Excellent year for MERLIN, with +10% growth in NOI and strong operational momentum in data centers

The data centers division is growing strongly, with the leasing of an additional 66 MW, reaching full occupancy of Phase 1 and the first building of Phase 2, which is still under construction

• Strong operating performance, increasing rents (+3.5% LfL) and a positive release spread across all asset classes
• EBITDA reached € 416 million, +9.7% YoY
• Improvement of FFO to € 327 million (+5.1% YoY)
• Substantial revaluation driven mostly by Data Centers (+€359 million)
• Both S&P (BBB+) and Moody’s (Baa1) have reaffirmed MERLIN’s rating, highlighting its low leverage and solid FFO generation
• The net asset value according to EPRA (EPRA NTA) stands at €15.36 p.s. after distributing €0.20 p.s. of dividend in December

Madrid, February 26th – MERLIN Properties closed 2025 with total revenues of €565 million (including gross rents of €542 million), EBITDA of €416 million (+9.7% YoY), FFO €327 million (€58 cents per share, +5.1% YoY) and net earnings €786 million, after a substantial revaluation of Data Centers.

The gross asset value (GAV) stands at € 12,630 million, with revaluations of 4.7% LfL mainly driven by the MEGA Plan. The net asset value amounts to €8,660 million (€15.36 per share, +7.3% YoY).

The leverage ratio (LTV) stands at 28.9%, with a liquidity position of €1,965 million. 100% of the debt is fixed rate and the average debt maturity is 4.4 years.

Business performance

In offices, the Company continues to grow in rents (+3.5% like-for-like) and in release spread (+4.8%), driven by the excellent performance in Madrid and Lisbon. Occupancy at all times high reaching 94.2%. Strong pre-letting activity, with 56k sqm signed in 4 WIP projects in Madrid and Lisbon.

The logistics portfolio continues delivering growth, with an increase in rents of +1.5% like-for-like, +5.8% release spread and keeping occupancy at very high levels  (96.4%).

This year, an 18,131 sqm warehouse in Cabanillas Park II was delivered to Total. Out of the total landbank (461,000 sqm), 175,000 sqm are pre-lets or with letters of interest.

The strong operating performance in shopping centers continues, with significant LfL rental growth (+4.7%) and release spread (+6.7%). Occupancy cost ratio remains at historical lows (11.0%) and footfall (+2.1%) and tenant sales (+6.6%) have performed better than in 2024. Occupancy ends at record high (97.0%).

Concerning Phase I (64 MW) of the development of our MEGA plan, at the end of the year, the Data Centers of Madrid; Barcelona and Basque Country had 58 MW IT equipped and ready for operation. Once the repowering (+6MW) in Barcelona is complete this 1H26, Phase I is already fully let and is expected to contribute to the Company €97 million of gross rents in 2027.

Regarding Phase II (254 MW), construction is progressing as planned. The second Data Center from the Basque Country is fully let, counting with 48 MW of IT capacity, one year before delivery. It is the largest Data Center lease ever signed in the Iberian Peninsula. In December, the construction license of the third building in the Basque Country was obtained (48 MW) and construction works have begun. In Lisbon (2 DCs of 40 MW each), works continue as planned, with the structure already visible. Regarding the second Data Center in Getafe (48 MW), demolition works are underway and construction license has been requested. Finally, in Madrid Tres Cantos (30 MW) the urbanization permit has been requested.

Portfolio valuation

The gross asset value (GAV) of MERLIN stood at €12,630 million on December 31st, 2025, according to appraisals carried out by Savills, CBRE and JLL. By asset classes, it is worth highlighting the value created during the year in data center developments, that have been uplifted by €359 million. Slight yield expansion (+4 bps) in traditional asset classes. Net asset value amounted to €8,660 million, equivalent to €15.36 EPRA NTA per share.

2026 Outlook

We estimate a stable FFO compared to 2025 (€0.58 p.s.), as lower financial income and higher financial expenses will offset topline growth. Regarding the dividend, a €0.44 p.s. will be proposed, charged to 2025, including € 0.20 p.s. which were already paid in December.

About MERLIN Properties

MERLIN Properties SOCIMI, S.A. (MC:MRL) is the largest real estate company trading on the Spanish and Portuguese Stock Exchange. Specialized in the development, acquisition and management of commercial property in the Iberian region. MERLIN Properties mainly invests in offices, shopping centers, logistics facilities 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