Merlin Properties Socimi S.A.

Investor Presentation • Feb 27, 2025

Webcast: https://streamstudio.world-television.com/1364-2525-41152/en

Conexión:https://grid.trustwavetechnology.com/merlin/register.html

Excelente año para MERLIN Properties, con crecimiento en rentas brutas del 5,2% y más de €500 millones de ingresos

• Buen rendimiento operativo, con crecimiento de las rentas comparables (LfL) del 3,4% y release spread positivo en todas las categorías de activos.
• El EBITDA alcanzó los € 379,2 millones, +3,3% comparado con FY23.
• Mejora del beneficio operativo ("FFO") hasta los € 310,8 millones (+9,4% comparado con FY23).
• La revalorización de los centros de datos (+16,9% vs. FY23) compensó una ligera caída por ajuste de yields en otras categorías de activos.
• Tanto S&P (BBB+) como Moody's (Baa1) mejoraron la calificación de la Compañía por su bajo endeudamiento y mejor perfil de generación de flujos.
• El valor neto de activos según EPRA ("EPRA NTA") se sitúa en 14,32 euros por acción, ya diluido tras la ampliación de capital y el reparto de 18 céntimos de dividendo en el segundo semestre.

Madrid, 27 de febrero – MERLIN Properties ha cerrado 2024 con unos ingresos totales de €516,7 millones (incluyendo rentas brutas de €500,4 millones), un EBITDA de €379,2 millones, un beneficio operativo de €310,8 millones (55 céntimos de euro por acción) y un beneficio neto contable de €283,8 millones.

El valor bruto de activos (GAV) se sitúa en € 11.540 millones, sin práctica variación gracias a la revalorización de los centros de datos (+16,9% vs. FY23). El valor neto de activos asciende a €8.071 millones (€14,32 por acción).

El nivel de endeudamiento ("LTV") se sitúa en 28,3% (vs. 35,0% en FY23), con una posición de liquidez de €2.364 millones. El 100% de la deuda es a tipo fijo y el vencimiento medio de la misma es de 4,3 años.

Evolución del negocio

En oficinas la compañía continúa creciendo en ingresos comparables (+3,9%) y en las renovaciones de renta (+2,3%). La ocupación acaba en máximos históricos, alcanzando el 93,7%. Destaca el comportamiento de Madrid que se está beneficiando de los primeros indicios de desequilibrio entre oferta y demanda debido a la ola de reconversiones en residencial y hotelero.

El comportamiento de la cartera logística sigue siendo sobresaliente, un año más, con un crecimiento de las rentas comparables del +2,8%, incremento de rentas en renovaciones (+1,4%) y ocupación del 99,4%, estableciendo un máximo histórico difícilmente repetible.

En el año se han firmado varios proyectos llave en mano entre los que destacan: tres naves logísticas en Lisboa Logistics Park con un cliente final que absorbe 134.695 m² , más una nave de 18.133 m² en

Cabanillas Park II para Total y una nave de 2.477 m² en Sevilla ZAL para XPO. Del total de la cartera de suelo disponible para desarrollo (511.000 m² ), 155.000 m² se encuentran prealquilados y 77.000 m² con cartas de interés firmadas, que irán cristalizando en prealquileres en los próximos meses.

Magnífico rendimiento operativo en centros comerciales, con crecimiento de ingresos comparables (+2,7%) y de renta en las renovaciones (+3,3%). La tasa de esfuerzo sigue en mínimos históricos (11,2%) y las afluencias (+2,5%) y ventas (+5,5%) en niveles superiores a 2023. La ocupación acaba en máximos históricos (96,5%).

Dentro de la Fase I (64 MW) de desarrollo de nuestro plan MEGA, los data centers de MAD01-GET, BCN01-PLZF y BIO03-ARA cuentan ya con 26 MW equipados y listos para operación, de los cuales 21,2 MW están alquilados. Dentro de la Fase II (203 MW), se han obtenido las licencias de construcción de LIS01-VFX y BIO02-ARA y han comenzado las obras. Asimismo, se ha llegado a un acuerdo con el gobierno regional de Extremadura para impulsar dos campus de IA con una capacidad IT de 1 GW cada uno en Navalmoral de la Mata y Valdecaballeros y se ha firmado la compraventa de un terreno en Tres Cantos (Madrid) para construir un data center de 30MW, ampliable en el futuro mediante edificios sucesivos hasta crear un mini-campus de 160MW.

