,789) (7,838) - - 472 (12,966) Income for the year 206,646 72,814 69,379 211,677 (816) (46,831) 512,869
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At 30 June 2026 Thousands of euros
Office
buildingsShopping
centersLogistics
assetsData
centersOtherCorporate
unitGroup
total
Investment property 6,782,882 2,150,970 1,708,719 2,114,464 104,291 - 12,861,326 Non-current financial assets- 68,170 24,850 18,881 115,400 1,552 140,927 369,780 Derivatives 1,594 - - - - 930 2,524 Other financial assets 66,576 24,850 18,881 115,400 1,552 139,997 367,256 Deferred tax assets 570 - 3,404 - - 49,378 53,352 Other non-current assets 13,682 1 1 4,212 1,610 539,401 558,907 Non-current assets 6,865,304 2,175,821 1,731,005 2,234,076 107,453 729,706 13,843,365 Trade receivables 23,510 19,491 1,067 22,201 301 19,877 86,447 Other current financial assets 4,839 808 - 50 861 648 7,206 Other current assets 79,590 83,461 10,494 21,753 2,772 1,451,106 1,649,176 Current assets 107,939 103,760 11,561 44,004 3,934 1,471,631 1,742,829 Total assets 6,973,243 2,279,581 1,742,566 2,278,080 111,387 2,201,337 15,586,194 Non-current bank borrowings and debenture issues 628,294 - 41,617 - - 3,472,937 4,142,848 Other non-current liabilities 355,431 261,851 98,940 293,232 12,705 40,271 1,062,430 Non-current liabilities 983,725 261,851 140,557 293,232 12,705 3,513,208 5,205,278 Current liabilities 58,244 32,054 1,509 106,494 13,742 882,051 1,094,094 Total liabilities 1,041,969 293,905 142,066 399,726 26,447 4,395,259 6,299,372
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At 31 December 2025 Thousands of euros
Office
buildingsShopping
centersLogistics
assetsData centers OtherCorporate
unitGroup total
Investment property 6,703,894 2,132,809 1,662,961 1,376,434 107,601 - 11,983,699 Non-current financial assets- 57,815 25,375 18,249 37,594 1,554 143,226 283,813 Derivatives - - 229 - - - 229 Other financial assets 57,815 25,375 18,020 37,594 1,554 143,226 283,584 Deferred tax assets 623 - 3,404 - - 49,377 53,404 Other non-current assets 15,315 2 2 5,131 1,640 537,171 559,261 Non-current assets 6,777,647 2,158,186 1,684,616 1,419,159 110,795 729,774 12,880,177 Trade receivables 32,125 16,333 5,761 5,310 - 25,088 84,617 Other current financial assets 65 196 - - 145 5,548 5,954 Other current assets 76,330 78,002 14,840 22,766 18 1,106,014 1,297,970 Current assets 108,520 94,531 20,601 28,076 163 1,136,650 1,388,541 Total assets 6,886,167 2,252,717 1,705,217 1,447,235 110,958 1,866,424 14,268,718 Non-current bank borrowings and debenture issues 629,252 - - - - 3,476,506 4,105,758 Other non-current liabilities 357,298 261,397 99,206 133,129 12,743 48,883 912,656 Non-current liabilities 986,550 261,397 99,206 133,129 12,743 3,525,389 5,018,414 Current liabilities 75,312 43,573 57,962 130,205 12,458 856,362 1,175,872 Total liabilities 1,061,862 304,970 157,168 263,334 25,201 4,381,751 6,194,286 d) Information by geographical area For the purpose of reporting information on geographical areas, both the revenue and the assets of the business line are determined based on the geographical location of the assets.
The following table summarises the revenue and non-current investment property for each of the assets held by the Group by geographical area:
At 30 June 2026 Thousands of euros Rental income %Investment
property%
Madrid 130,172 45% 6,378,807 50% Catalonia 49,126 17% 1,670,633 13% Portugal 35,477 12% 1,778,763 14% Basque Country 20,624 7% 1,123,807 9% Castille-La Mancha 15,355 5% 708,323 6% Galicia 13,301 5% 390,821 3% Andalusia 11,261 4% 303,356 2% Valencia 10,002 3% 308,836 2% Rest of Spain 6,353 2% 197,980 1% Total 291,671 100% 12,861,326 100%
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At 31 December 2025 Thousands of euros Rental income %Investment
property%
Madrid 247,639 46% 6,153,629 51% Catalonia 98,238 18% 1,610,342 13% Portugal 69,285 13% 1,521,509 13% Castille-La Mancha 31,696 6% 700,304 6% Andalusia 21,927 4% 293,914 3% Valencia 21,862 4% 379,969 3% Galicia 19,524 4% 295,726 3% Basque Country 19,436 3% 839,918 6% Rest of Spain 12,249 2% 188,388 2% Total 541,856 100% 11,983,699 100% e) Main customer The table below lists the most important tenants at 30 June 2026 and 31 December 2025 , and the primary characteristics of each of them:
At 30 June 2026 Position Name Type% of total %
accumulatedMaturityof Income
1 CoreWeave Data centers 8.6% 8.6% 2034-2035 2 Endesa Offices 3.7% 12.3% 2028-2030 3 Inditex Shopping centers 2.9% 15.2% 2027-2029 4 Comunidad de Madrid Offices 2.1% 17.3% 2027-2031 5 Técnicas Reunidas Offices 1.7% 19.0% 2032 6 PwC Offices 1.6% 20.6% 2028-2030 7 Eurostars 4 Torres Offices 1.4% 22.0% 2028 8 BPI Offices 1.3% 23.3% 2031 9 Indra Offices 1.3% 24.6% 2026-2033 10 Accenture Offices 1.2% 25.8% 2029-2030
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At 31 December 2025 Position Name Type% of total %
accumulatedMaturityof Income
1 CoreWeave Data centers 8.8% 8.8% 2034-2035 2 Endesa Offices 3.7% 12.5% 2028-2030 3 Inditex Shopping centers 2.9% 15.4% 2026-2027 4 Comunidad de Madrid Offices 2.1% 17.5% 2027-2031 5 Técnicas Reunidas Offices 1.7% 19.2% 2028-2032 6 PwC Offices 1.6% 20.8% 2028-2030 7 Eurostars 4 Torres Offices 1.4% 22.2% 2028 8 BPI Offices 1.4% 23.6% 2031 9 Indra Offices 1.3% 24.9% 2026-2033 10 IBM Offices 1.3% 26.2% 2029-2030 5. Other intangible assets and property, plant and equipment As at 30 June 2026, the balances under the headings “Other intangible assets” and “Property, plant and equipment” relate primarily to the surface rights over a forest in Salamanca as part of the “Path to Net Zero” initiative, through which the Group aims to achieve carbon neutrality by 2030, and to investments in technical installations, furniture and office equipment, together with the accumulated depreciation and amortisation of those assets.
During the first half of 2026 , the Group recognised depreciation and amortisation expense of EUR 3,198 thousand (EUR 2,282 thousand in the same period of 2025), which is presented under “Depreciation and amortisation charge” in the accompanying condensed consolidated income statement.
6. Investment property The changes in this heading in the six-month period ended 30 June 2026 and the 2025 financial year were as follows:
Thousands of euros Balances at 1 January 2025 10,865,480 Additions for the financial year 741,315
Disposals (116,942)
Changes in value of investment property 493,846 Balances at 31 December 2025 11,983,699 Additions for the financial year 433,522
Disposals (25,294)
Changes in value of investment property 469,399 Balances at 30 June 2026 12,861,326 Investment property is recognised at fair value. Income recognised in the interim condensed consolidated income statement at 30 June 2026 on measuring investment property at fair value totalled EUR 469,399 thousand.
Investment property mainly includes real estate assets in the office, shopping centre, logistics and data centre business lines.
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The main additions during the first half of 2026 related to the construction and fit-out of the data centres located in Madrid, Barcelona, Bilbao and Lisbon, as well as expenditure on the acquisition of land for the development of data centres amounting to EUR 366 million, and construction and refurbishment works carried out at the Marineda Shopping Centre in La Coruña and on office buildings.
Disposals during the first half of 2026 related to the sale of an office building in Barcelona, a plot of land in Zaragoza and parking spaces in Valencia for total proceeds of EUR 25,294 thousand, resulting in an aggregate loss on disposal of EUR 3,169 thousand, recognised as at 30 June 2026 under the heading Profit/(loss) on disposal of non-current assets in the accompanying condensed consolidated income statement. The loss arose principally from future costs and obligations associated with those disposals.
Acquisitions during the 2025 financial year comprised the purchase of office premises in Madrid for EUR 9,442 thousand and premises in the Almada Shopping Centre in Lisbon for EUR 1,718 thousand.
On 18 November 2025, the Extraordinary General Meeting of the investee Silicius Real Estate SOCIMI, S.A. approved a capital reduction through the cancellation of all the company's shares held by Merlin Properties SOCIMI, S.A., with the return of contributions in kind to that shareholder consisting of a residential building in Madrid and a hotel in Menorca classified within the Other business segment.
The main additions during the 2025 financial year related to the construction and fit-out of the data centres located in Madrid, Barcelona, Bilbao and Lisbon, amounting to EUR 403 million, as well as expenditure on land purchase options for the development of data centres amounting to EUR 45 million, and construction and refurbishment works carried out at the Marineda Shopping Centre in La Coruña and on office buildings, including the Liberdade building in Lisbon.
Disposals during the 2025 financial year mainly comprised the sale of two office buildings in Madrid, two logistics assets in Madrid and Vitoria, and a residential development site in Zaragoza for total proceeds of EUR 129 million.
At 30 June 2026 , the Group had pledged real estate assets totalling EUR 1,797 million to secure various loans and derivative financial instruments, the balances of which at 30 June 2026 were EUR 673 million (see Note 10).
At 30 June 2026 , all properties included in “Investment property” are insured.
At 30 June 2026 , the Group had firm purchase commitments for investment property, excluding the committed investments in construction and improvements in the amount of EUR 232.5 million.
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At 30 June 2026 , the gross surface areas and occupancy rates of the assets by business line were as
follows:
Square metres (*)
Occupancy
rate (%)Gross leasable area
Comm. of
MadridCataloniaComm. of
ValenciaGalicia AndalusiaBasque
CountryCastille-
La
ManchaRest of
SpainPortugal Total
Offices 894,623 222,664 - - 13,037 - - - 121,037 1,251,361 93.6% Shopping centers 74,606 31,905 49,910 132,222 37,975 25,922 - 32,888 60,297 445,725 96,9% (**) Logistics 319,196 132,100 61,604 - 141,694 26,774 660,638 21,579 78,381 1,441,966 95.0% Data centers 22,947 24,378 - - - 23,640 - - - 70,965 n.a. (1) Other 8,694 1,140 - - - 7,708 - - - 17,542 87.5% Total surface area 1,320,066 412,187 111,514 132,222 192,706 84,044 660,638 54,467 259,715 3,227,559 94.7% % weight 40.9 % 12.8 % 3.4 % 4.1 % 6.0 % 2.6 % 20.5 % 1.7 % 8.0 % 100.0 % (*) Does not include square metres of projects in progress or land.
(**) Does not include vacant units acquired for refurbishment.
(1) The market standard for data centres is to measure occupancy on the basis of processing capacity, taking into account the square metres of floor space required for the data halls, as this is the primary subject of lease agreements within the data centre business. At 30 June 2026 ,the Group’s three data centres currently in operation have an available processing capacity of 50 MW, with 49.6 MW (99.2%) committed at that date. The Group considers committed capacity to be that which is physically occupied at the reporting date or, while not occupied at the reporting date, that for which there are contractual commitments that reserve such capacity to ensure future growth for the Group’s customers.
Fair value measurement and sensitivity All investment property leased or to be leased through operating leases are classified as investment property.
The Group adjusted the fair value of its real estate investments in accordance with IAS 40. This fair value is determined by using the appraisals carried out every six months by independent third-party experts as reference values, such that at the end of each six-month period the fair value reflects the market conditions of the investment properties at that date. .
The market value of the Group’s investment property at 30 June 2026 , calculated based on appraisals carried out by Savills Consultores Inmobiliarios, S.A., CBRE Valuation Advisory, S.A. and Jones Lang LaSalle, S.A., independent valuers not related to the Group, amounted to EUR 12,717,153 thousand (EUR 11,854,292 thousand in 2025 ). This appraisal does not include the value of the rights of use recognised in accordance with IFRS 16 amounting to EUR 56,012 thousand (EUR 53,786 thousand in 2025 ) or the amounts relating to advances paid by the Group to third parties to purchase assets and other unvalued assets amounting to EUR 88,161 thousand (EUR 75,621 thousand in 2025 ). The valuation was carried out in accordance with the Appraisal and Valuation Standards issued by the Royal Institution of Chartered Surveyors (RICS) of the United Kingdom and the International Valuation Standards (IVS) issued by the International Valuation Standards Council (IVSC). In relation to the fair value of the rights of use, the Group also obtained valuations from independent third parties.
