© MERLIN Properties SOCIMI, S.A. www. merlin properties .com
A LA COMISIÓN NACIONAL DEL MERCADO DE VALORES
MERLIN
Properties, SOCIMI, S.A.
(“
MERLIN
”), en cumplimiento de lo dispuesto por la normativa de aplicación, comunica la siguiente :
INFORMACIÓN
RELEVANTE
(i)
MERLIN
celebrará un
Conference Call
con analistas e inversores
institucionales
, el
martes
28 de
julio
de 20
2 6 , a las 15 horas de
Madrid/CET
, que
podrá seguirse en tiempo real, vía
audioconferenci
a, a
través del siguiente
enlace
:
Webcast: https://streamstudio.world -television.com/1364 -2525 -43570/en Conexi ón: https://grid.trustwavetechnology.com/merlin/register.html
Madrid,
27 de
julio
de 20
2 6 .
MERLIN
Properties SOCIMI, S.A.
Nota de Prensa 27 julio 2026
MERLIN Properties SOCIMI, S.A
www.merlinproperties.com
info@merlinprop.com
MERLIN incrementa ingresos y EBITDA un 11.7% gracias a la división de Data Centers , que alcanza 160 MW alquilados
- Sólido rendi miento de los activos tradicionales, con crecimiento del +3,3%.
- Los ingresos totales alcanzan €30 8 millones (+11,7%), impulsados por el crecimiento de rentas de data centers.
- El EBITDA se sitúa en €229 millones, +11,7% comparado con 6M25
- El beneficio operativo (“FFO”) ascendió a €180 millones, +8,0% frente a 6M25, pese a l aumento de gastos financieros.
- El valor neto de activos (“EPRA NTA”) sube a €15,99 por acción , descontando los €0,22 por acción distribuidos en mayo.
- La Compañía prevé alcanzar un FFO de €340 millones en FY26 (€0.55 p.a.) , superando la indicación dada al mercado en febrero .
Madrid, 27 de julio . - MERLIN Properties ha cerrado el primer semestre de 2026 con unos ingresos totales de €30 8 millones (incluyendo rentas brutas de €29 2 millones), un EBITDA de €229 millones (+11,7% respecto a 6M25), un beneficio operativo (“FFO”) de €180 millones (+8,0% respecto a 6M25) y un beneficio neto contable de €579 millones (+12,9%) . La Compañía continúa mostrando un sólido rendimiento operativo, con crecimiento de las rentas comparables (“like -for-like”) del +3,3% y elevados niveles de ocupación en toda la cartera.
El valor bruto de los activos (“GAV”) asciende a €13.508 millones, con una revalorización comparable del +3,7% respecto a diciembre de 2025, impulsada principalmente por el negocio de data centers, responsable de aproximadamente el 80% de la creación de va lor durante el semestre. El valor neto de los activos (“EPRA NTA”) alcanza €9.913 millones, equivalentes a €15,99 por acción.
El nivel de endeudamiento (“LTV”) se sitúa en el 24,5%, frente al 28,9% registrado al cierre de 2025, tras la ampliación de capital realizada en marzo para financiar la fase III del Plan MEGA . La posición de liquidez alcanza los €2.571 millones y el vencimiento medio de la deuda se sitúa en 4,0 años. Tanto S&P (BBB+) como Moody’s (Baa1) han reafirmado la calificación crediticia de la Compañía.
Evolución del negocio
En oficinas , MERLIN registró 85.540 m² contratados durante el semestre, con un crecimiento de las rentas comparables del +2,4% y un release spread positivo del +1,7%. La ocupación se mantuvo en niveles muy elevados (93,6%), estable respecto al trimestre anterior. Durante el periodo se reincorporaron a la cartera los edificios PE Cerro Gamos 2 y 3 (15.208 m²), plenamente ocupados tras la finalización de su reforma y posterior entrega a los arrendatarios. Madrid y Lisboa continúa n destacando por su fortaleza operativa, alcanzando ocupaci ones del 95,4% y el 96.1%, respectivamente .
