{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "mer": "http://www.merlinproperties.com/20251231", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://www.merlinproperties.com/20251231/959800L8KD863DP30X04-2025-12-31.xsd" ] }, "facts": { "f-1": { "value": "4494000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherIntangibleAssets", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-2": { "value": "1025000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherIntangibleAssets", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-3": { "value": "563725000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-4": { "value": "563725000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-5": { "value": "24197000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-6": { "value": "22132000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-7": { "value": "4146605000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-8": { "value": "4259670000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-9": { "value": "11983699000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InvestmentProperty", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-10": { "value": "10865480000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InvestmentProperty", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-11": { "value": "2708167000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-12": { "value": "2529381000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-13": { "value": "530570000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-14": { "value": "586513000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-15": { "value": "540000.0", "decimals": -3, "dimensions": { "concept": "mer:OtherEquityHolderContributions", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-16": { "value": "540000.0", "decimals": -3, "dimensions": { "concept": "mer:OtherEquityHolderContributions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-17": { "value": "283813000.0", "decimals": -3, "dimensions": { "concept": "mer:SubtotalNonCurrentFinancialAssets", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-18": { "value": "229934000.0", "decimals": -3, "dimensions": { "concept": "mer:SubtotalNonCurrentFinancialAssets", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-19": { "value": "-8138000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReserveOfCashFlowHedges", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-20": { "value": "-20411000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReserveOfCashFlowHedges", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-21": { "value": "229000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DerivativeFinancialAssets", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-22": { "value": "1622000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DerivativeFinancialAssets", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-23": { "value": "10033000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-24": { "value": "14450000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-25": { "value": "283584000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialAssets", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-26": { "value": "228312000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialAssets", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-27": { "value": "-112563000.0", "decimals": -3, "dimensions": { "concept": "mer:InterimDividend", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-28": { "value": "-101234000.0", "decimals": -3, "dimensions": { "concept": "mer:InterimDividend", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-29": { "value": "53404000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-30": { "value": "53321000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-31": { "value": "786129000.0", "decimals": -3, "dimensions": { "concept": "mer:ProfitLossAttributableToOwnersOfTheParent", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-32": { "value": "283759000.0", "decimals": -3, "dimensions": { "concept": "mer:ProfitLossAttributableToOwnersOfTheParent", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-33": { "value": "12880177000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-34": { "value": "11758405000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-35": { "value": "8074432000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-36": { "value": "7500980000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-37": { "value": "8074432000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-38": { "value": "7500980000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-39": { "value": "2532309000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentPortionOfNoncurrentBondsIssued", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-40": { "value": "2781045000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentPortionOfNoncurrentBondsIssued", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-41": { "value": "1573449000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentPortionOfNoncurrentLoansReceived", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-42": { "value": "1523202000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentPortionOfNoncurrentLoansReceived", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-43": { "value": "271807000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialLiabilities", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-44": { "value": "194763000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialLiabilities", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-45": { "value": "627862000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-46": { "value": "607562000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-47": { "value": "12987000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-48": { "value": "11390000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-49": { "value": "5018414000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-50": { "value": "5117962000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-51": { "value": "820658000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentBondsIssuedAndCurrentPortionOfNoncurrentBondsIssued", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-52": { "value": "621361000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentBondsIssuedAndCurrentPortionOfNoncurrentBondsIssued", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-53": { "value": "55630000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InventoriesTotal", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-54": { "value": "54005000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InventoriesTotal", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-55": { "value": "45945000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLoansReceivedAndCurrentPortionOfNoncurrentLoansReceived", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-56": { "value": "4124000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLoansReceivedAndCurrentPortionOfNoncurrentLoansReceived", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-57": { "value": "84617000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-58": { "value": "60102000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-59": { "value": "14272000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialLiabilities", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-60": { "value": "7639000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialLiabilities", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-61": { "value": "5954000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialAssets", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-62": { "value": "11659000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialAssets", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-63": { "value": "277046000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-64": { "value": "189426000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-65": { "value": "27395000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentPrepaymentsAndOtherCurrentAssets", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-66": { "value": "22348000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentPrepaymentsAndOtherCurrentAssets", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-67": { "value": "7103000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-68": { "value": "6859000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-69": { "value": "1214945000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-70": { "value": "1552676000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-71": { "value": "10848000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentLiabilities", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-72": { "value": "10844000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentLiabilities", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-73": { "value": "1388541000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-74": { "value": "1700790000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-75": { "value": "1175872000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-76": { "value": "840253000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-77": { "value": "14268718000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-78": { "value": "13459195000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-79": { "value": "14268718000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-80": { "value": "13459195000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-81": { "value": "538963000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-82": { "value": "494572000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-83": { "value": "10384000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-84": { "value": "8428000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-85": { "value": "55243000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-86": { "value": "36199000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-87": { "value": "94807000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherExpenseByNature", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-88": { "value": "96588000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherExpenseByNature", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-89": { "value": "9313000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfInvestmentProperties", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-90": { "value": "5351000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfInvestmentProperties", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-91": { "value": "5037000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DepreciationAndAmortisationExpense", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-92": { "value": "4350000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DepreciationAndAmortisationExpense", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-93": { "value": "98000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RevenueFromGovernmentGrants", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-94": { "value": "52000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RevenueFromGovernmentGrants", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-95": { "value": "77000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ChangesInOtherProvisions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-96": { "value": "5337000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ChangesInOtherProvisions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-97": { "value": "-493846000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnFairValueAdjustmentInvestmentProperty", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-98": { "value": "1067000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnFairValueAdjustmentInvestmentProperty", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-99": { "value": "897594000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-100": { "value": "375536000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-101": { "value": "-7264000.0", "decimals": -3, "dimensions": { "concept": "mer:ChangeInFairValueOfAllFinancialInstruments", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-102": { "value": "-1076000.0", "decimals": -3, "dimensions": { "concept": "mer:ChangeInFairValueOfAllFinancialInstruments", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-103": { "value": "35369000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-104": { "value": "42160000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-105": { "value": "480000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-106": { "value": "20000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-107": { "value": "140917000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-108": { "value": "134758000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-109": { "value": "28036000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-110": { "value": "14073000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-111": { "value": "-47000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-112": { "value": "-1000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-113": { "value": "813251000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-114": { "value": "295954000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-115": { "value": "27122000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-116": { "value": "12195000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-117": { "value": "786129000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-118": { "value": "283759000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-119": { "value": "786129000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-120": { "value": "283759000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-121": { "value": "1.40", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-122": { "value": "0.56", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-123": { "value": "1.40", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-124": { "value": "0.56", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-125": { "value": "786129000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-126": { "value": "283759000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-127": { "value": "8233000.0", "decimals": -3, "dimensions": { "concept": "mer:OtherComprehensiveIncomeNetOfTaxCashFlowHedgesContinuingOperations", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-128": { "value": "1017000.0", "decimals": -3, "dimensions": { "concept": "mer:OtherComprehensiveIncomeNetOfTaxCashFlowHedgesContinuingOperations", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-129": { "value": "8233000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-130": { "value": "1017000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-131": { "value": "4475000.0", "decimals": -3, "dimensions": { "concept": "mer:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxContinuingOperations", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-132": { "value": "-12369000.0", "decimals": -3, "dimensions": { "concept": "mer:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxContinuingOperations", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-133": { "value": "435000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-134": { "value": "-416000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-135": { "value": "4040000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-136": { "value": "-11953000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-137": { "value": "798402000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-138": { "value": "272823000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-139": { "value": "798402000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeFromContinuingOperationsAttributableToOwnersOfParent", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-140": { "value": "272823000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeFromContinuingOperationsAttributableToOwnersOfParent", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-141": { "value": "798402000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-142": { "value": "272823000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-143": { "value": "469771000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-144": { "value": "3541379000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-145": { "value": "2729403000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-146": { "value": "540000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:OtherEquityHolderContributionsMember", "unit": "iso4217:EUR" } }, "f-147": { "value": "-83497000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:ProfitLossAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-148": { "value": "-93673000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:InterimDividendMember", "unit": "iso4217:EUR" } }, "f-149": { "value": "-9475000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-150": { "value": "-15410000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-151": { "value": "6539038000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-152": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-153": { "value": "6539038000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-154": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ConsolidatedResultsInEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-155": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ConsolidatedResultsInEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-156": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ConsolidatedResultsInEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-157": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ConsolidatedResultsInEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:OtherEquityHolderContributionsMember", "unit": "iso4217:EUR" } }, "f-158": { "value": "283759000.0", "decimals": -3, "dimensions": { "concept": "mer:ConsolidatedResultsInEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:ProfitLossAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-159": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ConsolidatedResultsInEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:InterimDividendMember", "unit": "iso4217:EUR" } }, "f-160": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ConsolidatedResultsInEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-161": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ConsolidatedResultsInEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-162": { "value": "283759000.0", "decimals": -3, "dimensions": { "concept": "mer:ConsolidatedResultsInEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-163": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ConsolidatedResultsInEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-164": { "value": "283759000.0", "decimals": -3, "dimensions": { "concept": "mer:ConsolidatedResultsInEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-165": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-166": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-167": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-168": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:OtherEquityHolderContributionsMember", "unit": "iso4217:EUR" } }, "f-169": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:ProfitLossAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-170": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:InterimDividendMember", "unit": "iso4217:EUR" } }, "f-171": { "value": "-10936000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-172": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-173": { "value": "-10936000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-174": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-175": { "value": "-10936000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-176": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:DistributionOfResults", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-177": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:DistributionOfResults", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-178": { "value": "177170000.0", "decimals": -3, "dimensions": { "concept": "mer:DistributionOfResults", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-179": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:DistributionOfResults", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:OtherEquityHolderContributionsMember", "unit": "iso4217:EUR" } }, "f-180": { "value": "-83497000.0", "decimals": -3, "dimensions": { "concept": "mer:DistributionOfResults", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:ProfitLossAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-181": { "value": "-93673000.0", "decimals": -3, "dimensions": { "concept": "mer:DistributionOfResults", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:InterimDividendMember", "unit": "iso4217:EUR" } }, "f-182": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:DistributionOfResults", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-183": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:DistributionOfResults", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-184": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:DistributionOfResults", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-185": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:DistributionOfResults", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-186": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:DistributionOfResults", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-187": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-188": { "value": "108505000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-189": { "value": "3937000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-190": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:OtherEquityHolderContributionsMember", "unit": "iso4217:EUR" } }, "f-191": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:ProfitLossAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-192": { "value": "101234000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:InterimDividendMember", "unit": "iso4217:EUR" } }, "f-193": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-194": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-195": { "value": "213676000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-196": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-197": { "value": "213676000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-198": { "value": "93954000.0", "decimals": -3, "dimensions": { "concept": "mer:PerimeterVariations", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-199": { "value": "826796000.0", "decimals": -3, "dimensions": { "concept": "mer:PerimeterVariations", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-200": { "value": "-21606000.0", "decimals": -3, "dimensions": { "concept": "mer:PerimeterVariations", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-201": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:PerimeterVariations", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:OtherEquityHolderContributionsMember", "unit": "iso4217:EUR" } }, "f-202": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:PerimeterVariations", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:ProfitLossAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-203": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:PerimeterVariations", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:InterimDividendMember", "unit": "iso4217:EUR" } }, "f-204": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:PerimeterVariations", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-205": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:PerimeterVariations", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-206": { "value": "899144000.0", "decimals": -3, "dimensions": { "concept": "mer:PerimeterVariations", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-207": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:PerimeterVariations", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-208": { "value": "899144000.0", "decimals": -3, "dimensions": { "concept": "mer:PerimeterVariations", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-209": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-210": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-211": { "value": "-18000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-212": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:OtherEquityHolderContributionsMember", "unit": "iso4217:EUR" } }, "f-213": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:ProfitLossAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-214": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:InterimDividendMember", "unit": "iso4217:EUR" } }, "f-215": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-216": { "value": "-59000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-217": { "value": "-77000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-218": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-219": { "value": "-77000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-220": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-221": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-222": { "value": "2804000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-223": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:OtherEquityHolderContributionsMember", "unit": "iso4217:EUR" } }, "f-224": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:ProfitLossAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-225": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:InterimDividendMember", "unit": "iso4217:EUR" } }, "f-226": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-227": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-228": { "value": "2804000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-229": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-230": { "value": "2804000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-231": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:IncreaseDecreaseThroughShareBasedPaymentTransactionsStockPlanEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-232": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:IncreaseDecreaseThroughShareBasedPaymentTransactionsStockPlanEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-233": { "value": "-95000.0", "decimals": -3, "dimensions": { "concept": "mer:IncreaseDecreaseThroughShareBasedPaymentTransactionsStockPlanEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-234": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:IncreaseDecreaseThroughShareBasedPaymentTransactionsStockPlanEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:OtherEquityHolderContributionsMember", "unit": "iso4217:EUR" } }, "f-235": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:IncreaseDecreaseThroughShareBasedPaymentTransactionsStockPlanEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:ProfitLossAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-236": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:IncreaseDecreaseThroughShareBasedPaymentTransactionsStockPlanEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:InterimDividendMember", "unit": "iso4217:EUR" } }, "f-237": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:IncreaseDecreaseThroughShareBasedPaymentTransactionsStockPlanEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-238": { "value": "1019000.0", "decimals": -3, "dimensions": { "concept": "mer:IncreaseDecreaseThroughShareBasedPaymentTransactionsStockPlanEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-239": { "value": "924000.0", "decimals": -3, "dimensions": { "concept": "mer:IncreaseDecreaseThroughShareBasedPaymentTransactionsStockPlanEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-240": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:IncreaseDecreaseThroughShareBasedPaymentTransactionsStockPlanEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-241": { "value": "924000.0", "decimals": -3, "dimensions": { "concept": "mer:IncreaseDecreaseThroughShareBasedPaymentTransactionsStockPlanEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-242": { "value": "563725000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-243": { "value": "4259670000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-244": { "value": "2529381000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-245": { "value": "540000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:OtherEquityHolderContributionsMember", "unit": "iso4217:EUR" } }, "f-246": { "value": "283759000