Merlin Properties Socimi S.A.

Investor Presentation • Feb 27, 2023

A LA COMISIÓN NACIONAL DEL MERCADO DE VALORES

MERLIN Properties, SOCIMI, S.A. ("MERLIN"), en cumplimiento de lo dispuesto por la normativa de aplicación, comunica la siguiente

INFORMACIÓN RELEVANTE

MERLIN celebrará un Conference Call con analistas e inversores institucionales, el martes 28 de febrero de 2023, a las 15 horas de Madrid/CET, que podrá seguirse en tiempo real, vía audio-conferencia, a través del siguiente link:

Webcast: https://streamstudio.world-television.com/1364-2525-34360/en

Dial-in:https://aiti.capitalaudiohub.com/merlin/reg.html

Adjunto se remite la nota de prensa y la documentación soporte a la presentación, que están igualmente disponibles a través de la página web corporativa de MERLIN (www.merlinproperties.com)

Madrid, 27 de febrero de 2023.

MERLIN Properties SOCIMI, S.A.

Excelente año de MERLIN, que consolida su completa recuperación tras el Covid

• Rentas brutas: € 452,8 millones (+7,9%)
• EBITDA: € 334,7 millones (+14,7%)
• Beneficio operativo ("FFO"): € 290,5 millones (+6,4%)
• Valor bruto de los activos: € 11.317 millones (-1,5% LfL)
• Valor neto de los activos por acción: € 15,67 (-2,7%)

• El beneficio operativo supera los € 290 millones (equivalente a 62 céntimos de euro por acción), superando la indicación dada al mercado.

• Crecimiento en todas las métricas financieras y operativas clave tales como ocupación (95,1% +60 pbs vs. 2021), rentas like-for-like (+7,3 vs. 2021) o beneficio operativo (+6,4% vs. 2021).

• El valor neto de los activos según recomendaciones EPRA ("EPRA NTA") se sitúa en € 15,67 por acción tras la distribución de €1,20 por acción en efectivo durante el periodo.

• Fuerte desapalancamiento en el ejercicio: reducción de 651 pbs del endeudamiento, que se sitúa en el 32,7%.

Madrid, 27 de febrero.- MERLIN Properties ha cerrado el ejercicio 2022 con unos ingresos totales de € 460,7 millones (incluyendo rentas brutas de € 452,8 millones), un EBITDA de € 334,7 millones y un beneficio operativo de € 290,5 millones (62 céntimos de euro por acción).

El valor bruto de los activos se sitúa en € 11.317 millones, absorbiendo una importante expansión de yields (+44 pbs) con impacto moderado en las valoraciones (-1,5% LfL vs 2021) gracias a un extraordinario rendimiento operativo basado en crecimiento de rentas y mayor tasa de ocupación. El valor neto de los activos asciende a €7.363 millones (€ 15,67 por acción), con una disminución del 2,7% vs 2021.

Tras la distribución a los accionistas de € 561 millones o € 1,20 por acción, el nivel de endeudamiento ("LTV") se sitúa en 32,7% (vs 39,2% en 2021), con una posición de liquidez de € 1.856 millones y con el vencimiento medio de la deuda en 4.9 años. Asimismo, se han repagado más de € 2.000 millones de deuda y el 100% de los bonos existentes se han convertido en bonos verdes. El bono de € 743 millones que vence en abril del 2023 se ha refinanciado a un coste muy atractivo (MS + 126 pbs), alargando el vencimiento medio de la deuda a 5.8 años y sin vencimientos hasta mayo de 2025.

Nota de Prensa 27 febrero 2023

Oficinas

● Evolución del negocio

Importante aumento de las rentas like-for-like (+6,0%) gracias al aumento de la ocupación (+245 pbs vs. 2021), la indexación a inflación y la subida de rentas en las renovaciones. Se ha batido la indicación de ocupación dada al mercado a principios del ejercicio (91,5%), situándose ésta en 92,5%.

● Plan Landmark

Únicamente queda pendiente la reforma de Plaza Ruiz Picasso 11, que se entregará a finales de año y se encuentra prácticamente alquilado a inquilinos de primer nivel y a rentas máximas de mercado.

Logística

● Evolución del negocio

Excelente comportamiento de la cartera logistica en el año con un crecimiento de las rentas like-for-like del +8,6% gracias a la ocupación, indexación a inflación y al incremento de rentas en renovaciones. Año muy interesante en cuanto a comercialización con más de 294.000 m² firmados. Ocupación virtualmente plena tanto en MERLIN (97,0%) como en ZAL Port (99,7%).

