MERLIN Properties SOCIMI (MRL) Investor presentation summary

Royal decree outlook

• CNMC’s 22 Sep 2026 opinion supported the draft’s objectives but sought material changes; the Council of State’s 6 Nov opinion raised essential observations and major regulatory and legality concerns.

• Approval scenarios: 13, 17, 20 or 24 Nov before the 29 Nov elections; 29 Nov–23 Dec under an outgoing government with a mandatory State Attorney’s Office opinion; or no approval.

• Entry into force would follow 20 days after publication in the BOE; the presentation illustrated dates from 4 Dec 2026 to early Jan 2027, with a new government potentially formed in early January.

• The PP signalled complete repeal if the decree is approved before the elections; regional authorities raised concerns about lost investment and potential compensation claims.

Contingency plan

• The revised MEGA plan totals 704 MW of IT capacity: 64 MW in Phase I, 254 MW in Phase II and 386 MW in Phase III; stabilization years are 2027, 2030 and 2031, respectively.

• Total planned investment is €7,671m, with gross YoC of 14.5%–15.8% across listed locations and phases.

• In the decree’s worst-case hourly-matching scenario, 338 MW of IT capacity is affected; estimated BESS capex is €863m, or 11.3% of total investment.

• Of the estimated BESS capex, €553m is non-recoverable, equal to 7.2% of total investment; BESS investment would add €1.2m per MW.

CoreWeave exposure and protections

• Portfolio diversification spans offices, shopping centers, logistics, data centers and other assets; CoreWeave exposure is shown at 0.4% of annualized rental income as of 1H26.

• CoreWeave’s share of installed capacity is projected to decline to 19% by 2031; leased capacity remains 135 MW from 2027 as total installed capacity expands, against a 20% single-tenant exposure target.

• Data center leases use Spanish and Portuguese law, with rent deposits, parent or third-party guarantees, or additional cash deposits; operating assets are described as highly utilized with strong client EBITDA generation.

• Modular assets and technical standards support re-letting without further investment; current market rents exceed contracted rents for operating assets, providing release-spread upside.

• Pre-let assets have end-user service agreements and GPU funding; tenants’ lenders generally hold pledges over computing operations and may step in following default.