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:ProfitLossAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-247": { "value": "-101234000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:InterimDividendMember", "unit": "iso4217:EUR" } }, "f-248": { "value": "-20411000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-249": { "value": "-14450000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-250": { "value": "7500980000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-251": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-252": { "value": "7500980000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-253": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ConsolidatedResultsInEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-254": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ConsolidatedResultsInEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-255": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ConsolidatedResultsInEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-256": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ConsolidatedResultsInEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:OtherEquityHolderContributionsMember", "unit": "iso4217:EUR" } }, "f-257": { "value": "786129000.0", "decimals": -3, "dimensions": { "concept": "mer:ConsolidatedResultsInEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:ProfitLossAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-258": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ConsolidatedResultsInEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:InterimDividendMember", "unit": "iso4217:EUR" } }, "f-259": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ConsolidatedResultsInEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-260": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ConsolidatedResultsInEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-261": { "value": "786129000.0", "decimals": -3, "dimensions": { "concept": "mer:ConsolidatedResultsInEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-262": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ConsolidatedResultsInEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-263": { "value": "786129000.0", "decimals": -3, "dimensions": { "concept": "mer:ConsolidatedResultsInEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-264": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-265": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-266": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-267": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:OtherEquityHolderContributionsMember", "unit": "iso4217:EUR" } }, "f-268": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:ProfitLossAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-269": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:InterimDividendMember", "unit": "iso4217:EUR" } }, "f-270": { "value": "12273000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-271": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-272": { "value": "12273000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-273": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-274": { "value": "12273000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-275": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:DistributionOfResults", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-276": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:DistributionOfResults", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-277": { "value": "-182525000.0", "decimals": -3, "dimensions": { "concept": "mer:DistributionOfResults", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-278": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:DistributionOfResults", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:OtherEquityHolderContributionsMember", "unit": "iso4217:EUR" } }, "f-279": { "value": "283759000.0", "decimals": -3, "dimensions": { "concept": "mer:DistributionOfResults", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:ProfitLossAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-280": { "value": "-101234000.0", "decimals": -3, "dimensions": { "concept": "mer:DistributionOfResults", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:InterimDividendMember", "unit": "iso4217:EUR" } }, "f-281": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:DistributionOfResults", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-282": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:DistributionOfResults", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-283": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:DistributionOfResults", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-284": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:DistributionOfResults", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-285": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:DistributionOfResults", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-286": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-287": { "value": "113065000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-288": { "value": "10753000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-289": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:OtherEquityHolderContributionsMember", "unit": "iso4217:EUR" } }, "f-290": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:ProfitLossAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-291": { "value": "112563000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:InterimDividendMember", "unit": "iso4217:EUR" } }, "f-292": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-293": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-294": { "value": "236381000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-295": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-296": { "value": "236381000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-297": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-298": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-299": { "value": "17000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-300": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:OtherEquityHolderContributionsMember", "unit": "iso4217:EUR" } }, "f-301": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:ProfitLossAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-302": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:InterimDividendMember", "unit": "iso4217:EUR" } }, "f-303": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-304": { "value": "-4000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-305": { "value": "13000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-306": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-307": { "value": "13000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-308": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-309": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-310": { "value": "12472000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-311": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:OtherEquityHolderContributionsMember", "unit": "iso4217:EUR" } }, "f-312": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:ProfitLossAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-313": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:InterimDividendMember", "unit": "iso4217:EUR" } }, "f-314": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-315": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-316": { "value": "12472000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-317": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-318": { "value": "12472000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-319": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ShareBasedPayments", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-320": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ShareBasedPayments", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-321": { "value": "-5390000.0", "decimals": -3, "dimensions": { "concept": "mer:ShareBasedPayments", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-322": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ShareBasedPayments", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:OtherEquityHolderContributionsMember", "unit": "iso4217:EUR" } }, "f-323": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ShareBasedPayments", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:ProfitLossAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-324": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ShareBasedPayments", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:InterimDividendMember", "unit": "iso4217:EUR" } }, "f-325": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ShareBasedPayments", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-326": { "value": "3198000.0", "decimals": -3, "dimensions": { "concept": "mer:ShareBasedPayments", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-327": { "value": "-2192000.0", "decimals": -3, "dimensions": { "concept": "mer:ShareBasedPayments", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-328": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:ShareBasedPayments", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-329": { "value": "-2192000.0", "decimals": -3, "dimensions": { "concept": "mer:ShareBasedPayments", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-330": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:IncreaseDecreaseThroughShareBasedPaymentTransactionsStockPlanEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-331": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:IncreaseDecreaseThroughShareBasedPaymentTransactionsStockPlanEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-332": { "value": "-126000.0", "decimals": -3, "dimensions": { "concept": "mer:IncreaseDecreaseThroughShareBasedPaymentTransactionsStockPlanEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-333": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:IncreaseDecreaseThroughShareBasedPaymentTransactionsStockPlanEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:OtherEquityHolderContributionsMember", "unit": "iso4217:EUR" } }, "f-334": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:IncreaseDecreaseThroughShareBasedPaymentTransactionsStockPlanEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:ProfitLossAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-335": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:IncreaseDecreaseThroughShareBasedPaymentTransactionsStockPlanEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:InterimDividendMember", "unit": "iso4217:EUR" } }, "f-336": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:IncreaseDecreaseThroughShareBasedPaymentTransactionsStockPlanEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-337": { "value": "1223000.0", "decimals": -3, "dimensions": { "concept": "mer:IncreaseDecreaseThroughShareBasedPaymentTransactionsStockPlanEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-338": { "value": "1097000.0", "decimals": -3, "dimensions": { "concept": "mer:IncreaseDecreaseThroughShareBasedPaymentTransactionsStockPlanEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-339": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:IncreaseDecreaseThroughShareBasedPaymentTransactionsStockPlanEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-340": { "value": "1097000.0", "decimals": -3, "dimensions": { "concept": "mer:IncreaseDecreaseThroughShareBasedPaymentTransactionsStockPlanEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-341": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-342": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-343": { "value": "41000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-344": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:OtherEquityHolderContributionsMember", "unit": "iso4217:EUR" } }, "f-345": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:ProfitLossAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-346": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:InterimDividendMember", "unit": "iso4217:EUR" } }, "f-347": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-348": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-349": { "value": "41000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-350": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-351": { "value": "41000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-352": { "value": "563725000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-353": { "value": "4146605000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-354": { "value": "2708167000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-355": { "value": "540000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:OtherEquityHolderContributionsMember", "unit": "iso4217:EUR" } }, "f-356": { "value": "786129000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:ProfitLossAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-357": { "value": "-112563000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "mer:InterimDividendMember", "unit": "iso4217:EUR" } }, "f-358": { "value": "-8138000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f-359": { "value": "-10033000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-360": { "value": "8074432000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-361": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-362": { "value": "8074432000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-363": { "value": "415600000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivitiesContinuingOperations", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-364": { "value": "316784000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivitiesContinuingOperations", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-365": { "value": "813251000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-366": { "value": "295954000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-367": { "value": "-414031000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForReconcileProfitLoss", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-368": { "value": "74279000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForReconcileProfitLoss", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-369": { "value": "5037000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-370": { "value": "4350000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-371": { "value": "493846000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainsLossesOnFairValueAdjustmentInvestmentProperty", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-372": { "value": "-1067000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainsLossesOnFairValueAdjustmentInvestmentProperty", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-373": { "value": "-77000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-374": { "value": "-5337000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-375": { "value": "-9313000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-376": { "value": "-5351000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-377": { "value": "35369000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-378": { "value": "42160000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncome", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-379": { "value": "-140917000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncomeCost", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-380": { "value": "-134758000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncomeCost", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-381": { "value": "7264000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFairValueGainsLosses", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-382": { "value": "1076000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFairValueGainsLosses", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-383": { "value": "28036000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-384": { "value": "14073000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-385": { "value": "-608000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-386": { "value": "-51000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-387": { "value": "-113519000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInWorkingCapital", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-388": { "value": "-31825000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInWorkingCapital", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-389": { "value": "-1625000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-390": { "value": "-3029000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-391": { "value": "-24516000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-392": { "value": "2496000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-393": { "value": "8625000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherCurrentAssets", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-394": { "value": "-2170000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherCurrentAssets", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-395": { "value": "87623000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-396": { "value": "28223000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-397": { "value": "43412000.0", "decimals": -3, "dimensions": { "concept": "mer:AdjustmentsForDecreaseIncreaseInOtherAssetsAndLiabilities", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-398": { "value": "6305000.0", "decimals": -3, "dimensions": { "concept": "mer:AdjustmentsForDecreaseIncreaseInOtherAssetsAndLiabilities", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-399": { "value": "97139000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-400": { "value": "85274000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-401": { "value": "127615000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-402": { "value": "119407000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-403": { "value": "33453000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-404": { "value": "32929000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-405": { "value": "2977000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefund", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-406": { "value": "-1204000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefund", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-407": { "value": "-576309000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivitiesContinuingOperations", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-408": { "value": "-294378000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivitiesContinuingOperations", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-409": { "value": "704057000.0", "decimals": -3, "dimensions": { "concept": "mer:PaymentsForInvestments", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-410": { "value": "365661000.0", "decimals": -3, "dimensions": { "concept": "mer:PaymentsForInvestments", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-411": { "value": "673567000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfInvestmentProperty", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-412": { "value": "292716000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfInvestmentProperty", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-413": { "value": "6259000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-414": { "value": "18768000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-415": { "value": "19918000.0", "decimals": -3, "dimensions": { "concept": "mer:ContributionsToAssociatedCompaniesAndOtherNonCurrentInvestments", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-416": { "value": "53465000.0", "decimals": -3, "dimensions": { "concept": "mer:ContributionsToAssociatedCompaniesAndOtherNonCurrentInvestments", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-417": { "value": "4313000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-418": { "value": "712000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-419": { "value": "127748000.0", "decimals": -3, "dimensions": { "concept": "mer:ProceedsFromSalesOfInvestments", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-420": { "value": "71283000.0", "decimals": -3, "dimensions": { "concept": "mer:ProceedsFromSalesOfInvestments", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-421": { "value": "127748000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentProperty", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-422": { "value": "71283000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentProperty", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-423": { "value": "-177022000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivitiesContinuingOperations", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-424": { "value": "1069047000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivitiesContinuingOperations", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-425": { "value": "224566000.0", "decimals": -3, "dimensions": { "concept": "mer:ProceedsAndPaymentsFromEquityInstruments", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-426": { "value": "-691791000.0", "decimals": -3, "dimensions": { "concept": "mer:ProceedsAndPaymentsFromEquityInstruments", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-427": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:OtherEquityInstruments", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-428": { "value": "-899487000.0", "decimals": -3, "dimensions": { "concept": "mer:OtherEquityInstruments", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-429": { "value": "-14000.0", "decimals": -3, "dimensions": { "concept": "mer:PurchaseOrSaleOfOwnSharesForEquityInstruments", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-430": { "value": "-58000.0", "decimals": -3, "dimensions": { "concept": "mer:PurchaseOrSaleOfOwnSharesForEquityInstruments", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-431": { "value": "113065000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfOtherEquityInstruments", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-432": { "value": "108505000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfOtherEquityInstruments", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-433": { "value": "123316000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-434": { "value": "105171000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-435": { "value": "11801000.0", "decimals": -3, "dimensions": { "concept": "mer:CollectionOfDividendsOrRefundsOfIssuancePremiumOfAssociatedCompanies", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-436": { "value": "5922000.0", "decimals": -3, "dimensions": { "concept": "mer:CollectionOfDividendsOrRefundsOfIssuancePremiumOfAssociatedCompanies", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-437": { "value": "47544000.0", "decimals": -3, "dimensions": { "concept": "mer:ProceedsAndPaymentsFromFinancialLiabilities", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-438": { "value": "377256000.0", "decimals": -3, "dimensions": { "concept": "mer:ProceedsAndPaymentsFromFinancialLiabilities", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-439": { "value": "130773000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-440": { "value": "297987000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-441": { "value": "352000.0", "decimals": -3, "dimensions": { "concept": "mer:CancellationOfInterestRateDerivatives", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-442": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "mer:CancellationOfInterestRateDerivatives", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-443": { "value": "545364000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-444": { "value": "92914000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-445": { "value": "28945000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-446": { "value": "13645000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-447": { "value": "600000000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-448": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-449": { "value": "-337731000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-450": { "value": "1091453000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-451": { "value": "1552676000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-452": { "value": "461223000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:959800L8KD863DP30X04", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-453": { "value": "1214945000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:959800L8KD863DP30X04", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-454": { "value": "1552676000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-455": { "value": "
1.\u00a0 \u00a0 Nature and activity of the Group
Merlin Properties SOCIMI, S.A. (\u201cthe Parent\u201d or \u201cMERLIN\u201d) was incorporated in Spain on 25 March
2014 under the Spanish Corporate Enterprises Act (Ley de Sociedades de Capital). On 22 May 2014,
the Parent requested to be included in the tax regime for real estate investment trusts (REITs),
effective from 25 March 2014 (date of incorporation of the Parent).
On 27 February 2017, the Parent changed its registered office from Paseo de la Castellana 42 to
Paseo de la Castellana 257, Madrid, Spain.
The Parent's corporate purpose, as in its articles of association, is as follows:
\u2013 The acquisition and development of urban real estate for subsequent leasing, including the
refurbishment of buildings as per Spanish Law 37/1992, of 28 December, on Value Added Tax
(Ley 37/1992, de 28 de diciembre, del Impuesto sobre el Valor A\u00f1adido);
\u2013 The holding of equity interests in real estate investment trusts (\u201cREITs\u201d) or in other non-
resident entities in Spain with the same corporate purpose and that operate under a similar
regime as that established for REITs with respect to the mandatory profit distribution policy
stipulated by law or by the Articles of Association;
\u2013 The holding of equity interests in other resident or non-resident entities in Spain whose main
corporate purpose is to acquire urban real estate for subsequent leasing, and that operate
under the same regime as that established for REITs with respect to the mandatory profit
distribution policy enforced by law or by the Articles of Association, and that fulfil the
investment requirements stipulated for these companies; and
\u2013 The holding of shares or equity interests in collective real estate investment undertakings
regulated by Spanish Law 35/2003, of 4 November, on collective investment undertakings
(Ley 35/2003, de 4 de noviembre, de Instituciones de Inversi\u00f3n Colectiva), or any law that
may replace it in the future.
In addition to the economic activity relating to the main corporate purpose, the Parent may also carry
on any other ancillary activities, i.e., those that generate income representing less than 20%, taken as
a whole, of its income in each tax period, or those that may be considered ancillary activities in
accordance with the law applicable at any given time.
The activities included in the Parent\u2019s corporate purpose may be indirectly carried on, either wholly or
in part, through the ownership of shares or equity interests in companies with a similar or identical
corporate purpose.
The direct and, where applicable, indirect performance of any activities that are reserved under special
law are excluded. If the law requires a professional qualification, prior administrative authorisation,
registration with a public registry, or any other requirement for the purpose of exercising any of the
activities within the corporate purpose, such activity may not commence until all the applicable
professional or administrative requirements have been met.
Merlin Properties SOCIMI, S.A. and Subsidiaries (\"the Group\") engage mainly in the acquisition and
management (through leasing to third parties) of offices, industrial buildings, logistic centres, data
centres, shops and shopping centres, and they may also invest, to a lesser extent, in other assets for
lease.
On 30 June 2014, the Parent was floated on the Spanish stock market through the issuance of EUR
125,000 thousand shares, with a share premium of EUR 1,125,000 thousand. Merlin Properties
SOCIMI, S.A.\u2019s shares/securities have been listed on the electronic trading system of the Spanish
stock exchanges since 30 June 2014.
On 15 January 2020, the Parent's shares were listed on Euronext Lisbon under a dual listing.
On 24 July 2024, the Parent carried out a capital increase amounting to EUR 93,954 thousand, with a
share premium of EUR 826,796 thousand (see Note 13.1).