La cartera logística mantuvo una evolución positiva, con crecimiento de las rentas comparables del +1,2% y un release spread del +3,9%. La ocupación se situó en el 95,0%, afectada principalmente por movimientos puntuales de inquilinos en Sevilla ZAL. La Compañía continúa centrando sus esfuerzos en los proyectos en desarrollo , con Lisboa Park C, Cabanillas Park II C y Valencia -Bétera A próximos a su finalización.
Nota de Prensa 27 julio 2026
MERLIN Properties SOCIMI, S.A
www.merlinproperties.com
info@merlinprop.com
En centros comerciales , el comportamiento operativo continuó siendo extraordinariamente sólido.
Las rentas comparables crecieron un +6,4%, mientras que las ventas de los inquilinos aumentaron un +8,4% y las afluencias un +1,9% respecto al mismo periodo del año anterior. La ocupación alcanzó el 96,9% y la tasa de esfuerzo permaneció en nivele s muy reducidos (10,8%), lo que sigue permitiendo capturar crecimiento de rentas de forma sostenible.
Respecto al desarrollo del Plan MEGA , la ejecución continúa avanzando según lo previsto. La Fase I (64 MW IT) se encuentra totalmente equipada y alquilada. Barcelona y Bilbao -Arasur ya generan flujo de caja completo y Madrid -Getafe comenzará a hacerlo una vez se completen las conexiones eléctricas previstas para el cuarto trimestre de 2026. Los ingresos asociados a esta fase se estiman en €68 millones para 2026.
En la Fase II (254 MW IT), la comercialización continúa superando previsiones. Bilbao -Arasur 02 (48 MW) se alquiló por completo doce meses antes de su entrega y Bilbao -Arasur 01 (48 MW) ha sido arrendado dieciocho meses antes de su puesta en operación. Asimismo, avanzan las obras en Lisboa (80 MW), Madrid -Getafe II y Madrid -Tres Cantos. Como resultado, la Compañía acumula ya 160 M W alquilados o prealquilados, situándose en una posición favorable para superar con creces el objetivo de 200 MW previsto para el conjunto de 2026.
En la Fase III (406 MW IT) , continúa el avance en el desarrollo de Bilbao -Arasur 04 y 05, habiéndose solicitado la licencia de construcción. En Lisboa VFX 03 -04-05 las labores de pilotaje y preparación del suelo previas al inicio de construcción avanza n adecuadamente y se ha adelantado la fecha de puesta en operación (“RFS”) al primer semestre de 2029 tras adoptarse la decisión de construir los tres edificios a la vez. L a comercialización de la totalidad del campus se encuentra en negociaciones avanzadas. Por último, en Zaragoza Wind se ha aprobado la Declaración de Interés General de Aragón (DIGA) que da inicio a los trámites urbanísticos y próximamente se presentará la solicitud de Proyecto de Interés General de Aragón (PIGA) que permita iniciar la construcción. Se ha optado por un formato de edificio único de 144 MW IT , que adelanta el RFS completo previsto al segundo semestre de 2029 .
Actividad inversora y desinversora
La inversión del semestre ha continuado centrada en los planes Best II y Best III, así como en el desarrollo del Plan de Infraestructura Digital (MEGA).
En cuanto a la actividad desinversora, la Compañía ha completado hasta julio ventas de activos no estratégicos por importe de € 75 millones a valor de tasación. Adicionalmente, existen otros €9 1 millones firmados para su ejecución durante el segundo semestre de 2026 y 2027.
Previsión del año
MERLIN eleva su previsión de beneficio operativo (“FFO”) para el FY26 a €340 millones , equivalentes a unos 0.55 céntimos por acción . La Compañía continuará centrada en la creación de valor mediante la ejecución disciplinada de su plan de desarrollo de data centers, manteniendo una sólida gestión operativa en los activos tradicionales y una estructura financiera conservadora.
Nota de Prensa 27 julio 2026
MERLIN Properties SOCIMI, S.A
www.merlinproperties.com
info@merlinprop.com
Acerca de MERLIN Properties
MERLIN Properties SOCIMI, S.A. (MC:MRL) es una de las mayores compañías inmobiliarias y de infraestructura cotizadas en la Bolsa española. Está especializada en la promoción, adquisición y gestión de activos terciarios en la península ibérica, invirtiendo principalmente en oficinas, centros comerciales , plataformas logísticas y centros de datos en los segmentos Core y Core Plus. MERLIN Properties forma parte de los índices de referencia IBEX 35, Euro STOXX 600, FTSE EPRA/NAREIT Global Real Estate Index, GPR Global Index, GPR -250 Index , MSCI Small Caps y DJSI .