The method used to calculate the market value of the investment property involves drawing up ten-
year projections of income and expenses for each asset, adjusted at the reporting date using a market discount rate. The residual amount at the end of Year 10 is calculated by applying an exit yield of the net income projections for Year 11. The market values obtained are analysed by calculating and assessing the capitalisation of the returns implicit in these values. The projections are designed to reflect the best estimate of future income and expenses from the investment properties. Both the exit yield and discount rate (“IRR”) are determined taking into account the national market and institutional market conditions.
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Breakdown of fair value of investment property At 30 June 2026 and 31 December 2025 , the detail of assets measured at fair value by their level in the fair value hierarchy is as follows:
At 30 June 2026 Thousands of euros Total Level 1 Level 2 Level 3 Fair value measurement
Investment property:
Offices
Land 3,089,535 - - 3,089,535 Buildings 3,693,347 - - 3,693,347
Shopping centers
Land 754,838 - - 754,838 Buildings 1,396,132 - - 1,396,132
Logistics-
Land 682,370 - - 682,370 Buildings 1,026,349 - - 1,026,349
Data centers-
Land 113,841 - - 113,841 Buildings 2,000,623 - - 2,000,623
Other-
Land 70,104 - - 70,104 Buildings 34,187 - - 34,187 Total assets measured at fair value 12,861,326 - - 12,861,326 At 31 December 2025 Thousands of euros Total Level 1 Level 2 Level 3 Fair value measurement
Investment property:
Offices
Land 3,044,818 - - 3,044,818 Buildings 3,659,076 - - 3,659,076
Shopping centers
Land 749,416 - - 749,416 Buildings 1,383,393 - - 1,383,393
Logistics-
Land 668,698 - - 668,698 Buildings 994,263 - - 994,263
Data centers-
Land 86,569 - - 86,569 Buildings 1,289,865 - - 1,289,865
Other-
Land 73,467 - - 73,467 Buildings 34,134 - - 34,134 Total assets measured at fair value 11,983,699 - - 11,983,699 No assets were reclassified from one level to another during the first half of 2026 and during financial year 2025.
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Hypotheses used in the valuation In relation to determining the fair value of investment property, the significant unobservable inputs used to measure the fair value of investment property corresponded to the rental income, future exit yields and the rate used for discounting the cash flows of the projections (IRR).
The quantitative information on the significant non-observable input data used in measuring fair value of investment property.
At 30 June 2026 Exit yield Discount rate Offices 3.70% - 7.40% 5.20% - 9.50% Shopping centers 3.80% - 7.75% 6.00% - 9.75% Logistics 4.75% - 6.25% 6.50% - 9.25% Data centers 5.50% - 6.27% 8.50% - 11.50% Other 3.50% - 8.00% 4.75% - 18.50% At 31 December 2025 Exit yield Discount rate Offices 3.70% - 7.60% 5.20% - 9.60% Shopping centers 3.92% - 7.75% 6.20% - 9.75% Logistics 4.75% - 6.25% 6.50% - 9.50% Data centers 5.50% - 8.10% 9.00% - 11.00% Other 3.50% - 7.50% 4.75% - 18.50% Market rents: the amounts per square metre used in the valuation have ranged between 3.24 and 64.02 euros depending on the type of asset and location. The growth rates of the rents used in the projections are mainly based on the CPI. The minimum range corresponds to a logistics asset and the maximum is a retail asset located in a prime area.
Sensitivity analysis of the assumptions The effect of a one-quarter, one-half and one point change in the rate used to discount the cash flows of the projections (IRR) on consolidated assets and on the consolidated income statement, with respect to investment property, would be as follows:
At 30 June 2026 Thousands of euros Assets Consolidated profit/(loss) before tax 0.25% 0.50% 1% 0.25% 0.50% 1% Increase in IRR (315,398) (623,397) (1,217,975) (315,398) (623,397) (1,217,975) Decrease in IRR 322,997 653,800 1,339,686 322,997 653,800 1,339,686
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At 31 December 2025 Thousands of euros Assets Consolidated profit/(loss) before tax 0.25% 0.50% 1% 0.25% 0.50% 1% Increase in IRR (282,124) (557,627) (1,089,467) (282,124) (557,627) (1,089,467) Decrease in IRR 288,925 584,836 1,198,388 288,925 584,836 1,198,388 The effect of a 1%, 5% and 10% change in the rents considered has the following impact investment property in consolidated assets and in the consolidated income statement:
At 30 June 2026 Thousands of euros Assets Consolidated profit/(loss) before tax 1% 5% 10% 1% 5% 10% Increase in rents 107,328 536,642 1,073,284 107,328 536,642 1,073,284 Decrease in rents (107,328) (536,642) (1,073,284) (107,328) (536,642) (1,073,284) At 31 December 2025 Thousands of euros Assets Consolidated profit/(loss) before tax 1% 5% 10% 1% 5% 10% Increase in rents 99,097 495,483 990,967 99,097 495,483 990,967 Decrease in rents (99,097) (495,483) (990,967) (99,097) (495,483) (990,967) The effect of a one-quarter, one-half and one point change in the future exit yield considered, in the case based on return calculated as the result of dividing the net operating income for the last year of the period analysed by the estimated exit value, on consolidated assets and on the consolidated income statement, regarding investment property, would be as follows:
At 30 June 2026 Thousands of euros Assets Consolidated profit/(loss) before tax 0.25% 0.50% 1% 0.25% 0.50% 1% Increase in Exit Yield (453,897) (869,486) (1,603,626) (453,897) (869,486) (1,603,626) Decrease in Exit Yield 497,759 1,046,060 2,328,562 497,759 1,046,060 2,328,562
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At 31 December 2025 Thousands of euros Assets Consolidated profit/(loss) before tax 0.25% 0.50% 1% 0.25% 0.50% 1% Increase in Exit Yield (407,683) (780,767) (1,439,376) (407,683) (780,767) (1,439,376) Decrease in Exit Yield 447,330 940,387 2,094,916 447,330 940,387 2,094,916 Furthermore, the impact on the condensed consolidated income statement of the revaluation of the Group’s investment property during the first half of 2026 and 2025 is as follows:
Thousands of euros
30-06-2026 30-06-2025
Changes in fair value of investment properties 469,399 361,895 Effect on income statement 469,399 361,895 7. Investments accounted for using the equity method The changes during financial year 2025 and the first six months of 2026 in investments in companies accounted for using the equity method are as follows:
Thousands of euros
30-06-2026 31-12-2025
Beginning balance 530,570 586,513 Additions made during the year 9,250 18,852 Payments made in the financial year (1,034) (91,030) Dividends (9,622) (11,801) Profit/(Loss) for the year 3,877 28,036 Closing balance 533,041 530,570 With regard to investments accounted for using the equity method, additions during the first half of 2026 related to the Group's participation in the capital increase carried out by Moregal Hotels, S.L., resulting in an increase in its investment of EUR 9,250 thousand (see Note 3). Reductions during the first half of 2026 related to the disposal of the Group’s investment in Parking del Palau, S.A. (see Note 3).
The remaining movement during the first half of 2026 related principally to the results of the investees and dividends distributed by Centro Intermodal de Logística, S.A. (CILSA) and Araba Logística, S.A., amounting in aggregate to EUR 9,622 thousand.
Additions during the 2025 financial year related principally to the Group’s participation in the capital increase carried out by Crea Madrid Nuevo Norte, S.A., 2025 , which increased the Group’s investment by EUR 9,542 thousand, and to its participation in the capital increase carried out by Moregal Hotels, S.L., which increased the Group’s investment by EUR 9,250 thousand (see Note 3).
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With regard to reductions during the 2025 financial year, on 18 November 2025, the Extraordinary General Meeting of Shareholders of Silicius Real Estate SOCIMI, S.A. approved a capital reduction through the cancellation of all the company's shares held by Merlin Properties SOCIMI, S.A., with the return of contributions in kind to that shareholder consisting of a residential building in Madrid and a hotel in Menorca with a combined value of EUR 66,948 thousand, net of the derivative associated with the call option held between that company and the Group. The corresponding public deed was executed on 22 December 2025 (see Note 3).
The remaining movement during the 2025 financial year related to the results of the investees and dividends distributed by Centro Intermodal de Logística, S.A. (CILSA), Araba Logística, S.A. and Parking del Palau, S.A., amounting in aggregate to EUR 11,801 thousand.
The most significant shareholdings relate to the 48.5% investment in Centro Intermodal de Logística, S.A. (CILSA) with a consolidated net value of EUR 247,344 thousand and the 14.46% investment in Crea Madrid Nuevo Norte, S.A. with a consolidated net value of EUR 222,332 thousand. In relation to the investment accounted for using the equity method in Crea Madrid Nuevo Norte, S.A., the Group considers that the value recognised for accounting purposes is reasonable as it does not differ significantly from the current value, in view of the long-term time horizon for developing the investment. .
Appendix I to the Group’s consolidated financial statements for 2025 includes a list of the main investments in associates, including the name, country of incorporation, business activity and the percentage of interest in the share capital, and there were no significant changes in the main aggregates of the Group’s associates.
8. Current and non-current financial assets The breakdown of the balance of this heading in the condensed consolidated statement of financial position is as follows:
Classification of financial assets by category:
Thousands of euros
30-06-2026 31-12-2025
Non-current:
At fair value-
Interest rate derivatives 2,524 229 Equity instruments 12,346 12,008 At amortised cost-
Loans to third parties 258,809 188,885 Loans to associates 13,796 13,509 Deposits and guarantees 82,305 69,182 Total Non-current 369,780 283,813
Current:
At amortised cost-
Loans to associates 4,309 3,196 Loans to third parties - 236 Other financial assets 2,897 2,522 Trade and other receivables 86,447 84,617 Total current 93,653 90,571 The carrying amount of financial assets recognised at amortised cost does not differ from their fair value.
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Derivatives
At the end of June 2026 and December 2025 , the valuation of interest rate derivatives receivable was recognised under “Derivatives” (see Note 10).
Loans to third parties “Other non-current financial assets” includes the loan granted to Desarrollos Urbanísticos Udra, S.A.U.
for an initial amount of EUR 86,397 thousand, which accrues interest at market rates. At 30 June 2026 , the outstanding amount was EUR 95,277 thousand in principal and EUR 1,286 thousand in interest. In relation to the above loan, the Group has guarantees from the creditor associated with the 10% shareholding in Crea Madrid Nuevo Norte, S.A. and the borrower was not identified as having any credit risk.
During the 2025 financial year and the first half of 2026, the Group entered into agreements for the transfer of grid access and connection permits for electricity supply, rights to use electricity transmission infrastructure, the construction and permitting of direct connection lines, and the purchase and sale of electricity for future data centres. As at 30 June 2026, the Group had made advance payments of EUR 96,130 thousand (EUR 27,750 thousand as at 31 December 2025).
In addition, this heading of Non-current loans to third parties also includes rental income recognised on a straight-line basis, marketing costs and tenant establishment expenses amounting to EUR 66,116 thousand (EUR 65,473 at 31 December 2025 .
Deposits and guarantees “Deposits and guarantees” primarily includes the guarantees provided by lessees as security deposits amounting to EUR 72,865 thousand (EUR 67,144 thousand at 31 December 2025 ), which the Group has deposited with the housing authority (Instituto de la Vivienda) in each region. At 30 June 2026 , guarantees provided by lessees as security amounted to EUR 95,678 thousand (EUR 78,528 thousand at 31 December 2025 ) and were recognised under “Non-current liabilities – Other financial liabilities” on the liability side of the accompanying interim condensed consolidated statement of financial position for the period ended 30 June 2026 (see Note 11).
Classification of financial assets by maturity:
The classification of the main financial assets by maturity is as follows:
At 30 June 2026 Thousands of euros Less than 1 yearFrom 1 to 5 yearsOver 5 yearsUndetermined
maturityTotal
Interest rate derivatives - 2,524 - - 2,524 Equity instruments - 12,346 - - 12,346 Loans to third parties and associates - 170,757 101,848 - 272,605 Deposits and guarantees - - - 82,305 82,305 Loans to associates 4,309 - - - 4,309 Other financial assets 2,897 - - - 2,897 Trade and other receivables 86,447 - - - 86,447 Total financial assets 93,653 185,627 101,848 82,305 463,433
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At 31 December 2025 Thousands of euros Less than 1 yearFrom 1 to 5 yearsOver 5 yearsUndetermined
maturityTotal
Interest rate derivatives - 229 - - 229 Equity instruments - - - 12,008 12,008 Loans to third parties 236 73,899 128,495 - 202,630 Deposits and guarantees - - - 69,182 69,182 Loans to associates 3,196 - - - 3,196 Other financial assets 2,522 - - - 2,522 Trade and other receivables 84,617 - - - 84,617 Total financial assets 90,571 74,128 128,495 81,190 374,384
9. Equity
The detail of and changes in “Equity” are presented in the accompanying interim condensed consolidated statement of changes in equity.
9.1 Share capital At 30 June 2026 , the share capital of Merlin Properties SOCIMI, S.A. amounted to EUR 620,000 thousand, represented by 620,000,000 fully subscribed and paid shares of EUR 1 par value each, all of which are of the same class and grant the same rights to their holders.
