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COMPANY PRESENTATION
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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. THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TO PURCHASE SHARES. ANY DECISION TO PURCHASE SHARES IN ANY OFFERING SHOULD BE MADE SOLELY ON THE BASIS OF PUBLICLY AVAILABLE INFORMATION ON THE COMPANY. This presentation may include forward- looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the financial position, business strategy, management plans and objectives for future operations of the Company are forward-looking statements. These forward- looking statements involve known and unknown risks, uncertainties and other factors, which may cause such actual results, performance or achievements, or industry results, to be materially different from those expressed or implied by these forward-looking statements. These forward- looking statements are based on numerous assumptions regarding the present and future business strategies of the Company and the environment in which they expect to operate in the future. Forward-looking statements speak only as of the date of this presentation and the Company expressly disclaim any obligation or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation, any change in their expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. In reviewing this presentation, the recipient is agreeing to, and accepting, the foregoing restrictions and limitations. DISCLAIMER 2
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□ A leading company □ A well-grounded present □ An exciting future
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A LEADING COMPANY
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A leading company | MERLIN at a glance 6M26 Listed in Spain & Portugal Part of IBEX-35 BBB+ Stable Baa1 Stable (1) Annualized gross rents from totally consolidated assets (2) Data as of FY25 GAV € 13.5bn GRI(1) € 594m FFO(2) € 327m NET DEBT € 3,394m LTV 25.1% AVERAGE OCCUPANCY 94.7% 5
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otros Logistica CC oficinas Other Data Centers Logistics Shopping centers Office 51.5% 23.9% 52.7% 16.2% 14.6% 0.9% 0.4%15.6% 10.4% 13.8% A leading company | A snapshot of MERLIN Logistics Data Centers Other Offices Shopping Centers Data as of 6M26 Note: GAV of land under development and NTA of equity method included in its respective category (offices, shopping centers, logistics and data centers) (1) Annualized gross rents from totally consolidated assets otros Logistica CC oficinas Other Data Centers Logistics Shopping centers Office 51.5% 23.9% 52.7% 16.2% 14.6% 0.9% 0.4%15.6% 10.4% 13.8% Gross asset value Gross rental income(1) 6
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A WELL-GROUNDED PRESENT
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A well-grounded present | Positioning • Presence in prime cities: Madrid, Barcelona, Lisbon • Flexibility to offer multitenant or headquarter buildings • Capacity to adapt to the needs of the tenant • “One-stop-shop” solution for logistics operators wishing to operate across the Iberian Peninsula • Big footprint to match the rapid development of 3PL activity #1 Offices • Presence in 6 locations within the Iberian Digital Diagonal and with best-in-class technology • Cutting-edge energy efficiency, suitable for AI and cloud players #1 Data Centers #1 Logistics • Mainly urban footprint in high GDP/capita areas in the Iberian Peninsula • Reference landlord for top retailers • Critical mass with retail brands Top 5 Shopping Centers #1 REIT IN DATA CENTERS, LOGISTICS AND OFFICES 8
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A well-grounded present | Offices PRIME SPACES IN BOTH CBD AND NBA OFFERING A WIDE VARIETY OF SOLUTIONS TO CLIENTS sqm Prime+CBD NBA Periphery Madrid 317,877 544,760 111,773 Barcelona 152,736 51,323 15,377 Lisbon 126,128 12,260 - Other - - 16,265 74% Madrid 14% Barcelona 1% Other 11% Lisbon 76% HQ By product • Madrid 75% • Barcelona 16% • Lisboa 9% • Prime + CBD 56% • NBA 37% • Periphery 7% • Multi-tenant 74% • Single-tenant 26% Otros Lisbon Barcelona □MadridBy GAV By GAV By GAV Rent diversification (Top-10 23% GRI)95% Big corporations • Madrid 75% • Barcelona 16% • Lisboa 9% • Prime + CBD 60% • NBA 33% • Periphery 7% • Multi-tenant 72% • Single-tenant 28% Otros Lisbon Barcelona □MadridBy GAV By GAV By GAV By location 1,348,498 sqm 9
