MERLIN Properties Annual Report 2024

42 | Annual report | 2024 (1) Including treasury stock MERLIN’s net financial debt as of 31 st December is € 3,347,174 thousand. This implies a Loan To Value of 28.3% including transfer costs, which represents a decrease of -674 bps since 31/12/2023 (35.0%). The breakdown of MERLIN’s debt is the following: MERLIN’S debt has an average maturity period of 4.3 years. The chart showing debt maturity profile is the following % Gross financial debt 14.3% 16.5% 69.2% 100.0% Average cost (%) 3.68% 3.69% 1.91% 2.46% % interest rate hedged 99.7% 100.0% 100.0% 99.7% (€ million) Secured bank loans 704 3,347 Total Net Debt (1,567) Cash (1) Unsecured loans 811 Unsecured bonds 3,400 4,914 Total Gross Debt 600 600 1 500 501 2 725 727 2 400 402 29 182 136 500 711 136 25 600 307 34 3 22 941 71 800 871 >2032 2032 2031 2030 2029 2028 2027 2026 2025 Unsecured bonds Secured bank loans Unsecured loans (€ million)