On 25 March 2026, the Parent’s Board approved a capital increase through the issue of up to 56,275,101 new ordinary shares, representing approximately 10% of the share capital, all of the same class and series as the shares currently outstanding at that date. The capital increase would be carried out by means of monetary contributions and with the disapplication of pre-emption rights, and would be carried out through a private accelerated bookbuilding process aimed exclusively at qualified investors, being subscribed for in full by existing shareholders at the closing market price, without any discount.
On 26 March 2026, the bookbuilding process described above was completed on the following terms:
◦ Issue of 56,275,101 shares of EUR 1 par value each, all of the same class and series as the shares currently outstanding.
◦ Effective amount of the capital increase: EUR 767,592,377.64.
◦ Issue price: EUR 13.64 per share, of which EUR 1.00 corresponded to the par value and EUR 12.64 to the share premium.
These new shares were admitted to trading on the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges on 27 March 2026 and on the Lisbon Stock Exchange on 31 March 2026.
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All the Parent's shares can be publicly traded and are listed on the Madrid, Barcelona, Bilbao and Valencia and Lisbon Stock Exchanges. The market price of the Parent’s shares at 30 June 2026 and the average market price for the fourth quarter amounted to EUR 15.34 and EUR 15.00 per share, respectively.
At 30 June 2026 , according to information extracted from the CNMV, in relation to the provisions of Royal Decree 1362/2007, of 19 October and Circular 2/2007, of 19 December, the shareholders with significant holdings in the share capital of Merlin Properties SOCIMI, S.A., both direct and indirect, in excess of 3% of the share capital, are as follows according to public information:
Shares % of share capital Direct Indirect Total Banco Santander, S.A. 124,612,161 26,072,122 150,684,283 24.30 % Nortia Capital Investment Holding, S.L. 52,700,000 - 52,700,000 8.50 % BlackRock, INC - 28,718,400 28,718,400 4.63 % The information on Banco Santander, S.A. was provided by the shareholder itself and that relating to Nortia Capital Investment Holding, S.L. was obtained from the Parent’s Register of Members as at 30 June 2026 .
9.2 Share premium The Consolidated Text of the Spanish Corporate Enterprises Act expressly permits the use of the share premium to increase capital and establishes no specific restrictions as to its use.
This reserve is unrestricted so long as its allocation does not lower equity to below the amount of share capital of the Parent.
During the first half of 2026, following the capital increase carried out in March, as described above, the share premium increased by EUR 711,317 thousand.
On 29 April 2026, the shareholders at the Annual General Meeting declared a dividend with a charge to the share premium in the amount of EUR 126,889 thousand.
9.3 Reserves
The detail of reserves at 30 June 2026 and 31 December 2025 is as follows:
Thousands of euros
30-06-2026 31-12-2025
Legal reserve 112,745 106,397 Reserves of consolidated companies 2,922,670 2,264,794 Other reserves 329,206 336,976 Total other reserves 3,364,621 2,708,167 The balance of “Other reserves” includes the amount of undistributed profit arising from the transfer of properties and the shares or holdings referred to in Article 2.1 of Law 11/2009, of 26 October, regulating REITs, made after the periods referred to in Article 3.3 of the REIT Act have elapsed. This amount relates to the undistributed profits from the divestment of the investee Tree Inversiones Inombiliarias SOCIMI, S.A. executed in 2022 and which had to be reinvested in other properties or holdings used for the Parent’s main corporate purpose within three years of the date of transfer. At the end of 2025, the reinvestment period came to an end and the reinvestment commitment was fulfilled in full. In this regard, the Parent obtained a binding tax ruling confirming the criteria applied.
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In addition, the movement in “Other reserves” mainly reflects expenses of EUR 14,310 thousand associated with the capital increase carried out during the first half of 2026 (see Note 9.1) and the recognition of EUR 6,236 thousand in respect of the 2025-2027 Incentive Plan (see Note 15).
Legal reserve
The legal reserve will be established in accordance with Article 274 of the consolidated text of the Corporate Enterprises Act, which stipulates, in all cases, that 10% of net profit for each year must be transferred to the legal reserve until the balance of this reserve reaches at least 20% of the share capital.
This reserve may not be distributed, and if it is used to offset losses, provided that sufficient other reserves are not available for this purpose, it must be restored with future profits.
At 30 June 2026 , the Parent had not reached the legally required minimum established in the consolidated text of the Corporate Enterprises Act.
The legal reserve of companies that have chosen to avail themselves of the special tax regime established in Law 11/2009, regulating REITs, must not exceed 20% of share capital. The articles of association of these companies may not establish any other type of restricted reserves.
Dividends
On 29 April 2026, the shareholders at the Annual General Meeting approved the distribution of a dividend with a charge to the share premium in the amount of EUR 126,889 thousand, and the distribution of a dividend out of 2025 profit for EUR 9,343 thousand, with both dividends being paid on 25 May 2026.
On 13 November 2025, the Parent’s Board approved the distribution of an interim dividend out of profit for 2025 in the amount of EUR 112,563 thousand, which was paid on 10 December 2025.
On 30 April 2025, the shareholders at the Annual General Meeting approved the distribution of a dividend with a charge to the share premium in the amount of EUR 113,065 thousand, and the distribution of a dividend out of 2024 profit for EUR 10,753 thousand, with both dividends being paid on 26 May 2025.
9.4 Treasury shares At 30 June 2026 , the Parent held treasury shares amounting to EUR 9,037 thousand.
The changes in 2025 and in the first six months of 2026 were as follows:
Number of Thousands of
Shares euros
Balance at 31 December 2024 1,314,645 14,450 Additions 14,052 171 Disposals (417,456) (4,588) Balance at 31 December 2025 911,241 10,033 Additions 14,200 199 Disposals (108,306) (1,195) Balance at 30 June 2026 817,135 9,037 The shareholders at the Annual General Meeting held on 30 April 2025 revoked the unused portion of the authorisation granted by the shareholders at the General Meeting of 27 April 2023 and authorised the acquisition of treasury shares by the Parent itself or by Group companies pursuant to Article 146 et
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seq. of the Corporate Enterprises Act, complying with the requirements and restrictions established in current law during the five-year period.
The disposals of 108,306 treasury shares (average cost of EUR 11.03 per share) relate mainly to the delivery of shares to employees under the flexible remuneration plan in the amount of EUR 9869 thousand, as well as to sales under the Group’s liquidity agreement for securities listed on the Lisbon Stock Exchange. Net sales of 4,668 shares were made under this liquidity agreement in the first six months of 2026 .
At 30 June 2026 , the Parent held treasury shares representing 0.13% of its share capital.
9.5 Earnings per share Details of the calculation of earnings per share are as follows:
Basic
Basic earnings per share are calculated by dividing the net profit attributable to common equity holders of the Parent by the weighted average number of ordinary shares outstanding during the period, excluding treasury shares.
The detail of the calculation of basic earnings per share is as follows:
30-06-2026 30-06-2025
Weighted average number of shares outstanding (thousands) 592,555 562,596
Continuing operations
Profit (Loss) for the period attributable to the Parent (thousands of euros) 578,893 512,869 Basic earnings per share (euros) 0.98 0.91 The average number of ordinary shares outstanding is calculated as follows:
Number of Shares
30-06-2026 30-06-2025
Ordinary shares at beginning of period 563,724,899 563,724,899 Treasury shares (817,135) (911,080) Average adjustment of outstanding shares 29,646,880 (217,439) Weighted average number of ordinary shares outstanding at 30 June 2026 (shares) 592,554,644 562,596,380
Diluted
In accordance with paragraph 41 of IAS 33, potential ordinary shares are treated as dilutive when, and only when, their conversion to ordinary shares could reduce the earnings per share of the continuing activities. As at 30 June 2026 , there is no potential dilutive effect due to the variable remuneration granted by the Group to its executives and key management personnel (see Note 15), with basic earnings matching diluted earnings.
9.6 Valuation adjustments This heading of the interim condensed consolidated statement of financial position includes changes in the value of financial interest rate derivatives designated as cash flow hedges (see Note 10) .
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10. Current and non-current financial liabilities The detail of bank borrowings and debentures issued is as follows:
Thousands of euros
30-06-2026 31-12-2025
Non-current:
Measured at amortised cost-
Syndicated loan 665,000 665,000 Syndicated loan arrangement expenses (1,631) (2,079) Total syndicated loan 663,369 662,921 Non-mortgage loan 277,769 277,769 Mortgage loans 673,462 632,313 Loan arrangement expenses (7,800) (7,814) Total other loans 943,431 902,268 Debentures and bonds 2,550,000 2,550,000 Debenture issue expenses (15,632) (17,691) Total debentures and bonds 2,534,368 2,532,309 Total amortised cost 4,141,168 4,097,498 Measured at fair value-
Derivative financial instruments 1,680 8,260 Total at fair value 1,680 8,260 Total non-current 4,142,848 4,105,758
Current:
Measured at amortised cost-
Syndicated loan 596 595 Debentures and bonds 851,328 821,631 Mortgage loans 2,661 44,128 Revolving credit facility 510 517 Non-mortgage loan 762 426 Loan arrangement expenses (396) (1,046) Total amortised cost 855,461 866,252 Measured at fair value-
Interest from Derivative financial instruments 175 351 Total at fair value 175 351 Total current 855,636 866,603 There is no material difference between the carrying amount and the fair value of financial liabilities at amortised cost.
The detail of the Parent's rating is as follows:
Agency Rating Outlook Last Review Previous Standard & Poor´s BBB+ Stable 08/07/2026 BBB+ Stable Moody´s Baa1 Stable 26/06/2026 Baa1 Stable
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10.1 Loans and credits The detail of loans at 30 June 2026 and 31 December 2025 is as follows:
Bank borrowings
At 30 June 2026 Thousands of euros
Bank borrowings
Initial
loan/LimitExpenses incurred
from formalising
loans (Note 10.5)30-06-2026 Short-term
interestLong-term Short-term
Syndicated loan 665,000 (1,631) 665,000 - 596 Non-mortgage loan 477,769 (876) 277,769 - 762 Revolving credit facilities 740,000 (2,980) - - 510 Mortgage loans 734,000 (3,944) 673,462 938 1,723 Total 2,616,769 (9,431) 1,616,231 938 3,591 At 31 December 2025 Thousands of euros
Bank borrowings
Initial
loan/LimitExpenses incurred
from formalising
loans (Note 10.5)31-12-2025 Short-term
interestLong-term Short-term
Syndicated loan 665,000 (2,079) 665,000 - 595 Non-mortgage loan 277,769 (766) 277,769 - 426 Revolving credit facilities 740,000 (3,287) - - 517 Mortgage loans 704,000 (3,834) 632,313 42,462 1,667 Total 2,386,769 (9,966) 1,575,082 42,462 3,205 Certain financing arrangements include commitments to maintain certain coverage ratios, which are standard in these types of real estate companies, such as the loan-to-value ratio, the ratio of the Group’s or company's income used to service the debt (interest coverage ratio, ICR), or the ratio of mortgage-free assets and non-mortgage debt (“Unencumbered Ratio”). The Parent’s directors have confirmed that these ratios were met at 30 June 2026 and do not expect that they will not be fulfilled in the coming years.
Parent syndicated loan and revolving credit facility On 18 November 2022, the Parent entered into a EUR 600 million senior syndicated loan. This financing has a term of 5 years from the date of drawdown and accrues interest at a market rate of EURIBOR plus 130 basis points. On 20 April 2023, the Parent had drawn down the full amount of this financing.
In addition, a novation agreement was entered into on that date for the senior syndicated loan, including a Tranche B corresponding to a revolving credit facility with a limit of EUR 700 million. This new credit facility has a term of 5 years with the possibility of two optional one-year extensions. The revolving credit facility accrues interest at a rate of EURIBOR + 100 basis points and incorporates a cost adjustment mechanism based on four sustainability criteria.
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On 18 July 2023, the novation of the syndicated loan and credit facility was signed. The senior syndicated loan was increased to EUR 665 million with the inclusion of the amounts of the bilateral loans that the Parent held with Kutxabank and Unicaja. In addition, the credit facility limit was increased to EUR 740 million. At 30 June 2026 , this credit facility had not been drawn down. On 10 July 2025, this credit facility was extended until 23 April 2030.
This financing includes the same obligations to maintain certain coverage ratios as the Group’s bonds and the financing from Banco Sabadell and the European Investment Bank, detailed below. These ratios are defined as the ratio of the value of assets to outstanding debt (Loan to Value), the ratio of Group income to debt service (interest coverage ratio, or ICR) and the ratio of assets to debt, both without collateral (Unencumbered Ratio). The Parent’s directors have confirmed that these ratios were met at 30 June 2026 and do not expect that they will not be fulfilled in the coming years.
European Investment Bank Loan On 20 December 2018, the Parent formalised a loan without mortgage security with the European Investment Bank in an amount of EUR 51 million. On 4 November 2019, the Parent arranged the second tranche of the unsecured loan with the European Investment Bank for EUR 64 million, with the two tranches amounting to EUR 115 million. This financing can be arranged through several loans with a maturity of 10 years on each drawdown. This credit facility must be allocated to the development of logistical assets in the Castille–La Mancha region.
On 10 March 2020 and 26 October 2020, the Group drew down EUR 23.4 million and EUR 5.6 million corresponding to the first tranche of the facility. This loan accrues interest at a fixed rate of 60 basis points. On 20 December 2022, the Group had drawn down EUR 22 million at a rate of 358 basis points, meaning the first tranche of EUR 51 million was drawn down in full.