Visite www.merlinproperties.com para obtener más información sobre la compañía.
Si desea más información, póngase en contacto con:
Nuria Salas, nsalas@tinkle.es , +34 629 56 84 71 Sarah Estébanez, sestebanez@tinkle.es , +34 636 62 80 41
6M26 RESULTS PRESENTATION
28 JULY 2026
This presentation has been prepared by MERLIN Properties SOCIMI, S.A. (the “Company”) for informational use only.
The information contained in this presentation does not purport to be comprehensive or to contain all the information that a prospective purchaser of securities of the Company may desire or require in deciding whether or not to purchase such securities. The information contained in this document is subject to change, verification and completion without notice. Neither the Company nor any of affiliates, advisors or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of any information contained or referred to in this document. Each of the Company and its affiliates, advisors or agents expressly disclaims any and all liabilities which may be based on this document, the information contained or referred to therein, any errors therein or omissions therefrom. Neither the Company, nor any of its affiliates, advisors or agents undertakes any obligation to provide the recipients with access to additional information or to update this document or to correct any inaccuracies in the information contained or referred to therein.
Certain statements in this document regarding the market and competitive position data may be based on the internal analyses of the Company, which involve certain assumptions and estimates. These internal analyses may have not been verified by any independent sources and there can be no assurance that the assumptions or estimates are accurate. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this presentation. Additionally, certain information contained herein may be based on management accounts and estimates of the Company and may have not been audited or reviewed by the Company’s auditors. Recipients should not place undue reliance on this information. The financial information included herein may have not been reviewed for accuracy or completeness and, as such, should not be relied upon.
This information is provided to the recipients for informational purposes only and recipients must undertake their own investigation of the Company. The information providing herein is not to be relied upon in substitution for the recipient’s own exercise of independent judgment with regard to the operations, financial condition and prospects of the Company.
The distribution of this presentation in some jurisdictions may also be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. The securities of the Company have not been and, should there be an offering, will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”). Such securities may not be offered or sold in the United States except on a limited basis, if at all, to Qualified Institutional Buyers (as defined in Rule 144A under the Securities Act) in reliance on Rule 144A or another exemption from, or transaction not subject to, the registration requirements of the Securities Act. The securities of the Company have not been and, should there be an offering, will not be registered under the applicable securities laws of any state or jurisdiction of Canada or Japan and, subject to certain exceptions, may not be offered or sold within Canada or Japan or to or for the benefit of any national, resident or citizen of Canada or Japan.
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In reviewing this presentation, the recipient is agreeing to, and accepting, the foregoing restrictions and limitations.DISCLAIMER 2
□ Key highlights
□ Offices
□ Logistics
□ Shopping centers □ Data centers (Phase I, II & III) □ Closing remarks & outlook
□ Appendix
ISMAEL
CLEMENTE
CEOINÉS
ARELLANO
DIRECTORFRANCISCO
RIVAS
DIRECTOR
Key highlights
OPERATING
PERFORMANCEFINANCIAL
PERFORMANCEVALUE
CREATION
• Strong operating performance with +3.3% like-for-like rental growth, supported by positive performance across all asset classes and sustained
leasing activity
• Very high occupancy remains a key differentiator (94.7%), reflecting the quality and robustness of the portfolio • Shopping Centers continue to outperform with +6.4% LfL growth, supported by strong tenant sales (+8.4%) and affordable occupancy cost ratio (10.8% OCR) • Offices and Logistics maintain positive organic growth, achieving positive release spreads• Double-digit revenue growth (+11.7%) translated into solid bottom-line performance, with FFO increasing by +8.0% despite financing costs and very close to revert the dilution caused by the capital increase on a per share basis • Strong value creation (+3.7% LfL GAV growth), with ca. 80% of revaluation gains coming from Data Centers • Strengthened balance sheet following the € 768m capital increase, reducing LTV to 24.5% while increasing liquidity to € 2.6bn • Investment-grade profile reinforced, with both S&P (BBB+) and Moody’s (Baa1) reaffirming MERLIN’s credit ratings during 2026• Mega Plan execution continues ahead of expectations, reaching 160 MW let or pre-let in 1H26, on track to far exceed the target of ±200 MW IT leased by year-end • Bilbao-Arasur fully leased ahead of delivery, with BIO-ARA 01 and BIO-ARA 02 now committed well before completion • 180 MW in Lisbon in advanced negotiations • In case of conversion, 100% of Phase I, 70% of Phase II and 25% of Phase III will be let
or pre-let
• Disciplined capital recycling with ±€ 75m sold as of July and further € 90m of divestments already signed to be executed in 2H26 and FY27 • NTA at € 15.99 p.s., after deducting the dividend payment made in May, demonstrating continued shareholder
value creation
4
6M26 Key financial & operating remarks LTV
24.5%
NTA € 15.99 p.s.