The tax regime of the Parent and the majority of its subsidiaries is governed by Spanish Law 11/2009,
of 26 October, as amended by Spanish Law 16/2012, of 27 December and subsequent laws,
regulating REITs (Ley 16/2012, de 27 de diciembre, por la que se regulan las Sociedades An\u00f3nimas
Cotizadas de Inversi\u00f3n en el Mercado Inmobiliario). Article 3 of this Law sets out the investment
requirements for these types of companies, namely:
1. At least 80% of a REIT\u2019s assets must be invested in urban real estate for leasing purposes
and/or in land to be developed for leasing purposes provided such development starts within
three years of acquisition, along with investments in the capital or equity of other entities
referred to in Article 2.1 of the above Law.
The value of the asset is calculated based on the average of the quarterly individual balance
sheets of the year. To calculate this value, the REIT may opt to substitute the carrying amount
for the fair value of the items contained in these balance sheets, which will apply to all the
balance sheets of the year. For these purposes, the money and collection rights arising from
the disposal of these properties or shareholdings, if applicable, during the same year or
previous years will not be calculated, provided that, in this last case, the reinvestment period
referred to in Article 6 of this Law has not elapsed.
2. Similarly, at least 80% of the income for the tax period for each year, excluding that arising
from the disposal of shareholdings and properties used in fulfilment of its primary corporate
purpose, once the holding period referred to below has elapsed, should come from the lease
of properties and from dividends or shares in profit from these investments.
This percentage is calculated based on consolidated profit if the company is a parent of a
group, as defined in Article 42 of the Spanish Commercial Code (C\u00f3digo de Comercio),
regardless of the place of residence and the obligation to prepare consolidated financial
statements. This group will be formed only by REITs and the other entities referred to in Article
2.1 of this Act.
3. The REIT\u2019s real estate assets must be leased for at least three years. The time that the
properties have been offered for lease, up to a maximum of one year, will be included for the
purposes of this calculation.
This period will be calculated:
a) In the case of properties that are included in the REIT's assets before it avails itself of
the regime, from the date of commencement of the first tax period in which the special
tax regime set forth in this Act is applied, provided that the property is leased or
offered for lease at that date. Otherwise, the following paragraph must be applied.
b) In the case of properties developed or acquired subsequently by the REIT, from the
date on which they were leased or offered for lease for the first time.
c) In the case of shares or equity interests in entities referred to in Article 2.1 of this Act,
they must be held as assets of the REIT for at least three years following their
acquisition or, where applicable, from the beginning of the first tax period in which the
special tax regime established in this Act is applied.
As established in Transitional Provision One of Law 11/2009, of 26 October, amended by Law
16/2012, of 27 December, and subsequent amendments, regulating real estate investment trusts,
REITs may opt to apply the special tax regime in accordance with Article 13 of this Act, even if they do
not meet the requirements established in this Act, provided these requirements are met within two
years of the date on which the Company decides to apply this regime.
REITs are taxed at a rate of 0% for corporate income tax. However, where dividends distributed to an
equity holder owning at least 5% of the REIT\u2019s share capital are exempt from taxation or taxed below
10%, such REIT will be subject to a special charge of 19% of the dividends distributed to the said
equity holder, in respect of corporate income tax. If applicable, this special charge must be paid by the
REIT within two months after the dividend distribution date.
Law 11/2021, of 9 July, on measures to prevent and combat tax fraud, which takes effect for those
years beginning on or after 1 January 2021, amended Article 9.4 of Law 11/2009, of 26 October,
regulating real estate investment trusts (REITs). Specifically, it introduced a special tax of 15% on the
amount of profit earned in the year that is not distributed, in the portion that comes from a) income that
was not taxed at the standard corporate tax rate, and b) income that is not derived from the transfer of
qualifying assets after the three-year holding period has elapsed, which fall under the three-year
reinvestment period set out in Article 6.1.b) of Law 11/2009, of 26 October. This special tax will be
considered corporate income tax and will accrue on the day of the agreement to apply profit for the
year by the general shareholders meeting or equivalent body. The self-assessment and payment of
the tax must be performed within two months of the accrual.
The transitional period in which the Company had to meet all requirements of this tax regime ended in
2017. Group management, with the support of its tax advisers, performed an assessment of
compliance with the regime\u2019s requirements, concluding that all requirements had been met as of 31
December 2025.
Consequently, the Group's consolidated financial statements and the individual financial statements of
the Parent for 2025, prepared by its Directors, which are awaiting approval by the General Meeting,
have been prepared under the REIT Regime. However, the directors of the Parent consider that the
above financial statements will be approved without any material changes.
Furthermore, the financial statements for 2025 of the Group companies have not yet been authorised
for issue by their directors and are expected to be approved by the shareholders at their respective
Annual General Meetings within the periods established in applicable law.
The separate and consolidated financial statements of Merlin Properties SOCIMI, S.A. for 2024,
prepared by its directors, were approved by the shareholders at the Annual General Meeting on 30
April 2025.
The 2024 separate annual financial statements of the Group companies, which were prepared by their
respective directors, were approved at the respective General Meetings within the periods in
applicable tax legislation.
In view of the business activities currently performed by the Group, it does not have any environmental
liability, expenses, assets, provisions or contingencies that might be material with respect to its equity,
financial position or results.
The Company did not change its corporate or trading name in 2025 or 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "Merlin Properties SOCIMI, S.A. (\u201cthe Parent\u201d or \u201cMERLIN\u201d)", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "Merlin Properties SOCIMI, S.A.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "Merlin Properties SOCIMI, S.A.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "SOCIMI, S.A.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "Spain", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "Paseo de la Castellana 257, Madrid, Spain.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "value": "Spain", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "\u2013 The acquisition and development of urban real estate for subsequent leasing, including the refurbishment of buildings as per Spanish Law 37/1992, of 28 December, on Value Added Tax (Ley 37/1992, de 28 de diciembre, del Impuesto sobre el Valor A\u00f1adido);\u2013 The holding of equity interests in real estate investment trusts (\u201cREITs\u201d) or in other non-resident entities in Spain with the same corporate purpose and that operate under a similar regime as that established for REITs with respect to the mandatory profit distribution policy stipulated by law or by the Articles of Association;\u2013 The holding of equity interests in other resident or non-resident entities in Spain whose main corporate purpose is to acquire urban real estate for subsequent leasing, and that operate under the same regime as that established for REITs with respect to the mandatory profit distribution policy enforced by law or by the Articles of Association, and that fulfil the investment requirements stipulated for these companies; and\u2013 The holding of shares or equity interests in collective real estate investment undertakings regulated by Spanish Law 35/2003, of 4 November, on collective investment undertakings (Ley 35/2003, de 4 de noviembre, de Instituciones de Inversi\u00f3n Colectiva), or any law that may replace it in the future.In addition to the economic activity relating to the main corporate purpose, the Parent may also carry on any other ancillary activities, i.e., those that generate income representing less than 20%, taken as a whole, of its income in each tax period, or those that may be considered ancillary activities in accordance with the law applicable at any given time.The activities included in the Parent\u2019s corporate purpose may be indirectly carried on, either wholly or in part, through the ownership of shares or equity interests in companies with a similar or identical corporate purpose.The direct and, where applicable, indirect performance of any activities that are reserved under special law are excluded. If the law requires a professional qualification, prior administrative authorisation, registration with a public registry, or any other requirement for the purpose of exercising any of the activities within the corporate purpose, such activity may not commence until all the applicable professional or administrative requirements have been met.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "2025, prepared by its Directors, which are awaiting approval by the General Meeting,
have been prepared under the REIT Regime. However, the directors of the Parent consider that the
above financial statements will be approved without any material changes.
Furthermore, the financial statements for 2025 of the Group companies have not yet been authorised
for issue by their directors and are expected to be approved by the shareholders at their respective
Annual General Meetings within the periods established in applicable law.
The separate and consolidated financial statements of Merlin Properties SOCIMI, S.A. for 2024,
prepared by its directors, were approved by the shareholders at the Annual General Meeting on 30
April 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "
2.\u00a0 \u00a0 Basis of presentation of the consolidated financial statements
2.1 Regulatory framework
The regulatory financial reporting framework applicable to the Group consists of the following:
\u2013 The Spanish Commercial Code and all other Spanish commercial laws.
\u2013 International Financial Reporting Standards (IFRSs) as adopted by the European Union
pursuant to Regulation (EC) No 1606/2002 of the European Parliament and Spanish Law
62/2003, of 30 December, on tax, administrative and social security measures (Ley de
medidas fiscales, administrativas y de orden social), and applicable rules and circulars of the
Spanish National Securities Market Commission (CNMV).
\u2013 Law 11/2009, of 26 October, as amended by Law 16/2012, of 27 December, and subsequent
amendments, regulating REITs, and other commercial law.
\u2013 All other applicable Spanish accounting regulations.
2.2 Basis of presentation of the consolidated financial statements
The consolidated financial statements for 2025 were obtained from the accounting records of the
Parent and the consolidated companies, and have been prepared in accordance with the regulatory
financial reporting framework described in Note 2.1 and, accordingly, they present fairly the Group\u2019s
consolidated equity and consolidated financial position at 31 December 2025 and the consolidated
results of its operations, the changes in consolidated equity and the consolidated cash flows in the
year then ended. The consolidated financial statements were prepared on a historical cost basis
except for those items that have been measured at fair value.
Given that the accounting policies and measurement bases applied in preparing the Group\u2019s
consolidated financial statements for 2025 may differ from those applied by some of the Group
companies, the necessary adjustments and reclassifications were made on consolidation to unify
these policies and bases and to make them compliant with IFRSs as adopted by the European Union.
To present the various items composing the consolidated financial statements in a uniform manner,
the accounting, policies and measurement bases used by the Parent were applied to all the
consolidated companies.
2.2.1 Adoption of Financial Reporting Standards and Interpretations effective as from 1 January\u00a0 2025
\u2022 In 2025 the following standards, amendments and interpretations came into force, which,
where applicable, were used by the Group in preparing these financial statements:
Standards, Amendments and
Interpretations
Description
Mandatory application in the
financial years beginning on or
after:
Amendments to IAS 21
Lack of exchangeability
This amendment adds requirements to help
institutions determine whether a currency is
exchangeable for another currency and the spot
rate to use when it is not.
1 January 2025
These standards and amendments have not had a significant impact.
All accounting policies and measurement bases with a significant effect on the consolidated financial
statements were applied.
2.2.2 Standards not yet in force in 2025
The following standards were not yet in force in 2025, either because their effective date is
subsequent to the date of the consolidated financial statements or because they had not yet been
adopted by the European Union.
Standards, amendments and
interpretations
Description
Mandatory application in annual
reporting periods beginning on
or after:
Amendments to IFRS 9 and IAS 7
Amendments to the classification and
measurement of financial instruments
These amendments clarify the date of
recognition and derecognition of certain financial
assets and financial liabilities; clarify and add
additional guidance for assessing whether a
financial asset meets the solely payments of
principal and interest test; include and updated
new disclosure requirements for equity
instruments designated at fair value through
other comprehensive income.
1 January 2026
Amendments to IAS 21
Contracts referencing nature-dependent
electricity
Contracts referencing nature-dependent
electricity production, also known as power
purchase agreements (PPAs), are contracts to
buy and receive electricity that is produced from
renewable sources. The amendments include
details on which PPAs can be used in hedge
accounting and the specific conditions allowed in
these hedging transactions and new disclosure
requirements.
1 January 2026
Annual Improvements to IFRS Accounting
Standards, volume 11
The purpose of the amendments is to avoid
potential confusion arising from inconsistencies
in the wording of the standards by making
changes to the following standards:
\u2022 IFRS 1 \u201cFirst-time Adoption of International
Financial Reporting Standards\u201d;
\u2022 IFRS 7 \u201cFinancial Instruments: Disclosures\u201d;
\u2022 IFRS 9 \u201cFinancial Instruments\u201d;
\u2022 IFRS 10 \u201cConsolidated Financial Statements\u201d;
and
\u2022 IAS 7 \u201cStatement of Cash Flows\u201d.
1 January 2026
IFRS 18
Presentation and disclosure in financial
statements
A new standard replacing IAS 1, the key new
concepts introduced relate to the structure of the
income statement; disclosures for certain
performance measures reported in the financial
statements; and improved principles on
aggregation and disaggregation of information in
the financial statements and notes.
1 January 2027
IFRS 19
Subsidiaries without public accountability:
Disclosures
This new standard has been developed to permit
subsidiaries without public accountability, with a
parent that applies IFRS Standards in its
consolidated financial statements, to apply IFRS
Standards with reduced disclosure requirements.
1 January 2027
IAS 21
Translation to a hyperinflationary presentation
currency
This amendment clarifies how companies should
translate their financial statements from a non-
hyperinflationary currency into a
hyperinflationary one, which is relevant for
companies whose presentation currency is that
of a hyperinflationary economy, and whose
functional currency, or the currency of their
foreign operations, is that of a non-
hyperinflationary economy.
1 January 2027
The Group is currently assessing the impacts that the future application of these standards, which
must be applied for all periods beginning on or after 1 January 2026, may have on the consolidated
financial statements once they enter into force, although the impacts are not expected to be material.
2.3Functional currency
These consolidated financial statements are presented in euros, since the euro is the functional
currency in the area in which the Group operates.
2.4 Comparative information
The information relating to 2024 contained in these notes to the consolidated financial statements is
presented solely for comparison purposes with similar information relating to the year ended 31
December 2025.
2.5 Responsibility for the information and use of estimates
The information in these consolidated financial statements is the responsibility of the Parent's
directors.
In the Group's consolidated financial statements for 2025 estimates were occasionally made by the
senior executives of the Group and of the consolidated companies, later ratified by the directors, to
quantify certain of the assets, liabilities, income, expenses and obligations reported herein. These
estimates relate basically to the following:
\u2013 The fair value of the Group\u2019s real estate assets (see Note 5.1). The Group obtained valuations
from independent experts at 31 December 2025.
\u2013 The fair value of certain financial instruments (see Notes 5.5 and 5.6).
\u2013 The assessment of provisions and contingencies (see Note 5.11).
\u2013 Management of financial risk and, in particular, of liquidity risk and climate change risk (see
Note 23).
\u2013 The recovery of deferred tax assets and the tax rate applicable to temporary differences (see
Note 5.13).
\u2013 Compliance with the requirements that govern listed real estate investment companies (see
Note 1).
Changes in estimates:
AlAlthough these estimates were made on the basis of the best information available at 31 December
2025 on the events analysed, events that take place in the future might make it necessary to change
these estimates (upwards or downwards) in coming years. Changes in accounting estimates would be
applied prospectively in accordance with the requirements of IAS 8, recognising the effects of the
change in estimates in the related consolidated income statement.
2.6Basis of consolidation applied
All companies in which the Group is exposed, or has the right, to variable returns as a result of its
involvement in the investee and has the capacity to influence these returns through the power to direct
the company\u2019s activities were fully consolidated; and companies in which the Group owns more than a
20% interest and exercises significant influence without holding a majority of the voting rights were
accounted for using the equity method (see Note 9). Likewise,a significant influence on the
investments held by the Group with a participation rate of less than 20% is considered to exist if it has
representation on the Board of these companies of the parties related to it.