On 20 December 2023, the Group had drawn down EUR 16.9 million, accruing interest at a fixed rate of 386 basis points. This loan corresponds to the first drawdown of the second tranche of EUR 64 million.
On 7 November 2024, the limit for the second tranche was revised from the original EUR 64 million to EUR 46.7 million. On 4 November 2025, the limit for this tranche was revised from the original EUR 46.7 million to EUR 34.6 million.
On 18 December 2024, the Group drew down EUR 17.7 million of the second tranche mentioned above, accruing interest at a fixed rate of 326 basis points. At the end of the first half of 2026, the loan had been drawn down in full.
Moreover, on 16 December 2021, the Parent arranged an unsecured loan with the European Investment Bank amounting to EUR 45.2 million and maturing in 10 years. This financing would be used for energy efficiency investments. On 4 November 2025, the limit for this loan was revised from the original EUR 45.2 million to EUR 32.2 million.
On 16 December 2025, the Group had drawn down EUR 32.2 million of the loan mentioned above, accruing interest at a fixed rate of 354 basis points. At the end of the first half of 2026, the loan had been drawn down in full.
As at 30 June 2026 , all financing provided by the European Investment Bank had been drawn down.
This financing includes obligations to meet certain coverage ratios. These ratios are defined as the ratio of the value of assets to outstanding debt (Loan to Value), the ratio of Group income to debt service (interest coverage ratio, or ICR) and the ratio of assets to debt, both without collateral (Unencumbered Ratio). The Parent’s directors have confirmed that these ratios were met at 30 June 2026 and do not expect that they will not be fulfilled in the coming years.
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Non-mortgage loans
On 18 November 2022, the Parent took out and drew down an unsecured loan with Banco Sabadell for EUR 60 million, maturing in January 2028 and accruing interest at a market rate of EURIBOR + 120 basis points.
On 31 March 2025, the Parent took out and drew down on an unsecured loan with Mediobanca for EUR 100 million, maturing in five years plus one additional year from its drawdown and accruing interest at a market rate of EURIBOR + 115 basis points.
On 27 April 2026, the Parent entered into an unsecured EUR 200 million loan agreement with Intesa Sanpaolo, with an initial maturity in 2031 and two one-year extension options at the Parent’s discretion. If both extension options are exercised, the loan will mature in 2033. This credit facility accrues interest at a market rate of EURIBOR + 90 basis points. At 30 June 2026, this loan had not been drawn down.
This financing includes obligations to meet certain coverage ratios. These ratios are defined as the ratio of the value of assets to outstanding debt (Loan to Value), the ratio of Group income to debt service (interest coverage ratio, or ICR) and the ratio of assets to debt, both without collateral (Unencumbered Ratio). The Parent’s directors have confirmed that these ratios were met at 30 June 2026 and do not expect that they will not be fulfilled in the coming years.
Mortgage loans
At 30 June 2026 and 31 December 2025 , the Group had taken out the following mortgage loans:
At 30 June 2026 Thousands of euros Original Long-term Short-term Financial institution Loan Term Term Interest Collateral Novo Banco 134,000 134,000 - 217 Mortgage Caixabank 150,000 147,750 938 1,096 Mortgage ING 100,000 41,712 - 35 Mortgage BBVA 180,000 180,000 - 33 Mortgage Allianz 170,000 170,000 - 342 Mortgage Total 734,000 673,462 938 1,723 At 31 December 2025 Thousands of euros Original Long-term Short-term Financial institution Loan Term Term Interest Collateral Novo Banco 134,000 134,000 - 212 Mortgage Caixabank 150,000 148,313 750 1,043 Mortgage ING 70,000 - 41,712 3 Mortgage BBVA 180,000 180,000 - 45 Mortgage Allianz 170,000 170,000 - 363 Mortgage Total 704,000 632,313 42,462 1,666 On 26 April 2019, the Group entered into a novation agreement modifying the mortgage loan taken out on 4 December 2015 with ING Bank N.V. by the subsidiary Merlin Logística, S.L.U. The maturity date for this financing arrangement, originally set to be in 2020, was extended until 2026. This financing accrues interest at a rate of 3-month EURIBOR + 100 basis points, and it includes a mechanism for
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adjusting the finance cost based on complying with four sustainability criteria. On 26 March 2021, the mortgage financing agreement was amended, increasing the loan amount by EUR 2.1 million to a total of EUR 70 million. During 2025, following the disposal of two industrial units pledged as security for the loan (see Note 6), the Group repaid EUR 28.3 million of principal, leaving an outstanding principal balance of EUR 41.7 million.
On 23 April 2026, the Group refinanced the loan by increasing the principal amount to EUR 100 million, extending the maturity to 2033 and bearing interest at EURIBOR + 100 basis points. As at 30 June 2026, EUR 41.7 million had been drawn down under the loan. In addition to the four assets pledged as security for the previous loan, two further assets have been added, with the result that the current loan is secured by mortgages over six logistics assets.
This financing includes obligations to maintain certain coverage ratios, such as the loan-to-value ratio and the ratio of the subsidiary’s income used to service the debt (interest coverage ratio, ICR). The Parent’s directors have confirmed that these ratios were met at 30 June 2026 and do not expect that they will not be fulfilled in the coming years.
It also includes certain conditions linked to compliance with the following environmental and sustainability factors: i) sustainable capex, ii) LEED and BREEAM certifications, iii) AIS certifications, and iv) green energy consumption, which can lead to certain savings in finance charges.
In accordance with IFRS 9, the Group assessed the nature of the refinancing carried out for the previous ING loan and concluded that it did not represent a material change (10% test). Therefore, the difference between the value of the old debt at amortised cost and the new debt discounted at the effective interest rate of the old debt was recognised as a decrease in finance costs of EUR 2,291 thousand under “Finance costs” in the consolidated income statement for 2019. This amount will be reversed in the consolidated income statement for subsequent years in accordance with the effective interest rate of the debt.
In the first half of 2026, the application of the amortised cost method in relation to these items gave rise to a finance cost of EUR 55 thousand (EUR 210 thousand in the first half of 2025).
On 27 July 2023, the Parent took out a loan with BBVA secured by a mortgage on an office building in Madrid. The loan is for EUR 180 million, with a term of 7 years and accrues interest at a market rate of EURIBOR + 110 basis points.
On 15 November 2023, the Parent entered into a loan with Allianz secured by a mortgage on a portfolio of 4 office buildings in Madrid. The loan is for EUR 170 million, with a term of 10 years and accrues interest at a fixed rate of 4.523%.
On 17 January 2024, the Parent took out a loan with Caixabank, S.A. secured by a mortgage on a portfolio of two office buildings in Madrid. The loan is for EUR 150 million, matures in 2034 and has a spread of 130 basis points.
On 28 June 2024, the Group took out a loan with Novo Banco, S.A. secured by a mortgage on a portfolio of five office buildings in Lisbon. The loan is for EUR 134 million, matures in 2031 and has a spread of 125 basis points.
As at 30 June 2026 , all of the Group's mortgage loans had been fully drawn down, except for the loan arranged with ING Bank N.V., under which EUR 58.3 million remained available for drawdown.
This financing includes obligations to maintain certain coverage ratios, such as the loan-to-value ratio and the ratio of the Group’s income used to service the debt (interest coverage ratio, ICR). The Parent’s directors have confirmed that these ratios were met at 30 June 2026 and do not expect that they will not be fulfilled in the coming years.
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10.2 Debenture issues On 12 May 2017, the Parent subscribed a Euro Medium Term Notes (EMTN) issue programme of up to EUR 4,000 million, which replaced the original bond issue programme and its supplements subscribed on 6 April 2016 and 14 October 2016, respectively, for an overall maximum amount of EUR 2,700 million.
On 18 May 2018, the Parent expanded the Euro Medium Term Notes (EMTN) issue programme to EUR 5,000 million.
On 17 June 2020, the shareholders at the Annual General Meeting approved the extension of this bond issuance programme up to an amount of EUR 6,000 million, with the extension carried out on 21 March 2021. The programme was subsequently renewed on 4 August 2022, 11 May 2023 and 10 May 2024 for another year.
On 30 April 2025, the General Meeting approved the extension of this bond issuance program up to an amount of EUR 7,500 million. It was subsequently renewed for a further one-year term on 7 May 2026.
On 1 June 2022, the Group obtained the consent of its bondholders to the conversion of all its bonds into green bonds in accordance with the Green Funding Framework published by the Group on 25 April 2022. The reclassification of the bonds to green bonds does not entail changes to any other features of the bonds, such as their terms and conditions, interest or maturity. In April 2024, the Group renewed the Green Financing Reference Framework.
On 2 February 2024, the Group increased the amount drawn down (tap) on the bond maturing in September 2029 at 2.375% for an amount of EUR 100 million (implicit cost 3.93%).
On 26 May 2025, the Group repaid the corresponding bond on the maturity date in the amount of EUR 600 million.
On 4 September 2025, the Group issued a EUR 550 million bond maturing in September 2033 and bearing interest at 3.5%.
The terms of the bonds issued by the Group abide by UK laws and are traded on the Luxembourg Stock Exchange. The bond issue scheme has the same guarantees and ratio compliance obligations as the syndicated loan and the revolving credit facility.
The detail at 30 June 2026 and 31 December 2025 of the bonds issued by the Parent is as follows:
At 30 June 2026 MaturityFace valueCoupon Listed price Return Market(Millions of Euros) nov-26 800 1.875 % MS +66 p.b. 3.08 % Luxemburg jul-27 500 2.375 % MS +31 p.b. 3.04 % Luxemburg sep-29 400 2.375 % MS +51 p.b. 3.22 % Luxemburg jun-30 500 1.375 % MS +73 p.b. 3.44 % Luxemburg sep-33 550 3.500 % MS +109 p.b. 3.90 % Luxemburg dec-34 600 1.875 % MS +109 p.b. 3.94 % Luxemburg 3,350 2.201 %
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At 31 December 2025 MaturityFace valueCoupon Listed price Return Market(Millions of Euros) nov-26 800 1.875 % MS +44 p.b. 2.64 % Luxemburg jul-27 500 2.375 % MS +36 p.b. 2.55 % Luxemburg sep-29 400 2.375 % MS +46 p.b. 2.91 % Luxemburg jun-30 500 1.375 % MS +74 p.b. 3.26 % Luxemburg sep-33 550 3.500 % MS +107 p.b. 3.85 % Luxemburg dec-34 600 1.875 % MS +114 p.b. 4.00 % Luxemburg 3,350 2.201 % These debenture issues include obligations to meet certain coverage ratios. These ratios are defined as the ratio of the value of assets to outstanding debt (Loan to Value), the ratio of Group income to debt service (interest coverage ratio, or ICR) and the ratio of assets to debt, both without collateral (Unencumbered Ratio). The Parent’s directors have confirmed that these ratios were met at 30 June 2026 and do not expect that they will not be fulfilled in the coming years.
During the first half of 2026 , the interest expense on debenture issues amounted to EUR 36,572 thousand (EUR 31,188 thousand in the first half of 2025 ). The accrued interest payable at 30 June 2025 amounted to EUR 51,328 thousand (EUR 21,631 thousand at 31 December 2025 ). Debt arrangement expenses taken to the consolidated income statement in the first half of 2026 amounted to EUR 2,637 thousand (EUR 2,643 thousand in the first half of 2025 ).
10.3 Derivatives
The detail of the financial instruments at 30 June 2026 and 31 December 2025 is as follows:
Thousands of euros
30-06-2026 31-12-2025
Non-current:
Asset interest rate (2,524) (229) Liability interest rate 1,680 8,260 Total non-current (844) 8,031
Current:
Interest rate derivatives 175 351 Total current 175 351 To determine the fair value of interest rate derivatives, the Group discounts the cash flows based on the implicit EURIBOR interest rate calculated in accordance with market conditions at the measurement date.
These financial instruments are classified as Level 2 as per IFRS 7 and 13.
The detail of the derivative financial instruments, without including non-current interests, included in the consolidated statement of financial position at 30 June 2026 , and 31 December 2025, and their hedged notional amount, is as follows:
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At 30 June 2026 Thousands of euros Outstanding notional amount at each date Interest Fair Subsequent Contracted Value 2026 2027 2028 2029 years Syndicated Parent Company 2.537 % 1,288 665,000 665,000 - - -
Non-mortgage - Parent Company 2.356 % (930) 160,000 160,000 100,000 100,000 100,000 Mortgage - Parent Company 2.469 % (1,465) 328,313 327,000 325,500 323,719 321,563 Mortgage - Other spanish subsidiaries 2.835 % 392 33,369 33,369 33,369 33,369 33,369 Mortgage - Portugal 2.553 % (129) 134,000 134,000 134,000 134,000 134,000 (844) 1,320,682 1,319,369 592,869 591,088 588,932 At 31 December 2025 Outstanding notional amount at each date Interest Fair Subsequent Contracted Value 2025 2026 2027 2028 years Syndicated Parent Company 2.537 % 7,341 665,000 665,000 665,000 - -
Non-mortgage - Parent Company 2.356 % 221 160,000 160,000 160,000 100,000 100,000 Mortgage - Parent Company 2.469 % 44 329,063 328,313 327,000 325,500 323,719 Mortgage - Other spanish subsidiaries 0.310 % (229) 41,712 - - - -
Mortgage - Portugal 2.553 % 654 134,000 134,000 134,000 134,000 134,000 8,031 1,329,775 1,287,313 1,286,000 559,500 557,719 During the first half of 2026, the Group entered into an interest rate hedge in respect of the loan entered into by its subsidiary Merlin Logística S.L.U. with ING Bank N.V. The hedge has a notional amount of EUR 33 million, bears a fixed rate of 2.835% and matures in April 2033.