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A well-grounded present | Our clients Leading spanish companies Offices Public entities Multinationals Leading spanish companies Tech sector Financial sector Consulting firms Law firms 10
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A well-grounded present | Offices Castellana 280, Madrid Castellana 93, Madrid Castellana 259, Madrid Castellana 278, Madrid Plaza Ruiz Picasso 11, MadridCastellana 85, Madrid 11
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A well-grounded present | Offices Alcalá 40, Madrid Sede Indra, MadridSede Endesa, Madrid Sede Uría, MadridPedro de Valdivia 10, Madrid Alfonso XI, Madrid WIP 12
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A well-grounded present | Offices Vía Norte, Madrid Princesa, MadridJosefa Valcárcel 48, Madrid Ática XIX, Madrid Adequa Técnicas Reunidas & EDP HQ, Madrid Partenón 12-14, Madrid 13
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A well-grounded present | Offices Ed. Balmes, BarcelonaDiagonal 605, BarcelonaDiagonal 514, Barcelona Diagonal 458, BarcelonaDiagonal 211, BarcelonaDiagonal 199, Barcelona 14
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A well-grounded present | Offices Plaza Cataluña 9, Barcelona Sant Cugat Ricoh HQ, Barcelona WTC 6&8, Barcelona Vilanova Endesa HQ, BarcelonaPoblenou 22@ – Barcelona E-Forum AEAT HQ, Barcelona 15
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A well-grounded present | Offices TFM, LisbonTorre A, Lisbon Marqués de Pombal, Lisbon Liberdade 195, Lisbon Arts Lisbon, LisbonMarqués de Saldanha, Lisbon WIP 16
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A well-grounded present | Offices Lisboa Expo Novabase HQ, LisbonCentral Office, LisbonTorre Zen, Lisbon Nestlé HQ, Lisbon 17
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A well-grounded present | Flex space Largest co-working in Spain 35,866 sqm 3,548 desks 88.0% occupancy € 503 ADR(1) 15 spacesKPIs RECORD BREAKING ADR (€ 503 ADR), POSITIONING THE LOOM PORTFOLIO AS BEST-IN-CLASS (1) ADR: Average monthly desk rate Main contracts signed: Callao New opening 2026 18
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A well-grounded present | Logistics A-6 A-5 A-4 A-3 A-2 A-1 NATIONAL FOOTPRINT IN THE MAIN LOGISTICS HUBS By reach By tenant type • 3PL mono-tenant 39% • 3PL multi-tenant 37% • End user 24% • Madrid 62% • Cataluña 24% • Sevilla 5% • País Vasco 4 % • Otros 5% • National 52% • Ports 31% • Regional 14% • Production related 3% □Madrid By GAV (2) By GAV (2) By GAV (2) Ports • 3PL mono-tenant 39% • 3PL multi-tenant 37% • End user 24% • Madrid 62% • Cataluña 24% • Sevilla 5% • País Vasco 4 % • Otros 5% • National 52% • Ports 31% • Regional 14% • Production related 3% □Madrid By GAV (2) By GAV (2) By GAV (2) Ports (1) Includes 100% of ZAL Port (2) Excluding WIPs 5% Lisbon 58% Madrid 5% Seville 27% Barcelona 1% Basque Country 4% Valencia sqm Madrid-A2 Madrid-A4 Barcelona(1) Seville Basque Country Valencia Zaragoza Lisbon In operation 825,323 154,511 977,033 141,694 26,774 61,604 21,579 78,381 Refurbishments 38,763 - - - - - - - Committed 136,610 - - 11,534 - 25,364 - 101,653 Non-Committed 113,168 - - - - 70,883 - - 2,784,873 sqm 19
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A well-grounded present | A strategic stake - CILSA WITH A 48.5% STAKE IN ZAL PORT 765,354 sqm stock € 39.6 m GRI € 20.4m FFO(1) Top tier tenants (1) After reducing leasehold concession charge 20
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A well-grounded present | Logistics Cabanillas, A2Meco, A2San Fernando, A2 Azuqueca, A2 Lisbon Park, LisboaZAL Port, Barcelona 21
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Gavilanes, A4 ZAL, Sevilla Ribarroja, Valencia Seseña, A4 Getafe, A4 Pinto II, A4 A well-grounded present | Logistics 22