GAV LfL
+3.7%
TSR YoY
+9.1%
GRI
€ 291.7m
+10.2% LfL
FFO
€180.0m
+8.0% YoY
FFO p.s.(1)
€ 0.29
(1.8%) YoY
Occupancy
94.7%
WAULT
3.6 Sqm
contracted
148k sqm
KEY financial metrics KEY operating metrics (1) Calculated on TSO of 620 million of shares 5
OFFICES
6M26 Key financial & operating remarks | Offices Sqm
contracted
85k sqm
WAULT
3.3
GAV LfL
+1.1%
GRI
€ 148.0m
+2.4% LfL
Release
Spread
+1.7%
Occupancy
93.6%
7
Offices | Value Creation - Alfonso XI
ONE OF THE VERY FEW REFURBISHMENTS OVER 10,000 SQM IN PRIME CBD
PENDIENTES FOTOS• The scarcity of high-quality product within the M-30 ring makes this asset truly
unique
• Nearly non-existing refurbished assets in a market with several best-
in-class tenants seeking
relocation
• Leasing status • 30% let to • 70% in advanced negotiations with a top
financial institution
Delivery
2Q27Total CAPEX
€ 16.6mYoCAPEX
9.6%GLA
11,176 sqm
8
Offices | Value Creation - Liberdade 201
SOON TO BECOME THE BEST OFFICE BUILDING IN THE LISBON MARKET
PENDIENTES FOTOS• Prime asset with a highly representative profile and
location
• High-street retail fully let to a top luxury group • Leasing status • Office: 50% pre-let or HoT • Retail: 100% pre-let
Delivery
2H27Total CAPEX
€ 44.5mYoC(1)
5.6%GLA
17,897 sqm
(1) Includes acquisition 9
Offices | Value Creation - Adequa 4
CONSOLIDATING THE LARGEST BUSINESS PARK IN THE A-1 CORRIDOR
PENDIENTES FOTOS• Securing a very large pre-let (21,441 sqm) • Adequa is the gateway to Castellana and Madrid
Nuevo Norte
• Adequa 7 pending final CAPEX costing to decide
go/no go
Adequa 4
Delivery
1H28 Total CAPEX
€ 55.0mYoCAPEX
12.2%GLA
21,441 sqmPre-let
100%
10
Offices | Value Creation - Plaza Ruiz Picasso II PENDIENTES FOTOS• At the heart of Renazca,
AZCA’s flagship
redevelopment project
designed to create a more open, sustainable, and vibrant urban environment • Enhanced urban amenities and green spaces, with
world-class architectural
design and pedestrian-
friendly improvements
Delivery
1H28Total Capex
€ 22.5mYoC(1)
6.6%GLA
4,908 sqmPLAZA RUIZ PICASSO II IS IDEALLY LOCATED IN AZCA, MADRID’S LEADING FINANCIAL DISTRICT
(1) Including acquisition 11
LOGISTICS
6M26 highlights | Logistics Sqm
contracted
39k sqm
WAULT
2.9
GAV LfL
+0.9%
GRI
€ 42.5m
+1.2% LfL
Release
Spread
+3.9%
Occupancy
95.0%
13
Logistics | Value creation | Logistics roll-out: commercialization & pending capex | WIP
275k sqm
Committed pipeline
To be delivered by
2H27
Total remaining
investment
€ 96m
Expected
stabilized GRI
€ 16.9m
YoC(1)
7.2%
(1) Including land cost 102k sqm 43k sqm
25k sqm
12k sqmValencia-Bétera Lisboa Park Sevilla Zal39k sqm 54k sqmCabanillas Park II
Azuqueca III
San Fernando III 14
56k sqm Cabanillas Park II Logistics | Value creation | Logistics roll-out: commercialization & pending capex | Landbank (1) Including land cost184k sqm
Non-committed pipeline
Pending Capex
€ 111m
Expected stabilized GRI
€ 11.2m
YoC(1)
±7.1%
57k sqm San Fernando III 71k sqm Valencia-Bétera 15
SHOPPING
CENTERS