During 2025, the Group arranged an interest rate hedge to cover the Mediobanca loan until its maturity in March 2031 for a notional amount of EUR 100 million and a fixed cost of 2.263%.
The Group opted to use hedge accounting, having adequately designated the hedging relationships in which these derivative instruments hedge the financing used by the Group, neutralising changes in interest payment flows by setting a fixed rate to be paid for the financing. As at 30 June 2026, all derivatives entered into by the Group are highly effective, both prospectively and retrospectively, on a cumulative basis since the date of designation. Accordingly, changes in their fair value are recognised in equity.
The Group has recognised in equity the fair value of derivatives that meet the hedge effectiveness requirements, taking into account the tax effect only in respect of derivatives associated with the Novo Banco mortgage financing. No tax effect has been recognised in respect of the remaining derivatives due to the Group's application of the REIT tax regime. The Group recognised income of EUR 91 thousand (income of EUR 15 thousand in the first half of 2025 ) under “Changes in fair value of financial instruments” in the consolidated income statement at 30 June 2026 as a result of the derivative financial instruments that did not meet 100% of the hedging requirements due to ineffectiveness.
On adopting IFRS 13, the Group adjusted the measurement techniques for calculating the fair value of its derivatives. The Group includes a bilateral credit risk adjustment to reflect both its own risk and that of the counterparty in measuring the fair value of the derivatives. The Group applied the discounted cash flow method, considering a discount rate affected by the risk of these financial instruments.
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To calculate the fair value of the financial derivatives, the Group used generally accepted measurement techniques in the market, which account for current and future expected exposure, adjusted by the probability of default and the potential loss given default affecting the contract. The credit value adjustment (CVA) or counterparty credit risk and debt value adjustment (DVA) or own credit risk were therefore estimated.
Current and expected exposure in the future is estimated using simulations of scenarios of fluctuations in market variables, such as interest rate curves, exchange rates and volatilities as per market conditions at the measurement date.
Furthermore, the Group’s net exposure has been taken into account as regards each of the counterparties for the credit risk adjustment, if the financial derivatives arranged with them are included in a framework agreement for financial transactions that provides for netting-off positions. For counterparties for whom credit information is available, credit spreads have been obtained from the credit default swaps (CDS) quoted in the market; whereas for those with no available information, references from peers have been used. The Group hired an independent expert to measure the fair value of the derivatives.
The impact of interest rate derivatives on liabilities, equity and consolidated profit or loss before tax of a 5% change in the estimated credit risk rate at 30 June 2026 would be as follows:
Thousands of euros Scenario Liabilities EquityConsolidated profit before tax 5% rise in credit risk rate (20,284) 20,284 -
5% reduction in credit risk rate 20,854 (20,854) -
10.4 Maturity of bank borrowings The detail of the bank borrowings, by maturity, at 30 June 2026 is as follows:
Thousands of euros
Syndicated loans
and other loansMortgage loansRevolving credit
facilityTotal
2S 2026 - 375 - 375
2027 - 1,313 - 1,313 2028 725,000 1,500 - 726,500 2029 - 1,781 - 1,781 2030 29,000 182,156 - 211,156 5 years or more 188,769 487,274 - 676,043 942,769 674,399 - 1,617,168
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10.5 Debt arrangement expenses The changes in debt arrangement expenses in the first half of 2026 are as follows:
Thousands of euros
31-12-2025Allocation to
profit and loss
account –
Amortised costImpact of
IFRS 9 on
income
statementCapitalisations
of arrangement
expenses30-06-2026
Non-mortgage financing 6,134 (845) - 200 5,489 Mortgage loans 3,831 (334) (55) 500 3,942 Debentures and bonds 18,665 (2,637) - - 16,028 28,630 (3,816) (55) 700 25,459 .
11. Other current and non-current liabilities The detail of these headings at 30 June 2026 and 31 December 2025 is as follows:
Thousands of euros
30-06-2026 31-12-2025
Non-current Current Non-current Current Other provisions 8,465 - 12,987 -
Guarantees and deposits received 120,498 10,658 103,034 11,032 Deferred tax liabilities 673,685 - 627,862 -
Other payables 77,263 3,332 69,286 3,240 Borrowings from Group companies and associates 182,519 - 99,487 -
Other current liabilities - 26,819 - 10,848 Total 1,062,430 40,809 912,656 25,120 “Other provisions” includes provisions for measuring the risk associated with a number of lawsuits and claims filed by third parties arising from the Group’s activities, which have been recognised in accordance with the best estimates to date. It also includes a provision corresponding to the long-term variable remuneration to be paid in the amount of EUR 2,000 thousand (EUR 6,322 thousand in 2025 ) and a provision of EUR 4,821 thousand relating to the grant of options under the 2025-2027 Incentive Plan (see Note 15).
In addition, “Other provisions” includes liabilities for tax charges that are uncertain as to their amount or timing, whereby it is probable that an outflow of resources will be required to settle these obligations as the result of a present obligation.
“Guarantees and deposits received” primarily includes the amounts deposited by lessees to secure leases and that will be returned at the end of the lease term.
The increase in the item ‘Deferred tax liabilities’ during the first half of the 2026 financial year is mainly due to the tax effect associated with the increase in the value of the assets of the Portuguese companies, which are taxed under the general regime applicable in that jurisdiction, although they meet the requirements set out in Article 2.1.c) of the REIT Act to be considered eligible assets for the purposes of that regime.
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The Parent and the majority of its subsidiaries adhere to the REIT tax regime. Under this regime, gains from the sale of assets are taxed at a rate of 0%, provided that certain requirements are met (basically, the assets must have been owned by the REIT for at least three years). Any gains from the sale of assets acquired before inclusion in the REIT tax regime, and those belonging to companies that are not included in that regime, will be distributed on a straight-line basis (unless proven otherwise) over the periods in which the asset was owned by the REIT. The gains relating to periods before inclusion in the REIT tax regime will be taxed at the standard rate, while a rate of 0% will be applied to the other years. The Parent’s directors estimated the tax rate applicable to the tax gain on the assets acquired before their inclusion in the REIT tax regime (calculated in accordance with the fair value of the assets obtained from the appraisals at the date of the business combination and their tax value), recognising the related deferred tax liability.
The Parent’s directors do not envisage disposing of any of the investment property acquired after the Parent and its subsidiaries adhered to the REIT tax regime within three years and, therefore, have not recognised the deferred tax liability corresponding to the changes in fair value since the assets were acquired as the applicable tax rate is 0%.
The heading “Amounts due to Group companies and associates” includes the provision recognised by the Group in respect of the commitment entered into with its associate Edged Spain, S.L., based on the future profitability of the data centres (see Note 14), which the Group recognises as an additional cost of those data centres .
12. Trade and other payables The detail of this heading at 30 June 2026 and 31 December 2025 is as follows:
Thousands of euros
30-06-2026 31-12-2025
Current:
Suppliers 136,258 178,543 Payables to suppliers - Group companies and associates 6,034 3,711 Various creditors 6,772 28,340 Pendings remunerations 11,343 16,248 Other payables to public authorities 9,059 30,649 Advances from customers 21,327 19,555
190,793 277,046
The carrying amount of trade and other payables approximates their fair value.
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13. Revenue and expenses
a) Revenue
The detail of revenue is presented together with the business line information in Note 4.
b) Other operating expenses The detail of the balances of this heading of the accompanying consolidated income statement is as
follows:
Thousands of euros
30-06-2026 30-06-2025
Non-recoverable expenses of leased properties 29,915 25,218
Overheads-
Professional services 7,079 6,352 Headquarters expenses 1,870 1,348 Insurance 301 316 Other 1,965 1,490 Costs associated with asset acquisitions and financing 1,094 1,017 Losses on, impairment of and change in provisions 1,071 193 Other current operating expenses 21,310 5,965
64,605 41,899
The increase in the “Other current operating expenses” item during the first half of 2026 was mainly attributable to tenant fit-out costs at the data centre in Bilbao. These costs are recharged to tenants together with a mark-up on the costs incurred (see Note 4.c).
The Group obtained income during the first half of 2026 as a result of having passed on the rental property expenses to tenants amounting to EUR 61,651 thousand (EUR 49,233 thousand in the same period of the previous year).
c) Staff costs and average headcount The breakdown of “Staff costs” is as follows:
Thousands of euros
30-06-2026 30-06-2025
Wages, salaries and similar expenses 17,713 17,521 Termination benefits 122 83 Social security costs 2,411 2,092 Other employee benefit costs 451 369 Long-term incentive plan (Note 15) 9,948 -
30,645 20,065
In the first half of 2026 and 2025 , the amount recognised under “Wages, salaries and similar expenses” included EUR 7,760 thousand and EUR 8,129 thousand, respectively, as a provision for short-term variable remuneration.
The average number of employees at the various Group companies in the six-month period ended 30 June 2026 was 296 (287 during the same period in 2025 ).
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d) Finance income and costs The detail of the balances of this heading in the consolidated income statement is as follows:
Thousands of euros
30-06-2026 30-06-2025
Finance income:
Interest on loans 958 950 Interest on deposits and current accounts 14,669 18,952 Other financial income 151 1,403
15,778 21,305
Finance costs:
Interest on loans and other credits (72,206) (66,173) Other finance costs (5,016) (2,839)
(77,222) (69,012)
Net finance expense (61,444) (47,707) During the first half of 2026 , the finance costs mainly included the interest corresponding to the bank borrowings and debentures detailed in Note 10 amounting to EUR 28,511 thousand and EUR 36,572 thousand, respectively (EUR 30,572 thousand and EUR 31,188 thousand, respectively, in the first half of 2025 ). These amounts do not include the amortisation of the debt arrangement expenses amounting to EUR 3,871 thousand (EUR 4,090 thousand in the first half of 2025 ), as a result of applying the effective interest rate to the financial debt (see Note 10), and the finance costs associated with the interest rate derivatives amounting to EUR 3,252 (income of EUR 323 thousand in the first half of 2025 ).
In the first half of 2026, the finance income generated by short-term bank deposits and interest-
bearing current accounts amounted to EUR 14,669 thousand (EUR 18,952 thousand in the first half of 2025).
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14. Related party transactions Related party transactions are transactions carried out by the Company or its subsidiaries with directors, shareholders holding 10% or more of the voting rights or represented on the company’s board of directors, or any other persons who must be considered related parties in accordance with International Accounting Standards, adopted in accordance with Regulation (EC) 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards.
At 30 June 2026 , the detail of transactions that are significant in amount or material, carried out between the Parent or its Group companies and related parties, is as follows:
Nature of
relationshipThousands of euros Related party Revenue Expense Assets Liabilities Banco Santander, S.A. (a) Financing (*) 1,190 508 - 100,000 Banco Santander, S.A. (a) Cash - - 136,423 -
Banco Santander, S.A. (b) Lease 377 - - 396 Banco Santander, S.A. (b) y (c) Services 79 1,704 - -
Paseo Comercial Carlos III, S.A. (d) Financing 287 - 13,685 -
Provitae Centros Asistenciales, S.L. (e) Financing 16 - 1,343 -
Edged Spain, S.L. (f) Services - 3,320 12,037 182,519 1,949 5,532 163,488 282,915 (*) The liability relates to the portion of the undrawn corporate credit facility corresponding to Banco Santander at 30 June 2026 .
Transactions executed with significant shareholders During the first half of 2026 , the only shareholder considered a significant shareholder pursuant to current regulations was Banco Santander, S.A.
a) Financing transactions At 30 June 2026 , the Group did not have any loans arranged with shareholders except for a corporate credit facility of EUR 740 million, undrawn at 30 June 2026 , in which Banco Santander, S.A.
participates with EUR 100 million.
At 30 June 2026 , the Group held bank balances with Banco Santander, S.A. amounting to EUR 136,423 thousand (EUR 152,692 thousand at the end of 2025 ), including accounts in the name of its associate Edged Spain, S.L. amounting to EUR 191 thousand (EUR 24 thousand at the end of 2025) and Edged Portugal, Unipessoal, L.D.A. amounting to EUR 90 thousand (EUR 15 thousand at the end of 2025 ).
During the first half of 2026 , the finance costs incurred in transactions with Banco Santander, S.A.
amounted to EUR 508 thousand (EUR 220 thousand in the first half of 2025 ), which mainly included EUR 174 thousand corresponding to the finance costs of the corporate credit facility, EUR 315 thousand in guarantee fees and EUR 19 thousand in current account management expenses (EUR 175, 33 and 12 thousand in the first half of 2025, respectively).