A number of adjustments have been made to align the accounting principles and measurement bases
of Group companies with those of the Parent, including the application of International Financial
Reporting Standards measurement bases to all Group companies and associates.
It was not necessary to unify accounting periods since the balance sheet date of all the Group
companies and associates is 31 December of each year.
2.6.1 Subsidiaries
Subsidiaries are considered to be those companies over which the Parent directly or indirectly
exercises control through subsidiaries. The Parent has control over a subsidiary when it is exposed or
has rights to variable returns from its involvement with the subsidiary, and when it has the ability to
exercise its power to affect its returns. The Parent has power when the voting rights are sufficient to
give it the ability to direct the relevant activities of the subsidiary. The Parent is exposed or has rights
to variable returns from its involvement with the subsidiary when its returns from its involvement have
the potential to vary as a result of the subsidiary\u2019s performance.
The financial statements of the subsidiaries are fully consolidated with those of the Parent.
Accordingly, all material balances and effects of the transactions between consolidated companies are
eliminated on consolidation.
Any third-party interests in the Group's equity and profit or loss are recognised under \"Non-controlling
interests\" in the consolidated statement of financial position and \"Result attributable to non-controlling
interests\" in the consolidated income statement and consolidated comprehensive income statement.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated
income statement from the effective date of acquisition or until the effective date of disposal, as
appropriate.
Appendices I and II include information on Group companies and associates.
2.6.2 Associates
The companies listed in Appendices I and II, over which Merlin Properties, SOCIMI, S.A. does not
exercise control but rather has a significant influence, are included under \u201cInvestments accounted for
using the equity method\u201d in the accompanying consolidated statement of financial position and are
measured using the equity method, which consists of the value of the net assets and any goodwill of
the associate. The share of these companies' net profit or loss for the year is included under \"Share of
results of associates accounted for using the equity method\" in the accompanying consolidated
income statement.
2.6.3 Inter-group transactions
Gains or losses on transactions between consolidated companies are eliminated on consolidation and
deferred until they are realised with third parties outside the Group. The capitalised expenses of Group
work on non-current assets are recognised at production cost, and any intra-Group results are
eliminated. Receivables and payables between the consolidated Group companies and intra-Group
income and expenses were eliminated from the consolidated financial statements.
2.6.4 First-time consolidation differences
At the date of an acquisition, the assets and liabilities of a subsidiary are recognised at their fair values
at that date. Any excess of the cost of acquisition over the fair values of the identifiable net assets
acquired is recognised as goodwill. When there is an negative difference between the acquisition cost
and the fair values of the identifiable net assets acquired (i.e. a discount on acquisition), the valuations
of the net assets are reviewed and, if applicable, said difference i is credited to profit or loss in the
period in which the acquisition is made.
2.6.5 Business combinations
The Group accounts for business combinations using the purchase method. The date of acquisition is
the date on which the Group takes control of the acquiree.
The consideration paid is calculated at the date of acquisition as the sum of the fair values of the
assets delivered, the liabilities incurred and assumed and the equity instruments issued by the Group
in exchange for control of the business acquired. Acquisition costs, such as professional fees, do not
form part of the cost of the business combination, but are taken directly to the consolidated income
statement.
Where applicable, the contingent consideration is recognised at the acquisition-date fair value.
Subsequent changes to the fair value of the contingent consideration are taken to the consolidated
income statement unless this change arises within the one-year period established as the provisional
accounting period, in which case the business combination will be modified.
Goodwill is calculated as the excess of the aggregate of the consideration transferred, any non-
controlling interests, and the fair value of any previously acquired interest less the net identifiable
assets acquired.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree
and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of
the identifiable net assets acquired is recognised as goodwill. If these amounts are less than the fair
value of the identifiable net assets of the acquired subsidiary, the difference is recognised directly in
the consolidated income statement as a bargain purchase.
2.6.6 Scope of consolidation
The companies composing the Merlin Group at 31 December 2025, along with information relating to
the consolidation method, are listed in Appendix I of the accompanying consolidated financial
statements.
2.7 Quantitative and qualitative information on current economic and geopolitical impacts
The macroeconomic environment in the Iberian Peninsula continues to show strength, supported
mainly by domestic demand, improving employment and the gradual stabilisation of monetary policy.
In Spain, the economy is expected to maintain an expansionary cycle in 2026, with GDP growth above
the Eurozone average and rates above 2%. The gradual moderation of inflation and the stabilisation of
interest rates at around 2% are easing financing conditions and strengthening business and real
estate investment. Against this backdrop, real estate investment in 2025 exceeded EUR 18,400
million, with year-on-year growth of 31%, and is expected to continue to expand by 5% to 10% in
2026.
In addition, the growth of private consumption, the improvement in the labour market and the dynamic
growth in tourism continue to act as key drivers of the real economy and the real estate sector.
A similarly positive scenario is seen in Portugal, although on a smaller economic scale. Private
consumption, growth in international tourism and the recovery of retail trade continue to drive
economic activity. In 2025, household spending grew by 3.5% and retail sales increased by 4.8%,
reflecting a strong demand environment.
Overall, both markets present favourable macroeconomic fundamentals for the real estate sector,
supported by financial stability, robust domestic demand and international investor attractiveness.
Measurement of fair value of investment property
The Group adjusted the fair value of its real estate investments according to IAS 40. This fair value is
determined using the reference of the valuations made by independent third parties every six months
so that, at the close of each six-month period, the fair value reflects the market conditions of the
elements of the investment properties at that date. In accordance with the Group\u2019s policy, valuers are
rotated on a regular basis between the different types of real estate assets, which was carried out in
2016, 2019, 2020 and for the last time in the first half of 2023.
At 31 December 2025, the valuations conducted by CBRE Valuation Advisors, S.A., Jones Lang
LaSalle, S.A. and Savills Consultores Inmobiliarios, S.A. did not provide any indications of uncertainty
regarding the market value of the Group\u2019s investment property.
In 2023 and 2024, the Group included those assets under development that entered into operation at
their fair value in the data centres branch of activity. In 2025, the Group also recognised at fair value
the assets of the data centre branch of activity that had building permits and access permits, and for
which construction works had begun.
Although these assets are in their early stages, it should be noted that assumptions have been taken
into consideration for these assets regarding growth in occupancy, rents and normalised margins in
mature markets, and the rate of completion of the capacity expansion work. The valuation of these
assets is therefore sensitive to achieving the assumptions made, and there may be significant
changes in value in the event of variances with respect to these assumptions.
Meanwhile, the details of main assumptions used in the appraisals at December 2025 and December
2024 based on the nature of the assets and the sensitivities to increases and decreases of those
variables are included in Note 7.
Liquidity risk
Experience has shown that consumer and investor behaviour can change rapidly during times of
uncertainty and volatility. Therefore, lending and investment decisions must reflect this high level of
volatility and a potential deterioration in market conditions that may have a significant impact on the
overall financial position of companies, which could be divided into the companies\u2019 or groups\u2019 own
liquidity risk and the liquidity risk or credit risk of their customers.
Against this backdrop, at 31 December 2025 the Group had a leverage ratio of 28.9%, understood as
debt over the fair value of the assets (LTV) (this ratio is obtained by dividing the Company\u2019s net debt
by the fair value of the assets including transaction costs) and cash and cash equivalents (including
treasury shares) amounting to EUR 1,224,977 thousand. The only significant debt maturity for the
Group over the next twelve months is in November 2026, due to the maturity of a bond amounting to
EUR 800 million. However, the Group has a liquidity position, including the undrawn corporate credit
facility, of EUR 1,965 million (see Note 14).
The Parent\u2019s directors and management team are constantly monitoring the development of the
current situation and the effects it may have on the credit market, and they believe that the Group\u2019s
position at 31 December 2025 ensures that it will be solvent to fulfil its obligations in the consolidated
balance sheet at 31 December 2025, and that there is no material uncertainty as to the continuity of
the Group\u2019s operations.
Credit risk
With respect to the application of the simplified approach of impairment and credit risk, and also taking
into consideration other differential factors of the Group's portfolio of tenants and the characteristics of
their leases, and the amounts collected thus far, the Group has concluded that the increased credit
risk of its customers has not been significantly affected, this risk falling below 1% of turnover.
In relation to its other financial assets exposed to credit risk, which mainly correspond to loans to
associates and third parties, the Directors of the Parent have determined that there has not been a
significant increase in the risk, considering the measures agreed in some cases with tenants and the
long-term expectations based on the historical experience with those entities, which make it possible
to estimate that the credit risk will remain in line with the previous year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "value": "
2.1 Regulatory framework
The regulatory financial reporting framework applicable to the Group consists of the following:
\u2013 The Spanish Commercial Code and all other Spanish commercial laws.
\u2013 International Financial Reporting Standards (IFRSs) as adopted by the European Union
pursuant to Regulation (EC) No 1606/2002 of the European Parliament and Spanish Law
62/2003, of 30 December, on tax, administrative and social security measures (Ley de
medidas fiscales, administrativas y de orden social), and applicable rules and circulars of the
Spanish National Securities Market Commission (CNMV).
\u2013 Law 11/2009, of 26 October, as amended by Law 16/2012, of 27 December, and subsequent
amendments, regulating REITs, and other commercial law.
\u2013 All other applicable Spanish accounting regulations.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "
2.2.1 Adoption of Financial Reporting Standards and Interpretations effective as from 1 January\u00a0 2025
\u2022 In 2025 the following standards, amendments and interpretations came into force, which,
where applicable, were used by the Group in preparing these financial statements:
Standards, Amendments and
Interpretations
Description
Mandatory application in the
financial years beginning on or
after:
Amendments to IAS 21
Lack of exchangeability
This amendment adds requirements to help
institutions determine whether a currency is
exchangeable for another currency and the spot
rate to use when it is not.
1 January 2025
These standards and amendments have not had a significant impact.
All accounting policies and measurement bases with a significant effect on the consolidated financial
statements were applied.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "value": "
2.2.2 Standards not yet in force in 2025
The following standards were not yet in force in 2025, either because their effective date is
subsequent to the date of the consolidated financial statements or because they had not yet been
adopted by the European Union.
Standards, amendments and
interpretations
Description
Mandatory application in annual
reporting periods beginning on
or after:
Amendments to IFRS 9 and IAS 7
Amendments to the classification and
measurement of financial instruments
These amendments clarify the date of
recognition and derecognition of certain financial
assets and financial liabilities; clarify and add
additional guidance for assessing whether a
financial asset meets the solely payments of
principal and interest test; include and updated
new disclosure requirements for equity
instruments designated at fair value through
other comprehensive income.
1 January 2026
Amendments to IAS 21
Contracts referencing nature-dependent
electricity
Contracts referencing nature-dependent
electricity production, also known as power
purchase agreements (PPAs), are contracts to
buy and receive electricity that is produced from
renewable sources. The amendments include
details on which PPAs can be used in hedge
accounting and the specific conditions allowed in
these hedging transactions and new disclosure
requirements.
1 January 2026
Annual Improvements to IFRS Accounting
Standards, volume 11
The purpose of the amendments is to avoid
potential confusion arising from inconsistencies
in the wording of the standards by making
changes to the following standards:
\u2022 IFRS 1 \u201cFirst-time Adoption of International
Financial Reporting Standards\u201d;
\u2022 IFRS 7 \u201cFinancial Instruments: Disclosures\u201d;
\u2022 IFRS 9 \u201cFinancial Instruments\u201d;
\u2022 IFRS 10 \u201cConsolidated Financial Statements\u201d;
and
\u2022 IAS 7 \u201cStatement of Cash Flows\u201d.
1 January 2026
IFRS 18
Presentation and disclosure in financial
statements
A new standard replacing IAS 1, the key new
concepts introduced relate to the structure of the
income statement; disclosures for certain
performance measures reported in the financial
statements; and improved principles on
aggregation and disaggregation of information in
the financial statements and notes.
1 January 2027
IFRS 19
Subsidiaries without public accountability:
Disclosures
This new standard has been developed to permit
subsidiaries without public accountability, with a
parent that applies IFRS Standards in its
consolidated financial statements, to apply IFRS
Standards with reduced disclosure requirements.
1 January 2027
IAS 21
Translation to a hyperinflationary presentation
currency
This amendment clarifies how companies should
translate their financial statements from a non-
hyperinflationary currency into a
hyperinflationary one, which is relevant for
companies whose presentation currency is that
of a hyperinflationary economy, and whose
functional currency, or the currency of their
foreign operations, is that of a non-
hyperinflationary economy.
1 January 2027
The Group is currently assessing the impacts that the future application of these standards, which
must be applied for all periods beginning on or after 1 January 2026, may have on the consolidated
financial statements once they enter into force, although the impacts are not expected to be material.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
2.3Functional currency
These consolidated financial statements are presented in euros, since the euro is the functional
currency in the area in which the Group operates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "
2.5 Responsibility for the information and use of estimates
The information in these consolidated financial statements is the responsibility of the Parent's
directors.
In the Group's consolidated financial statements for 2025 estimates were occasionally made by the
senior executives of the Group and of the consolidated companies, later ratified by the directors, to
quantify certain of the assets, liabilities, income, expenses and obligations reported herein. These
estimates relate basically to the following:
\u2013 The fair value of the Group\u2019s real estate assets (see Note 5.1). The Group obtained valuations
from independent experts at 31 December 2025.
\u2013 The fair value of certain financial instruments (see Notes 5.5 and 5.6).
\u2013 The assessment of provisions and contingencies (see Note 5.11).
\u2013 Management of financial risk and, in particular, of liquidity risk and climate change risk (see
Note 23).
\u2013 The recovery of deferred tax assets and the tax rate applicable to temporary differences (see
Note 5.13).
\u2013 Compliance with the requirements that govern listed real estate investment companies (see
Note 1).
Changes in estimates:
AlAlthough these estimates were made on the basis of the best information available at 31 December
2025 on the events analysed, events that take place in the future might make it necessary to change
these estimates (upwards or downwards) in coming years. Changes in accounting estimates would be
applied prospectively in accordance with the requirements of IAS 8, recognising the effects of the
change in estimates in the related consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "value": "
Changes in estimates:
AlAlthough these estimates were made on the basis of the best information available at 31 December
2025 on the events analysed, events that take place in the future might make it necessary to change
these estimates (upwards or downwards) in coming years. Changes in accounting estimates would be
applied prospectively in accordance with the requirements of IAS 8, recognising the effects of the
change in estimates in the related consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "
2.6Basis of consolidation applied
All companies in which the Group is exposed, or has the right, to variable returns as a result of its
involvement in the investee and has the capacity to influence these returns through the power to direct
the company\u2019s activities were fully consolidated; and companies in which the Group owns more than a
20% interest and exercises significant influence without holding a majority of the voting rights were
accounted for using the equity method (see Note 9). Likewise,a significant influence on the
investments held by the Group with a participation rate of less than 20% is considered to exist if it has
representation on the Board of these companies of the parties related to it.
A number of adjustments have been made to align the accounting principles and measurement bases
of Group companies with those of the Parent, including the application of International Financial
Reporting Standards measurement bases to all Group companies and associates.
