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6M26 RESULTS PRESENTATION 28 JULY 2026
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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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□ Key highlights □ Offices □ Logistics □ Shopping centers □ Data centers (Phase I, II & III) □ Closing remarks & outlook □ Appendix ISMAEL CLEMENTE CEO INÉS ARELLANO DIRECTOR FRANCISCO RIVAS DIRECTOR
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Key highlights OPERATING PERFORMANCE FINANCIAL PERFORMANCE VALUE 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
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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
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OFFICES
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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
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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 2Q27 Total CAPEX € 16.6m YoCAPEX 9.6% GLA 11,176 sqm 8
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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 2H27 Total CAPEX € 44.5m YoC(1) 5.6% GLA 17,897 sqm (1) Includes acquisition 9
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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 € 55.0m YoCAPEX 12.2% GLA 21,441 sqmPre-let 100% 10
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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 1H28 Total Capex € 22.5m YoC(1) 6.6% GLA 4,908 sqm PLAZA RUIZ PICASSO II IS IDEALLY LOCATED IN AZCA, MADRID’S LEADING FINANCIAL DISTRICT (1) Including acquisition 11
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LOGISTICS
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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
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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 sqm Valencia-BéteraLisboa Park Sevilla Zal 39k sqm 54k sqm Cabanillas Park II Azuqueca III San Fernando III 14
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56k sqmCabanillas Park II Logistics | Value creation | Logistics roll-out: commercialization & pending capex | Landbank (1) Including land cost 184k sqm Non-committed pipeline Pending Capex € 111m Expected stabilized GRI € 11.2m YoC(1) ±7.1% 57k sqmSan Fernando III 71k sqmValencia-Bétera 15
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SHOPPING CENTERS
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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
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DATA CENTERS (PHASE I, II & III)
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A1 A5 A2 Bilbao 280 MW Lisbon 180 MW Extremadura Madrid 98 MW Barcelona 22 MW Zaragoza 144 MW CYL Data Centers | Overview – Phase I, II & II footprint (724 MW) PLAN MEGA AT A GLANCE 19
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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% 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 01 & 02 80 MW LIS-VFX O3 & 04 & 05 100 MW Zaragoza ZGZ-WIND 01 144 MW Location 20
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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 - 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) eventually fully let 21
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(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 6M26 507 Revaluation captured as of 6M26 381 Promote accrued to date 101 GAV 6M26 988 Pending Capex 107 Estimated value to be captured 321 2036 Exit Value as per appraisals(2) 1,416 (€ 22.1m/MW)Total investment(1) € 614m (€ 9.6m/MW)(€m) STRONG VALUE CREATION Data Centers | Phase I capacity in operation (64 MW) 22
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Data Centers | 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% - - 23
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Data Centers | Phase II overview (254 MW) WORKS UPDATE: BILBAO ARASUR 2 DATA CENTER (48 MW). DELIVERY DATE 4Q26 24
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Data Centers | Phase II overview (254 MW) WORKS UPDATE: BILBAO ARASUR 1 DATA CENTER (48MW). DELIVERY DATE 4Q27 25
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WORKS UPDATE: LISBON DATA CENTERS (80 MW). DELIVERY DATE 4Q27 Data Centers | Phase II overview (254 MW) 26
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BIO-ARA 04 BIO-ARA 05 ZGZ-WIND 01LIS-VFX 03 LIS-VFX 04 LIS-VFX 05 ZARAGOZALISBONBILBAO Data Centers | Phase III overview (406 MW) 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 1H29 1H29 2H29 Self-consumed Energy 44.3% 31.4% 86.8% ADVANCED NEGOTIATIONS NEW NEW 27
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CAPEX COMMITMENTS (€m) Data Centers | Full picture capex commitments P h ase I P h ase II P h ase III 614 1,146 613 806 77 115 522 889 1,545 1,280 170 1,760 1,135 1,695 1,622 1,395 170 2026 2027 2028 2029 2030<2025 28
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CLOSING REMARKS & OUTLOOK
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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
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APPENDIX
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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
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Appendix | 6M26 Financial results | GRI bridge LfL(1) +3.3% 291.7+18.9+8.1264.7 6M25Balance acquisitions, disposals & other Like-for-Like growth 6M24 (€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
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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 2026 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 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 34
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Appendix | Offices | GRI bridge and breakdown +4.5% (5.6%) +2.2% Madrid Barcelona Lisbon 94.5% 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+3.5144.3 6M26Balance acquisitions, disposals & other Like-for-Like growth6M25 Madrid Barcelona Lisbon 35
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Appendix | Offices | Leasing activity Madrid Barcelona Lisbon Total Contracted 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
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Appendix | Offices | 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 37
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Appendix | Logistics | GRI bridge and breakdown Madrid (0.8%) Barcelona +4.2% Other +5.4% Madrid Barcelona Other 94.7% 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+0.541.9 6M26Balance acquisitions, disposals & other Like-for-Like growth6M25 38
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Madrid Appendix | Logistics | Leasing activity Barcelona Other Total Contracted 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
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STRONG PERFORMANCE (1) Including WIP (2) Equity method contribution Appendix | 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
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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+4.265.8 6M26Balance acquisitions, disposals & other Like-for-Like growth6M25 41
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Appendix | Shopping centers | Leasing activity All portfolio Total Release spread # contracts Tenants +5.6% 108 Contracted sqm 23,328 42
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Appendix | Valuation and debt position | GAV summary REVALUATION UPLIFTS ARE DRIVEN BY DATA CENTERS 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 43
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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 CentersLogisticsOffices +3.7% MERLIN average(2) 1.1% 27.9% 0.3%0.9% Shopping centers Data CentersLogisticsOffices 2 bps Total 0 (37) 8 13 44
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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+ Baa1 Outlook Stable Stable (1) Includes cash (€ 1,563.8m), treasury stock (€ 9.0m) and undrawn credit facilities (€ 998.3m) in 6M26 45
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Appendix | Valuation and debt position | Sound financial structure 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 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 46
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Paseo de la Castellana, 257 28046 Madrid +34 91 769 19 00 info@merlinprop.com www.merlinproperties.com