6M26 highlights | Shopping centers
WAULT
2.4
GAV LfL
+0.3%
Tenant
Sales
+8.4%
Footfall
+1.9%
OCR
10.8%
GRI
€ 71.8m
+6.4% LfL
Release
Spread
+5.6%
Occupancy
96.9%
Sqm
contracted
23k sqm
17
DATA CENTERS
(PHASE I, II & III)
A1
A5A2
Bilbao
280 MW
Lisbon
180 MWExtremaduraMadrid
98 MW Barcelona
22 MWZaragoza
144 MWCYLData Centers | Overview – Phase I, II & II footprint (724 MW)
PLAN MEGA AT A GLANCE
19
Data Centers | MEGA Plan Overview (724 MW) 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 Cost per MW (€m) 9.6 10.8 10.9 Stabilized GRI (€m) 97 397 646 Gross YoC 15.8% 14.4% 14.7%
Funded Partially
Self-consumed energy 13.6% 22.3% 56.7%
MadridMAD-GET 01
20 MWMAD-TCS 01
30 MWMAD- GET 02
48 MW
Basque CountryBIO-ARA 03
22 MWBIO-ARA 02 & 01
96 MW BIO-ARA 04 & 05 & 01
150 MW + 12 MW
BarcelonaBCN-PLZF
22MW
Lisbon LIS-VFX 01 & 02
80 MWLIS-VFX O3 & 04 & 05
100 MW
Zaragoza ZGZ-WIND 01
144 MW
Location
20
Data Centers | Phase I capacity in operation (64 MW) IT capacity 22 MW 22 MW 20 MW
Electricity
supplied(10/2026)
Equiped
at 6M26 22 MW 22 MW 20 MW + 6 MW(1)
Leasing 100% let 100% let 100% let
Self-consumed
Energy 10.3% 29.2% -Barcelona - PLZF Madrid - Getafe Bilbao - Arasur In operation In operation In operation
100% let
100% let
100% letPHASE I FULLY LET AND 100% OPERATIONAL FROM OCT-26
(1) Opportunity for repowering (+6 MW) eventually fully let 21
(1) Including attributable land (2) Terminal value (2036) assumed by the appraisers in 6M26 valuations. Exit yields assumed 5.50% - 6.27% and discount rates assumed 8.50%
Investment
as of 6M26507
Revaluation
captured
as of 6M26381
Promote
accrued to date101 GAV
6M26988
Pending
Capex107
Estimated value
to be captured321
2036
Exit Value as per
appraisals(2)1,416
(€ 22.1m/MW) Total investment(1) € 614m (€ 9.6m/MW)(€m)STRONG VALUE CREATIONData Centers | Phase I capacity in operation (64 MW) 22
Data Centers | Phase II overview (254 MW) Under development Under development Under development Under developmentBIO-ARA II BIO-ARA I LIS-VFX I LIS-VFX II
PRE-LET
PRE-LET
MAD-GET II
Demolition ongoing –
Environmental assessment
obtained – Construction
permit requested
MAD-TC I
Planning completed – Urbanization works ongoing
ADVANCED
NEGOTIATIONS
ADVANCED
NEGOTIATIONS
BOOKEDMADRID LISBON BILBAO
IT capacity 48 MW 48 MW 40MW 40 MW 30 MW 48 MW
Power Granted
Power
supply70 MW
supplied upon
construction70 MW
supplied upon
construction 60 MW
supplied upon
construction 60 MW
supplied upon
construction 45 MW
supplied upon
construction 70 MW
supplied upon
construction
Ready
for Service12/26 4Q27 4Q27 4Q27 1H29 2H29
Self-consumed
Energy 26.0% 34.5% 34.4%- -
23
Data Centers | Phase II overview (254 MW)
WORKS UPDATE: BILBAO ARASUR 2 DATA CENTER (48 MW). DELIVERY DATE 4Q26
24
Data Centers | Phase II overview (254 MW)
WORKS UPDATE: BILBAO ARASUR 1 DATA CENTER (48MW). DELIVERY DATE 4Q27
25
WORKS UPDATE: LISBON DATA CENTERS (80 MW). DELIVERY DATE 4Q27 Data Centers | Phase II overview (254 MW)
26
BIO-ARA
04BIO-ARA