Valor de la cartera de activos

El valor bruto de los activos ("Gross Asset Value" o "GAV") de MERLIN asciende a €11.540 millones a 31 de diciembre de 2024, según tasaciones realizadas por Savills, CBRE y JLL. Por categoría de activos, destaca el valor creado durante el año en los desarrollos de centros de datos (€60,3m). El valor neto de activos asciende a €8.071 millones, equivalentes a €14,32 de EPRA NTA por acción.

Perspectivas 2025

Finalmente, se estima un FFO de alrededor € 0,54 p.a. para 2025 correspondiente a un dividendo por acción similar al propuesto para 2024 (€ 0,40 p.a.).

Acerca de MERLIN Properties

MERLIN Properties SOCIMI, S.A. (MC:MRL) es una de las mayores compañías inmobiliarias cotizadas en la Bolsa española. Está especializada en la promoción, adquisición y gestión de activos terciarios en la península ibérica, invirtiendo principalmente en oficinas, centros comerciales, plataformas logísticas y centros de datos en los segmentos Core y Core Plus. MERLIN Properties forma parte de los índices de referencia IBEX 35, Euro STOXX 600, FTSE EPRA/NAREIT Global Real Estate Index, GPR Global Index, GPR-250 Index, MSCI Small Caps y DJSI.

Visite www.merlinproperties.com para obtener más información sobre la compañía.

Si desea más información, póngase en contacto con:

Nuria Salas, nsalas@tinkle.es, +34 629 56 84 71 Sarah Estébanez, sestebanez@tinkle.es, +34 636 62 80 41

FY24 RESULTS PRESENTATION 28 FEBRUARY 2025

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

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In reviewing this presentation, the recipient is agreeing to, and accepting, the foregoing restrictions and limitations.

DISCLAIMER

• □ FY24 Financial results
• □ Offices
• □ Logistics
• □ Shopping centers
• □ Valuation and debt position
• □ Value creation
• □ Digital Infrastructure Plan
• □ Closing remarks & Outlook

OPERATING PERFORMANCE

FINANCIAL PERFORMANCE

VALUE CREATION

• • Strong operating momentum, with satisfactory rental growth (+3.4% LfL) combined with a very high occupancy (96.7%, +58 bps)
• • Offices continue performing well with positive like-for-like (+3.9%) and release spread (+2.3%)
• • Full occupancy in Logistics (99.4%), with positive organic growth (+2.8% LfL)
• • Shopping centers delivering good LfL (+2.7%), highlighting the quality of the portfolio, with rents remaining at very affordable levels (11.2% OCR in FY24)

• Solid FFO generation (+9.4% YoY)

• Valuations have remained broadly stable despite yield expansion (+21 bps YoY to 5.3%) thanks to solid operating

at 28.3%, 100% fixed rate, no debt maturities until November 2026 and

• Both S&P (BBB+) and Moody's (Baa1) have upgraded MERLIN´s debt

• performance and Data Centers development gains
• • Strong financial situation: LTV € 2.4 bn liquidity
• the Data Centers development

rating on the basis of sustained lower leverage and expanding cash flow base

• Successful execution of a € 921m

capital increase in July to accelerate

• • € 73.0m in non-core divestments. € 53.0m already signed, to be executed in 2025
• • Landmark Plan: Plaza Ruiz Picasso fully let and delivered to best-in-class tenants such as IBM, Globant, SAP, WTW or Bluetab
• • Best II & III: long-term lease contract signed with a Portuguese end client to develop the remaining landbank (134,695 sqm) in Lisbon Logistics Park to be delivered in several phases up to 2027
• • Mega Plan: lease contract signed with an international artificial intelligence operator for a block of 15MW IT in the Barcelona-Zona Franca (BCN01-PLZF) data center, which is now let at 100% of its Total Design Capacity
• • Advanced negotiations for a block of 18 MW IT in the Bilbao-Arasur (BIO-ARA03) data center, which will also reach 100% of its Total Design Capacity 4