It was not necessary to unify accounting periods since the balance sheet date of all the Group
companies and associates is 31 December of each year.
2.6.1 Subsidiaries
Subsidiaries are considered to be those companies over which the Parent directly or indirectly
exercises control through subsidiaries. The Parent has control over a subsidiary when it is exposed or
has rights to variable returns from its involvement with the subsidiary, and when it has the ability to
exercise its power to affect its returns. The Parent has power when the voting rights are sufficient to
give it the ability to direct the relevant activities of the subsidiary. The Parent is exposed or has rights
to variable returns from its involvement with the subsidiary when its returns from its involvement have
the potential to vary as a result of the subsidiary\u2019s performance.
The financial statements of the subsidiaries are fully consolidated with those of the Parent.
Accordingly, all material balances and effects of the transactions between consolidated companies are
eliminated on consolidation.
Any third-party interests in the Group's equity and profit or loss are recognised under \"Non-controlling
interests\" in the consolidated statement of financial position and \"Result attributable to non-controlling
interests\" in the consolidated income statement and consolidated comprehensive income statement.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated
income statement from the effective date of acquisition or until the effective date of disposal, as
appropriate.
Appendices I and II include information on Group companies and associates.
2.6.2 Associates
The companies listed in Appendices I and II, over which Merlin Properties, SOCIMI, S.A. does not
exercise control but rather has a significant influence, are included under \u201cInvestments accounted for
using the equity method\u201d in the accompanying consolidated statement of financial position and are
measured using the equity method, which consists of the value of the net assets and any goodwill of
the associate. The share of these companies' net profit or loss for the year is included under \"Share of
results of associates accounted for using the equity method\" in the accompanying consolidated
income statement.
2.6.3 Inter-group transactions
Gains or losses on transactions between consolidated companies are eliminated on consolidation and
deferred until they are realised with third parties outside the Group. The capitalised expenses of Group
work on non-current assets are recognised at production cost, and any intra-Group results are
eliminated. Receivables and payables between the consolidated Group companies and intra-Group
income and expenses were eliminated from the consolidated financial statements.
2.6.4 First-time consolidation differences
At the date of an acquisition, the assets and liabilities of a subsidiary are recognised at their fair values
at that date. Any excess of the cost of acquisition over the fair values of the identifiable net assets
acquired is recognised as goodwill. When there is an negative difference between the acquisition cost
and the fair values of the identifiable net assets acquired (i.e. a discount on acquisition), the valuations
of the net assets are reviewed and, if applicable, said difference i is credited to profit or loss in the
period in which the acquisition is made.
2.6.5 Business combinations
The Group accounts for business combinations using the purchase method. The date of acquisition is
the date on which the Group takes control of the acquiree.
The consideration paid is calculated at the date of acquisition as the sum of the fair values of the
assets delivered, the liabilities incurred and assumed and the equity instruments issued by the Group
in exchange for control of the business acquired. Acquisition costs, such as professional fees, do not
form part of the cost of the business combination, but are taken directly to the consolidated income
statement.
Where applicable, the contingent consideration is recognised at the acquisition-date fair value.
Subsequent changes to the fair value of the contingent consideration are taken to the consolidated
income statement unless this change arises within the one-year period established as the provisional
accounting period, in which case the business combination will be modified.
Goodwill is calculated as the excess of the aggregate of the consideration transferred, any non-
controlling interests, and the fair value of any previously acquired interest less the net identifiable
assets acquired.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree
and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of
the identifiable net assets acquired is recognised as goodwill. If these amounts are less than the fair
value of the identifiable net assets of the acquired subsidiary, the difference is recognised directly in
the consolidated income statement as a bargain purchase.
2.6.6 Scope of consolidation
The companies composing the Merlin Group at 31 December 2025, along with information relating to
the consolidation method, are listed in Appendix I of the accompanying consolidated financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "value": "
2.6.1 Subsidiaries
Subsidiaries are considered to be those companies over which the Parent directly or indirectly
exercises control through subsidiaries. The Parent has control over a subsidiary when it is exposed or
has rights to variable returns from its involvement with the subsidiary, and when it has the ability to
exercise its power to affect its returns. The Parent has power when the voting rights are sufficient to
give it the ability to direct the relevant activities of the subsidiary. The Parent is exposed or has rights
to variable returns from its involvement with the subsidiary when its returns from its involvement have
the potential to vary as a result of the subsidiary\u2019s performance.
The financial statements of the subsidiaries are fully consolidated with those of the Parent.
Accordingly, all material balances and effects of the transactions between consolidated companies are
eliminated on consolidation.
Any third-party interests in the Group's equity and profit or loss are recognised under \"Non-controlling
interests\" in the consolidated statement of financial position and \"Result attributable to non-controlling
interests\" in the consolidated income statement and consolidated comprehensive income statement.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated
income statement from the effective date of acquisition or until the effective date of disposal, as
appropriate.
Appendices I and II include information on Group companies and associates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "
2.6.2 Associates
The companies listed in Appendices I and II, over which Merlin Properties, SOCIMI, S.A. does not
exercise control but rather has a significant influence, are included under \u201cInvestments accounted for
using the equity method\u201d in the accompanying consolidated statement of financial position and are
measured using the equity method, which consists of the value of the net assets and any goodwill of
the associate. The share of these companies' net profit or loss for the year is included under \"Share of
results of associates accounted for using the equity method\" in the accompanying consolidated
income statement.
Appendix I - Group companies and associates 2025
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "value": "
2.6.2 Associates
The companies listed in Appendices I and II, over which Merlin Properties, SOCIMI, S.A. does not
exercise control but rather has a significant influence, are included under \u201cInvestments accounted for
using the equity method\u201d in the accompanying consolidated statement of financial position and are
measured using the equity method, which consists of the value of the net assets and any goodwill of
the associate. The share of these companies' net profit or loss for the year is included under \"Share of
results of associates accounted for using the equity method\" in the accompanying consolidated
income statement.
5.3 Investments accounted for using the equity method
At 31 December 2025, this heading in the consolidated statement of financial position included the
amount corresponding to the percentage of shareholders\u2019 equity of the investee relating to the Parent
and accounted for using the equity method once aligned to the accounting policies applied by the
Group. In addition, and after accounting for these investments using the equity method, the Group
decides whether or not an additional impairment loss needs to be recognised as regards the Group's
net investment in the associate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "
2.6.4 First-time consolidation differences
At the date of an acquisition, the assets and liabilities of a subsidiary are recognised at their fair values
at that date. Any excess of the cost of acquisition over the fair values of the identifiable net assets
acquired is recognised as goodwill. When there is an negative difference between the acquisition cost
and the fair values of the identifiable net assets acquired (i.e. a discount on acquisition), the valuations
of the net assets are reviewed and, if applicable, said difference i is credited to profit or loss in the
period in which the acquisition is made.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "
2.6.4 First-time consolidation differences
At the date of an acquisition, the assets and liabilities of a subsidiary are recognised at their fair values
at that date. Any excess of the cost of acquisition over the fair values of the identifiable net assets
acquired is recognised as goodwill. When there is an negative difference between the acquisition cost
and the fair values of the identifiable net assets acquired (i.e. a discount on acquisition), the valuations
of the net assets are reviewed and, if applicable, said difference i is credited to profit or loss in the
period in which the acquisition is made.
.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "
2.6.5 Business combinations
The Group accounts for business combinations using the purchase method. The date of acquisition is
the date on which the Group takes control of the acquiree.
The consideration paid is calculated at the date of acquisition as the sum of the fair values of the
assets delivered, the liabilities incurred and assumed and the equity instruments issued by the Group
in exchange for control of the business acquired. Acquisition costs, such as professional fees, do not
form part of the cost of the business combination, but are taken directly to the consolidated income
statement.
Where applicable, the contingent consideration is recognised at the acquisition-date fair value.
Subsequent changes to the fair value of the contingent consideration are taken to the consolidated
income statement unless this change arises within the one-year period established as the provisional
accounting period, in which case the business combination will be modified.
Goodwill is calculated as the excess of the aggregate of the consideration transferred, any non-
controlling interests, and the fair value of any previously acquired interest less the net identifiable
assets acquired.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree
and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of
the identifiable net assets acquired is recognised as goodwill. If these amounts are less than the fair
value of the identifiable net assets of the acquired subsidiary, the difference is recognised directly in
the consolidated income statement as a bargain purchase.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "
2.6.5 Business combinations
The Group accounts for business combinations using the purchase method. The date of acquisition is
the date on which the Group takes control of the acquiree.
The consideration paid is calculated at the date of acquisition as the sum of the fair values of the
assets delivered, the liabilities incurred and assumed and the equity instruments issued by the Group
in exchange for control of the business acquired. Acquisition costs, such as professional fees, do not
form part of the cost of the business combination, but are taken directly to the consolidated income
statement.
Where applicable, the contingent consideration is recognised at the acquisition-date fair value.
Subsequent changes to the fair value of the contingent consideration are taken to the consolidated
income statement unless this change arises within the one-year period established as the provisional
accounting period, in which case the business combination will be modified.
Goodwill is calculated as the excess of the aggregate of the consideration transferred, any non-
controlling interests, and the fair value of any previously acquired interest less the net identifiable
assets acquired.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree
and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of
the identifiable net assets acquired is recognised as goodwill. If these amounts are less than the fair
value of the identifiable net assets of the acquired subsidiary, the difference is recognised directly in
the consolidated income statement as a bargain purchase.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
2.7 Quantitative and qualitative information on current economic and geopolitical impacts
The macroeconomic environment in the Iberian Peninsula continues to show strength, supported
mainly by domestic demand, improving employment and the gradual stabilisation of monetary policy.
In Spain, the economy is expected to maintain an expansionary cycle in 2026, with GDP growth above
the Eurozone average and rates above 2%. The gradual moderation of inflation and the stabilisation of
interest rates at around 2% are easing financing conditions and strengthening business and real
estate investment. Against this backdrop, real estate investment in 2025 exceeded EUR 18,400
million, with year-on-year growth of 31%, and is expected to continue to expand by 5% to 10% in
2026.
In addition, the growth of private consumption, the improvement in the labour market and the dynamic
growth in tourism continue to act as key drivers of the real economy and the real estate sector.
A similarly positive scenario is seen in Portugal, although on a smaller economic scale. Private
consumption, growth in international tourism and the recovery of retail trade continue to drive
economic activity. In 2025, household spending grew by 3.5% and retail sales increased by 4.8%,
reflecting a strong demand environment.
Overall, both markets present favourable macroeconomic fundamentals for the real estate sector,
supported by financial stability, robust domestic demand and international investor attractiveness.
Measurement of fair value of investment property
The Group adjusted the fair value of its real estate investments according to IAS 40. This fair value is
determined using the reference of the valuations made by independent third parties every six months
so that, at the close of each six-month period, the fair value reflects the market conditions of the
elements of the investment properties at that date. In accordance with the Group\u2019s policy, valuers are
rotated on a regular basis between the different types of real estate assets, which was carried out in
2016, 2019, 2020 and for the last time in the first half of 2023.
At 31 December 2025, the valuations conducted by CBRE Valuation Advisors, S.A., Jones Lang
LaSalle, S.A. and Savills Consultores Inmobiliarios, S.A. did not provide any indications of uncertainty
regarding the market value of the Group\u2019s investment property.
In 2023 and 2024, the Group included those assets under development that entered into operation at
their fair value in the data centres branch of activity. In 2025, the Group also recognised at fair value
the assets of the data centre branch of activity that had building permits and access permits, and for
which construction works had begun.
Although these assets are in their early stages, it should be noted that assumptions have been taken
into consideration for these assets regarding growth in occupancy, rents and normalised margins in
mature markets, and the rate of completion of the capacity expansion work. The valuation of these
assets is therefore sensitive to achieving the assumptions made, and there may be significant
changes in value in the event of variances with respect to these assumptions.
Meanwhile, the details of main assumptions used in the appraisals at December 2025 and December
2024 based on the nature of the assets and the sensitivities to increases and decreases of those
variables are included in Note 7.
Liquidity risk
Experience has shown that consumer and investor behaviour can change rapidly during times of
uncertainty and volatility. Therefore, lending and investment decisions must reflect this high level of
volatility and a potential deterioration in market conditions that may have a significant impact on the
overall financial position of companies, which could be divided into the companies\u2019 or groups\u2019 own
liquidity risk and the liquidity risk or credit risk of their customers.
Against this backdrop, at 31 December 2025 the Group had a leverage ratio of 28.9%, understood as
debt over the fair value of the assets (LTV) (this ratio is obtained by dividing the Company\u2019s net debt
by the fair value of the assets including transaction costs) and cash and cash equivalents (including
treasury shares) amounting to EUR 1,224,977 thousand. The only significant debt maturity for the
Group over the next twelve months is in November 2026, due to the maturity of a bond amounting to
EUR 800 million. However, the Group has a liquidity position, including the undrawn corporate credit
facility, of EUR 1,965 million (see Note 14).
The Parent\u2019s directors and management team are constantly monitoring the development of the
current situation and the effects it may have on the credit market, and they believe that the Group\u2019s
position at 31 December 2025 ensures that it will be solvent to fulfil its obligations in the consolidated
balance sheet at 31 December 2025, and that there is no material uncertainty as to the continuity of
the Group\u2019s operations.
Credit risk
With respect to the application of the simplified approach of impairment and credit risk, and also taking
into consideration other differential factors of the Group's portfolio of tenants and the characteristics of
their leases, and the amounts collected thus far, the Group has concluded that the increased credit
risk of its customers has not been significantly affected, this risk falling below 1% of turnover.
In relation to its other financial assets exposed to credit risk, which mainly correspond to loans to
associates and third parties, the Directors of the Parent have determined that there has not been a
significant increase in the risk, considering the measures agreed in some cases with tenants and the
long-term expectations based on the historical experience with those entities, which make it possible
to estimate that the credit risk will remain in line with the previous year.
", "dimensions": { "concept": "mer:QuantitativeAndQualitativeInformationOnTheImpactsOfCovid19AndTheWarInUkraineTextBlock", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": ".
5.7 Valuation techniques and applicable assumptions to measure fair value
The fair value of financial assets and liabilities is calculated as followed:
\u2013The fair value of financial assets and liabilities with standard terms and that are traded on active,
liquid markets is calculated by reference to prices quoted in the market.
\u2013The fair value of financial assets and liabilities (except derivative instruments) is calculated in
accordance with the generally accepted valuation models based on discounted cash flows using
the prices of observable market transactions and the contributor prices of similar instruments.
\u2013The fair value of interest rate swaps is calculated by discounting future settlements between fixed
and floating interest rates to their present value, in line with implicit market interest rates, obtained
from long-term interest rate swap curves. Implicit volatility is used to calculate the fair values of
caps and floors using option valuation models.
Likewise, in the valuation of derivative financial instruments, the risk inherent to the element or
position hedged must be effectively eliminated during the entire expected term of the hedge and there
must be adequate documentation evidencing the specific designation of the financial derivative to
hedge certain balances or transactions and how this effectiveness was intended to be achieved and
measured. Moreover, pursuant to IFRS 13 and due to the inherent risk, the credit risk of the parties to
the contract (both their own risk and that of the counterparty) must be included in the valuation of the
derivatives. The Group applied the discounted cash flow method, considering a discount rate affected
by the Merlin Group\u2019s own credit risk.