05ZGZ-WIND 01LIS-VFX
03LIS-VFX
04LIS-VFX
05ZARAGOZA LISBON BILBAOData Centers | Phase III overview (406 MW) IT capacity 80 MW 70 MW 40 MW 40MW 20 MW 144 MW
Power Granted
Power
SourcingGranted Granted Granted Granted Granted Granted
Ready
for Service1H30 1H31 1H29 1H29 1H29 2H29
Self-consumed
Energy 44.3% 31.4% 86.8%
ADVANCED
NEGOTIATIONSNEW NEW
27
CAPEX
COMMITMENTS
(€m)Data Centers | Full picture capex commitments Phase I Phase II Phase III6141,146
613806
77 115522889
1,545
1,280
1701,760
1,1351,695
1,622
1,395
170 2026 2027 2028 2029 2030 <2025 28
CLOSING
REMARKS
& OUTLOOK
Closing remarks & Outlook
OPERATIONS VALUE CREATION OUTLOOK
• Strong operational performance across all asset classes, delivering +3.3% like-for-like growth and very high occupancy levels (94.7%) • Double-digit revenue growth (+11.7%) translated into solid FFO generation (+8.0%), despite higher
financial expenses
• Portfolio quality continues to support strong occupancy and positive release spreads• MERLIN continues to create significant shareholder value through its development pipeline, with valuation growth (+3.7% LfL) mainly driven by Data Centers • Mega Plan execution remains ahead of expectations: 160 MW already let or pre-let, including the full commercialization of BIO-ARA 01 and BIO-ARA 02 well ahead of
delivery
• Phase I fully de-risked and cash-
flowing, while Phase II leasing activity continues advancing ahead of internal projections and we are starting to entertain commercial discussions on Phase III• The combination of rental growth, continued leasing success in Data Centers and a strengthened balance sheet provides confidence to raise FY26 FFO guidance to € 340m (€ 0.55 p.s.) • On track to far exceed the FY26 200 MW IT leasing guidance • With LTV reduced to 24.5%, € 2.6bn of liquidity and no debt maturities before the November 2026 refinancing event, MERLIN is uniquely positioned to continue funding its ambitious growth pipeline while maintaining a conservative risk profile 30
APPENDIX
Appendix | 6M26 Financial results Note: Per share figures calculated on TSO for 6M26 (620,000,000) and 6M25 (563,724,899) (1) Net of incentives (2) Excludes non-overhead costs items (3) FFO equals EBITDA less net interest payments, less minorities, less recurring income taxes plus share in earnings of equity method 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(€ million) 6M26 6M25 YoY Total revenues 307.7 275.3 11.7% Gross rents 291.7 264.7 10.2% Gross rents after incentives 276.1 249.6 10.6% Net rents(1)245.1 224.2 9.3%
EBITDA(2)229.4 205.3 11.7%
FFO(3)180.0 166.6 8.0%
AFFO 175.0 159.8 9.5%
IFRS net profit 578.9 512.9 12.9%
EPRA NTA 9,913 8,476.1 17.0%
(€ per share)
FFO 0.29 0.30 (1.8%)
AFFO 0.28 0.28 (0.4%)
EPS 0.93 0.91 +2.6%
EPRA NTA 15.99 15.04 +6.3%BETTER THAN EXPECTED FFO OF € 0.29 PER SHARE DUE TO POSITIVE OPERATING PERFORMANCE
32
Appendix | 6M26 Financial results | GRI bridge
LfL(1)
+3.3%
291.7 +18.9+8.1264.7
