MERLIN Properties closes a strong first semester with an increase in FFO of +12.8%, to €166.6 million

• Strong operational performance continues, with stable occupancy (4%), reaching all times high occupancy in offices (94.2%)
• EBITDA reached €205.3 million, +9.0% compared to the same period of 2024
• FFO amounted to €166.6 million, growing at a double-digit rate (+12.8% vs. 6M24)
• The net asset value according to EPRA (EPRA NTA) stands at €15.04 p.s. after distributing €0.22 of dividend in the second quarter

Madrid, July 30^th. – MERLIN Properties closed the first semester of 2025 with total revenues of €275.3 million (including gross rents of €264.7 million). The Company continues its strong operating performance with like-for-like rental growth (+3.4 vs. 6M24) and all times high occupancy (95.4%). EBITDA reached €205.3 million, +9.0% compared to the same period of 2024, FFO €166.6 million (€0.30 per share), and net earnings €512.9 million (€0.91 per share).

The gross asset value (GAV) stands at €12,120 million, up +3.2% in valuations, thanks to the strong value propelled by Data Centers (+38.2% vs FY24). The net asset value (EPRA NTA) stands at €8,476 million (€15.04 per share), up +8.0% vs December 2024.

The leverage ratio (LTV) stands at 28.6%, with a liquidity position of €1,649 million and an average debt maturity of 4.4 years. There are no further debt repayments until November 2026 and 100% of the debt is fixed rate.

Business performance

In offices, the Company continues to experience a +3.9% increase in like-for-like rents. The release spread is slightly negative (0.2%) due to the renewal of a large contract in Madrid. Excluding this impact, release spread would amount to +5.1%, in line with the acceleration trend in rents recently observed. Occupancy at all times high at 94.2% and Madrid above average for the first time. Regarding leasing, the semester has been very positive. It is worth highlighting the 21,441 sqm long term lease contract signed with Técnicas Reunidas for the delivery of a turn-key office building in Adequa, Madrid. Likewise, 19,572 sqm have been signed with an IBEX-35 company in Josefa Valcárcel 48, a fully refurbished office building in Madrid.

Excellent performance of the logistics portfolio in the semester, with like-for-like rental growth of +2.2%%, +7.2% release spread, and the portfolio virtually fully occupied (+96.2%). In April, a 32,210 sqm warehouse in Lisboa Park was delivered to Worten and Noatum and an additional 72,717 sqm have been delivered in July to Mercedes Benz in Vitoria Júndiz I. MERLIN continues to have more than 480k sqm of additional land for development, which allows the Company to support the expansion of its tenants in the future. 60% of this land will be developed in the short to mid-term and the other 40% (190k sqm) remains as landbank.

In data centers phase I, comprised of 66,389 sqm with IT capacity of 64 MW distributed in 3 buildings, is built and operating with 70% leased, pending to receive the energy in Madrid. Regarding phase II, the construction of the second building in Alava (BIO-ARA 02) and the first 2 buildings in Lisbon (LIS-VFX 01 & 02) are progressing at a good pace. The building in Alava (BIO-ARA 01) is waiting for the construction license and the development should start before year end. The development of the 2 additional locations in Madrid (Tres Cantos and Getafe II), with an initial capacity of 78 MW IT and with a significant extension capacity (c. 130 MW), will start at the beginning of 2026.

In shopping centers, operating performance remains solid (+3.2% like-for-like rental growth), reaching a historic low OCR (11.0%). Sales (+5.8%) and footfall (+2.4%) continue to outperform the market. Successful leasing of Marineda extension with 92.9% pre-let. Opening is expected at year end.

Investment and divestment activity

Investment activity during the semester was moderated, limited to the acquisition of LOOM Salamanca, a 1,931 sqm space previously operated by the Company, and to increasing the Data Centers land bank with Madrid-Tres Cantos and Madrid Getafe II.

In terms of divestment activity, €183.3 million of non-core assets have been sold at a premium to GAV, of which €37.4 million were executed in 6M25 and the remaining €145.9 million will be executed during the rest of 2025 and 2026.

Outlook

2025 FFO guidance is slightly higher than indicated at the beginning of the year, with a forecast of reaching €0.56 per share. As a result, it would be recommended to the Board of Directors to raise the dividend per share to €0.42.

About MERLIN Properties

MERLIN Properties SOCIMI, S.A. (MC:MRL) is the largest real estate and infrastructure company trading on the Spanish 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 futher information please contact:

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

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