MERLIN Properties upgraded to “BBB+” by Standard & Poor’s on the grounds of capital structure quality and cash flow growth opportunities

Madrid, 26^th of March. Standard & Poor’s issued today its revised rating on MERLIN Properties, upgrading the COMPANY to BBB+. The agency highlights the robust improvement in MERLIN’s operating performance and credit metrics, amid sector headwinds in 2022-2023, as well as the deleveraging trend over the past two years, with a reported loan-to-value of 35.0%.

Furthermore, S&P sees the Company’s EBITDA base broadening thanks to its investment in logistics and data centers.

About MERLIN Properties

MERLIN Properties SOCIMI, S.A. (MC:MRL) is the largest Iberian real estate company, trading on the Spanish and Portuguese Stock Exchanges. Specialized in the development, acquisition and management of commercial property in the Iberian Peninsula, MERLIN Properties mainly invests in offices, shopping centers, logistics warehouses and data centers, within the Core and Core Plus segments, forming part of the benchmark IBEX-35, Euro STOXX 600, FTSE EPRA/NAREIT Global Real Estate, GPR Global Index, GPR-250 Index, MSCI Small Caps indices and DJSI.

Please visit www.merlinproperties.com to learn more about the company.

For further information please contact:

Nuria Salas, nsalas@tinkle.es, +34 629 56 84 71

Sarah Estébanez, sestebanez@tinkle.es, +34 636 62 80 41