MERLIN increases total revenues and EBITDA by 11.7% thanks to the Data Centers division, which reaches 160 MW leased

• Strong performance of traditional assets, with +3.3% growth
• Total revenues reached €308 million (+11.7%), driven by growth in data center rents
• EBITDA stood at €229 million, +11.7% compared to 6M25
• FFO amounted to €180 million, +8.0% versus 6M25, despite higher financial expenses
• Net asset value according to EPRA (EPRA NTA) increased to €15.99 per share, after deducting €0.22 per share distributed in May
• The Company expects to reach FFO of €340 million in FY26 (€0.55 p.s.), above the guidance provided to the market

Madrid, July 27^th. – MERLIN Properties closed the first half of 2026 with total revenues of €308 million (including gross rents of €292 million), EBITDA of €229 million (+11.7% versus 6M25), FFO of €180 million (+8.0% versus 6M25) and net earnings of €579 million (+12.9%). The Company continues to deliver  solid operating performance, with like-for-like rental growth of +3.3% and high occupancy levels across the portfolio.

Gross asset value (“GAV”) stands at €13,508 million, with like-for-like revaluation of +3.7% versus December 2025, mainly driven by the data centers business, which accounted for ca. 80% of value creation during the period. Net asset value according to EPRA (“EPRA NTA”) reached €9,913 million, equivalent to €15.99 per share.

The leverage ratio (“LTV”) stands at 24.5%, versus 28.9% at year-end 2025, following the capital increase carried out in March to fund Phase III of the MEGA Plan. The liquidity position reached €2,571 million and the average debt maturity stands at 4.0 years. Both S&P (BBB+) and Moody’s (Baa1) have reaffirmed the Company’s credit rating.

Business performance

In offices, MERLIN signed 85,540 sqm during the period, with like-for-like rental growth of +2.4% and a positive release spread of +1.7%. Occupancy remained at very high levels (93.6%), stable versus the previous quarter. During the period, PE Cerro Gamos 2 and 3 (15,208 sqm) were reincorporated into the portfolio, fully occupied after completion of their refurbishment and subsequent delivery to tenants. Madrid and Lisbon continue to stand out for their strong operating performance, reaching occupancy levels of 95.4% and 96.1%, respectively.

The logistics portfolio maintained a positive performance, with like-for-like rental growth of +1.2% and a release spread of +3.9%. Occupancy stood at 95.0%, mainly affected by specific tenant movements in Sevilla ZAL. The Company continues to focus its efforts on development projects, with Lisboa Park C, Cabanillas Park II C and Valencia-Bétera A nearing completion.

In shopping centers, operating performance remained extremely solid. Like-for-like rents grew by +6.4%, while tenant sales increased by +8.4% and footfall by +1.9% versus the same period of the previous year. Occupancy reached 96.9% and the occupancy cost ratio remained at very low levels (10.8%), continuing to allow the Company to capture rental growth on a sustainable basis.

Regarding the development of MEGA Plan, execution continues to advance as planned. Phase I (64 MW IT) is fully equipped and let. Barcelona and Bilbao-Arasur are already fully cash-flowing and Madrid-Getafe will start doing so once the electrical connections expected for the fourth quarter of 2026 are completed. Revenues associated with this phase are estimated at €68 million for 2026.

In Phase II (254 MW IT), commercialization continues to exceed expectations. Bilbao-Arasur 02 (48 MW) fully let twelve months before delivery and Bilbao-Arasur 01 (48 MW) has been let eighteen months before becoming operational. Works are also progressing in Lisbon (80 MW), Madrid-Getafe II and Madrid-Tres Cantos. As a result, the Company has already reached 160 MW let or pre-let, positioning it favourably to far exceed the 200 MW target set for 2026.

In Phase III (406 MW IT), development of Bilbao-Arasur 04 and 05 continues to progress, with the construction license already requested. In Lisbon VFX 03-04-05, piling works and soil preparation prior the start of construction are progressing adequately and the ready-for-service date (RFS) has been brought forward to the first half of 2029, following the decision to build the three buildings simultaneously. Commercialization of the entire campus is in advanced negotiations. Lastly, in Zaragoza Wind, the Declaration of General Interest of Aragón (DIGA) has been approved, triggering the urban planning procedures, and the request for a Project of General Interest of Aragón (PIGA), which will enable construction to start, will be submitted shortly. A single-building format of 144 MW IT has been selected, bringing forward the expected full RFS to the second half of 2029.

Investment and divestment activity

Investment during the period continued to focus on the Best II and Best III plans, as well as on the development of the Digital Infrastructure Plan (MEGA).

Regarding divestment activity, the Company has completed sales of non-core assets amounting to €75 million at appraisal value as of July. In addition, a further €91 million has been signed for execution during the second half of 2026 and 2027.

Outlook for the year

MERLIN raises its FY26 FFO guidance to €340 million, equivalent to approximately €0.55 per share. The Company will remain focused on value creation through the disciplined execution of its data centers development plan, while maintaining solid operating management in traditional assets and a conservative financial structure.

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