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A well-grounded present | Shopping Centers URBAN AND DOMINANT ASSETS OFFERING NATIONAL SCALE IN HIGH GDP/CAPITA AREAS sqm Urban(1) Dominant(2) Secondary Spain 232,328 200,163 20,877 Portugal - 60,297 - By Type • Grande 36% • Muy grande 34% • Mediano 24% • Pequeño 6 % • Lisboa 21% • Madrid 15% • Cataluña 14% • Galicia 14% • Valencia 11% • Andalucía 7 % • Otros 18% Other Spain Lisbon • Urban 56% • Dominant 42% • Secondary 2% □Muy grande by GAV By location • Grande 36% • Muy grande 34% • Mediano 24% • Pequeño 6 % • Lisboa 21% • Madrid 15% • Cataluña 14% • Galicia 14% • Valencia 11% • Andalucía 7 % • Otros 18% Other Spain Lisbon • Urban 56% • Dominant 42% • Secondary 2% □Muy grande by GAV (1) Includes total GLA for Callao (2) Includes 100% of Tres Aguas and total GLA for Marineda 513,665 sqm 23
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A well-grounded present | Shopping Centers Marineda, A Coruña Almada, Lisbon Arturo Soria, Madrid Larios, Málaga Arenas, Barcelona Porto Pi, Mallorca 24
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A well-grounded present | Shopping Centers Artea, Bilbao Saler, Valencia Tres Aguas, Madrid(1) X-Madrid, Madrid Centro Oeste, Madrid Callao, Madrid (1) Tres Aguas 50% ownership 25
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A well-grounded present | Our clients Logistics Shopping Centers 26
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A well-grounded present | GAV summary 6M26 REVALUATION UPLIFTS ARE DRIVEN BY DATA CENTERS (+€ 371.9M UPLIFT) GAV (€ million) Minority stakes TOTAL with minority stakes 13,508 Passing yield Offices 6,661 4.8% Shopping centers 2,151 6.6% Data Centers (1) 2,103 6.2% Logistics 1,438 5.7% Other (2) 461 TOTAL 12,814 5.3%- 694 (1) Including WIP & landbank. Excluded for calculation of yield (2) Other includes WIP, non-core land and miscellaneous 27
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A well-grounded present | Occupancy and WAULT(1) 6M26 OVERALL OCCUPANCY AT 94.7% (1) WAULT by rents means the weighted average unexpired lease term to first break, calculated as of 30th June 2026 Occupancy and WAULT to first break per asset type(1)Occupancy and WAULT to first break per asset type(1) MERLIN 3.6 2.9 2.4 8.9 3.3 A verag e MERLIN n.a. 94.7% 93.6% 95.0% 96.9% A verage Data CentersShopping centersLogisticsOffices MERLIN 3.6 2.9 2.4 8.9 3.3 A verag e MERLIN n.a. 94.7% 93.6% 95.0% 96.9% A verage Data CentersShopping centersLogisticsOffices MERLIN 3.6 yr 2.9 yr 2.4 yr 8.9 yr 3.3 yr A verag e MERLIN n.a. 94.7% 93.6% 95.0% 96.9% A verage Data CentersShopping centersLogisticsOffices MERLIN 3.6 2.9 2.4 8.9 3.3 A verag e MERLIN n.a. 94.7% 93.6% 95.0% 96.9% A verage Data CentersShopping centersLogisticsOffices 28
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A well-grounded present | Lease maturity 6M26 % of total contracted rents % of total for each segment Shopping centers 4% 20% 18% 16% 42% Total 1% 1%2% 4% 8%8% 2% 5%11% 1% 3%12% 7% 6% 10%19% Others Data Centers Shopping centers Logistics Offices >2030 2029 2028 2027 2026 Offices Shoppin g centers Data centers Logistics LogisticsOffices Shopping Centers Shopping centers 4% 20% 18% 16% 42% Total 1% 1%2% 4% 8%8% 2% 5%11% 1% 3%12% 7% 6% 10%19% Others Data Centers Shopping centers Logistics Offices >2030 2029 2028 2027 2026 Offices Shoppin g centers Data centers Logistics 37% 4% 16% 21% 22% >20302029202820272026 2% 48% 28% 12% 10% >20302029202820272026 6% 34% 13% 23% 24% >20302029202820272026 - 2%1% - 97% >20302029202820272026 37% 4% 16% 21% 22% >20302029202820272026 2% 48% 28% 12% 10% >20302029202820272026 6% 34% 13% 23% 24% >20302029202820272026 - 2%1% - 97% >20302029202820272026 37% 4% 16% 21% 22% >20302029202820272026 2% 48% 28% 12% 10% >20302029202820272026 6% 34% 13% 23% 24% >20302029202820272026 - 2%1% - 97% >20302029202820272026 37% 4% 16% 21% 22% >20302029202820272026 2% 48% 28% 12% 10% >20302029202820272026 6% 34% 13% 23% 24% >20302029202820272026 - 2%1% - 97% >20302029202820272026 37% 4% 16% 21% 22% >20302029202820272026 2% 48% 28% 12% 10% >20302029202820272026 6% 34% 13% 23% 24% >20302029202820272026 - 2%1% - 97% >20302029202820272026 Data Centers 29
