MERLIN Properties Annual Report 2024

MERLIN Properties | 7 • Strong operating performance in all key metrics and all assets classes: record high occupancy (96.7% +58 bps YoY), increasing rents (+3.4% LfL) and solid FFO generation (+9.4% YoY) • Accelerated deployment of Data Centers capacity, with 26 MW of IT in operations, 38 MW equipped, over 200 MW under construction and more than 2 GW of pipeline • Negative Total Shareholder Return (-2.3% YoY) due to the capital increase. Valuations have remained broadly stable despite yield expansion (+21 bps YoY to 5.3%) thanks to a strong operating performance and development gains on Data Centers • Approximately 50% of the dilution arising from the capital increase has already been recovered in 2024 • Around € 0.54 p.s. FFO estimated for 2025 corresponding to a similar DPS as 2024’s proposal (€ 0.40 p.s.) FY24 RESULTS Trading Update AT A GLANCE EPRA NTA PER SHARE Negative TSR (-2.3% YoY). EPRA NTA impacted by the cash dividend distribution and the capital increase EPRA NTA per share evolution € 14.32 (-5.0% YoY) LfL GAV evolution (-0.0%) EPRA NTA ps NAV ps 2024 2023 2022 2021 2020 16.11 15.67 15.08 14.32 15.46 EPRA NTA ps Loan to Value 28.3% Cost of debt 2.55% spot (2.46% hedged) FINANCIAL DEBT Leverage in the lower end of the European REIT universe to exploit growth opportunities Loan to value 2024 2023 2022 2021 2020 C st of debt 2.12% 2.07% 1.98% 2.38% 2.46% 39.9% 39.2% 32.7% 35.0% 28.3% Loan to Value Cost of debt (hedged) FFO PER SHARE / AFFO PER SHARE 2024 2023 2022 2021 2020 0.56 0.58 0.62 0.53 0.55 0.58 0.61 0.55 0.56 0.52 FFO ps AFFO ps € 310.8m (+9.4% YoY) € 291.3m (+10.6% YoY) € 0.55 (-8.9% YoY) € 0.52 (-7.9% YoY) FFO AFFO FFO ps AFFO ps Note: Per share figures calculated on TSO at 31/12/24 (563,724,899) • Strong operating performance in all key metrics and all assets classes: record high occupancy (96.7% +58 bps YoY), increasing rents (+3.4% LfL) and solid FFO generati n (+9.4% YoY) • Accelerated deployment of Data Centers capacity, with 26 MW of IT in operations, 38 MW equipped, over 200 MW under construction and more than 2 GW of pipeline • Negative Total Shareholder Return (-2.3% YoY) due to the capital increase. Valuations have remained broadly stable despite yield expansion (+21 bps YoY to 5.3%) thanks to a strong operating performance and development gains on Data Centers • Approximately 50% of th dilution arising from the capital increase has already been recovered in 2024 • Around € 0.54 p.s. FFO estimated for 2025 corresponding to a similar DPS as 2024’s proposal (€ 0.40 p.s.) FY24 RES LTS Trading Update AT A GLANCE EPRA NTA PER SHARE Negative TSR (-2.3% YoY). EPRA NTA impacted by the cash dividend distribution and the capital increase EPRA NTA per share evolution € 14.32 (-5.0% YoY) LfL GAV evolution (-0.0%) EPRA NTA ps NAV ps 2024 2023 2022 2021 2020 16.11 15.67 15.08 14.32 15.46 EPRA NTA ps Loan to Value 28.3% Cost of debt 2.55% spot (2.46% hedged) FINANCIAL DEBT Leverage in the lower end of the European REIT universe to exploit growth opportunities Loan to value 2024 2023 2022 2021 2020 C st of debt 2.12% 2.07% 1.98% 2.38% 2.46% 39.9% 39.2% 32.7% 35.0% 28.3% Loan to Value Cost of debt (hedged) FFO PER SHARE / AFFO PER SHARE 2024 2023 2022 2021 2020 0.56 0.58 0.62 0.53 0.55 0.58 0.61 0.55 0.56 0.52 FFO ps AFFO ps € 310.8m (+9.4% YoY) € 291.3m (+10.6% YoY) € 0.55 (-8.9% YoY) € 0.52 (-7.9% YoY) FFO AFFO FFO ps AFFO ps Note: Per share figures calculated on TSO at 31/12/24 (563,724,899) • Strong operating performance in all key metrics and all assets classes: record high occupancy (96.7% +58 bps YoY), increasing rents (+3.4% LfL) and solid FFO generati n (+9.4% YoY) • Accelerated deployment of Data Centers capacity, with 26 MW of IT in operations, 38 MW equipped, over 200 MW under c nst uction and more than 2 GW of pi eline • Negative Total Shareholder Return (-2.3% YoY) due to the capital increase. Valuations have remained broadly stable despite yield expansion (+21 bps YoY to 5.3%) thanks to a strong operating performance and development gains on Data Centers Approximately 50% of the dilution arising from the cap tal increase has alre dy been ec vered in 2024 • Around € 0.54 p.s. FFO estimated for 2025 corresponding to a similar DPS as 2024’s proposal (€ 0.40 p.s.) FY24 RES LTS Trading