MERLIN Properties SOCIMI Income Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Rental Revenue	538.96	494.57	464.78	439.04	382.83
Other Revenue	28.04	14.07	39.92	24.03	34.56
Total Revenue	567	508.65	504.7	463.07	417.39
Revenue Growth (YoY	11.47%	0.78%	8.99%	10.94%	-5.71%
Selling, General & Administrative	14.48	3.65	3.56	4.72	0.7
Depreciation & Amortization	5.04	4.35	2.08	1.89	1.86
Other Operating Expenses	124.96	115.33	106.69	105.95	102.39
Total Operating Expenses	144.47	123.34	112.32	112.56	104.95
Operating Income	422.53	385.31	392.38	350.52	312.44
Interest Expense	-135.94	-130.21	-109.52	-103.38	-113.01
Interest & Investment Income	32.69	39.26	8.38	3.94	5.42
Currency Exchange Gain (Loss)	-0.05	-0	0.09	-	-
Other Non-Operating Income	-8.99	-2.65	-22.74	35.12	5.56
EBT Excluding Unusual Items	310.25	291.7	268.6	286.2	210.41
Gain (Loss) on Sale of Assets	9.31	5.35	-7.02	11.56	-1.9
Asset Writedown	493.85	-1.07	-335.98	-249.27	195.5
Other Unusual Items	-0.15	-0.03	-0.58	-0.33	-0.84
Pretax Income	813.25	295.95	-74.99	48.16	403.17
Income Tax Expense	27.12	12.2	8.51	6.8	7.81
Earnings From Continuing Operations	786.13	283.76	-83.5	41.36	395.36
Earnings From Discontinued Operations	-	-	-	221.73	116.86
Net Income to Company	786.13	283.76	-83.5	263.09	512.22
Net Income	786.13	283.76	-83.5	263.09	512.22
Net Income to Common	786.13	283.76	-83.5	263.09	512.22
Net Income Growth	177.04%	-	-	-48.64%	808.86%
Basic Shares Outstanding	563	510	468	468	466
Diluted Shares Outstanding	563	510	468	468	466
Shares Change (YoY)	10.37%	8.87%	0.09%	0.32%	-0.69%
EPS (Basic)	1.40	0.56	-0.18	0.56	1.10
EPS (Diluted)	1.40	0.56	-0.18	0.56	1.10
EPS Growth	151.02%	-	-	-48.80%	815.20%
Dividend Per Share	-	0.400	0.208	0.442	0.173
Dividend Growth	-	91.94%	-52.85%	155.99%	-42.44%
Operating Margin	74.52%	75.75%	77.75%	75.69%	74.86%
Profit Margin	138.65%	55.79%	-16.54%	56.81%	122.72%
EBITDA	427.56	389.66	394.46	352.4	314.3
EBITDA Margin	75.41%	76.61%	78.16%	76.10%	75.30%
D&A For Ebitda	5.04	4.35	2.08	1.89	1.86
EBIT	422.53	385.31	392.38	350.52	312.44
EBIT Margin	74.52%	75.75%	77.75%	75.69%	74.86%
Funds From Operations (FFO)	-	-	284.24	290.48	273.03
Adjusted Funds From Operations (AFFO)	-	-	284.24	271.2	258
FFO Payout Ratio	-	-	32.96%	35.89%	25.65%
Effective Tax Rate	3.33%	4.12%	-	14.12%	1.94%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.