6M25 Balance acquisitions, disposals & otherLike-for-Like
growth6M24(€m)SOLID RENTAL GROWTH (+3.3% LfL) ACROSS THE WHOLE PORTFOLIO
(1) Portfolio in operation for 6M25 (€ 246.2m of GRI) and for 6M26 (€ 254.3m of GRI)+2.4% Offices
+1.2% Logistics
+6.4% Shopping centers 33
Appendix | 6M26 Financial results | Occupancy and WAULT
OVERALL OCCUPANCY AT 94.7%
Note: Hotels have been reclassified as Offices and Shopping Centers (1) WAULT by rents means the weighted average unexpired lease term to first break, calculated as of 30th June 2026Occupancy and WAULT to first break per asset type(1)
MERLIN3.6
2.92.48.9
3.3
AverageMERLINn.a. 94.7%
93.6%95.0% 96.9%
Average
Data Centers Shopping centers Logistics Offices
MERLIN3.6
2.92.48.9
3.3
AverageMERLINn.a. 94.7%
93.6%95.0% 96.9%
Average
Data Centers Shopping centers Logistics Offices
MERLIN3.6
2.92.48.9
3.3
AverageMERLINn.a. 94.7%
93.6%95.0% 96.9%
Average
Data Centers Shopping centers Logistics Offices
MERLIN3.6
2.92.48.9
3.3
AverageMERLINn.a. 94.7%
93.6%95.0% 96.9%
Average
Data Centers Shopping centers Logistics Offices 34
Appendix | Offices | GRI bridge and breakdown
+4.5%
(5.6%)
+2.2%Madrid
Barcelona
Lisbon94.5%
89.7%
100%6M25
95.4%
84.4%
96.1%6M26
+86 bps
(529 bps)
(389 bps)
LfL growth by area Occupancy by area (1) Portfolio in operation for 6M25 (€ 141.4m of GRI) and for 6M26 (€ 144.9m of GRI)(€m)LfL(1)
+2.4%
148.0 +0.2 +3.5 144.3 6M26 Balance acquisitions, disposals & otherLike-for-Like growth 6M25
Madrid
Barcelona
Lisbon
35
Appendix | Offices | Leasing activity
Madrid
Barcelona
Lisbon
TotalContracted sqm #Renewed contracts Release spread Tenants contracted 69,141 71 +1.2% 6,045 12 +1.7% 10,354 6 +4.6% 85,540 89 +1.7% 36
Appendix | Offices | Flex space Largest co-working in Spain 35,866 sqm 3,548 desks 88.0% occupancy € 503 ADR(1) 15 spaces KPIsRECORD BREAKING ADR (€ 503 ADR), POSITIONING THE LOOM PORTFOLIO AS BEST-IN-CLASS (1) ADR: Average monthly desk rateMain contracts signed:
CallaoNew opening 2026 37
Appendix | Logistics | GRI bridge and breakdown
Madrid (0.8%)
Barcelona +4.2%
Other +5.4%Madrid
Barcelona
Other94.7%
98.6%
100%6M25
94.5%
99.7%
94.6%6M26
(17 bps)
+117 bps
(539 bps)
LfL growth by location Occupancy by area (1) Portfolio in operation for 6M25 (€ 40.2m of GRI) and for 6M26 (€ 40.7m of GRI)(€m)LfL(1)
+1.2%
42.5 +0.1 +0.5 41.9 6M26 Balance acquisitions, disposals & otherLike-for-Like growth 6M25 38
MadridAppendix | Logistics | Leasing activity
Barcelona
Other
TotalContracted sqm #Renewed contracts Release spread Tenants contracted 15,602 3 +2.2% 21,183 2 +9.3% 2,477 2 +3.3% 39,262 7 +3.9% 39
STRONG PERFORMANCE
(1) Including WIP (2) Equity method contributionAppendix | Logistics | ZAL Port Contracted sqm Release spread # contracts 203,022 +0.8% 42 Occupancy by area
FY25 97.1% 6M26 97.3%€m 6M26 6M25 YoY
Gross rents 39.6 38.9 +1.9% Net rents 39.5 38.6 +2.4%
EBITDA 38.0 36.4 +4.4%
FFO(1)20.4 20.1 +1.3%Tenants
Stock(1)
844,933 sqm
Third parties stock
(ground leases)
106,859 sqm