Financial instruments measured subsequent to initial recognition at fair value are grouped into levels 1
to 3 based on the degree to which the fair value is observable:
\u2013Level 1: those measured using quoted prices (unadjusted) in active markets for identical assets or
liabilities.
\u2013Level 2: those measured using inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from
prices).
\u2013Level 3: those measured using valuation techniques, including inputs for the asset or liability that
are not based on observable market data (non-observable inputs).
The Group's financial assets and liabilities measured at fair value at 31 December 2025 and 31
December 2024 were as follows:
2025
Thousands of euros
Level 1
Level 2
Level 3
Total
Derivative financial instruments (Note 14.3)
-
(8,260)
-
(8,260)
Financial instruments - assets (Note 14.3)
-
229
-
229
-
(8,031)
-
(8,031)
2024
Thousands of euros
Level 1
Level 2
Level 3
Total
Derivative financial instruments (Note 14.3)
-
(20,941)
(16,407)
(37,348)
Financial instruments - assets (Note 14.3)
-
1,622
-
1,622
-
(19,319)
(16,407)
(35,726)
In 2025, as a result of the capital reduction carried out by Silicius Real Estate SOCIMI, S.A. through
the redemption of all the company\u2019s shares owned by Merlin Properties SOCIMI, S.A. with
contributions in kind returned to this shareholder, the Group derecognised the derivative associated
with the purchase option held by this company, classified as Level 3 (see Notes 3, 7, 9 and 14).
No financial instruments were reclassified from one level to another during 2025 or 2024.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
Liquidity risk
Experience has shown that consumer and investor behaviour can change rapidly during times of
uncertainty and volatility. Therefore, lending and investment decisions must reflect this high level of
volatility and a potential deterioration in market conditions that may have a significant impact on the
overall financial position of companies, which could be divided into the companies\u2019 or groups\u2019 own
liquidity risk and the liquidity risk or credit risk of their customers.
Against this backdrop, at 31 December 2025 the Group had a leverage ratio of 28.9%, understood as
debt over the fair value of the assets (LTV) (this ratio is obtained by dividing the Company\u2019s net debt
by the fair value of the assets including transaction costs) and cash and cash equivalents (including
treasury shares) amounting to EUR 1,224,977 thousand. The only significant debt maturity for the
Group over the next twelve months is in November 2026, due to the maturity of a bond amounting to
EUR 800 million. However, the Group has a liquidity position, including the undrawn corporate credit
facility, of EUR 1,965 million (see Note 14).
The Parent\u2019s directors and management team are constantly monitoring the development of the
current situation and the effects it may have on the credit market, and they believe that the Group\u2019s
position at 31 December 2025 ensures that it will be solvent to fulfil its obligations in the consolidated
balance sheet at 31 December 2025, and that there is no material uncertainty as to the continuity of
the Group\u2019s operations.
At 31 December
2025, the Group\u2019s working capital amounted to EUR 212,669 thousand.
At the date of authorisation for issue of these consolidated financial statements, taking into account
the above, the Group had covered all its funding requirements to fully meet its commitments to
suppliers, lenders, employees and the authorities based on the cash flow forecast for 2026. Likewise,
the type of sector in which the Company operates, the investments it makes, the financing it obtains to
make such investments, the EBITDA they generate and the occupancy rates of the properties,
enables the liquidity risk to be mitigated and excess cash to be produced.
Any cash surpluses are used to make short-term investments in highly liquid deposits with no risk. The
acquisition of share options or futures, or any other high-risk deposits as a method of investing cash
surpluses, is not among the possibilities considered by the Group for investing cash surpluses.
The Group\u2019s exposure to liquidity risk at 31 December 2025 is detailed below. The tables present the
results of the analysis of gross financial liabilities, excluding the cost of bond issuance, by remaining
contractual maturity date:
2025
Thousands of euros
Less than 1
month
1 to 3
months
3 months to 1
year
Over 1
year
Total
Bank borrowings
188
-
42,274
1,575,082
1,617,544
Other non-current liabilities and guarantees
-
-
-
103,034
103,034
Trade and other payables (excluding payables to
public authorities)
58,946
127,002
60,449
-
246,397
Total
59,134
127,002
102,723
1,678,116
1,966,975
2024
Thousands of euros
Less than 1
month
1 to 3
months
3 months to 1
year
Over 1
year
Total
Bank borrowings
94
-
563
1,513,643
1,514,300
Other non-current liabilities and guarantees
-
-
-
91,152
91,152
Trade and other payables (excluding payables to
public authorities)
38,518
85,152
39,503
-
163,173
Total
38,612
85,152
40,066
1,604,795
1,768,625
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "31 December 2025 ensures that it will be solvent to fulfil its obligations in the consolidated
balance sheet at 31 December 2025, and that there is no material uncertainty as to the continuity of
the Group\u2019s operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "
Credit risk
With respect to the application of the simplified approach of impairment and credit risk, and also taking
into consideration other differential factors of the Group's portfolio of tenants and the characteristics of
their leases, and the amounts collected thus far, the Group has concluded that the increased credit
risk of its customers has not been significantly affected, this risk falling below 1% of turnover.
In relation to its other financial assets exposed to credit risk, which mainly correspond to loans to
associates and third parties, the Directors of the Parent have determined that there has not been a
significant increase in the risk, considering the measures agreed in some cases with tenants and the
long-term expectations based on the historical experience with those entities, which make it possible
to estimate that the credit risk will remain in line with the previous year.
Credit risk
Credit risk is defined as the potential risk of loss in earnings to which the Group is exposed if a
customer or counterparty breaches its contractual obligations.
As a general rule, the Group places cash and cash equivalents with financial institutions with high
credit ratings.
The Group does not have significant concentrations of credit risk, having policies to limit the volume of
risk posed to customers and exposure to credit recovery risk is managed as part of normal activities
through, among other things, funds or guarantees deposited as collateral.
The Group has formal procedures to identify any impairment of trade receivables. Delays in payment
are detected through these procedures and individual analysis by business area and methods are
established to estimate impairment loss.
The estimated maturities of the Group\u2019s financial assets in the consolidated statement of financial
position at 31 December 2025 are detailed below.
2025
Thousands of euros
Less than 3
months
More than 3
and less than
o 6 months
6 months to
1 year
Over 1 year
(*)
Total
Loans to third parties and associates
-
-
3,432
202,394
205,826
Equity instruments
-
-
-
12,008
12,008
Guarantees and deposits
-
-
-
69,182
69,182
Trade and other receivables
38,078
33,847
12,693
-
84,617
Other current financial assets
2,522
-
-
-
2,522
Cash and cash equivalents
1,214,945
-
-
-
1,214,945
Total
1,255,545
33,847
16,125
283,584
1,589,100
(*) Does not include derivatives
2024
Thousands of euros
Less than 3
months
More than 3
and less than
o 6 months
6 months to
1 year
Over 1 year
(*)
Total
Loans to third parties and associates
-
-
4,549
160,334
164,882
Equity instruments
-
-
-
11,151
11,151
Guarantees and deposits
-
-
-
56,827
56,827
Trade and other receivables
28,326
23,110
8,666
-
60,102
Other current financial assets
7,111
-
-
-
7,111
Cash and cash equivalents
1,552,676
-
-
-
1,552,676
Total
1,588,113
23,110
13,215
228,312
1,852,749
(*) Does not include derivatives
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "
3.\u00a0 \u00a0 Changes in the scope of consolidation
2025
On 18 November 2025, the shareholders at the Extraordinary General Meeting of Silicius Real Estate
SOCIMI, S.A. approved a capital reduction through the redemption of all the company\u2019s shares owned
by Merlin Properties SOCIMI, S.A., with the return to this shareholder of contributions in kind
consisting of a residential building in Madrid and a hotel in Menorca. This agreement was executed in
a public deed on 22 December 2025 (see Notes 5, 7, 9 and 14).
On 16 September 2025, the Group acquired all shares representing the share capital of Evergreen
Eclipse Capital, S.L.U. and Solstice Sage Finance, S.L.U. for EUR 6 thousand. At year-end 2025, both
companies were inactive.
On 18 August 2025, Edged Spain, S.L., which is 50% owned by the Parent, incorporated Edged
Portugal, Unipessoal Lda.
On 21 March 2025, the Group increased its shareholding in Moregal Hotels, S.L. from 7.32% to
35.04% by subscribing a capital increase of EUR 9,250 thousand.
2024
The following changes in the scope of consolidation took place in 2024:
On 17 December 2024, the Group acquired 5.84% of the shares representing the share capital of
HCG Levante, S.L. for EUR 1,070 thousand. The company owns land for tertiary use in the city of
Valencia.
On 27 November 2024, the shareholders at the General Meeting of Global Murex Iberia, S.L. resolved
to dissolve and liquidate the company, which was wholly owned by the Group. This transaction had no
effect on the consolidated financial statements.
On 27 May 2024, the merger by absorption of Slack Tailwind Systems, S.L.U. and Slow Rise Spain,
S.L.U. into Merlin Oficinas, S.L.U. was carried out (all of which are wholly owned by Merlin Properties
SOCIMI, S.A.). This transaction had no effect on the consolidated financial statements.
", "dimensions": { "concept": "mer:DisclosureOfChangesInConsolidationPerimeterTextBlock", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
4.\u00a0 \u00a0 Distribution of the Parent's profit
The distribution of profit proposed by the Parent's directors for approval by its shareholders at the
Annual General Meeting is as follows:
Thousands of euros
Profit/(Loss) for the year
128,254
Distribution:
To legal reserves
6,348
To offset interim dividend
112,563
Dividends
9,343
To voluntary reserves
-
Other dividends distributed
On 13 November 2025, the Parent\u2019s Board approved the distribution of an interim dividend out of profit
for 2025 in the amount of EUR 112,563 thousand, which was paid on 10 December 2025.
On 30 April 2025, the shareholders at the Annual General Meeting approved the distribution of a
dividend with a charge to the share premium in the amount of EUR 113,065 thousand, and the
distribution of a dividend out of 2024 profit for EUR 10,753 thousand, with both dividends being paid
on 26 May 2025.
On 14 November 2024, the Parent\u2019s Board approved the distribution of an interim dividend out of profit
for 2024 in the amount of EUR 101,234 thousand, which was paid on 10 December 2024.
On 9 May 2024, the shareholders at the Annual General Meeting approved the distribution of a
dividend with a charge to the share premium in the amount of EUR 108,505 thousand, and the
distribution of a final dividend out of 2023 profit for EUR 3,937 thousand, with both dividends being
paid on 4 June 2024.
Over the past five years, the Company has distributed the following dividends and share premium
refunds:
2025
2024
2023
2022
2021
Shareholder remuneration
236,381
213,676
207,023
561,926
210,099
Dividends
On 13 November 2025, the Parent\u2019s Board approved the distribution of an interim dividend out of profit
for 2025 in the amount of EUR 112,563 thousand, which was paid on 10 December 2025.
On 30 April 2025, the shareholders at the Annual General Meeting approved the distribution of a
dividend with a charge to the share premium in the amount of EUR 113,065 thousand, and the
distribution of a dividend out of 2024 profit for EUR 10,753 thousand, with both dividends being paid
on 26 May 2025.
On 14 November 2024, the Parent\u2019s Board approved the distribution of an interim dividend out of profit
for 2024 in the amount of EUR 101,234 thousand, which was paid on 10 December 2024.
On 9 May 2024, the shareholders at the Annual General Meeting approved the distribution of a
dividend with a charge to the share premium in the amount of EUR 108,505 thousand, and the
distribution of a final dividend out of 2023 profit for EUR 3,937 thousand, with both dividends being
paid on 4 June 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
5.\u00a0 \u00a0 Accounting policies
The main accounting policies and measurement bases applied in preparing the Group\u2019s consolidated
financial statements, which comply with the IFRSs in force at that date, are as follows:
5.1 Investment property
Investment property comprises buildings under construction and development for use as investment
property held (by the owner or by the tenant as an asset under usage rights), which are partially or
fully held to generate revenue, profits or both, rather than for use in the production or supply of goods
or services, or for the Group's administrative purposes or sale in the ordinary course of business.
All assets and usage rights (through the corresponding administrative concession or area right granted
by a public body) classified as real estate investments are in operation with various tenants. These
properties are earmarked for leasing to third parties. The Parent\u2019s directors do not plan to dispose of
these assets within 12 months and have therefore decided to recognise them as investment property
in the consolidated statement of financial position.
Investment property is carried at fair value at the reporting date and is not depreciated. Investment
property includes land, buildings, usage rights of concessionaire projects and other constructions held
to earn rentals or with the aim of achieving gains on the sale as a result of future increases in the
respective market prices.
Gains or losses arising from changes in the fair value of investment property are included in the
income statement for the year in which they arise.
While construction work is in progress, the costs of construction work are capitalised. These assets
are recognised at fair value when they become operational or its fair value can be reliably determined.
The contingent payments related to the cost of the investment properties are capitalised as an
increase in their value. If the variable payment changes is a result of the asset\u2019s profitability, this
change is recognised as an increase in the value of the asset.
Subsequent expenses are capitalised at the carrying amount of the asset only when it is probable that
the future economic benefits associated with these expenses will flow to the Group and the cost of the
item can be measured reliably. All other repair and maintenance costs are recognised as expenses
when incurred. When part of an investment property is replaced, the replacement cost is included in
the carrying amount of the property and the fair value is reassessed.
In accordance with IAS 40, the Group periodically determines the fair value of its investment property
so that the fair value reflects the actual market conditions of the investment property items at that date.
This fair value is determined every six months based on the appraisals undertaken by independent
experts.
Investment property obtained under a lease is initially measured at the amount of the lease liability
adjusted for any lease payments made on or before the commencement date (less any lease
incentives received), any initial direct costs incurred by the Group and an estimate of the costs to be
incurred by the lessee to dismantle and remove the underlying asset, restore the site on which it is
located or restore the underlying asset to the condition required by the terms and conditions of the
lease.
The market value of the Group's investment property at 31 December 2025, calculated based on the
appraisals carried out by CBRE Valuation Advisory, S.A., Jones Lang LaSalle, S.A. and Savills
Consultores Inmobiliarios, S.A., independent appraisers not related to the Group, amounted to EUR
11,854,292 thousand (see Note 7).
5.2 Inventories
Land held for sale or integration into property development is considered as inventories. The Group
considers that its inventories do not meet the requirements of IAS 40 for consideration as investment
property.
At 31 December 2025, certain land acquired in 2020 was recognised as inventories, which form part of
an increased development area and are considered to be inventories as they are intended for sale.
Pursuant to the future sale agreement reached with a third party, the land resulting in final residential
use will be transferred to said third party, once all the buildable areas corresponding to each of the
uses are finally assigned by the approved and registered Reparcelling Project. . In accordance with
the above, the intended use of the land will be its recovery through sale, and the Group's objective is
not to obtain rental income on the land. Therefore, they were recognised as inventories at the end of
2025.
