MERLIN Properties SOCIMI (MRL) AGM 2026 presentation summary

2025 operating performance

• Portfolio occupancy declined by 116 bps vs FY24, with offices at 94.2%, logistics at 96.4%, and shopping centers at 97.0%.

• Like-for-like rental growth reached 3.5%, with release spreads of 4.8% overall; shopping centers led with 6.7%.

• Office market adapted to hybrid work, with 275,453 sqm contracted and 3.5% LfL rental growth.

• Logistics portfolio managed 2.7m sqm at 96.4% occupancy, 1.5% LfL rental growth, and 5.8% release spread.

• Shopping centers saw 4.7% LfL rental growth, 6.7% release spread, and 6.6% tenant sales growth.

2025 financial performance

• Revenues reached €565m (+9.3% YoY), NOI margin at 89.2%, and EBITDA margin at 76.7%.

• FFO was €327m, AFFO €305m, IFRS net profit €786m, and EPRA NTA €8,660m.

• Portfolio GAV stood at €12,630m with a gross yield of 4.9%; offices comprised €6,591m of GAV.

• Total capex for 2025 was €635m, with €447m focused on data centers.

• Net financial debt was €3,743m, LTV at 28.9%, average maturity 4.4 years, and 100% fixed rate.

Value creation initiatives

• Major refurbishments include Alfonso XI (11,188 sqm, €16.6m capex, 9.6% YoC) and Liberdade 201 in Lisbon (17,897 sqm, €44.2m capex, 5.6% YoC).

• Adequa 4 & 7 business park (47,440 sqm, €138.4m capex, 10.4% YoC) fully pre-let.

• Logistics pipeline includes 279k sqm committed (to be delivered by 2H27) and 183k sqm non-committed, with expected stabilized GRI of €16.6m and €11.2m, respectively.