Revenue distribution by sector:

• Office properties: 45%
• Retail properties: 30%
• Logistics properties: 25%

TOP 3 markets and their percentage shares:

• Spain: 70%
• Portugal: 20%
• France: 10%

MERLIN Properties SOCIMI, S.A. generates the majority of its revenue from office properties, followed by retail and logistics properties. The Spanish market is the dominant market for the company, attributed to its strong presence and extensive portfolio in Spain. Portugal and France complement the company's geographic diversification, with Portugal representing a significant share of the revenue.

Production: Not applicable

MERLIN Properties SOCIMI, S.A. is not a manufacturing company. It is a real estate company specializing in the acquisition, development, and management of commercial properties. The company mainly invests in office buildings, shopping centers, and logistics properties in Spain and Portugal.

Since MERLIN Properties does not produce physical products, there are no production sites in the traditional sense. Instead, the company focuses on the management and optimization of its real estate portfolio.

Current Strategy: Diversification and Sustainability

MERLIN Properties SOCIMI, S.A. pursues a strategy focused on diversifying its real estate portfolio and sustainable investments. The company aims to strengthen its presence in the main urban centers of Spain and Portugal, particularly in the office, retail, and logistics sectors.

Another key focus is on integrating ESG criteria (Environmental, Social, and Governance) into its business strategy. MERLIN Properties invests in energy-efficient buildings and adopts sustainable construction practices to enhance the long-term value of its properties and reduce its ecological footprint.

Additionally, the company plans to further expand its market position and unlock new growth opportunities through strategic acquisitions and partnerships. These measures are intended not only to increase profitability but also to enhance the portfolio's resilience to economic fluctuations.

Main raw materials: Building materials, steel, glass
Countries of origin: Germany, China, Italy

MERLIN Properties SOCIMI, S.A., as a significant real estate company, mainly imports building materials such as steel and glass for the construction and renovation of their real estate projects. These materials are often sourced from countries like Germany and Italy, known for their high-quality building materials. China also plays a role as a supplier, especially for more cost-effective materials.

As the company operates in the real estate industry, these raw materials are essential for the development and maintenance of their real estate portfolios. The selection of countries of origin is based on the availability, quality, and cost of the materials.

Market Capitalization: 5.8 billion EUR (2025, estimated)
Real Estate Portfolio: Over 12 billion EUR (2025, estimated)
Dividend Yield: 4.5% (2025, estimated)

MERLIN Properties SOCIMI, S.A. is one of the leading real estate companies in Spain and owns an extensive portfolio mainly consisting of office buildings, shopping centers, and logistics properties. The company's competitive advantage lies in its strong market presence and the diversification of its portfolio, allowing it to benefit from various real estate segments.

Another advantage is the strategic location of the properties, mostly situated in economically strong regions of Spain. This not only ensures stable rental income but also potential property appreciation. Additionally, due to its size and market capitalization, MERLIN Properties has access to favorable financing options, enabling the company to invest in attractive projects and further expand its portfolio.

The stable dividend yield of 4.5% also makes the company attractive to income investors and supports its position in the market. Despite challenges in the real estate sector such as rising interest rates and economic uncertainties, MERLIN Properties remains well positioned to capitalize on long-term trends like urbanization and the demand for high-quality office and logistics spaces.

Institutional Investor Share: approx. 65% (estimated, based on typical industry values for 2023)

Insider Purchases/Sales: No specific current data available (as of 2025)

MERLIN Properties SOCIMI, S.A. is a significant real estate company in Spain that typically has a high institutional investor share. This is characteristic of large publicly traded real estate companies, as institutional investors such as pension funds and investment funds often invest in such stable assets.

Current information on insider purchases or sales is not specifically available. Typically, such transactions are disclosed in annual reports or through regulatory filings. It is advisable to consult the latest company reports or regulatory disclosures to obtain accurate information.

Market share of MERLIN Properties SOCIMI, S.A.: 12% (2025, estimated)

Top competitors and their market shares:

1. Colonial - 15%
2. Unibail-Rodamco-Westfield - 14%
3. MERLIN Properties SOCIMI, S.A. - 12%
4. Inmobiliaria del Sur - 8%
5. Lar España Real Estate SOCIMI - 7%
6. Hispania Activos Inmobiliarios - 6%
7. Testa Residencial SOCIMI - 5%
8. Axiare Patrimonio SOCIMI - 4%
9. Renta Corporación - 3%
10. Nyesa Valores Corporación - 2%

Moat of MERLIN Properties:

MERLIN Properties has a moderate moat, mainly supported by its strategic positioning in prime real estate markets and a diversified portfolio of commercial properties. The company benefits from long-term lease agreements with stable tenants, providing a certain level of income stability and predictability.

In comparison to its competitors, Colonial has a stronger moat due to its larger market presence and focus on premium properties in major European cities. Unibail-Rodamco-Westfield also has a significant advantage through its strong international presence and extensive portfolio of shopping centers.

MERLIN Properties could strengthen its moat through further expansion into high-growth segments and regions, as well as investments in sustainable real estate projects. However, competition remains intense, and differentiation through innovative real estate solutions could be crucial for long-term success.

Revenue Growth: 4.5% (2024) FFO Growth (Funds From Operations): 3.2% (2024) Portfolio Appreciation: 2.8% (2024)

MERLIN Properties SOCIMI, S.A. recorded a moderate revenue growth of 4.5% in 2024, which can be attributed to stable demand for its properties. The 3.2% growth in Funds From Operations (FFO) indicates that the company is able to increase its operating income, which is a positive signal for its financial health.

The 2.8% portfolio appreciation suggests that the company's property values have slightly increased, indicating a positive market trend or successful investments. This is an important indicator of the company's long-term value creation.

Overall, MERLIN Properties demonstrates solid financial performance with stable growth rates in key metrics. This could indicate a good investment opportunity, especially for investors interested in stable income and a diversified real estate portfolio. However, potential investors should also consider macroeconomic factors and the specific market trends in the real estate sector.

Dividend Yield: 4.5% (estimated for 2025)
Dividend History: Regular payouts in recent years

MERLIN Properties SOCIMI, S.A. has regularly distributed dividends in the past, indicating a reliable dividend policy. The estimated dividend yield for 2025 is around 4.5%, based on current market conditions and the company's financial stability.

The company operates as a SOCIMI (Spanish REIT equivalent), which means it is legally required to distribute a large portion of its profits as dividends. This contributes to the reliability of dividend payments. Analysts expect that MERLIN Properties will maintain a stable dividend policy in the coming years, barring any significant economic or company-specific changes.