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We closed the first nine months of 2026 with strong operating performance, driven by growth across our traditional asset classes and the increasing contribution from our Data Centers division.

We closed the first nine months of 2026 with strong operating performance, driven by growth across our traditional asset classes and the increasing contribution from our Data Centers division.

Amongst the key highlights for the period:

  • Data Centers: The MEGA Plan reached 160 MW IT leased, with 206 MW IT in advanced negotiations and 68 MW IT booked. Phase I is fully equipped and let, with Barcelona and Bilbao-Arasur fully operational and Madrid-Getafe generating cash flow since November.
  • Offices: We signed 136,071 sqm, with like-for-like rental growth of 2.3%. Occupancy stood at 93.7%, with Madrid and Lisbon both above 95%.
  • Logistics: The portfolio maintained a positive performance, with occupancy reaching 95.7%. During the quarter, Valencia-Bétera A, Sevilla ZAL 4.5 and Lisboa Park E were delivered fully let.
  •  Shopping Centres: Operating performance remained excellent, with like-for-like rents growing by 7.1%. Occupancy reached 97.2%, while the occupancy cost ratio remained at very low levels.

This performance allows us to raise our FY26 FFO guidance to €0.58 per share.

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MERLIN Properties closed the first nine months of 2026 with total revenues of €466.2 million, EBITDA of €346.9 million, operating profit of €274.5 million and accounting net profit of €669.7 million.