Note: Per share figures for FY24 calculated on TSO at 31/12/24 (563,724,899)

(1) Net of incentives

(2) Excludes non-overhead costs items (€ 6.1m) plus LTIP accrual (€ 2.8m)

(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 45 of https://ir.merlinproperties.com/wp-content/uploads/2025/02/Results-report-FY24.pdf

Y24	FY23	YOY
00.4	475.6	5.2%
70.6	447.2	5.2%
418.1	403.7	3.6%
79.2	367.0	3.3%
5.8%	77.2%
10.8	284.2	9.4%
2.1%	59.8%
913	263.4	10.6%
83.8	(83.5)	n.m
3,077	7,083	13.9%

0 55 .
O [	056
D [	X
,

(€ million)	FY24	FY23	YoY
Gross rents	500.4	475.6	5.2%
Gross rents after incentives	470.6	447.2	5.2%
Net rents(1)	418.1	403.7	3.6%
EBITDA(2)	379.2	367.0	3.3%
Margin	75.8%	77.2%
FFO(3)	310.8	284.2	9.4%
Margin	62.1%	59.8%
AFFO	291.3	263.4	10.6%
IFRS net profit	283.8	(83.5)	n.m
EPRA NTA	8,071	7,083	13.9%
(€ per share)
FFO	0.55	0.61	(8.9%)
AFFO	0.52	0.56	(7.9%)
EPS	0.50	(0.18)	n.m.
EPRA NTA	14.32	15.08	(5.0%)

FY24 Financial results

FFO OF € 0.55 PER SHARE

Balance acquisitions, FY24 disposals & other

STRONG OPERATING MOMENTUM, WITH GOOD RENTAL GROWTH (+3.4% LfL)

• +3.9% Offices
• +2.8% Logistics
• +2.7% Shopping centers

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 31st December 2024

Offices Logistics Shopping centers Data Centers

Offices | GRI bridge and breakdown

GOOD LFL RENT INCREASE (+3.9%) AND RELEASE SPREAD (+2.3%) DESPITE SOME WEAKNESS IN BARCELONA

(1) Portfolio in operation for FY23 (€ 253.4m of GRI) and for FY24 (€ 263.2m of GRI)

35,152 sqm 3,439 desks 82% occupancy € 470 ADR(1) KPIs 14 spaces

5 NEWS SPACES OPENED IN THE YEAR (+31% INCREASE OF FOOTPRINT)

(1) ADR: Average monthly desk rate

New openings 2025

Torre Glóries (exp.) Plaza Cataluña 9 (exp.) Pedro de Valdivia 10 Partenón 12-14

Plaza Ruiz Picasso 11 Castellana 280

Plaza Ruiz Picasso 11 (exp.) Events area

Main contracts signed:

Largest co-working in Spain

New openings 2024

Offices | Supply and demand imbalance in the Madrid office market

OUT OF FAVOR FOR INVESTORS, THE OFFICE MARKET IN MADRID HAS ADJUSTED REMARKABLY FAST TO HYBRID WORK MODELS WITH NO MAJOR SHAKEUP AND DENSIFICATION

• Job creation in Madrid +2.7% per annum since FY19
• 472K jobs created since pre-Covid figures (115k in 2024)

DEMAND SUPPLY / FUTURE SUPPLY

justify the development of speculative projects in NBA and periphery locations

• Rental levels and cap rates do not
• social housing, flex living, hotels), reducing potential future supply

• Vacant land plots with office use are derived to other uses (student housing,

• 200K sqm of offices have started their reconversion into residential in 2024, a very relevant figure for the size of the market (457K sqm in take-up in 2024)
• Flexible zoning provisions as compared to other cities
• 2m sqm of small offices in mixed use assets, within the M-30, are legally residential and are recovering their original use at an accelerated pace

CURRENT SUPPLY

MADRID OFFICE MARKET IS HEALTHY AND RESILIENT Vacancies have already peaked and there is no subleasing risk

OFFICE MARKET HAS ADJUSTED REMARKABLY FAST TO HYBRID WORK MODELS AND DENSIFICATION

LOGISTICS

VIRTUAL FULL OCCUPANCY COUPLED WITH RENTAL GROWTH RESULTED IN A GOOD LFL GROWTH (+2.8%)