Banco Santander, S.A. has granted guarantee facilities to the Group totalling EUR 56,931 thousand (EUR 25,395 thousand at the end of 2025 ).
The income of EUR 1,090 thousand (EUR 1,216 thousand in the first half of 2025 ) relates to ordinary remuneration of the current accounts held by the Group with Banco Santander .
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b) Lease transactions and services rendered During the first half of 2026 , the Group had 3 leases with the Banco Santander, S.A. for various office buildings and shopping centres. The terms of the leases cover a period of up to 5 years and in the first half of 2026 they generated income amounting to EUR 377 thousand (EUR 411 thousand in the first half of 2025 ), which includes rental income, and income from parking spaces and the assignment of space for ATMs in shopping centres. The security deposits received for these leases amounted to EUR 396 thousand (EUR 364 thousand at 2025 year-end).
In addition, the Group contracted organisational services for the General Meeting and shareholder registration services amounting to EUR 80 thousand, in addition to agent services for the listing on the Euronext Lisbon stock exchange and agent services for dividends amounting to EUR 35 thousand.
c) Increase in the Parent’s share capital On 26 March 2026, MERLIN Properties SOCIMI, S.A. increased capital by means of an accelerated bookbuilding process with a charge to monetary contributions and with the disapplication of pre-
emption rights through the issue of 56,275,101 ordinary MERLIN shares, each with a par value of one euro (EUR 1.00), of the same class and series as the shares currently outstanding (see Note 9.1).
As a result of this capital increase, the following transactions were performed with significant
shareholders:
•Participation by Banco Santander, S.A. as Agent Bank and as Joint Global Coordinator, the amount of the fee invoiced in this transaction totalling EUR 1,550 thousand, of which EUR 50 thousand (0.089% of the issue) is the agent bank's fee and EUR 1,500 thousand is the base fee and discretionary fee. In addition, Banco Santander, S.A. charged a pre-funding fee of EUR 39 thousand.
•Banco Santander, S.A., which directly or indirectly holds approximately 24.71% of MERLIN’s share capital, subscribed 13,904,917 new shares, thus maintaining its holding in MERLIN’s share capital after the capital increase (at the same 24.71%).
•Nortia Capital Investment Holding, S.L., which directly or indirectly holds approximately 8.17% of MERLIN’s share capital, subscribed 6,625,801 new shares, increasing its holding in MERLIN’s share capital after the capital increase to 8.50%).
The above related party transactions in connection with the capital increase were reported by the Audit and Control Committee to the Board on 25 March 2026. These reports, in compliance with current law, were sent to the CNMV (registration number 39911) and published on the corporate website: https://
ir.merlinproperties.com/regulador/operaciones-vinculadas/
Financing transactions with companies accounted for using the equity method d) Paseo Comercial Carlos III, S.A.
At 30 June 2026 , the Parent had an outstanding loan for a combined amount of EUR 13,685 thousand as regards the associate Paseo Comercial Carlos III, S.A. (owner of a shopping centre in Madrid).
This loan includes the renewal in 2025 of the initial loan amounting to EUR 2,500 thousand, together with accrued interest of EUR 1,185 thousand (EUR 898 thousand at 31 December 2025). The related finance income amounted to EUR 287 thousand (EUR 253 thousand in the first half of 2025).
During the fourth quarter of 2025, the company repaid EUR 2,539 thousand of the initial loan (originally granted in two tranches in 2020 and 2021) and subsequently increased the financing by EUR 2,500 thousand, resulting in an overall net reduction in borrowings of EUR 39 thousand. It also settled accrued interest of EUR 134 thousand relating to the initial loan that had remained outstanding.
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e) Provitae Centros Asistenciales, S.L.
At 30 June 2026 , the Parent had an outstanding loan amounting to EUR 1,343 thousand (EUR 1,322 thousand at 31 December 2025), which includes EUR 272 thousand (EUR 255 thousand at 31 December 2025) in accrued interest, granted on 10 January 2002 to the associate Provitae Centros Asistenciales, S.L., which owns a plot of land in Villajoyosa (Alicante). Finance income for the first half of 2026 amounted to EUR 16 thousand (EUR 15 thousand in the first half of 2025).
f) Edged Spain, S.L.
Under the agreements between MERLIN and its subsidiaries that own the data centres and Edged Spain, S.L., there are a series of commitments based on the overheads, turnover and future profitability of these data centres and, therefore, in the first half of 2026 the MERLIN Group recognised EUR 3,320 thousand in expenses (EUR 1,746 thousand in the first half of 2025 ), and carried assets of EUR 12,037 thousand and liabilities of EUR 182,519 thousand (EUR 12,489 thousand and EUR 99,487 thousand at year-end 2025 ).
Dividends and other profits distributed to related parties (thousands of euros)
30-06-2026 30-06-2025
Significant shareholders 33,577 30,216 Banco Santander, S.A. 33,577 30,216 Directors and managers 981 1,668 Directors 488 975 Executives 493 693 Total 34,558 31,884 .
15. Information on Directors The Parent’s directors and the parties related to them did not have any conflicts of interest that had to be reported in accordance with that set out in Article 229 of the consolidated text of the Corporate Enterprises Act.
Directors' compensation and other benefits During the first half of 2026 , salaries, allowances and fixed remuneration accrued by the members of the Parent's administrative bodies amounted to EUR 1,923 thousand (EUR 2,190 thousand during the first half of 2025 ), as detailed below:
Thousands of euros
30-06-2026 30-06-2025
Fixed remuneration 1,815 2,076 Statutory compensation - -
Termination benefits - -
Per diems 108 114 Life and health insurance 6 8
1,929 2,198
In addition to the above amounts, in the first half of 2026 , the executive directors received payments totalling EUR 4,214 thousand corresponding to the variable remuneration for 2025 and the deferred variable remuneration for 2023, 2024 and 2025. At 30 June 2026, the accrued amounts payable related to the variable remuneration for 2024 and 2025 totalled EUR 1,516 thousand, of which EUR
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550 thousand are recognised under “Non-current provisions” and EUR 966 thousand under “Trade and other payables” in the accompanying statement of financial position.
During the first half of 2025, the Executive Directors received 87,164 shares in settlement of the 2022-2024 Incentive Plan.
The breakdown, by Board member of the Parent, of the amounts disclosed above received for fixed remuneration and attendance fees, is as follows:
Member CategoryThousands of euros
30-06-2026 30-06-2025
Remuneration of board members José Luis de Mora Gil-Gallardo Chairman - Proprietary director 225 225 Ismael Clemente Orrego CEO 550 550 Miguel Ollero Barrera Executive director 336 550 María Luisa Jordá Castro Independent director 62 88 Ana García Fau Independent director - 52 Fernando Ortiz Vaamonde Independent director 51 74 George Donald Johnston Independent director 80 94 Juan María Aguirre Gonzalo Independent director 106 91 Pilar Cavero Mestre Independent director 90 82 Francisca Ortega Hernández-Agero Proprietary director 88 86 Emilio Novela Berlín Independent director - 69 Juan Antonio Alcaraz García Proprietary director - 78 Fernando López Muñoz Proprietary director 90 -
Julia Bayón Pedraza Proprietary director 77 72 Inès Archer Toper Independent director 82 79 Olaf Díaz-Pintado López Independent director 32 -
Regina Garay Salazar Independent director 27 -
María Teresa Pulido Mendoza Independent director 27 -
1,923 2,190
On 20 April 2026, Mr Miguel Ollero Barrera, an executive director and co-founder of MERLIN, passed away. Subsequently, the Annual General Meeting held on 29 April 2026 resolved to set the number of members of the Parent’s Board of Directors at 13. Furthermore, in accordance with the applicable legislation and the Articles of Association, it was expressly provided that the Board of Directors would retain the power to fill the resulting vacancy by co-optation.
During the first half of 2026, the terms of office of independent directors Ms María Luisa Jordá Castro, Mr George Donald Johnston and Mr Fernando Ortiz Vaamonde expired.
At the Annual General Meeting of Shareholders held on 29 April 2026, the appointment of Mr Olaf Díaz-Pintado López, Ms Regina Garay Salazar and Ms María Teresa Pulido Mendoza as independent directors was approved.
In 2025, the Parent's Board of Directors accepted the resignation of director Ms Ana García Fau and expressed its condolences on the death of director Mr Emilio Novela Berlín. In November 2025, the Parent's Board of Directors accepted the resignation of director Mr Juan Antonio Alcaraz García and unanimously approved the appointment of Mr Fernando López Muñoz by co-optation.
The Parent has not granted any advances, loans or guarantees to any of its Board members.
The Parent’s directors are covered by the “Corporate Third-Party Liability Insurance Policies for Directors and Executives” taken out by the Parent to cover any possible harm and loss that may be claimed, and that are evidenced as a result of a management error committed by its directors or
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executives, and those of its subsidiaries, in discharging their duties. The premium amounted to an annual total of EUR 215 thousand (EUR 232 thousand in 2025).
As regards golden parachute clauses for the CEO in the event of dismissal or a takeover, at 30 June 2026 these golden parachute clauses provide for compensation that represented a total commitment of EUR 6,600 thousand.
Remuneration and other benefits of senior executives The remuneration of the Parent’s senior executives, including the Head of Internal Audit and excluding those who are simultaneously Board members (whose remuneration is disclosed above), in the six-
month period ended 30 June 2026 is summarised as follows:
Thousands of euros
30-06-2026 30-06-2025
Number of
personsFixed and
variable
remunerationOther
remunerationTotalNumber of
personsFixed and
variable
remunerationOther
remunerationTotal
9 1,655 29 1,684 9 1,333 19 1,352 In addition to the above amounts, in the first half of 2026 , the senior executives received payments totalling EUR 4,813 thousand corresponding to the variable remuneration for 2025 and the deferred variable remuneration for 2023 and 2024. At 30 June 2026, the accrued amounts payable related to the variable remuneration for 2024 and 2025 totalled EUR 3,773 thousand, of which EUR 1,450 thousand are recognised under “Non-current provisions” and EUR 2,323 thousand under “Trade and other payables” in the accompanying statement of financial position.
During the first half of 2025, members of the Parent's senior management received 76,231 shares in settlement of the 2022-2024 Incentive Plan.
The main features of the long-term incentive plans approved and/or settled as at the end of the first half of 2026 and during 2025 are set out below:
2025 – 2027 Incentive Plan The shareholders at the General Meeting held on 30 April 2025 approved a long-term remuneration plan consisting of the delivery of 5,168,656 ordinary shares and/or share options of the Parent (representing 0.92% of the Parent’s share capital at the date of approval), for the executive directors, the management team and other important members of the Group’s workforce (“2025-2027 Incentive Plan”). The method of payment will vary depending on whether the Parent's Board of Directors decides to settle the Performance Shares in cash or in shares.
The 2025-2027 Incentive Plan consists of a single target measurement cycle that will last three years, starting on 1 January 2025 and ending on 31 December 2027. If the targets are met, the shares will be delivered in 2028, once the corresponding annual financial statements for 2027 have been prepared and audited. Share options will be cash-settled (or in such other manner as the Parent's Board of Directors may determine from time to time) during the exercise windows established for 2028, 2029 and 2030, with no more than one exercise window in each financial year. A maximum of 1,307,738 shares will be allocated to executive directors. All shares delivered under the 2025-2027 Incentive Plan to executive directors will be subject to a 2-year holding period.
The specific number of shares of the Parent that, within the maximum established, will be delivered to the Beneficiaries of the 2025-2027 Incentive Plan at the end of the Plan will be conditional on the fulfilment of the following objectives related to the creation of value for shareholders and sustainability:
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Metrics Definition Weighting Absolute Total Shareholder Return (TSR)This is the return on the share taking into account the cumulative change in the Company’s share price, including dividends and other similar items received by the shareholder during the 2025-2027 period.40% EPRA NTA per share 31/12/27 + Dividends (2025-2027)/shareThis is calculated based on the Company’s consolidated equity and by adjusting certain items following EPRA recommendations (including the market value of the assets and excluding certain items that are not expected to result in sustained property lease business). The EPRA NTA assumes that the companies buy and sell assets, generating deferred tax liabilities.
For the purposes of the Plan, the EPRA NTA as at 31 December 2027, as reported in MERLIN's annual financial statements, together with dividends paid per share and other similar amounts received by shareholders during the target measurement period (2025–2027), are taken into account.25% Data Centres – MW available for lease as at 31/12/27MW installed in data centres that have received the corresponding equipment and electricity supply, which are leased or available for lease on 31 December 2027.10% Data Centres – Gross Rental Income (GRI) 31/12/27Annualised gross rental income generated by the data centre business in
December 2027.10%
Data Centers - EBITDA 31/12/27Annualised EBITDA generated by the data centre business in December
2027.10%
Net carbon emissionsLevel of reduction of MERLIN's CO2 emissions (scope 1 + 2) at 31 December 2027, compared to 31 December 2024, calculated for the comparable asset portfolio over which the Company has operational control (scope of the MERLIN's progress toward zero net emissions).5% With respect to the market condition relating to “Total Shareholder Return”, the Group applied a valuation methodology for the underlying equity instruments at the grant date based on a geometric Brownian motion stochastic model using a Monte Carlo simulation. Monte Carlo simulation is a statistical technique that uses repeated random sampling from a mathematical model to estimate the probability of different possible outcomes (scenarios) under conditions of uncertainty.