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BBB+ Stable Baa1 Stable 600 600 1 500 501 2 725 727 2 400 402 29 182 136 500 711 136 25 600 307 34 3 22 941 71 800 871 (€ million) Unsecured bonds Secured bank loans Unsecured loans Secured bank loans Unsecured loans Unsecured bonds >203220322031203020292028202720262025 Unsecured loans Unsecured bonds Secured bank loans Already financed In advanced negotiations A well-grounded present | Sound financial structure FINANCIAL 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 800 800 2 0 727 2 402 182 500400 711 100 725 29 136 3 236 25 781 600550 134 18 32 214 17 22 752 32 1 500 501 Secured bank loans Unsecured loans Unsecured bonds 2035203420332032203120302029202820272026 Unsecured bonds Secured bank loans Unsecured loans 24.5% LTV 2.71% Average Interest Rate (hedged) 4.0 Years Maturity 86.4% Non-mortgage debt / total debt 99.8% Fixed rate debt € 3,394m Net financial debt € 2,571m (1) Liquidity position 30
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Total shareholder’s return NTA Dividend accrued € p.s +€ 2,425m of dividends distributed since IPO +134% of value creation since IPO A well-grounded present | Shareholder’s return 2014 9.10 11.23 2016 0.40 +17.2% 9.85 2015 0.19 +9.1% 13.25 2017 +21.6% 0.46 14.81 +15.2% 2018 0.50 15.39 +8.8% 2019 0.35 2020 15.46 +1.4% 0.30 16.11 +7.1% 2021 0.40 +4.8% 2022 15.67 1.19 (1.1%) 15.08 2023 0.44 (2.3%) 14.32 2024 0.40 2025 +10.2% 15.36 0.42 6M26 +5.5% 15.99 0.22 As a consequence of BBVA portfolio disposal 15.12 share price as of 20/07/26 31
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AN EXCITING FUTURE
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An exciting future | Opportunity - Europe’s data centers on the verge of significant expansion POWERFUL SECULAR TRENDS: CLOUD, AI AND DATA SOVEREIGNTY FUELLING EXPONENTIAL GROWTH IN GLOBAL DATA CONSUMPTION European Data Center market to grow more than 3x by 2035 EU Data Center Capacity, MW(3) 2025E Data Center capacity, MW per Million POP(2) Cloud Data Sovereignty AI European Data Center market remains significantly underpenetrated vs US equivalent - 2 8 5 0 2035E (1)2030E2025A2024A2023A2022A2021A Europe USA D ata Center Capacity C ap acity per Million PO P 18 MW 65 MW ~3x Less Penetration Rate 6.8 G W (3) 22 G W (3) ~2,5x (10% CAGR) ~1,6x (10% CAGR) 10,830 3,170 3,675 4,670 5,965 6,830 17,173 - 2 8 5 0 2035E (1)2030E2025A2024A2023A2022A2021A Europe USA D ata Center Capacity C ap acity per Million PO P 18 MW 65 MW ~3x Less Penetration Rate 6.8 G W (3) 22 G W (3) ~2,5x (10% CAGR) ~1,6x (10% CAGR) 10,830 3,170 3,675 4,670 5,965 6,830 17,173 Source: Green Street, World Bank Note: Data centre capacity figures include only third-party owners/landlords; hyperscaler self-build developments are excluded (1) Assuming the same annual growth as in the 2025-2030 period. Green Street forecasts are available through 2030 (2) POP = population: 340 million in the US and 378 million in the European countries included: Germany, the United Kingdom, the Netherlands, Ireland, France, Italy, Spain, Norway, Sweden and Switzerland (3) European markets include FLAP-D, Berlin, Madrid, Milan, Oslo, Stockholm and Zurich. US markets include Atlanta, Chicago, Dallas, North Carolina, New Jersey, Northern Virginia, Phoenix, Portland, Austin, Boston, Columbus, Denver, Las Vegas, Los Angeles, Reno, Richmond, Salt Lake City and Seattle 33
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An exciting future | Why Iberia? - Submarine cables: strategic gateway for transcontinental data traffic 2022 EllaLink South America - Europe 2022 Grace Hopper USA - Europe 2023 2Africa Europe - Africa 2022 Equiano Europe - Africa 2024 Meduse Europe - Asia 2017 Marea USA - Europe THE IBERIAN PENINSULA IS SET TO BECOME THE HUB FOR CONTINENTAL EUROPE AND AFRICA, THANKS TO THE SUBMARINE CONNECTIONS WITH NORTH AND SOUTH AMERICA, ASIA AND AFRICA Key Landing Points in Iberia Source: Company Information, Reuters 70% of US-EU data traffic to pass-through Spain Proximity to cable landing stations is key for data traffic efficiency: • Reduced latency • Enhanced connectivity • Efficient cost structure 2026 Nuvem USA - Europe 2028 Sol USA - Europe 2024 Anjana USA- Europe 34