(1) Portfolio in operation for FY23 (€ 76.7m of GRI) and for FY24 (€ 78.9m of GRI)

Logistics | GRI bridge and breakdown

STRONG PERFORMANCE

€m	FY24	FY23	YoY
Gross rents	76.1	74.8	+1.7%
Net rents	75.2	74.5	+1.0%
EBITDA	71.9	71.5	+0.6%
FFO(1)	44.8	45.3	(1.0%)

Stock 764,925 sqm

Third parties stock (ground leases) 162,633 sqm

Stock under management 927,558 sqm

SHOPPING CENTERS

STRONG MOMENTUM IN TERMS OF FOOTFALL AND SALES WHILE MAINTAINING HISTORICALLY LOW OCR AT 11.2%

(1) Portfolio in operation for FY23 (€ 123.3m of GRI) and for FY24 (€ 126.6m of GRI)

OCCUPANCY AT RECORD-HIGH LEVELS (96.5%)

VALUATION AND DEBT POSITION

VALUE CREATION IN DATA CENTERS (€ 60.3M) HAVE OFFSET THE ADJUSTMENT OF THE REMAINING PORTFOLIO

(2) Including equity method (3) Based on passing rent

Valuation and debt position Sound financial structure
RATING UPGRADE BY BOTH S&P & MOODY'S
	31/12/2024	31/12/2023
Net debt	€ 3,347m	€ 4,050m
LTV	28.3%	35.0%
Average cost (spot)	2.46% (2.55%)	2.38% (2.71%)
Fixed rate debt	100%	99.7%
Average maturity (years)	4.3	5.1
Liquidity(1)	€ 2,364m	€ 1,309m

Rating	Outlook
BBB+	Stable
Baa1	Stable

(€ million) Unsecured loans Unsecured bonds Secured bank loans

Secured bank loans

Unsecured loans

Unsecured bonds

2025 REFINANCING TO BE REPAID WITH AVAILABLE CASH 2026 2027 2028 2029 2030 2031 2032 >2032

Secured bank loans

Unsecured loans

Unsecured bonds

VALUE CREATION

• DC Landbank:

• • Bilbao Arasur DC
• • Purchase options in Navalmoral de la Mata & Valdecaballeros
• • Madrid-North

• Mainly focused on office reconversion to residential, a trend that will continue in 2025

Non-core divestments

Value creation | Logistics roll-out: commercialization & pending capex | WIP

340k sqm Committed pipeline To be delivered by 1H26 Total remaining investment € 171m Expected stabilized GRI € 19.6m YoC(1) 7.5% YoC Capex 11.5% 135k sqm Sevilla Zal

Value creation | Logistics roll-out: commercialization & pending capex | Landbank

DIGITAL INFRASTRUCTURE PLAN (MEGA)

Digital Infrastructure Plan | Overview - Onboarding electrified land at reasonable prices

SECURING THE FUTURE OF PLAN MEGA

(1) Pending administrative confirmation from Iberdrola

Digital Infrastructure Plan		MEGA Plan Overview
		Phase I	Phase II	Upsizing	Pipeline
Total IT Capacity (MW)		64	203	410	2,130
Stabilization year		2027	2029
Capex (€m)		608	2,106
Stabilized GRI (€m)		88	313
Gross YoC		14.5%	14.2%
Funded
	Madrid	MAD01-GET (20 MW)	MAD01-GET (+7 MW) repowering	MAD-NTH (30 MW)	MAD-NTH (130 MW)
n	Basque country	BIO03-ARA (22 MW)	BIO-ARA (96 MW) 02 & 01	BIO-ARA (180 MW) 04 & 05 & 06
o ti a c o	Barcelona	BCN-PLZF (22MW) 16MW + 6MW repowering
L	Lisbon		LIS-VFX (100 MW)	LIS-VFX (200 MW)
	Extremadura				Extremadura (2 GW)

