MERLIN Properties SOCIMI (MRL) Company presentation summary

Company overview and financial highlights

• Gross asset value stands at €13.5bn, with €594m gross rental income and €327m FFO as of FY25.

• Net debt is €3,394m, with a low loan-to-value ratio of 25.1% and average occupancy at 94.7%.

• Portfolio is diversified across offices, shopping centers, logistics, 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 portfolio

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

• Offers flexible office solutions, a national logistics footprint, and urban shopping centers in high GDP areas.

• Major clients include multinational corporations, tech firms, financial institutions, and public entities.

• Strategic stake in ZAL Port (48.5%), a key logistics hub with top-tier tenants.

Operational performance and financial structure

• Passing yields range from 4.8% (offices) to 6.6% (logistics); data centers saw a €371.9m revaluation uplift.

• Weighted average lease term is 3.6 years, with overall occupancy at 94.7%.

• Debt is 99.8% fixed rate, average interest rate 2.71%, and liquidity position at €2,571m.

• Over €2.4bn in dividends distributed since IPO, with 134% value creation.