In this regard, the Monte Carlo simulation applied by the Group was based on a geometric Brownian motion model for dividend-paying assets, enabling the Parent's share price to be estimated at a future date. Using the Monte Carlo method, the possible paths of the underlying asset (the Parent's share price) are simulated by repeatedly generating random samples to produce different numerical outcomes under the geometric Brownian motion model.
The following were taken into account as inputs to the geometric Brownian motion model: the share price at the measurement date, the start of the Incentive Plan's measurement period, the historical volatility of the share, the risk-free rate and the expected dividend yield on the share during the Incentive Plan's measurement period. A standard normal distribution, N(0,1), was used to generate the stochastic variable.
Based on these assumptions, the statistical mean, or expected value, corresponding to the Parent's spot share price at the end of the incentive period was obtained.
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Accordingly, during the first half of 2026, the Group recognised an expense of EUR 6,236 thousand against reserves and an expense of EUR 3,712 thousand against non-current liabilities. Furthermore, as at 30 June 2026, the Group recognised EUR 18,709 thousand in reserves and EUR 4,821 thousand in non-current liabilities in the accompanying consolidated statement of financial position in respect of the accounting treatment of the 2025-2027 Incentive Plan.
2022 – 2024 Incentive Plan The shareholders at the General Meeting held on 4 May 2022 approved a long-term remuneration plan consisting of the delivery of 3,491,767 ordinary shares of the Parent (representing 0.74% of the Parent’s share capital at the date of approval), for the MERLIN Group’s executive and management team.
The 2022-2024 Incentive Plan consisted of a single cycle with a target measurement period that lasted three years, starting on 1 January 2022 and ending on 31 December 2024. If the targets are met, the shares would be delivered in 2025, once the corresponding financial statements for 2024 have been prepared and audited. All shares delivered under the 2022-2024 Incentive Plan to executive directors are subject to a 2-year holding period. The maximum number of shares allocated to executive directors was 1,088,082.
The specific number of shares of the Parent that, within the maximum established, would be delivered to the Beneficiaries of the 2022-2024 Incentive Plan at the end of the Plan was conditional on the fulfilment of the following objectives related to the creation of value for shareholders and sustainability:
Metrics Definition Weighting
Absolute TSR
Relative TSRAbsolute Total Shareholder Return (TSR) is the return on the share taking into account the cumulative change in the Company’s share price, including dividends and other similar items received by the shareholder during the 2022-2024 period.
Relative TSR measures the performance of the TSR of the Company’s share over the 2022-2024 period in relation to the TSR of the FTSE EPRA Nareit Developed Europe Index over the same period.50%
EPRA NTA 31/12/24 +
Dividends (2022-2024)/shareThe EPRA NTA is calculated based on the Company’s consolidated equity and adjusting specific items in accordance with EPRA recommendations. Furthermore, the dividends paid and other similar items received by the shareholder during the target measurement period (2022, 2023 and 2024) are taken into account.35% Net carbon emissionsLevel of reduction of the Company’s CO2 emissions at 31 December 2024, compared to 31 December 2021, calculated for the comparable portfolio of assets over which the Company has operational control (scope of the Company’s pathway to net zero).10% Environment and SocietyProgress on initiatives linked to improving the environment and society.
The economic and social impact of the Company’s assets on the local communities around these assets and the various stakeholders will therefore be assessed.5% The performance measurement period for the 2022-2024 Incentive Plans ended on 31 December 2024.
During 2025, following the Parent's Board of Directors' verification that the targets under the 2022-2024 Incentive Plan had been achieved, a total of 290,954 net shares were awarded to the beneficiaries of the scheme.
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16. Events after the reporting period From 30 June 2026, until the date of preparation of these interim condensed consolidated financial statements, no significant events have occurred.
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Merlin Properties SOCIMI, S.A. and Subsidiaries Consolidated interim management report for the six-month period ended 30 June 2026 .
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CONSOLIDATED PERFORMANCE
BUSINESS PERFORMANCE(€ million) 6M26 6M25 YoY
Total revenues 307.7 275.3 11.7% Gross rents 291.7 264.7 10.2% Gross rents after incentives276.1 249.6 10.6% Net rents after propex & collection losses245.1 224.2 9.3% Gross-to-net margin(1)88.8% 89.8%
EBITDA(2)229.4 205.3 11.7%
Margin 78.6% 77.6%
FFO(3)180.0 166.6 8.0%
Margin 61.7% 62.9%
AFFO 175.0 159.8 9.5%
Net earnings 578.9 512.9 12.9% • Offices: 85,540 sqm contracted.
LfL of +2.4% and release spread of +1.7% • Logistics: 39,262 sqm contracted.
LfL of +1.2% and release spread of +3.9% • Shopping centers: 23,328 sqm contracted.
LfL of +6.4% and release spread of +5.6% (1) Net of incentives (2) Excludes non-overhead costs items (€ 1.4m) and LTIP accrual (€ 9.9m) (3) FFO equals EBITDA less net interest payments, less minorities, less recurring income taxes plus share in earnings of equity method (4) 6M26 per share figures assume new total number of shares of 620m vs 564m for 6M25 (5) Portfolio in operation for 6M25 (€ 246.2m of GRI) and for 6M26 (€ 254.3m of GRI)(€m)Offices Logistics S. Centers+2.4% +1.2% +6.4%Rents like-for-like YoY Gross rents bridge+1.7% +3.9% +5.6%Release spread Occupancy vs 31/12/2025(€ per share)(4)6M26 6M25 YoY
FFO 0.29 0.30 (1.8%)
AFFO 0.28 0.28 (0.4%)
EPS 0.93 0.91 2.6%
NTA 15.99 15.04 6.3%
LfL(5)
+3.3%
291.7 +18.9+8.1264.7
6M26 Balance
acquisitions,
disposals & otherLike-for-Like growth6M256M26 Contracted RentLeasing
activityOcc. vs
31/03/26
sqm €mLfL
changeRelease
spreadBps
Offices 85,540 148.0 +2.4% 1.7% (5) Logistics 39,262 42.5 +1.2% 3.9% (74)
Shopping
centers23,328 71.8 +6.4% 5.6% 28
Data
Centersn.a. 28.1 n.a. n.a. n.m.
Total 148,130 291.7 +3.3% (32)6M26 RESULTS
Trading Update
• Strong operational performance in traditional asset classes (+3.3% LfL) • Double digit top-line growth driven by DCs (+11.7%) • Strong FFO (+8.0%) despite financial expenses • € 340m FFO guidance FY26 (€ 0.55 p.s.) • Mega Plan rocking, with 160MW let or pre-let after signing Arasur 01 (48MW) • On track to far exceed FY26 200MW guidance • € 26.3m non-core divestments at GAV in 6M26, € 49.0m in July 2026 and € 90.9m signed for execution 2H26 / FY27 • +3.7% LfL GAV growth. 80% of revaluation coming from Data Centers • NTA per share stands at € 15.99 post capital increase after deducting € 0.22 p.s. paid in MayTotal revenues YoY+11.7% Gross Rents like-for-like YoY+3.3% TSR per Share YoY+9.1%
FFO YoY+8.0%
(90 bps) 94.7%Offices Logistics S. Centers
MERLIN P roperties 6M26 RESULTS Trading UpdateOFFICES
(€m)
Occupancy rate(2)
6M26 6M25 Change bps Madrid 95.4% 94.5% 86 Barcelona 84.4% 89.7% (529) Lisbon 96.1% 100.0% (389) Other 100.0% 100.0% -
Total 93.6% 94.2% (58)Stock 1,251,361 sqm WIP 97,137 sqm Stock incl. WIP 1,348,498 sqm (1) Portfolio in operation for 6M25 (€ 141.4m of GRI) and for 6M26 (€ 144.9m 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 5 and ElipseLTM sqm Contracted Out In Renewals Net Release spread # Contracts Madrid 69,141 (20,749) 50,724 18,417 29,975 +1.2% 71 Barcelona 6,045 (12,944) 3,188 2,857 (9,756) +1.7% 12 Lisbon 10,354 (9,268) 8,237 2,117 (1,031) +4.6% 6 Total 85,540 (42,961) 62,149 23,391 19,188 +1.7% 89• Modest release spread (+1.7%) owing to a string of peripheral in-outs • 2Q26 leasing activity highlights:
• 12,908 sqm new lease with TAI University in PE Cerro Gamos, Madrid (New delivery) • 3,044 sqm renewal with Cines Princesa in Plaza de los Cubos, Madrid • 3,013 sqm new lease with Axactor in Juan Esplandiu 11-13, Madrid • 2,410 sqm new lease (relocation) with Fujitsu in PE Cerro Gamos, Madrid (New delivery) • 2,117 sqm renewal with DHL in Art, Lisbon • 1,366 sqm new lease (extension) with Serveo in PE Via Norte, Madrid • 1,275 sqm new lease with Technogym Trading in PLZFA, Barcelona • 1,176 sqm new lease (extension) with Schneider Electric in PE Poble Nou 22@, BarcelonaRents breakdown
Gross rents
6M26 (€ m)Passing rent
(€/sqm/m)WAULT
(yr)
Madrid 105.9 21.8 3.1 Barcelona 23.8 22.0 2.9 Lisbon 17.1 23.9 4.8 Other 1.2 12.6 4.0 Total 148.0 21.9 3.3 Leasing activityGross rents bridge • Occupancy at very high levels (93.6%), stable QoQ despite an 11k sqm departure in Barcelona • PE Cerro Gamos 2&3 added back to stock (15,208 sqm) after refurbishment and delivery to TAI University and Fujitsu • By markets, best performer this quarter has been Madrid, reaching 95.4% occupancy, with a strong performance accross all submarketsOccupancy148.0 +0.2 +3.5 144.3
6M26 Balance
acquisitions,
disposals & otherLike-for-Like
growth6M25LfL(1)
+2.4%
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MERLIN P roperties 6M26 RESULTS Trading UpdateOccupancy rate 6M26 6M25 bps Madrid 94.5% 94.7% (17) Barcelona 99.7% 98.6% +117 Other 94.6% 100.0% (539) Total 95.0% 96.2% (122) (1) Portfolio in operation for 6M25 (€ 40.2m of GRI) and for 6M26 (€ 40.7m of GRI)Stock 1,441,966 sqm WIP 497,974 sqm Refurbishments 38,763 sqm Commited 275,160 sqm Non-Commited 184,051 sqm Stock incl. WIP 1,939,940 sqm ZAL Port 765,354 sqm ZAL Port WIP 79,579 sqm Stock managed 2,784,873 sqm• Occupancy (95.0%) impacted YoY due to tenant turnover in Sevilla ZAL • Efforts are focused on the development portfolio. Lisbon Park C, Cabanillas Park II C and Valencia-Betera A nearing completion • Zal Port occupancy stands at 97.3%OccupancyLOGISTICS (€m)Rents breakdown Gross rents bridge
Gross rents
6M26 (€ m)Passing rent
(€/sqm/m)WAULT
(yr)
Madrid 28.2 4.7 3.3 Barcelona 6.5 8.6 2.6 Other 7.8 4.8 1.9 Total 42.5 5.2 2.9+0.1 +0.5
6M26 Balance
acquisitions,
disposals & otherLike-for-Like
growth6M25LfL(1)
42.5+1.2%
41.9
• Positive growth (+1.2% LfL) thanks to a healthy release spread (+3.9%) offsetting occupancy
reduction
• 2Q26 leasing activity highlights • 3,646 sqm new lease with By Demes in Barcelona-PLZF • 2,275 sqm new lease with Ireneo Logistica in Barcelona-PLZF • 2,031 sqm new lease with 51 Relabel in Barcelona-PLZF • 1,161 sqm new lease with Pangea Aerospace in Barcelona-PLZFLeasing activity LTM sqm Contracted Out In Renewals Net Release spread # Contracts Madrid 15,602 (7,251) 1,588 14,014 (5,663) +2.2% 3 Barcelona 21,183 (12,570) 13,731 7,452 1,161 +9.3% 2 Other 2,477 (13,430) 2,477 - (10,953) +3.3% 2 Total 39,262 (33,251) 17,796 21,466 (15,455) +3.9% 7 ı 3 ıMoody’s Confidential
MERLIN P roperties 6M26 RESULTS Trading UpdateLOGISTICS (CONT.)