• Plan Best II & III

Continúa el desarrollo de los planes Best II y III, habiendo entregado este año tres proyectos con más de 115.000 m² alquilados al 100%. La compañía cuenta con más de 550.000 m² de suelo para desarrollo que permiten a MERLIN acompañar a sus inquilinos en sus futuras fases de expansión.

Centros comerciales

● Evolución del negocio

La ocupación en centros comerciales (95,0%) sigue aumentando (+73 pbs en 2021). Sólido rendimiento operativo de la cartera con las ventas de los inquilinos por encima de niveles pre-Covid (+2,7%), las afluencias en diciembre superan ya la cifra de 2019 (+0,3%) y la tasa de esfuerzo se sitúa en mínimos históricos (11,8%).

Plan Mega (Data Centers)

Las obras de Bilbao-Arasur, Madrid-Getafe y Barcelona PLZF progresan adecuadamente y está previsto que se entreguen en la segunda mitad del año con 3 MW disponibles en cada uno de ellos.

Valor de la cartera de activos

El valor bruto de los activos ("Gross Asset Value" o "GAV") de MERLIN asciende a € 11.317 millones a 31 de diciembre de 2022, según las tasaciones realizadas por Savills, CBRE y JLL. El descenso en las valoraciones ha sido muy moderado (-1,5% LfL) gracias a un excelente rendimiento operativo, que ha absorbido en gran medida la expansión de los yields.

Actividad inversora y desinversora

En cuanto a la actividad inversora en el ejercicio, destaca la adquisición de dos edificios de oficinas prime por valor de € 131,5 millones. Estos activos son Liberdade 195, un edificio de 16.510 m² en la avenida más exclusiva de Lisboa y un edificio en AZCA de 3.665 m² adyacente a nuestro desarrollo de Plaza Ruiz Picasso 11.

En cuanto a la actividad desinversora, destaca la venta de la cartera BBVA por € 1.987 millones. Esta cartera generaba € 83,6 millones de rentas brutas anuales y se vendió al inquilino con una prima del 17,1% sobre valoración. Adicionalmente, a lo largo de 2022, el Grupo ha vendido otros activos por un total de € 112,6 millones con una prima sobre GAV del 8,7%, incluyendo cuatro edificios de oficinas (33.783 m² ).

Sostenibilidad

En materia de sostenibilidad, el buen año de MERLIN se ha visto fuertemente refrendado en los ratings de sostenibilidad, puesto que ha mejorado su puntuación con respecto a 2021 en todos los índices (GRESB, CDP, S&P Global, Sustainalytics, Bloomberg y Vigeo Eiris). Merece la pena destacar dos hitos: la inclusión de MERLIN en uno de los ratings de sostenibilidad más prestigiosos del mundo, el Dow Jones Sustainability Index, por segundo año consecutivo y la gran mejora en el rating de Sustainalytics, que sitúa a MERLIN en el 1% de las compañías mejor valoradas del mundo.

Perspectivas para 2023

En ausencia de externalidades macroeconómicas, en las tres categorías de activos principales (oficinas, naves logísticas y centros comerciales) se prevé un mantenimiento de los niveles de ocupación, a la vez que las rentas se seguirán viendo beneficiadas por la inflación, al estar los contratos de arrendamiento indexados al IPC.

La estimación de beneficio operativo (FFO) para el ejercicio 2023 es de 58 céntimos de euro por acción. El dividendo complementario, adicional al dividendo a cuenta de 20 céntimos distribuido en diciembre 2022, será propuesto por el Consejo de Administración en próximas fechas, sujeto a la aprobación por parte de la JGA y distribuible en mayo 2023.

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 adquisición y gestión de activos terciarios en la península ibérica, invirtiendo principalmente en oficinas, centros comerciales y plataformas logísticas 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

FY22 RESULTS PRESENTATION

28 FEBRUARY 2023

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 forwardlooking 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

ISMAEL CLEMENTE CEO

MIGUEL OLLERO COO

-

• Shopping centers
• Valuation and debt position
• Sustainability
• Value creation
• Digital Infrastructure Plan
• Closing remarks & Outlook

Operating performance

• Outstanding performance in all three asset categories with outstanding LfL rental growth (+7.3%) and occupancy at 95.1% (+60 bps vs. FY21) • Strong dynamics in logistics (+8.6% LfL) fueled by indexation and reversionary potential captured (+7.9%). Virtual full occupancy (97.0%)

• • Offices delivering excellent operating behaviour: +6.0% LfL rental growth, +5.8% release spread and 92.5% occupancy
• • Solid operations in shopping centers, with +7.5% LfL growth, +5.2% release spread and 95.0% occupancy. Sales already at pre-covid levels (+2.7% vs. FY19) and OCR at historical low (11.8%)