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An exciting future | Why Iberia? - Competitive pricing and renewable energy leader IBERIA IS A RENEWABLE ENERGY LEADER AND OFFERS ONE OF THE LOWEST COSTS OF ELECTRICITY IN EUROPE Source: Energy-Charts, Statistikdatabasen, Statistics Norway, Ember Energy (1) 27 EU countries (excluding Cyprus due to data availability) (2) Includes Germany, the Netherlands, France, Ireland and the United Kingdom (3) Average of Spain and Portugal (4) Renewable energy excludes nuclear power * Note: analysis through May 2026 Regions in Norway and Sweden with less than 20 TWh of annual consumption Average electricity spot market prices Available renewable energy share in the market(4) 2026* (€/MWh) 2026* (€/MWh) 89.51 93.15 96.80 100.44 104.08 107.72 111.36 115.00 118.64 122.28 44.20 44.65 46.14 54.21 54.56 60.89 76.21 76.44 85.14 87.60 88.06 88.83 91.86 92.27 93.58 94.88 96.24 96.42 96.88 96.88 96.93 100.07 100.19 104.91 100.89 104.28 104.64 105.74 106.00 107.51 109.14 109.81 110.06 110.34 110.82 111.38 112.60113.26 117.26 120.54 120.93 120.93 122.11 124.40 126.08 127.64 127.75 96.72 97.00 45.40 EU (1) FLAP-D Market Average (2) Iberia(3) Cost Attractive+113% +114% Difference vs Iberia (%) 46% 65% EU (1) FLAP-D Market Average (2) Iberia(3) Renewable Difference vs Iberia (%) (19%) (25%) 40% 96.72 97.00 45.40 EU (1) FLAP-D Market Average (2) Iberia(3) Cost Attractive+113% +114% Difference vs Iberia (%) 46% 65% EU (1) FLAP-D Market Average (2) Iberia(3) Renewable Difference vs Iberia (%) (19%) (25%) 40% 89.51 93.15 96.80 100.44 104.08 107.72 111.36 115.00 118.64 122.28 44.20 44.65 46.14 54.21 54.56 60.89 76.21 76.44 85.14 87.60 88.06 88.83 91.86 92.27 93.58 94.88 96.24 96.42 96.88 96.88 96.93 100.07 100.19 104.91 100.89 104.28 104.64 105.74 106.00 107.51 109.14 109.81 110.06 110.34 110.82 111.38 112.60113.26 117.26 120.54 120.93 120.93 122.11 124.40 126.08 127.64 127.75 Average electricity prices in 2026 (€/MWh) 35
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An exciting future | Why Iberia? - Ready to benefit from increasing capacity constraints in primary markets POWER SHORTAGE, SCARCITY OF LAND AND GRID CONSTRAINTS ARE MAJOR BARRIERS IN FLAP-D MARKETS FLAP-D markets in short supply with vacancy expected to reach all-time lows by year end Power constraints (grid and last mile/ substations) Increasing land prices in key data center clusters Land constraints Regulatory constraints to new DC construction Capacity constrained fibre networks European market vacancy rates, 2016-2025E Source: CBRE European Data Centers (Q1 2026) Frankfurt London Amsterdam Paris Dublin 15% - 30% 2016 2017 2018 2019 2020 2021 2022 20242023 2025 2026F 36
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IBERIA CONSOLIDATED AS A KEY EUROPEAN DATA CENTRE HUB, BENEFITTING FROM ITS STRATEGIC LOCATION Source: Company research (1) Probability weighted internal estimates 203020292028202720262025 314 487 613 775 1,369 2,166 174 140 232 255 277 336 283 493 359 1,011 382 1,784 Colocation AI/Hyperscale Spanish Data Centre supply(1) (MW) Company Category Location MW IT AI/Hyperscale MAD 79 AI/Hyperscale MAD & ZGZ 130 AI/Hyperscale MAD 144 AI/Hyperscale ZGZ 162 Self-built ZGZ 369 Main Competitors estimated capacity in operation as of FY30 An exciting future | Iberia: the right place, the right time 37
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An exciting future | Why MERLIN? - Unique value proposition • Available power • Large scale, fully owned and permitted land • Strategically located next to cable landing stations • 3 Data Centers already in operation Accelerated time to market • Extensive track-record in Spanish property market • Exclusivity partnership with US best-in-class DC developer, Endeavour, for cutting-edge design and technology • Local expertise Best-in-class real estate development team • 99.9999% Estimated “six nines” of availability • Leader in energy efficiency with 1.15 annualized PUE • Zero water cooling (WUE of 0 litres/kWh) • 100% renewable energy for carbon neutral operations • Carrier-neutral with connection to multiple providers • Supports AI-suitable rack densities up to 70 kW per rack with air cooling and 200 kW per rack with direct liquid cooling Cutting-edge technology and leader in sustainability and energy efficiency MERLIN OFFERS ACCELERATED TIME TO MARKET AND CUTTING-EDGE TECHNOLOGY Source: Edged Spain, Company Information 38