INVESTMENTS, REFURBISHMENTS AND DEVELOPMENTS
Logistics development program (as of 30/06/2026) • 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 • 178k sqm are pre-let to best in class tenants including XPO, Obramat or Worten (1) Including land costLogistics pipeline as of 6M26 GLA (sqm) Pending capex (€m) GRI (€m) YoC(1) (%) Commited 275,160 96.3 16.9 7.2% Of which pre-let or HoT 178,250 75.2 11.0 Non-Commited 184,051 110.8 11.2 ±7.1% Total 459,211 207.1 28.1 ı 4 ı
MERLIN P roperties 6M26 RESULTS Trading UpdateLTM sqm Contracted Out In Renewals Net Release spread # Contracts Total 23,328 (10,945) 11,557 11,771 612 +5.6% 108Gross rents 6M26 (€ m)Passing rent
(€/sqm/m)WAULT
(yr)
TOTAL 71.8 26.0 2.4
Occupancy
Occupancy rate
6M26 6M25 bps Total 96.9% 96.5% +35Stock 445,725 sqm Tres Aguas(2)67,940 sqm Stock with Tres Aguas 513,665 sqm (1) Portfolio in operation for 6M25 (€ 64.5m of GRI) and for 6M26 (€ 68.7m of GRI) (2) Tres Aguas at 100% allocationLeasing activitySHOPPING CENTERS Footfall and tenant sales
vs 6M25
Tenant sales 8.4%
Footfall 1.9%
OCR 10.8%
• Strong operating performance accross the board, reflected in both footfall (+1.9% vs 6M25) and sales (+8.4% vs 6M25) • Strong revenue growth (+6.4% LfL vs 6M25) paired with affordable rents (10.8% OCR) • 2Q26 leasing activity highlights:
• 847 sqm renewal with Kiabi in Saler • 427 sqm renewal with Mundimoto in X-Madrid • 422 sqm renewal with Pizzerias Cambalache in Marineda • 387 sqm renewal with La Lola de las Arenas in Arenas • 354 sqm renewal with Sfera in Centro Oeste • 331 sqm new lease with Union Musical in X-Madrid • 320 sqm new lease with Mango Teen in La VitalRents breakdown Gross rents bridge
(€m)
• Very high occupancy (96.9%). Efforts will continue focusing on yield management • Best performer this quarter has been Marineda71.8 +1.8 +4.2 65.8
6M26 Balance
acquisitions,
disposals & otherLike-for-Like
growth6M25LfL(1)
+6.4%
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MERLIN P roperties 6M26 RESULTS Trading UpdateDATA CENTERS • Phase I:
• MAD-GET 01, BCN-PLZF 01 and BIO-ARA 03: fully equipped (64MW) and fully let • BCN-PLZF 01 and BIO-ARA 03: operational and cash flowing, including the BCN repowering delivered in July • MAD-GET 01: fully let and cash flowing upon finalization of the power connection works (4Q26), advanced negotiations for a potential repowering opportunity (+6 MW IT) • Phase I GRI is estimated at € 68m in 2026 • Phase II:
• Construction of WIP progressing as planned and leasing well ahead of projections • BIO-ARA 02: fully let (48MW) 12 months before delivery (December 2026). Cash-flow of the first 20 MW expected by 01/2027 and 28 MW in 06/2027 • BIO-ARA 01: fully let (48MW) 18 months before delivery (December 2027) • LIS-VFX 01 and 02 (80MW): licensed and powered; construction underway. IT capacity leasing in advanced negotiations • MAD-GET 02: demolition works underway to be finished by FY26 and construction license expected by 1Q27. Booked • MAD-TCS 01: planning completed. Urbanization works underway • Phase III:
• BIO-ARA 04-05: power granted pending the execution of the infrastructure. Construction
license requested
• LIS-VFX 03-04-05: construction license granted; construction underway of all three buildings simultaneously. IT capacity leasing in advanced negotiations and RFS of all buildings advanced
to 1H29
• ZGZ-WIND 01: power granted. Planning (DIGA) approved, to be followed by the licensing request (PIGA). Start of construction expected for 3Q27 for RFS of single building with all available 144 MW IT capacity in 2H29 Phase I Phase II Phase III Total IT Capacity (MW) 64 254 406 Stabilization year 2027 2030 2032 Total Investment (€m) 614 2,756 4,406 Stabilized GRI (€m) 97 397 646 Gross YoC 15.8% 14.4% 14.7%
Funded Partially
ı 6 ı
MERLIN P roperties 6M26 RESULTS Trading Update€ million
GAV 13,508
Gross financial debt 4,967 Cash and equivalents(2)(1,573) Net financial debt 3,394 NTA 9,913Ratios 30/06/2026 31/12/2025
LTV (Inc. TC) 24.5% 28.9%
Av. Interest rate 2.71% 2.69% Av. Maturity (years) 4.0 4.4 Unsecured debt to total debt 86.4% 86.4% Interest rate fixed 99.8% 100.0% Liquidity position (€m)(1)2,571 1,965• LTV stands at 24.5% (- 436 bps vs FY25) after March capital increase (€ 768m) • Both S&P (BBB+) and Moody’s (Baa1) have reaffirmed MERLIN´s credit rating in 2026 • November 2026 maturity to be repaid in cash with a combination of bond issuances in 2025 and bilateral facilities Corporate rating Outlook
BBB+ Stable
Baa1 StableBALANCE SHEET
(1) Includes cash (€ 1,563.8m) and treasury stock (€ 9.0m) and undrawned credit facilities (€ 998.3m) in 6M26 (2) Includes cash (€ 1,563.8m) and treasury stock (€ 9.0m) (3) Bps based on exit yieldVALUATION • € 13,508m GAV, +3.7 LfL as compared to December 2025 • Sustainable growth, driven mainly by developments, mostly Data Centers (€ 372m uplift) • Slight yield expansion (+2 bps) during the semester GAV (€ m) LfL Growth Gross yieldYield expansion
/(compression)(3)
Offices 6,661 1.1% 4.8% -
Logistics 1,438 0.9% 5.7% 13 Shopping centers 2,151 0.3% 6.6% 8 Logistics WIP & Office landbank 348 n.a. n.a. n.a.
Data Centers 988 27.9% 6.2% (37) Data Centers WIP & Landbank 1,115 n.a. n.a. n.a.
Other 113 0.1% 2.8% -
Equity method 694 (1.2%) n.a. n.a.
Total 13,508 3.7% 5.3% 2 ı 7 ıMoody’s Confidential
MERLIN P roperties 6M26 RESULTS Trading Update(1) € 5.1m are capitalized in balance sheet and € 2.6m are expensed in P&LOffices Retail Logistics Data Centers Others € million
Acquisitions• Navalmoral
• Madrid Tres Cantos • Madrid Getafe II 26.2
Greenfield
development• A2-Cabanillas Park II
• Lisboa-Park
• Valencia-Betera
• Sevilla ZAL• Bilbao-Arasur 3, 2 & 1
• Madrid-Getafe
• Barcelona-PLZF
• Lisboa-VFX 1,2,3,4 & 5367.9 Refurbishments• Plaza Ruiz Picasso II • Liberdade 201 • PE Cerro Gamos • Josefa Valcarcel 48 • Alfonso XI• Callao 5 • Marineda• Sevilla ZAL 34.4
Like-for-like portfolio
(Defensive Capex)(1) 7.7 Total 436.2• € 26.3m non-core divestments at GAV in 6M26, € 49.0m in July 2026 and € 90.9m signed for execution 2H26 / FY27 • Capex efforts continue focused on Best II & III and Digital Infrastructure Plan (Mega)INVESTMENTS, DIVESTMENTS AND CAPEX ı 8 ıMoody’s Confidential
MERLIN P roperties 6M26 RESULTS Trading Update1. Consolidated Profit and Loss 2. Consolidated Balance SheetAPPENDIX ı 9 ıMoody’s Confidential
MERLIN P roperties 6M26 RESULTS Trading Update1. Consolidated Profit and Loss (€ thousand) 30/06/2026 30/06/2025 Gross rents 291,671 264,717 Offices 148,019 144,310 Logistics 42,462 41,864 Shopping centers 71,837 65,828 Data Centers 28,064 12,664 Other 1,289 51 Other income 15,996 10,624 Total Revenue 307,667 275,341 Incentives (15,538) (15,094) Total Operating Expenses (74,145) (56,632) Propex (30,988) (25,411) Personnel expenses (20,575) (19,982) Opex general expenses (11,215) (9,505) Opex non-overheads (1,419) (1,734) LTIP Provision (9,948) -
Accounting EBITDA 217,984 203,615 Depreciation (3,198) (2,282) Gain / (losses) on disposal of assets (3,169) 4,279 Provisions 3,912 1,425 Change in fair value of investment property 469,399 361,895
EBIT 684,928 568,932
Net financial expenses (57,202) (43,665) Debt amortization costs (3,871) (4,090) Gain / (losses) on disposal of financial instruments (112) (355) Change in fair value of financial instruments 91 (9,648) Share in earnings of equity method instruments 3,877 14,662
PROFIT BEFORE TAX 627,711 525,835
Income taxes (48,818) (12,966)
PROFIT (LOSS) FOR THE PERIOD RECURRING OPERATIONS 578,893 512,869
Minorities - -
PROFIT (LOSS) FOR THE PERIOD ATTRIBUTABLE 578,893 512,869
Stapled shares (end of period) 620,000,000 563,724,899
EARNINGS PER SHARE 0.93 0.91
ı 10 ıMoody’s Confidential
MERLIN P roperties 6M26 RESULTS Trading Update(€ thousand)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-6M26.pdf ASSETS 30/06/2026 EQUITY AND LIABILITIES 30/06/2026
NON CURRENT ASSETS 13,843,365 EQUITY 9,286,822
Intangible assets 4,534 Subscribed capital 620,000 Property, plant and equipment 21,332 Share premium 4,731,033 Investment property 12,861,326 Reserves 3,364,621
Investments accounted
by the equity method533,041 Treasury stock (9,037) Non-current financial assets 369,780 Other shareholder contributions 540 Deferred tax assets 53,352 Interim dividend -
Profit for the period 578,893 Valuation adjustments 772
NON-CURRENT LIABILITIES 5,205,278
Long term debt 4,523,128 Long term provisions 8,465 Deferred tax liabilities 673,685
CURRENT ASSETS 1,742,829 CURRENT LIABILITIES 1,094,094
Trade and other receivables 86,447 Short term debt 869,626 Short term investments in group companies and associates4,309 Trade and other payables 197,649 Short-term financial assets 2,897 Other current liabilities 26,819 Cash and cash equivalents 1,563,792 Other current assets 85,384
TOTAL ASSETS 15,586,194 TOTAL EQUITY AND LIABILITIES 15,586,194
ı 11 ıMoody’s Confidential
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28046 Madrid
+34 91 769 19 00
info@merlinprop.com
www.merlinproperties.com
1 MERLIN PROPERTIES, SOCIMI, S.A.
Preparation of the interim financial statements for the six-month period ended June 30, 2026
At their meeting of July 27, 2026, the directors of Merlin Properties SOCIMI, S.A. prepared the interim financial statements for the six-month period ended June 30, 2026. The consolidated interim financial statements comprise the accompanying documents preceding this statement, drawn up on ______ sheets of ordinary paper. Furthermore, by signing this signature sheet, the members of the Board of Directors of MERLIN PROPERTIES, SOCIMI, S.A. state that they have personally signed the consolidated interim financial statements, which have also been signed on all pages by the Secretary or the Non-Director Deputy Secretary of the Board of Directors merely for identification purposes.
Signed:
__________________________________
Mr. José Luis de Mora Gil-Gallardo Chairman of the Board of Directors
__________________________________
Mr. Ismael Clemente Orrego Vice-Chairman of the Board of Directors
__________________________________
Ms. Francisca Ortega Hernández-Agero
Member
__________________________________
Mr. Olaf Díaz-Pintado López
Member
__________________________________
Mr. Fernando López Muñoz
Member
__________________________________
Ms. Pilar Cavero Mestre
Member
__________________________________
Mr. Juan María Aguirre Gonzalo
Member
__________________________________
Ms. Regina Garay Salazar
Member
__________________________________
Ms. Inès Archer Toper
Member
__________________________________
Ms. Julia Bayón Pedraza
Member
__________________________________
Ms. María Teresa Pulido Mendoza
Member
1 MERLIN PROPERTIES, SOCIMI, S.A.
Statement of responsibility for the interim financial statements for the six-month period ended June 30,
2026
The members of the Board of Directors of Merlin Properties, SOCIMI, S.A. declare that, to the best of their knowledge, the interim financial statements for the six-month period ended June 30, 2026, prepared and approved by the Board of Directors at the meeting held on July 27, 2026, were prepared in accordance with the applicable accounting principles and offer a true and fair view of the equity, financial position and results of Merlin Properties, SOCIMI, S.A.
and of the subsidiaries included in the consolidated group, taken as a whole, and that the interim directors’ report includes a true analysis of the required information and of the business performance, results and position of Merlin Properties, SOCIMI, S.A. and of the subsidiaries included in the consolidated group, taken as a whole, and a description of the main risks and uncertainties they face.
Signed:
__________________________________
Mr. José Luis de Mora Gil-Gallardo Chairman of the Board of Directors
__________________________________
Mr. Ismael Clemente Orrego Vice-Chairman of the Board of Directors
__________________________________
Ms. Francisca Ortega Hernández-Agero
Member
__________________________________
Mr. Olaf Díaz-Pintado López
Member
__________________________________
Mr. Fernando López Muñoz
Member
__________________________________
Ms. Pilar Cavero Mestre
Member
__________________________________
Mr. Juan María Aguirre Gonzalo
Member
__________________________________
Ms. Regina Garay Salazar
Member
__________________________________
Ms. Inès Archer Toper
Member
__________________________________
Ms. Julia Bayón Pedraza
Member
__________________________________
Ms. María Teresa Pulido Mendoza