In relation to this inventory, the Group has agreements with third parties for the future sale of those
intended for residential use and for which it has received, as of 31 December 2025, advances
amounting to EUR 19,255 thousand that are recognised under \u201cTrade and other payables\u201d in the
accompanying consolidated statement of financial position.
.
5.3 Investments accounted for using the equity method
At 31 December 2025, this heading in the consolidated statement of financial position included the
amount corresponding to the percentage of shareholders\u2019 equity of the investee relating to the Parent
and accounted for using the equity method once aligned to the accounting policies applied by the
Group. In addition, and after accounting for these investments using the equity method, the Group
decides whether or not an additional impairment loss needs to be recognised as regards the Group's
net investment in the associate.
5.4 Leases
At the beginning of a contract, the Group assesses whether the contract is or contains a lease. A
contract is, or contains, a lease if it conveys the right to control the use of an identified asset for a
period of time in exchange for consideration.
The group reassesses whether a contract is, or contains, a lease only if the terms of the contract
change.
5.4.1 Tenant
For a contract containing a lease component and one or more additional leases or non-leases, the
Group will distribute the consideration of the contract to each component of the lease based on the
relative price regardless of the lease component and the aggregate price independent of the
components that are non-lease components.
The relative price, independent of the lease and non-lease components, will be determined based on
the price that the landlord, or a similar supplier, would charge an entity separately for that component
or for a similar component. If there is no readily available separate observable price, the Group will
estimate the separate price, maximising the use of observable information.
The Group chose not to apply the recognition and measurement requirements indicated in IFRS 16 to
short-term leases in which the underlying asset is of low value, recognising the lease payments
associated with leases as a straight-line expense over the lease term.
Initial recognition
At the commencement date, a tenant recognises a right-of-use asset and a lease liability. At the
commencement date, a tenant will measure a right-of-use asset at cost. The cost of the right-of-use
asset includes:
a.the amount of the initial measurement of the lease liability measured at the commencement date
at the present value of the lease payments that were not paid at that date. Lease payments will be
discounted using the interest rate specified in the lease, if that rate could be easily determined. If
that rate cannot be easily determined, the tenant will use the tenant's incremental loan rate.
b.lease payments paid before or from the commencement date, less leases received;
c.the initial direct costs incurred by the tenant; and
d.an estimate of the costs incurred by the tenant when dismantling and eliminating the underlying
asset, restoring the location where it is located or restoring the underlying asset to the condition
required by the terms of the lease, unless those costs are incurred to produce inventories. The
tenant could incur obligations as a result of these costs either at the commencement date or as a
result of using the underlying asset for a specified period.
At the start date, the lease payments included in the measurement of the lease liability comprise the
following payments for the right to use the underlying asset during the lease term that are not paid at
the commencement date:
a.fixed payments, less any leases receivable;
b.variable lease payments, which depend on an index or rate, initially measured using the index or
rate at the commencement date;
c.amounts expected to be paid by the tenant as guarantees of residual value;
d.the exercise price of a call option if the tenant is reasonably confident of exercising that option;
e.late lease payments if the lease term reflects that the tenant will exercise an option to terminate
the lease.
Subsequent measurement of the right-of-use asset
After the commencement date, the Group will measure its right-of-use assets using the cost model,
unless it applies the fair value model of IAS 40 \u201cInvestment Property\u201d to its investment property and
rights of use that meet the definition of investment property (see Note 5.1).
Subsequent measurement of lease liabilities
After the commencement date, the Group will measure a lease liability by:
a.increasing the carrying amount to reflect interest on the lease liability;
b.reducing the carrying amount to reflect the lease payments paid; and
c.re-measuring the carrying amount to reflect the new measurements or changes in the lease and
also to reflect the essentially fixed lease payments that have been revised.
5.4.2 Landlord
A landlord will classify each lease as an operating lease or a finance lease.
A lease will be classified as a finance lease when it substantially transfers all the risks and rewards
inherent to owning an underlying asset. A lease will be classified as an operating lease if it does not
substantially transfer all the risks and rewards inherent to owning an underlying asset.
Finance leases
At the commencement of the lease term, the Group recognises finance leases in the consolidated
statement of financial position at amounts equal to the fair value of the leased asset or, if lower, the
present value of the minimum lease payments. To calculate the present value of the lease payments
the interest rate stipulated in the finance lease is used.
The cost of assets acquired under finance leases is presented in the consolidated statement of
financial position based on the nature of the leased asset. These assets relate in full to investment
property and are measured in accordance with that established in 5.1.
Operating leases
A landlord recognises lease payments from operating leases as income on a straight-line basis or on
another systematic basis. The landlord will apply another systematic basis if it is more representative
of the structure with which the profit from the use of the asset is reduced.
The Group will recognise costs, including depreciation, incurred in earning the lease income as an
expense. It will also add the initial direct costs incurred to obtain an operating lease to the carrying
amount of the underlying asset and recognise these costs as an expense over the lease term, on the
same basis as the lease income.
5.5 Financial instruments
Financial instruments are recognised when the Group becomes a party to the contractual provisions of
the instrument. The Group classifies its financial assets in accordance with IFRS 9 \u201cFinancial
Instruments\u201d.
The classification of financial assets will depend both on how an entity manages its financial
instruments (its business model) and on the existence and characteristics of the contractual cash
flows of the financial assets. Based on the above, an asset is measured at amortised cost, at fair value
through other comprehensive income, or at fair value through profit or loss for the period, as follows:
\u2013If the objective of the business model is to hold a financial asset to collect contractual cash flows
and, depending on the terms of the contract, cash flows that are solely payments of principal and
interest on that principal are received on specified dates, the financial asset is measured at
amortised cost.
\u2013If the objective of the business model is both to collect contractual cash flows and sell financial
assets and, depending on the terms of the contract, cash flows that are solely payments of
principal and interest on that principal are received on specified dates, the financial asset is
measured at fair value through other comprehensive income (equity).
Any assets not meeting the above criteria will be measured at fair value through profit or loss in the
income statement. All equity instruments (e.g. shares) are, by default, measured in this category. This
is because their contractual flows do not meet the characteristic of being only payments of principal
and interest. Financial derivatives are also classified as financial assets at fair value through profit or
loss unless they are designated as hedging instruments.
For the purposes of measurement, financial assets should be classified into one of the following
categories, with the accounting policies of each category being as follows:
1. Financial assets at amortised cost: these assets are subsequently recognised at their initial
cost amortised in accordance with the effective interest method. This amortised cost will be
reduced by any impairment loss. They are recognised in the consolidated income statement
for the period when the financial asset is de-recognised or impaired, or due to exchange
differences. Interest calculated using the effective interest method is recognised under
\u201cFinance income\u201d in the income statement.
2. Financial assets at fair value with profit or loss: financial assets at fair value with profit or loss
are recognised initially and subsequently at fair value, excluding transaction costs, which are
charged to the income statement. Gains and losses arising from changes in fair value are
recognised in the income statement under \u201cChanges in fair value of financial instruments\u201d in
the period in which they arose. Any dividends and interest also leads to financial results.
3. Debt instruments at fair value through other comprehensive income: These instruments are
subsequently recognised at fair value, with the changes in fair value recognised under \u201cOther
comprehensive income\u201d. Interest income, impairment losses and exchange differences are
recognised in the consolidated income statement. When they are sold or derecognised, the
cumulative fair value adjustments recognised under \u201cOther comprehensive income\u201d are
included in the income statement as other finance income / (costs).
4. Debt instruments at fair value through other comprehensive income: They are subsequently
measured at fair value. Dividends are only taken to profit or loss, unless these dividends
clearly represent a recovery of the investment cost. Other gains or losses are taken to \u201cOther
comprehensive income\u201d and are never reclassified to profit or loss.
Impairment of financial assets
The Group assesses on a prospective basis the expected credit losses associated with its assets at
amortised cost and at fair value through other comprehensive income, with the main item being \u201cTrade
and other receivables\u201d.
The impairment methodology applied depends on whether there has been a significant increase in
credit risk. The impairment model is based on a dual measurement approach, under which there will
be an impairment provision based on expected losses over the next 12 months or based on expected
losses over the entire life of the asset. The fact that determines the transition from the first approach to
the second is that there is a significant decline in creditworthiness.
The deterioration of the Group's receivables was not significant, taking into account that the risk of
default was less than 1% of turnover and that the Group has deposits from its tenants to secure its
loans.
For trade receivables, given the composition of the Group\u2019s portfolio, which comprises companies of
recognised prestige and proven financial solvency, and the low history of losses from trade
receivables over the last 10 years, including the years of financial crisis, the Group has estimated that
the impairment due to expected loss on these financial assets is not significant.
Financial liabilities
The main financial liabilities held by the Group companies are held-to-maturity financial liabilities,
which are measured at amortised cost. The financial liabilities held by the Group companies are
classified as:
1.Bank loans and other loans: loans from banks and other lenders are recognised by the proceeds
received, net of transaction costs.
Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net
of transaction costs) and the redemption value is recognised in the income statement over the term of
the borrowings using the effective interest method.
Financial debt is eliminated from the consolidated statement of financial position when the obligation
specified in the agreement is paid, cancelled or expired. The difference between the carrying amount
of a financial liability that has been cancelled or transferred to another party and the consideration
paid, including any transferred assets other than the cash or liabilities assumed, is recognised in profit
or loss for the year as other financial income or expenses.
Exchanges of debt instruments between the Group and the counterparty or substantial changes in the
liabilities initially recognised are accounted for as a cancellation of the original liability and the
recognition of a new financial liability, provided that the instruments have substantially different terms.
The Group considers that the terms are substantially different if the discounted present value of the
cash flows under the new terms, including any fees paid net of any fees received and discounted
using the original effective interest rate, is at least ten per cent different from the discounted present
value of the remaining cash flows of the original financial liability.
If the exchange is recognised as a cancellation of the original financial liability, the costs or fees are
recognised in the consolidated income statement as part of the consolidated income statement.
Otherwise, the modified flows are discounted at the original effective interest rate, recognising any
difference with the prior carrying amount, in profit or loss. Likewise, the costs or fees adjust the
carrying amount of the financial liability and are amortised by the amortised cost method for the
remaining life of the modified liability.
The Group recognises the difference between the carrying amount of a financial liability or the part of it
cancelled or transferred to a third party and the consideration paid, including any assets transferred
other than the cash or liabilities assumed in profit or loss.
The Group will account for exchanges of debt instruments with a lender, provided that the instruments
have substantially different conditions, such as a cancellation of the original financial liability and
subsequent recognition of a new financial liability. Similarly, a substantial change in the terms of an
existing financial liability or a part of it will be recognised as a cancellation of the original financial
liability and a subsequent recognition of a new financial liability. The difference between the carrying
amount of the cancelled financial liability and the consideration paid, which includes any transferred
assets other than cash or any liabilities assumed, will be recognised in profit or loss for the year.
If it is determined that the new terms or changes of a financial liability are not substantially different
from the existing ones and it is therefore determined that the change is not substantial, the existing
financial liability will not be derecognised. The Group will recalculate the gross carrying amount of the
financial liability and recognise a change gain or loss in profit/(loss). The gross carrying amount of the
financial liability will be recalculated as the present value of the renegotiated or modified contractual
cash flows discounted at the original effective interest rate of the financial liability
2.Trade and other payables: trade payables are initially recognised at fair value and are
subsequently measured at amortised cost using the effective interest method.
The Group derecognises financial liabilities when the obligations giving rise to them cease to exist.
5.6 Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge the risks to which its future activities,
transactions and cash flows are exposed. These risks are mainly due to changes in interest rates.
Among the various transactions, the Group uses certain financial instruments as economic hedges.
Derivatives are initially recognised at fair value on the date on which the derivative contract is signed
and are subsequently measured at fair value at each reporting date. Subsequent changes in fair value
are recognised depending on whether the derivative has been designated as a hedging instrument
and, if so, on the nature of the item being hedged.
At the beginning of the hedging relationship, the Group documents the economic relationship between
the hedging instruments and the hedged items, including whether changes in the cash flows of the
hedging instruments are expected to offset changes in the cash flows of the hedged items. The Group
documents its risk management objective and strategy to undertake its hedge transactions.
The effective part of the changes in the fair value of the derivatives that are designated and classified
as cash flow hedges is recognised in the cash flow hedge reserve under equity. The loss or gain
relating to the ineffective part is immediately recognised in the consolidated income for the year under
'Changes in the fair value of financial instruments' in the consolidated income statement.
Gains or losses relating to the effective part of the change in the intrinsic value of the option
agreements are recognised in the cash flow reserve hedge under equity. Changes in the time value of
option agreements that relate to the hedged item ('aligned time value') are recognised under other
comprehensive income in the costs of the hedge reserve in equity.
.
\u2013Cash flow hedges: In hedges of this nature, the portion of the gain or loss on the hedging
instrument that has been determined to be an effective hedge is recognised temporarily in equity
and is recognised in the income statement in the same period during which the hedged item
affects profit or loss, unless the hedge relates to a forecast transaction that results in the
recognition of a non-financial asset or a non-financial liability, in which case the amounts
recognised in equity are included in the initial cost of the asset or liability when it is acquired or
assumed.
\u2013Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or
exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gains or losses
on the hedging instrument recognised in equity are retained in equity until the forecast transaction
occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss
recognised in equity is transferred to net profit or loss for the year.
Derivatives embedded in other financial instruments or other host contracts are treated as separate
derivatives when their risks and characteristics are not closely related to those of the host contracts
and provided the host contracts are not measured at fair value by recognising changes in fair value in
the consolidated statement of comprehensive income.
The fair value of the various derivative financial instruments is calculated using the valuation
techniques described in Note 5.7 below.
5.7 Valuation techniques and applicable assumptions to measure fair value
The fair value of financial assets and liabilities is calculated as followed:
\u2013The fair value of financial assets and liabilities with standard terms and that are traded on active,
liquid markets is calculated by reference to prices quoted in the market.
\u2013The fair value of financial assets and liabilities (except derivative instruments) is calculated in
accordance with the generally accepted valuation models based on discounted cash flows using
the prices of observable market transactions and the contributor prices of similar instruments.
\u2013The fair value of interest rate swaps is calculated by discounting future settlements between fixed
and floating interest rates to their present value, in line with implicit market interest rates, obtained
from long-term interest rate swap curves. Implicit volatility is used to calculate the fair values of
caps and floors using option valuation models.
Likewise, in the valuation of derivative financial instruments, the risk inherent to the element or
position hedged must be effectively eliminated during the entire expected term of the hedge and there
must be adequate documentation evidencing the specific designation of the financial derivative to
hedge certain balances or transactions and how this effectiveness was intended to be achieved and
measured. Moreover, pursuant to IFRS 13 and due to the inherent risk, the credit risk of the parties to
the contract (both their own risk and that of the counterparty) must be included in the valuation of the
derivatives. The Group applied the discounted cash flow method, considering a discount rate affected
by the Merlin Group\u2019s own credit risk.
Financial instruments measured subsequent to initial recognition at fair value are grouped into levels 1
to 3 based on the degree to which the fair value is observable
\u2013Level 1: those measured using quoted prices (unadjusted) in active markets for identical assets or
liabilities.