Update AT A GLANCE EPRA NTA PER SHARE Negative TSR (-2.3% YoY). EPRA NTA impacted by the cash dividend distribution and the capital increase EPRA NTA per share evolution € 14.32 (-5.0% YoY) LfL GAV evolution (-0.0%) EPRA NTA ps NAV ps 2024 2023 2022 2021 2020 16.11 15.67 15.08 14.32 15.46 EPRA NTA ps Loan to Value 8.3 Cost of debt 2.55% spot (2.46% hedged) FINANCIAL DEBT Leverage in the lower end of the European REIT universe to exploit growth opportunities Loan to value 2024 2023 2022 2021 2020 C st of debt 2.12% 2.07% 1.98% 2.38% 2.46% 39.9% 39.2 32.7% 35.0% 28.3% Loan to Value Cost of debt (hedged) FFO PER SHARE / AFFO PER SHARE 2024 2023 2022 2021 2020 0.56 0.58 0.62 0.53 0.55 0.58 0.61 0.55 0.56 0.52 FFO ps AFFO ps € 310.8m (+9.4% YoY) € 291.3m (+10.6% YoY) € 0.55 (-8.9% YoY) € 0.52 (-7.9% YoY) FFO AFFO FFO ps AFFO ps Note: Per share figures calculated on TSO at 31/12/24 (563,724,899) Strong op rating performance in all key metrics and all assets classes: record high occupancy (96.7% +58 bps YoY), incr asing rents (+3.4% LfL) and solid FFO gen ration (+9.4% YoY) • Accelerated deployment of Data Centers capacity, with 26 MW of IT in operations, 38 MW equipped, over 200 MW under construction and more than 2 GW of pipeline • Negative Total Shareholder Return (-2.3% YoY) due t the capital incre se. Valuations have r mained b a ly stable de pite yi l expa sion (+21 bps YoY to 5.3%) thanks to a st ong op rating performance and development gains on Data Centers • Approximately 50% of the dilution arising from the capital increase has already been recovered in 2024 • Around € 0.54 p.s. F O estimated for 2025 corresponding to a similar DPS as 2024’s proposal (€ 0.40 p.s.) FY24 RES LTS Trading Update AT A GLANCE EPRA NTA PER SHARE Negative TSR (-2.3% YoY). EPRA NTA impacted by the cash dividend distribution and the capital increase EPRA NTA per share evolution € 14.32 (-5.0% YoY) fL GAV evolution (-0.0%) EPRA NTA ps NAV ps 2024 2023 2022 2021 2020 16.11 15.67 15.08 14.32 15.46 EPRA NTA ps Loan to Value 28.3% Cost of debt 2.55% spot (2.46% hedged) FINANCIAL DEBT Leverage in the lower end of the European REIT universe to exploit growth opportunities Loan to value 2024 2023 2022 2021 2020 C st of debt 2.12% 2.07% 1.98% 2.38% 2.46% 39.9% 39.2% 32.7% 35.0% 8.3 Loan to Value Cost of debt (hedged) FFO PER SHARE / AFFO PER SHARE 2024 2023 2022 2021 2020 0.56 .58 .62 0.53 0.55 0.58 0.61 0. 5 0.56 0.52 FFO ps AFFO ps € 310.8m (+9.4% YoY) € 291.3m (+10.6% YoY) € 0.55 (-8.9% YoY) € 0.52 (-7.9% YoY) FFO AFFO FFO ps AFFO ps Note: Per share figures calculated on TSO at 31/12/24 (563,724,899) • Strong operati g performance in all key metrics and all assets classes: record high occupancy (96.7% +58 bps YoY), increasing rents (+3.4% LfL) and solid FFO generati n (+9.4% YoY) • Accelerated deployment of Data Centers capacity, with 26 MW of IT in operations, 38 MW equipped, over 200 MW under co struction and more than 2 GW of pi eline • Negative Total Shareholder Re ur (-2.3% YoY) due to the capital increase. V luations have r mained broa ly stable despite yield expansion (+21 bps YoY to 5.3%) thanks to a strong operating performance and development gains on Data Centers • Approximately 50% of th dilution arising from the capital increase has alre dy been rec vered in 2024 • Around € 0.54 p.s. FFO estimated for 2025 corresponding to a similar DPS as 2024’s proposal (€ 0.40 p.s.) FY24 RES LTS Trading Update AT A GLANCE EPRA NTA PER SHARE Negative TSR (-2.3% YoY). EPRA NTA impacted by the cash dividend distribution and the capital increas EPRA NTA per share evolution € 14.32 (-5.0% YoY) LfL GAV volution (-0.0%) EPRA NTA ps NAV ps 2024 2023 2022 2021 2020 16.11 15.67 15.08 14.32 15.46 EPRA NTA ps L an to Value 28.3 Cost of debt 2.55% spot (2.46% hedged) FINANCIAL DEBT Leverage in the lower end of the European REIT universe to exploit growth opportunities Loan to value 2024 2023 2022 2021 2020 C st of debt 2.12% 2.07% 1.98% 2.38% 2.46% 39.9% 39.2% 32.7% 35.0% 28.3% Loan to Value Cost of debt (hedged) F PER SHARE / AFFO PER SHARE 2024 2023 2022 2021 2020 0.56 . 8 0.62 0.53 0.55 0.58 0.61 .55 0.56 0.52 FFO ps AFFO ps € 310.8m (+9.4% YoY) € 291.3m (+10.6% YoY) € 0.55 (-8.9 YoY) € 0.52 (-7.9% YoY) FFO AFFO FFO ps AFFO ps Note: Per share figures calculated on TSO at 31/12/24 (563,724,899)