MERLIN Properties SOCIMI (MRL) Company presentation summary

Key financials and portfolio overview

• Gross asset value (GAV) stands at €12.6bn, with €542m gross rental income and €327m FFO as of FY25.

• Net debt is €3,212m, with a loan-to-value (LTV) ratio of 24.4% and average occupancy at 95%.

• Portfolio is diversified across offices, logistics, shopping centers, and data centers, with offices and logistics representing the largest shares.

• Listed in Spain and Portugal, included in IBEX-35, and holds investment-grade ratings from S&P and Moody's.

Market positioning and client base

• Market leader in data centers, logistics, and offices in Iberia, with a strong presence in Madrid, Barcelona, and Lisbon.

• Office clients include major multinationals, tech firms, financial institutions, and public entities.

• Logistics and shopping center tenants include top retailers, logistics operators, and global brands.

• Flex space (LOOM) portfolio achieves high occupancy (85%) and record ADR (€500), with further expansion planned.

Operational performance and asset details

• Office portfolio is concentrated in prime and CBD locations, with 95% occupancy and diversified tenant base.

• Logistics footprint covers 2.8 million sqm, making it the largest in Iberia, with national, port, and regional reach.

• Shopping centers are urban and dominant assets in high GDP/capita areas, totaling over 500,000 sqm.

• Data centers are a growing segment, with significant revaluation uplifts and expansion plans.