MERLIN increases FFO by 11.9% to €274.5 million in the third quarter and raises its 2026 guidance

MERLIN increases FFO by 11.9% to €274.5 million in the third quarter and raises its 2026 guidance
– Strong performance of traditional assets, with like-for-like rental growth of +3.4% and occupancy of 95.0%
– Total revenues increased by +12.9% to €466.2 million, driven by data centers. EBITDA reached €346.9 million (+12.5%)
– FFO increased by +11.9% to €274.5 million, offsetting dilution from the capital increase (+1.7% per share)
– The MEGA Plan reached 160 MW IT leased, with 206 MW IT in advanced negotiations and 68 MW IT booked
– The Company raises its 2026 FFO guidance to €0.58 per share
– Interim dividend of €0.20 per share, payable on December 10th, 2026

Madrid, November 12th. – MERLIN Properties closed the first nine months of 2026 with total revenues of €466.2 million (including gross rents of €442.1 million), EBITDA of €346.9 million (+12.5% vs. 9M25), FFO of €274.5 million (+11.9%) and net earnings of €669.7 million (+14.8%). The Company delivered a solid operating performance, with like-for-like rental growth of +3.4% and occupancy of 95.0%. FFO per share reached €0.44 (+1.7% versus 9M25), offsetting the dilution from the capital increase carried out in March.
Gross asset value (GAV) stands at €13,657 million and net asset value (EPRA NTA) reached €10,003 million, equivalent to €16.13 per share. No appraisal was carried out during the quarter.

The Loan-To-Value (LTV) stands at 24.9%, vs. 28.9% at year-end 2025. As of September 30th, the liquidity position reached €2,484 million and the average debt maturity is currently 3.7 years. Both S&P (BBB+) and Moody’s (Baa1) have reaffirmed the Company’s credit rating, with stable outlook.

Following the end of the period, MERLIN completed a €3,750 million sustainable unsecured corporate refinancing, comprising a €2,250 million loan maturing in April 2032 and a €1,500 million revolving credit facility maturing in 2034. The transaction, secured at a margin of 100 basis points, extends the average debt maturity to 5.3 years and eliminates debt maturities for the next three years. In addition, the €800 million bond was repaid on November 2nd with available cash. Proforma LTV stands at 25.1%.

Business performance

In offices, MERLIN signed 136,071 sqm during the first nine months, with like-for-like rental growth of +2.3% and a release spread of +1.0%. Occupancy stood at 93.7%, with Lisbon and Madrid reaching occupancy levels above 95%. The Company expects to close the year with office occupancy above 94%.

The logistics portfolio maintained a positive performance, with 181,516 sqm signed, like-for-like rental growth of +1.6% and a release spread of +4.3%. Occupancy reached 95.7%, up 63 basis points versus June. During the quarter, Valencia-Bétera A (25,375 sqm), Sevilla ZAL 4.5 (6,397 sqm) and Lisboa Park E (1,709 sqm) were delivered fully let.
In shopping centers, operating performance remained excellent, with like-for-like rents growing of +7.1% and a release spread of +5.1%. Tenant sales increased by +9.7% and footfall by +2.8% versus the same period of the previous year. Occupancy reached 97.2%, while the occupancy cost ratio remained at very low levels (10.7%), continuing to allow the Company to capture rental growth on a sustainable basis.
In data centers, the MEGA Plan has 160 MW IT leased, 206 MW IT in advanced negotiations and 68 MW IT booked. Phase I (64 MW IT) is fully equipped and let. Barcelona and Bilbao-Arasur are already fully operational, including the repowering of Barcelona, and Madrid-Getafe started generating cash flow in November. Revenues associated with this phase are estimated at €97 million for 2027 (stabilization year).
Regarding Phase II (254 MW IT), construction is progressing as planned and commercialization continues to exceed internal expectations. Bilbao-Arasur 02 (48 MW), fully let, will be delivered in December 2026, with cash flow generation expected for the first 20 MW in January 2027 and the remaining 28 MW in June. Bilbao-Arasur 01 (48 MW), also fully let, will be delivered in December 2027, as well as Lisboa VFX 01-02 (80 MW), where commercialization is in advanced negotiations. Demolition and urbanization works are progressing at Madrid-Getafe II and Madrid-Tres Cantos, respectively, with construction licenses expected in the first quarter of 2027.

Phase III (386 MW IT) continues to progress in Lisboa VFX 03-04-05 (100 MW), with construction underway, commercialization in advanced negotiations and the ready-for-service date (RFS) expected in the first half of 2029. In Zaragoza-WIND (144 MW), construction is expected to start in the third quarter of 2027, with RFS in the second half of 2029. A new project in Aragon, Zaragoza-MAGA of 96 MW, has been added and has submitted the Declaration of General Interest of Aragon (DIGA), while Navalmoral de la Mata is expected to receive the construction license at the end of November for a 100 MW building, initially equipped with 20 MW. This phase also includes repowering opportunities of 20 MW in Lisbon and 6 MW in Madrid-Getafe (both in advanced leasing negotiations). The 162 MW of Bilbao-Arasur 04-05 and the repowering of Bilbao-Arasur 01 have been moved to pipeline due to administrative delays affecting power infrastructure.

Investment and divestment activity

Investment activity during the first nine months continued to focus on the Best II and Best III plans and the Digital Infrastructure Plan (MEGA), with acquisitions limited to acquiring land for data centers. Regarding divestment activity, the Company has completed sales of non-core assets amounting to €75.4 million of GAV. In addition, further €66.8 million have been signed for execution before year-end and a further €90 million are expected in 2027.

Outlook for the year

MERLIN raises its FY26 FFO guidance to €0.58 per share, versus the €0.55 per share announced in July, supported by the strong performance of traditional assets and the growing contribution from data centers.

Dividend

The Board of Directors has approved an interim dividend for 2026 of €0.20 per share, to be distributed on December 10th, 2026.
About MERLIN Properties
MERLIN Properties SOCIMI, S.A. (MC:MRL) is one of the largest real estate and infrastructure companies listed on the Spanish Stock Exchange. It is specialized in the development, acquisition and management of commercial property in the Iberian Peninsula, mainly investing in offices, shopping centers, logistics facilities and data centers within the Core and Core Plus segments. MERLIN Properties forms part of the benchmark IBEX 35, Euro STOXX 600, FTSE EPRA/NAREIT Global Real Estate Index, GPR Global Index, GPR-250 Index, MSCI Small Caps and DJSI indices.
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