		Phase I	Phase II	Upsizing	Pipeline
Total IT Capacity (MW)		64	203	410	2,130
	Madrid	MAD01-GET (20 MW)	MAD01-GET (+7 MW) repowering	MAD-NTH (30 MW)	MAD-NTH (130 MW)
	Basque country	BIO03-ARA (22 MW)	BIO-ARA (96 MW) 02 & 01	BIO-ARA (180 MW) 04 & 05 & 06
	Barcelona	BCN-PLZF (22MW) 16MW + 6MW repowering
	Lisbon		LIS-VFX (100 MW)	LIS-VFX (200 MW)
	Extremadura				Extremadura

ADVANCED NEGOTIATIONS FOR PHASE I LEASES BRING ONE YEAR CLOSER GRI STABILIZATION TO 2027

Digital Infrastructure Plan | Snapshot of MERLIN's Data Center plan - Phase I (64 MW): Roll-out highlights

IT capacity	22 MW(1)	22 MW	20 MW
Electricity supplied			(phased until 1H26)
Equiped at FY24	16 MW	6 MW	4 MW
Pending equipment	+6 MW in 1H26	+16 MW in 2Q25	+16 MW in 4Q25
Bookings	n.m.	100%	70%

DATA CENTER PHASE I DEVELOPED ACROSS THREE SITES, WITH 26MW EQUIPMENT INSTALLED AS OF FY24

(1) Include 6 MW of repowering 34

Digital Infrastructure Plan | Snapshot of MERLIN's Data Center plan - Phase II (203 MW) roll-out highlights

TIME-TO-MARKET IS THE KEY DRIVER FOR PHASE II

Digital Infrastructure Plan | Phase II overview

(1) Pending administrative confirmation from Iberdrola

Digital Infrastructure Plan | Phase III overview - Upsizing (410 MW)

Lisbon-DC Bilbao - Arasur Madrid-North

80 MW repowering (Ongoing redensification of buildings)

• 120 MW extension in adjacent landplot

180 MW extension in adjacent landplot

30 MW IT Power sourced & granted

TOTAL 200 MW

• Navalmoral de la Mata and Valdecaballeros stand out for their abundant power supply; two projects which will comprise the development of multiple data center buildings with ca. 1GW of IT capacity in each site
• Extremadura produces approximately six times the electricity it consumes. The Data Center will leverage the region's vast sustainable energy generation capacity, which is derived from renewable sources and nuclear energy for low or zero carbon emissions

• Access to the dark fiber networks coming from Lisbon to Extremadura including the one established by MERLIN-Edged to interconnect its data centers in Lisbon, Madrid, Barcelona and Arasur

• Focused on generative AI and advanced computing, its modular system supports densities of up to 70kW per rack with air cooling and 200kW per rack with a plug-and-play liquid cooling

• Our ultra-efficient technology reduces energy overhead by 74% compared to conventional data centers

Digital Infrastructure Plan | Phase IV overview - Pipeline (2.1 GW)

CLOSING REMARKS & OUTLOOK

OPERATIONS VALUE CREATION OUTLOOK

• • MERLIN has delivered strong performance in all key financial and operating metrics (LfL rental growth, occupancy, release spread and FFO generation)
• • Occupancy at an all-times high across the board

• Logistics: efforts are focused on the development portfolio distributed among selected locations in Madrid, Lisboa, Valencia, Vitoria and Seville

• • Mega Plan:
  -

• Works in Mega Plan continue progressing well with the aim of reaching 58 MW of equipment installed in 2025, and reach full commercialization during 2027

• Agreement with the regional government of Extremadura to promote 2 AI campus of 1 GW

IT capacity each in Navalmoral de la Mata and Valdecaballeros, securing powered landplots for long-term backlog

• • 2025 will be a year focused on the development of Data Centers, a cash-draining division until stabilization
• • Uneventful year in term of debt with no maturities until November 2026, after 2025 refinancing repayment
• • 2024 dividend proposal (€ 0.40 p.s.):
• € 0.18 p.s. already paid in December
• € 0.22 p.s. to be decided and paid by the Board of Directors subject to 2025 AGM approval
• • Estimated FFO for 2025 will be around € 0.54 p.s. corresponding to a dividend of ±0.40 p.s.

Paseo de la Castellana, 257

28046 Madrid

+34 91 769 19 00

info@merlinprop.com

www.merlinproperties.com