Financial performance

• Strong financial situation: 32.7% LTV (-651 bps vs. FY21), 100% interest rate fixed, 98% unsecured debt and 100% of outstanding bonds

• • € 0.62 FFO per share (+6.4% YoY) beating guidance
• • Slight decline in valuation across the board (-1.5%), with yield expansion (+44 bps) partially netted off by rental uplift
• requalified as green
• • 2023 bond maturity refinanced (€ 743m) at a compelling cost (126 bps spread). No maturities in the horizon until May 2025
• • Total shareholder return of +4.7%, having distributed € 1.20 p.s. of dividend in the period

Value creation

• • € 2.1bn BBVA portfolio disposal at a 17.1% premium to GAV
• • € 113m non-core disposals at an 8.7% premium to GAV
• • Landmark plan: Plaza Ruiz Picasso to be delivered before year-end, virtually fully-let to best-in-class tenants at top rents
• • Mega: Bilbao-Arasur, Madrid-Getafe and Barcelona PLZF works on track. All three assets will be delivered in H2 2023

FY22 FINANCIAL RESULTS

(1) As a result of the reclassification of Net Leases as discontinued operations, income from Net Leases is only considered in Net earnings, FFO and AFFO metrics. PF metrics have been added for ease of comparison (2) Net of incentives

(3) Excludes non-overhead costs items (€ 2.4m) plus LTIP accrual (€ 4.0m)

(4) 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 55 of https://www.merlinproperties.com/wp-content/uploads/2023/02/Results-report-FY22.pdf

- Y22	FY21 restated"	YOY
52.8	419.7	+7.9%
28.2	STATE	+13.5%
78.9	328.4	+15.4%
34.7	291.8	+14.7%
3.9%	69.5%
90.5	273.0	+6.4%
4.7%	65.1%
71.2	258.0	+5.1%
263.1	512.2	(48.6%)
62.9	7,304.2

C	1	S
D 52	44	1
D		Carlo

(€ million)	FY22	FY21 restated(1)	YoY
Gross rents	452.8	419.7	+7.9%
Gross rents after incentives	428.2	377.1	+13.5%
Net rents(2)	378.9	328.4	+15.4%
EBITDA(3)	334.7	291.8	+14.7%
Margin	73.9%	69.5%
FFO(4)	290.5	273.0	+6.4%
Margin	64.1%	65.1%
AFFO	271.2	258.0	+5.1%
IFRS net profit	263.1	512.2	(48.6%)
EPRA NTA	7,362.9	7,304.2
(€ per share)
FFO	0.62	0.58	+6.4%
AFFO	0.58	0.55	+5.1%
EPS	0.56	1.09	(48.6%)
EPRA NTA	15.67	16.11	(2.7%)

FY22 Financial results |

FFO OF € 0.62 PER SHARE, EXCEEDING GUIDANCE

FY22 Financial results | GRI bridge

452.8

Balance acquisitions, disposals & other

+3.9

OUTSTANDING LFL GROWTH IN THE PERIOD (+7.3%)

Source: Company (1) WAULT by rents means the weighted average unexpired lease term to first break, calculated as of 30th December 2022

Offices | GRI bridge and breakdown

26,028 sqm 2,639 desks 83% occupancy 12 spaces

KPIs

5 NEW SPACES OPENED IN THE YEAR INCREASING LOOM'S FOOTPRINT BY 54%

New openings 2022

Castellana 93 exp. 69 desks Ferreteria 22@ 222 desks Plaza Cataluña 9 248 desks

LOGISTICS

VIRTUAL FULL OCCUPANCY COUPLED WITH RENTAL GROWTH RESULT IN OUTSTANDING LFL GROWTH (+8.6%)

Logistics | GRI bridge and breakdown

EXTRAORDINARY PERFORMANCE: FULL OCCUPANCY AND DOUBLE DIGIT FFO INCREASE (+14.9 YoY)

Stock 736,217 sqm

Third parties stock (ground leases) 183,252 sqm

	Contracted sqm 161,163	Release spread (4.3%)	# contracts 33
	Occupancy by area
	FY21 91.3%	+842	FY22 99.7%
€m			FY22		FY21		YoY
Gross rents			72.0		63.0		+14.2%
Net rents			71.3		58.2		+22.4%
EBITDA			67.2		55.7		+20.6%
FFO(1)			39.5		34.4		+14.9%

Stock under management 919,636 sqm

Tenants

(1) After deducting leasehold concession charge

Logistics | ZAL Port

SHOPPING CENTERS

TENANT SALES SURPASSING PRE-COVID LEVELS WHILE MAINTAINING HISTORICALLY LOW OCR AT 11.8%

(1) Portfolio in operation for FY21 (€ 114.9m of GRI) and for FY22 (€ 123.6m of GRI)