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An exciting future | Why MERLIN? - Our Data Center partnership • Local staff for the development and project management • Local sales support • Local data center O&M Spain 50% 50% • 100% ownership of the assets • 100% of lease agreements cash-flows • Local know-how • Design & Construction management • Technological expertise • Staff training Source: Company Information 39
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An exciting future | Why MERLIN? - Existing client relationships A STRONG COMMERCIAL PLATFORM Dedicated in-house commercial team International presence with rep. offices in London and Amsterdam Recognized ecosystem positioning Early involvement in customer planning 4 years relationship with Tier 1 incumbents • Infrastructure tailored to large-scale deployments • Successfully passed SOQs with 3 out of 4 Tier-1 hyperscalers • Positioned as a credible partner for strategic capacity expansion • Designed to support ultra-high- density deployments (up to 200 kW per rack) • Optimized for AI training, inference and accelerated computing workloads • Solid commercial relationship with all Tier-1 players • Proven AI infra supplier of Nvidia Cloud Partners (NCP) HYPERSCALERS NEOCLOUDS & AI PLAYERS Invested by Nvidia 40
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An exciting future | Data Center | 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% Madrid MAD-GET 01 20 MW MAD-TCS 01 30 MW MAD-GET 02 48 MW Basque Country BIO-ARA 03 22 MW BIO-ARA 02 & 01 96 MW BIO-ARA 04 & 05 & 01 150 MW + 12 MW Barcelona BCN-PLZF 22MW Lisbon LIS-VFX 80 MW LIS-VFX O3 & 04 & 05 100 MW Zaragoza ZGZ-WIND 01 144 MW Location 41
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An exciting future | Data Center | Phase III: Funding Plan € 4.5BN OF CAPEX TO BE FUNDED, COMPLYING WITH BBB+/BAA1 STANDARDS • Subsequent capital increases • ABB as preferred option, with soft pre-emption right to existing shareholders 50% equity 50% debt • Green plain vanilla bonds as the preferred option • Alternative options under analysis (i.e., convertible bonds) • Target leverage policy: 35% LTV and < 10.0x Net Debt / EBITDA 42
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otros Logistica CC oficinas Data Centers Logistics Shopping Centers Offices 53% 25% 16% 6% 20% 8% 7% 65%GRI FY25 € 542m otros Logistica CC oficinas Data Centers Logistics Shopping Centers Offices 53% 25% 16% 6% 20% 8% 7% 65% GRI 2032 stabilized € 1.8bn Logistics Data Centers Offices Shopping Centers DATA CENTERS EXPOSURE TO INCREASE 10x WITH PHASE III ACCOMPLISHED An exciting future | Data Center | Full picture GRI effect 43
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An exciting future | Data Center | 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(1) Leasing 100% let 100% let 100% let Self-consumed Energy 10.3% 29.2% - Barcelona - PLZF Madrid - GetafeBilbao - Arasur In operationIn operation In operation 100% let 100% let 100% let PHASE I FULLY LET AND 100% OPERATIONAL FROM OCT-26 (1) Opportunity for repowering (+6 MW) 44
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An exciting future | Data Center | Phase II overview (254 MW) Under development Under development Under development Under development BIO-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 BOOKED MADRIDLISBONBILBAO IT capacity 48 MW 48 MW 40MW 40 MW 30 MW 48 MW Power Granted Power supply 70 MW supplied upon construction 70 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 Service 12/26 4Q27 4Q27 4Q27 1H29 2H29 Self-consumed Energy 26.0% 34.5% 34.4% - - 45
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An exciting future | Data Center | Phase III overview (406 MW) BIO-ARA 04 BIO-ARA 05 ZGZ-WIND 01LIS-VFX 03 LIS-VFX 04 LIS-VFX 05 ZARAGOZALISBONBILBAO IT capacity 80 MW 70 MW 40 MW 40MW 20 MW 144 MW Power Granted Power Sourcing Granted Granted Granted Granted Granted Granted Ready for Service 1H30 1H31 1H29 1H30 1H31 2H29 Self-consumed Energy 44.3% 31.4% 86.8% 46
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44 64 64 64 64 64 64 – 48 168 168 254 254 254 – – – – 196 336 406 44 112 232 232 514 654 724 2025 2026 2027 2028 2029 2030 2031 P h ase I P h ase II P h ase III Total BREAKDOWN BY PHASE (MW IT) An exciting future | Data Center | Full picture capacity installed (RFS) 47
