MERLIN Properties Annual Report 2024

MERLIN Properties | 47 (€ million) EPRA Net Asset Value Metrics EPRA NRV EPRA NTA EPRA NDV IFRS Equity attributable to shareholders 7,501.0 7,501.0 7,501.0 Include / Exclude: i) Hybrid instruments - - - Diluted NAV 7,501.0 7,501.0 7,501.0 Include: ii.a) Revaluation of IP (if IAS 40 cost option is used) - - - ii.b) Revaluation of IPUC1 (if IAS 40 cost option is used) - - - ii.c) Revaluation of other non-current investments 56.3 56.3 56.3 iii) Revaluation of tenant leases held as finance leases - - - iv) Revaluation of trading properties - - - Diluted NAV at Fair Value 7,557.2 7,557.2 7,557.2 Exclude: v) Deferred tax in relation to fair value gains of IP 554.2 526.1 - vi) Fair value of financial instruments (11.3) (11.3) - vii) Goodwill as a result of deferred tax - - - viii.a) Goodwill as per the IFRS balance sheet - - viii.b) Intangibles as per the IFRS balance sheet (1.0) Include: ix) Fair value of fixed interest rate debt 162.3 x) Revaluation of intangibles to fair value - xi) Real estate transfer tax 301.7 - - NAV 8,401.9 8,071.0 7,719.6 Fully diluted number of shares 563,724,899 563,724,899 563,724,899 NAV per share 14.90 14.32 13.69 EPRA NRV, NTA AND NDV