Shopping centers | GRI bridge and breakdown

OCCUPANCY AT RECORD-HIGH LEVELS

VALUATION AND DEBT POSITION

SLIGHT DECLINE IN VALUATION ACROSS THE BOARD (-1.5% LFL), WITH ONLY LOGISTICS IN POSITIVE GROUND

(1) Other includes WIP, hotels, non-core land and miscellaneous

(1) GAV of WIP projects included under its respective asset class for LfL purposes (2) Including equity method (3) Based on passing rent

FIRST WAVE OF CYCLICAL YIELD EXPANSION (+44 BPS) ABSORBED DURING THE PERIOD WITH MODERATE

IMPACT ON VALUATION

Valuation and debt position	Sound financial structure
STRONG EFFORTS IN TERMS OF LTV REDUCTION (-651 BPS VS FY21)
	31/12/2022	31/12/2021
Net debt	€ 3,792m	€ 5,247m
LTV	32.7%	39.2%
Average cost (spot)	1.98% (2.00%)	2.07% (1.76%)
Fixed rate debt	99.6%	100%
Average maturity (years)	4.9 (5.8 yrs PF)	5.3
Liquidity(1) (€ million)	1,856	1,811

Rating	Outlook
BBB	Positive
Baa2	Positive

2023 MATURITY (€ 744.5M) REFINANCED AT A COMPELLING COST (MS +126 BPS). NO FURTHER MATURITIES

UNTIL MAY 2025

Unsecured loans Unsecured bonds Secured bank loans

SUSTAINABILITY

Sustainability | FY22 MILESTONES

INTENSE YEAR IN TERMS OF ESG INITIATIVES

• 1. Reducing operational carbon (scope 1+2)
• 2. Reducing embodied carbon (offices & logistics developments)
• 3. Reducing scope 3 emissions
• 4. Offsetting unavoidable emissions

Launch and implementation of our Pathway to Net Zero

Succesful requalification of all our outstanding bonds into green

Continued certification program in all three asset classes

3 main milestones achieved this year

Sustainability | FY22 UPDATE

OUTSTANDING YEAR IN TERMS OF SCORINGS AND ACCOLADES

Inclusion for 2nd year in a row

C Top 1% (negligible risk) 7,2

Average peers: 68% IBEX-35 Average sector: 68% 70% #1

79%

VALUE CREATION

EXCELLENT TIMING

Strong LTV reduction (-651 bps vs FY21)

Rating perspective upgrade

From Stable to Positive

Extraordinary dividend (€ 0.75 p.s.) paid in August

Transformational event for the company executed in 1H22 (@17.1% premium to GAV), which has implied

BBVA portfolio disposal

€ 113m divested in the period

at a 8.7% premium

Non-core disposals

Value creation | Best II: 2022 deliveries

GLA 44,858 sqm ERV € 1.9m Yield on cost 7.0%

GLA 47,403 sqm ERV € 2.1m Yield on cost 8.1%

• Last available landplot in Cabanillas Park I
• 100% let to DSV

• • First warehouse in our Cabanillas Park II development
• 100% let to Logista

VIRTUALLY FULLY LET TO TIER-1 TENANTS AT TOP RENTS

Value creation | 2023 deliveries: Plaza Ruiz Picasso

Capex € 70.6m

Delivery 2023 Yield on cost 10.2%

Incremental rents

€ 7.2m

DIGITAL INFRASTRUCTURE PLAN (MEGA)

Digital Infrastructure Plan | Projects status

	Bilbao-Arasur	Madrid - Getafe	Barcelona - PLZF
1st module MW	3	3	3
% Pre-let	66%	53%	20%
Status	Construction nearing completion	Works on track	Works on track
Delivery	3Q	4Q	4Q

CLOSING REMARKS & OUTLOOK

Operations

• MERLIN has delivered a 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

Value creation

• • € 2.1bn of BBVA portfolio disposal at a 17.1% premium to GAV
• • Only building remaining in Landmark Plan practically fully let
• • Works in Mega Plan progressing well with early access for tenants in April

Outlook

• Amidst the exponential rise of interest rates, uneventful years for MERLIN debt with no maturities until May 2025

- • Transitional year for MERLIN after the BBVA disposal with all upcoming deliveries expected for year-end

• • Estimated FFO for 2023 will be € 0.58 p.s.
• • 2022 final dividend will be decided by the Board of Directors subject to 2023 AGM approval

• Further decline in valuations is anticipated across the portfolio, to be partially offset by extra income generation

Paseo de la Castellana, 257

28046 Madrid

+34 91 769 19 00

info@merlinprop.com

www.merlinproperties.com