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P h ase I P h ase II P h ase III 615 987 2026 721 1,332 610 2027 1,493 68 1,424 2028 1,420 205 1,215 2029 849 2030 372 <2025 849 110 614 1,760 1,146 CAPEX COMMITMENTS (€m) An exciting future | Data Center | Full picture capex commitments 48
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A1 A5 A2 A1 A5 A2 A1 A5 A2 MERLIN IS WORKING ON FUTURE PIPELINE TOTALLING 5.1 GW OF WHICH 2.5 GW ENJOY RELATIVELY HIGH VISIBILITY PHASE IV-Navalmoral 1.4 GW SHORT TERM PIPELINE 1.1 GW LONG TERM PIPELINE 1.9 GW Location Project IT Navalmoral EXT-NAV 01&02 200 MW Navalmoral EXT-NAV 1.2 GW Location IT Portugal 920 MW Valdecaballeros +1.0 GW Location Project IT MW Bilbao BIO-ARA 06 70 Barcelona BCN 02/03/04 156 Madrid MAD-TC 322 Madrid MAD-SOUTH 150 Lisbon LIS-VFX 06/07/08 200 Castilla León CYL X 150 An exciting future | Data Center | Future pipeline 49
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A1 A5 A2 NAVALMORAL DE LA MATA: STRATEGIC DIGITAL ENCLAVE Extremadura Cáceres Central-Western Iberia, positioned between the Tagus and Tiétar rivers. 39°54’24.9”N 5°30’34.2”W 291 meters (955 feet) above sea level Navalmoral de la Mata (Extremadura, Spain) is the site of a landmark private project to develop a GW- scale, ultra-sustainable data center campus focused on Generative AI and advanced computing Key attractors • Abundant, low-cost green energy (Extremadura produces 6.5x the energy it consumes) • Strategic fiber connectivity (mid-point between Lisbon and Madrid) • Cutting-edge sustainability (zero water consumption, carbon-neutral) design Location Expacio Navalmoral industrial park Capacity Up to 1.4 GW IT capacity planned Scale 8-10 data center buildings, each of 100-200 MW IT Investment MERLIN will invest up to € 15 billion in the development of its Navalmoral de la Mata Gigawatt Campus An exciting future | Data Center | Future pipeline 50
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A5 - Madrid A5 - Lisbon Almaraz Nuclear Power Plant (2 GW) Navalmoral de la Mata Photovoltaic Plants Up to 1.4 GW IT > 1m sqm Total landplot LESS THAN 20KM AWAY FROM BACK-UP 2-GW ALMARAZ NUCLEAR POWER PLANT AND SURROUNDED BY >1 GW OF RENEWABLE PHOTOVOLTAIC PRODUCTION An exciting future | Data Center | Future pipeline 51
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• February 2025 MERLIN requested 2GW power in the Arañuelo 400 kV ST and ranks first in power contest • September 2025 MERLIN submitted the construction license for the first two buildings (2 x 100 MW IT) • MERLIN expects to be ready to start construction by 2H 2026 • Both buildings are expected to reach RFS by end of 2028 • Total investment expected for first two buildings at maximum design capacity of ca. €1.9 bn Works license ElectricityCalendarInvestment STARTING CONSTRUCTION OF 200 MW IT (EXT-NAV 01 & 02) 800 MW IT INITIAL DESIGN. WITH CURRENT DENSITIES, CAPACITY TO CONVERGE TO A 1.4 GW IT CAMPUS DECEMBER 2024 MERLIN gained full control of the site: • Land plot size in excess of 1 million sqm • Urbanized landplot with a ready to build status (no further permitting required) An exciting future | Data Center | Future pipeline 52
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An exciting future | Logistics | MERLIN’s scale is second to none THE LARGEST PLAYER IN THE IBERIAN PENINSULA Logistics footprint under management (million sqm) 1.1 0.6 1.9 0.8 1.4 2.8 2x 1.5 x1.5 0.6 53
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An exciting future | Logistics | Roll-out: commercialization & pending capex | WIP (1) Including land cost 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 sqm Valencia-BéteraLisboa Park Sevilla Zal 39k sqm 54k sqm Cabanillas Park II Azuqueca III San Fernando III 54
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An exciting future | Logistics | Roll-out: commercialization & pending capex | Landbank (1) Including land cost 56k sqmCabanillas Park II 184k sqm Non-committed pipeline Pending Capex € 111m Expected stabilized GRI € 11.2m YoC(1) ±7.1% 57k sqmSan Fernando III 71k sqmValencia-Bétera 55
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LEADING ONE OF MADRID’S MAJOR URBAN REGENERATION PROJECTS An exciting future | Offices | Renazca 56