Stock under management
951,972 sqm
40
Appendix | Shopping centers | GRI bridge and breakdown 6M25 vs 6M24 +1.9% 6M25 vs 6M24 +8.4%Footfall evolution Tenant sales evolution OCR evolution (1) Portfolio in operation for 6M25 (€ 64.5m of GRI) and for 6M26 (€ 68.7m of GRI)FY24 11.2%FY25 11.0%6M26 10.8%(€m)LfL(1)
+6.4%
71.8 +1.8 +4.2 65.8 6M26 Balance acquisitions, disposals & otherLike-for-Like growth 6M25 41
Appendix | Shopping centers | Leasing activity All
portfolio
TotalRelease spread # contracts Tenants
+5.6% 108
Contracted sqm
23,328
42
Appendix | Valuation and debt position | GAV summary
REVALUATION UPLIFTS ARE DRIVEN BY DATA CENTERS
GAV
(€ million)
Minority stakes
TOTAL with minority stakes13,508Passing yield
Offices6,6614.8%
Shopping centers2,1516.6%
Data Centers(1) 2,1036.2%Logistics1,4385.7%
Other(2)
461
TOTAL12,8145.3% -
694 (1) Including WIP & landbank. Excluded for calculation of yield (2) Other includes WIP, non-core land and miscellaneous 43
Appendix | Valuation and debt position | GAV drivers GAV
LIKE-FOR-LIKE
EVOLUTION(1)
(1) GAV of WIP projects included under its respective asset class for LfL purposes (2) Including equity method (3) Based on exit yield
2 BPS EXPANSION DURING THE SEMESTER ACROSS THE PORTFOLIO
YIELD
(COMPRESSION)
/ EXPANSION(3)Shopping centers Data Centers Logistics Offices+3.7%
MERLIN
average(2)
1.1%27.9%
0.3% 0.9%
Shopping centers Data Centers Logistics Offices2 bps
Total0
(37)813
44
Appendix | Valuation and debt position | Sound financial structure
RATING REAFFIRMED BY BOTH S&P & MOODY’S
6M26 31/12/2025
Net debt 3,394 € 3,743m
LTV 24.5% 28.9%
Average cost (spot) 2.71% (2.65%) 2.69% (2.56%) Fixed rate debt 99.8% 100% Average maturity (years) 4.0 4.4 Liquidity(1)€ 2,571m € 1,965m
Rating
BBB+
Baa1Outlook
Stable
Stable
(1) Includes cash (€ 1,563.8m), treasury stock (€ 9.0m) and undrawn credit facilities (€ 998.3m) in 6M26 45
Appendix | Valuation and debt position | Sound financial structure
600600
1
5005012
725727
2
40040229182
136500711
136
25600307
34 3
22941
71
800871
(€ million) Unsecured bonds Secured bank loans Unsecured loans Secured bank loans
Unsecured loans
Unsecured bonds
>2032 2032 2031 2030 2029 2028 2027 2026 2025 Unsecured loans Unsecured bonds Secured bank loans Already financed In advanced negotiationsFINANCIAL DISCIPLINE: LONG MATURITIES AND HEDGED DEBT (1) Includes € 1,563.8m in cash, treasury shares (€ 9.0m) and undrawn credit facilities (€ 998.3m)FINANCIAL DISCIPLINE: LONG MATURITIES AND HEDGED DEBT
800800
20 727
2402182
500 400711
10072529
1363236
25781
600 550134
18
32214
17
22752
321 500501 Secured bank loans
Unsecured loans
Unsecured bonds
2035 2034 2033 2032 2031 2030 2029 2028 2027 2026 Unsecured bonds Secured bank loans Unsecured loans24.5%
LTV2.71%
Average Interest
Rate (hedged)4.0
Years
Maturity86.4%
Non-mortgage debt
/ total debt99.8%
Fixed
rate debt€ 3,394m
Net financial
debt€ 2,571m(1)
Liquidity
position
46
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