MERLIN Properties Annual Report 2024

| 37 CONSOLIDATED INCOME STATEMENT Financial statements (€ thousand) 31/12/2024 31/12/2023 Gross rents 500,380 475,614 Offices 287,673 268,021 Logistics 83,663 80,273 Shopping centers 126,790 126,308 Data Centers 2,157 539 Other 97 472 Other income 16,363 12,654 Total Revenue 516,743 488,268 Incentives (29,790) (28,407) Total Operating Expenses (116,687) (98,461) Propex (52,481) (43,500) Personnel expenses (33,361) (31,759) Opex general expenses (21,932) (17,651) Opex non-overheads (6,109) (2,747) LTIP Provision (2,804) (2,804) Accounting EBITDA 370,266 361,400 Depreciation (4,350) (2,075) Gain / (losses) on disposal of assets 5,351 (7,023) Provisions 5,337 (7,411) Change in fair value of investment property (1,067) (335,984) EBIT 375,537 8,907 Net financial expenses (84,519) (109,185) Debt amortization costs (8,081) (8,405) Gain / (losses) on disposal of financial instruments 20 - Change in fair value of financial instruments (1,076) (6,232) Share in earnings of equity method instruments 14,073 39,923 PROFIT BEFORE TAX 295,954 (74,992) Income taxes (12,195) (8,505) PROFIT (LOSS) FOR THE PERIOD RECURRING OPERATIONS 283,759 (83,497) Minorities - - PROFIT (LOSS) FOR THE PERIOD ATTRIBUTABLE 283,759 (83,497) Stapled shares as of December 31 st 563,724,899 469,770,750 EARNINGS PER SHARE 0.50 (0.18)