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An exciting future | Offices | A strategic stake - DCN LÍNEA TEMPORAL Jul-2020 Final approval of modification of PGM Madrid Tender Chamartín Station granted Jul-2021 Signing of framework agreement Start of building development works in Las Tablas Oeste 2020 2021 2022 2023 2025 2026 Delivery of the first homes in Las Tablas Oeste Start of urbanisation works in Las Tablas Oeste Land acquisition from Adif PARTICIPATION IN A TRANSFORMATIVE PROJECT WITH MILESTONES ALREADY ACHIEVED AND LONG-TERM DEVELOPMENT VISIBILITY. 2027 2029 57
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An exciting future | ESG | MERLIN’s journey DISTINCT TRACK RECORD ON ESG SINCE INCEPTION, WHICH POISES MERLIN TO SUCCESSFULLY IMPLEMENT OUR PATHWAY TO NET ZERO (1) % of GAV portfolio certified by LEED or BREEAM 45% 61% 75% 80% 91% 2016 • Launch of the certification programs with LEED and BREEAM • Marineda obtains the DIGA Accessibility Certificate • First LEED Platinum certification obtained in a logistics warehouse in Spain • More than 88,000 certified sqm in ISO 50001 certification 2017 2018 • Obtained first LEED v4 certification in San Fernando I • Launch of the Photovoltaic Plan (Project Sun) Baseline 2020 • Procurement of renewable electricity in 100% of our assets • Phase I of Project Sun under implementation • Sustainable scoring: GRESB and CDP • AENOR COVID-19 certifications 2022 • Pathway to Net Zero • Green Financing Framework • Sustainability-related metrics in short- term and long-term compensation plan 2024 • Inclusion of ambitious embedded carbon targets in the renewed Green Financing Framework. The only European company to have these criteria included • Operational carbon footprint reduction targets fully achieved • Supply of renewable electricity in 84% of multi-tenant office assets • Launch of Electric Vehicle charging points program • Sustainable financing with a € 1.6bn ESG linked 2019 • Creation of the Sustainability Committee • Adhesion to SDG goals • First EIB financing program under EU green taxonomy • MERLIN selected for Dow Jones Sustainability Index • More than 1.3m certified sqm in ISO 50001 certification 2021 • Certification program finalized • Adoption of the green clause in all new contracts • Ambitious target in terms of embodied carbon 2023 % certified(1) 2015 38%4% 95% COMPLETED • Renewal of the “zero waste” certification extended to 6 shopping centers • Continued inclusion in the Dow Jones World Sustainability Index • Implementation of BMS (Building Management System) for the entire portfolio • Award of a forest in Serradilla Llano that offsets MERLIN’s carbon footprint 2025 58
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An exciting future | ESG | Pathway to net zero Reducing operational carbon (scope 1+2) 1 Reducing embodied carbon (offices & logistics developments) 2 Reducing scope 3 emissions 3 Offsetting unavoidable emissions 4 SBTi aligned The backbone of our strategy Pillars Sustainable assets Reshaping cities Wellbeing of people MERLIN LAUNCHED ITS PATHWAY TO NET ZERO IN 2022, ENSURING A BOTTOM-UP ANALYSIS TO SHAPE AND DEFINE THE PATHWAY 59
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An exciting future | ESG | Project Sun Projects 36 executed # households(1) we can supply 7,158 executed Capacity (Mwp) 18.9 executed Self-comsumption 5.6% (1) Using as reference 3.49 MWh/year consumption of an average house in Spain 60
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An exciting future | ESG | Recognitions Top 1% (negligible risk) Average peers: 69% IBEX-35 8.7 83% Average sector: 37% 70% #1 Inclusion for 4th year in a row in the Europe DJSI +2nd time in the World DJSI MERLIN(1) B Average score (1) 2024 score 61
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An exciting future | ESG | Technology MERLIN IS FOCUSING ITS TECHNOLOGY EFFORTS THROUGH 3 PILLARS Tenant engagement App User experience Deployment in our portfolio Sensorization Digitalization Sponsoring Portfolio companies MERLIN has invested in Fifth Wall, a venture capital proptech fund Mentoring MERLIN teamed up with ISDI and Impact accelerator The program allowed us to identify Proptech opportunities Prized proptechs Proptech challenge Proptech Ecosystem + 62
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Paseo de la Castellana, 257 28046 Madrid +34 91 769 19 00 info@merlinprop.com www.merlinproperties.com