\u2013Level 2: those measured using inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from
prices).
\u2013Level 3: those measured using valuation techniques, including inputs for the asset or liability that
are not based on observable market data (non-observable inputs).
The Group's financial assets and liabilities measured at fair value at 31 December 2025 and 31
December 2024 were as follows:
2025
Thousands of euros
Level 1
Level 2
Level 3
Total
Derivative financial instruments (Note 14.3)
-
(8,260)
-
(8,260)
Financial instruments - assets (Note 14.3)
-
229
-
229
-
(8,031)
-
(8,031)
2024
Thousands of euros
Level 1
Level 2
Level 3
Total
Derivative financial instruments (Note 14.3)
-
(20,941)
(16,407)
(37,348)
Financial instruments - assets (Note 14.3)
-
1,622
-
1,622
-
(19,319)
(16,407)
(35,726)
In 2025, as a result of the capital reduction carried out by Silicius Real Estate SOCIMI, S.A. through
the redemption of all the company\u2019s shares owned by Merlin Properties SOCIMI, S.A. with
contributions in kind returned to this shareholder, the Group derecognised the derivative associated
with the purchase option held by this company, classified as Level 3 (see Notes 3, 7, 9 and 14).
No financial instruments were reclassified from one level to another during 2025 or 2024.
5.8 Treasury shares
.
5.9 Distributions to shareholders
Dividends are paid in cash and recognised as a reduction in equity when the pay-outs are approved
by shareholders at the Annual General Meeting.
The Parent is subject to the special regime for REITs. As established in Article 6 of Law 11/2009, of 26
October, as amended by Law 16/2012, of 27 December, and subsequent amendments, the REITs
opting to pay tax under the special tax regime are required to distribute the profit generated during the
year to shareholders in the form of dividends, once the related commercial obligations have been met.
This distribution must be approved within six months from each year-end, and the dividends paid in
the month following the date on which the payout is agreed.
Moreover, as specified in Law 11/2009, of 26 October, as amended by Law 16/2012, of 27 December,
and subsequent amendments, the Parent must distribute the following as dividendss:
\u2013100% of the profit from dividends or shares in profits distributed by the entities referred to in
Article 2.1 of Law 11/2009.
\u2013 At least 50% of the profit generated from the transfer of properties, shares or investments
referred to in Article 2.1 of Law 11/2009, once the periods referred to in Article 3.3 of Law
11/2009 have elapsed, which are used to achieve the Company\u2019s main corporate purpose.
The remainder of these profits must be reinvested in other property or investments used for
the pursuit of said activity within three years after the transfer date. Otherwise, these profits
should be distributed in full together with any profit arising in the year in which the
reinvestment period ends. If the items to be reinvested are transferred before the end of the
holding period, that profit must be distributed in full together with, if applicable, the profit
generated during the year in which the items were transferred. The obligation to distribute
profit does not apply to the portion of the profit attributable to prior years in which the
Company was not included under the special tax regime in this Act.
\u2013 At least 80% of the remaining profits obtained. When dividend distributions are charged to
reserves generated from profits in a year in which the special tax regime applied, the
distribution must necessarily be approved as set out above.
5.10 Cash and cash equivalents
The Group includes under this heading cash and short-term highly liquid investments maturing in less
than three months that are readily convertible to cash and that are subject to an insignificant risk of
changes in value. The interest income associated with these transactions is recognised as income
when accrued while unmatured interest is presented in the consolidated statement of financial position
as an addition to the balance of the above heading.
5.11 Provisions
The Group differentiates between:
\u2013 Provisions: credit balances covering present obligations arising from past events, the
settlement of which is expected to result in an outflow of resources, but that are uncertain as
to their amount and/or timing.
\u2013 Contingent liabilities: possible obligations that arise from past events and whose existence will
be confirmed only by the occurrence or non-occurrence of one or more future events not
wholly within the Group\u2019s control.
.
Provisions are measured at the present value of the best possible estimate of the amount required to
settle or transfer the obligation, taking into account the information available on the event and its
consequences. Where discounting is used, adjustments made to provisions are recognised as a
finance cost on an accrual basis.
The compensation receivable from a third party on settlement of the obligation is recognised as an
asset, provided there is no doubt that the reimbursement will take place, unless there is a legal
relationship whereby a portion of the risk has been externalised, as a result of which the Group is not
liable, in which case, the compensation will be taken into account when estimating, if appropriate, the
amount of the related provision.
5.12 Revenue recognition
Revenue and expenses are recognised on an accrual basis, i.e. when the actual flow of the related
goods and services occurs, regardless of when the resulting monetary or financial flow arises. Rental
income is measured at the fair value of the consideration received, net of discounts and taxes.
Discounts (rent waivers and rebates) granted to lessees are recognised as a reduction in rental
income when it is probable that conditions precedent will be fulfilled requiring them to be granted.
Discounts are recognised by expensing the total rent waiver or rebate on a straight-line basis over the
term of the lease in force. If a lease is cancelled earlier than expected, any outstanding rent waiver or
rebate is recognised in the last period prior to the end of the agreement.
Leasing of investment property to third parties
The Group companies\u2019 principal activity comprises the acquisition and lease of mainly offices,
shopping centres, logistics units and data centres. The Group\u2019s revenue is generated by leasing this
investment property to third parties.
Ordinary income from the leasing of investment property is recognised taking into account the stage of
completion of the transaction at the reporting date, provided the result of the transaction can be
reliably estimated. Income from the Group\u2019s leases is recognised by Group companies on a monthly
basis pursuant to the conditions and amounts agreed with the lessees in the various agreements. This
income is only recognised when it can be measured reliably and it is probable that the economic
benefits from the lease will be received.
Where the outcome of services rendered cannot be measured reliably, revenue is recognised to the
extent that the expenses incurred are deemed recoverable.
Service charges rebilled to lessees are recognised net of other operating expenses.
5.13 Income tax
5.13.1 General regime
Tax expense (tax income) comprises current tax expense (current tax income) and deferred tax
expense (deferred tax income).
The current income tax expense is the amount payable by the Group as a result of income tax
settlements for a given year. Tax credits and other tax benefits, excluding tax withholdings and pre-
payments, and tax loss carryforwards from prior years effectively offset in the current year reduce the
current income tax expense.
.
5.13.2 REIT regime
The REIT special tax regime is based on a 0% corporate income tax rate, provided certain
requirements are met. Particularly noteworthy amongst those conditions is that at least 80% of income
must come from urban real estate used for leasing purposes and acquired in full ownership or through
holdings in Spanish or foreign companies, regardless of whether or not they are listed on organised
markets, that meet the same investment and profit distribution requirements. Likewise, the main
sources of income for these entities must come from the real estate market, either through leasing the
properties, their subsequent sale after a minimum lease period, or the income generated from
holdings in entities with similar characteristics. Nevertheless, tax is accrued in proportion to dividend
distributions. Dividends received by the shareholders are exempt, unless the recipient is a legal
person subject to corporate income tax or a permanent establishment of a foreign entity, in which case
a tax credit is taken, so that these earnings are taxed at the tax rate applicable to the shareholder.
However, the other income will not be taxed as long as it is not distributed to the shareholders.
As established in Article Nine of Spanish Law 11/2009, of 26 October, as amended by Spanish Law
16/2012, of 27 December, and subsequent amendments, regulating REITs, the Company will be
subject to a special tax rate of 19% on the total dividends or shares in profit distributed to shareholders
that have an ownership interest in the Company\u2019s share capital equal to or greater than 5%, when
these dividends, in reference to the shareholders, are exempt or are taxed at a rate less than 10%.
The Group has therefore established the procedure guaranteeing confirmation by shareholders of their
tax rate, proceeding where applicable, to withhold 19% of the dividend distributed to shareholders that
do not meet the aforementioned tax requirements.
Law 11/2021, of 9 July, on measures to prevent and combat tax fraud, which takes effect for those
years beginning on or after 1 January 2021, amended Article 9.4 of Law 11/2009, of 26 October,
regulating real estate investment trusts (REITs). Specifically, it introduced a special tax of 15% on the
amount of profit earned in the year that is not distributed, in the portion that comes from a) income that
was not taxed at the standard corporate tax rate, and b) income that is not derived from the transfer of
qualifying assets after the three-year holding period has elapsed, which fall under the three-year
reinvestment period set out in Article 6.1.b) of Law 11/2009, of 26 October. This special tax will be
considered corporate income tax and will accrue on the day of the agreement to apply profit for the
year by the general shareholders meeting or equivalent body. The self-assessment and payment of
the tax must be performed within two months of the accrual.
5.14 Share-based payments
The Parent recognises, on the one hand, the goods and services received as an asset or as an
expense, depending on their nature, when they are received and, on the other, the related increase in
equity, if the transaction is equity-settled, or the related liability if the transaction is settled with an
amount based on the value of the equity instruments.
In the case of equity-settled transactions, both the services rendered and the increase in equity are
measured at the fair value of the equity instruments granted, by reference to the grant date. In the
case of cash-settled share-based payments, the goods and services received and the related liability
are recognised at the fair value of the latter, by reference to the date on which the requirements for
recognition are met.
2025-2027 Incentives plan
The shareholders at the General Meeting held on 30 April 2025 approved a long-term remuneration
plan consisting of the delivery of 5,168,656 shares of the Parent and/or share options (representing
0.92% of the Parent\u2019s share capital at the date of approval) for executive directors, the management
team and other important members of the Group\u2019s workforce (\u201c2025-2027 Incentive Plan\u201d). The
payment procedure will vary, depending on whether the Company\u2019s Board decides to pay the
performance shares in cash or in shares.
The 2025-2027 Incentive Plan consists of a single cycle for measuring the targets that will last three
years, starting on 1 January 2025 and ending on 31 December 2027. If the targets are met, the shares
will be delivered in 2028 once the financial statements for 2027 have been authorised for issue and
audited. Accordingly, the share options will be settled by differences (or in the manner agreed by the
Board at any given time) during the exercise windows established in 2028, 2029 and 2030 (with a
maximum of one exercise window in each year). A maximum of 1,307,738 shares will be allocated to
executive directors. All shares delivered under the 2025-2027 Incentive Plan to executive directors will
be subject to a 2-year retention period.
The specific number of the Parent\u2019s shares that, within the established maximum, will be delivered to
the beneficiaries of the 2025-2027 Incentive Plan at the end of the Plan will be conditional on
achievement of the following targets linked to the creation of shareholder value and sustainability:
Metrics
Definition
Weighting
Absolute Total Shareholder
Return (TSR)
This is the return on the share taking into account the cumulative change
in the Company\u2019s share price, including dividends and other similar
items received by the shareholder during the 2025-2027 period.
40%
EPRA NTA per share at
31/12/2027 + Dividends
(2025-2027) / share
This is calculated based on the Company\u2019s consolidated equity and by
adjusting certain items following EPRA recommendations (including the
value of assets on the market and excluding certain items that are not
expected to result in sustained property lease business). The EPRA NTA
assumes that the companies buy and sell assets, thus crystallising
levels of deferred tax liabilities.
For the purposes of the Plan, the EPRA NTA at 31 December 2027, as
published in MERLIN\u2019s financial statements, will be taken into
consideration, plus any dividends paid per share and other similar items
received by the shareholder during the target measurement period
(2025-2027).
25%
Data centres - MW available
for lease as at 31/12/2027
MW installed in data centres that have received the corresponding
equipment and electricity supply, which are leased or available for lease
at 31 December 2027.
10%
Data centres - Level of
Gross Rental Income (GRI)
31/12/2027
Annualised gross rental income from the Data Centre business in
December 2027.
10%
Data centres - EBITDA at
31/12/2027
Annualised EBITDA from the Data Centre business in December 2027.
10%
Net carbon emissions
Level of reduction of MERLIN\u2019s CO2 emissions (scope 1 and 2) at 31
December 2027, compared to 31 December 2024, calculated for the
comparable portfolio of assets over which the Company has operational
control (scope of MERLIN\u2019s Path to Net Zero).
5%
In relation to the market condition \u2018Total Shareholder Return\u2019, the Group has applied a valuation
methodology for the underlying assets on the grant date of the incentive associated with a stochastic
Geometric Brownian Motion (GBM) model, combined with a Montecarlo simulation. The Montecarlo
method or Montecarlo simulation is a statistical technique that uses repeated random sampling on a
mathematical model to estimate the probability of different possible outcomes (scenarios) under
uncertainty.
The Montecarlo simulation method applied by the Group is based on a GBM model for assets with
implicit yield (dividend), which allows the Parent\u2019s share price to be estimated at a future date. It is
therefore possible to simulate, using the Montecarlo method, the possible trajectories that the
underlying asset (the Parent\u2019s share price) may follow, based on the repetition of random samples to
obtain different numerical results of the GBM model.
The following components were considered in the GBM model: the share price at the measurement
date, the beginning of the measurement period of the Incentive Plan, the historical volatility of the
share, the risk-free rate and the expected dividend yield of the share during the measurement period
of the Incentive Plan. The stochastic variable is generated by applying a standard normal distribution
N (0.1).
This allowed the statistical average or expected value to be obtained, which corresponds to the spot
price of the Parent\u2019s share at the end of the incentive period.
Accordingly, in 2025 the Group recognised an expense of EUR 12,472 thousand with a balancing
entry to reserves and an expense of EUR 1,109 thousand with a balancing entry to non-current
liabilities.
2022 \u2013 2024 Incentive Plan
The shareholders at the Annual General Meeting held on 4 May 2022 approved a long-term incentive
plan consisting of the delivery of a maximum of 3,491,767 ordinary shares of Merlin Properties,
SOCIMI, S.A. (representing 0.74% of the Parent\u2019s share capital on the date of approval), aimed at
members of the MERLIN Group\u2019s management team, including the executive directors of the Parent.
The 2022-2024 Incentive Plan consisted of a single cycle with a target measurement period that lasted
three years, starting on 1 January 2022 and ending on 31 December 2024. If the targets are met, the
shares would be delivered in 2025 once the financial statements for 2024 have been authorised for
issue and audited. All shares delivered under the 2022-2024 Incentive Plan to executive directors are
subject to a 2-year retention period. A maximum of 1,088,082 shares were allocated to executive
directors.
With respect to the targets or metrics to which the plan is linked (see Note 20), it included market and
non-market conditions.
The measurement period for the 2022-2024 Incentive Plan ended on 31 December 2024.
In 2025, and after verifying compliance with the targets set in the 2022-2024 Incentive Plan by the
Parent\u2019s Board, a total of 290,954 shares were delivered to the beneficiaries of this plan.
5.15 Employee obligations
Under current labour legislation, the Group companies are required to pay termination benefits to
employees terminated under certain conditions.
When a restructuring plan is approved by the directors, made public and communicated to employees,
the Group recognises the provisions required to meet any future payments resulting from their
application. These provisions are calculated in accordance with the best estimates available of the
foreseeable costs 31 December 2025, the Group had no commitments in this connection and there is no collective
redundancy plan in force.
5.16 Current assets and liabilities
The Group classifies its assets and liabilities as current and non-current in the consolidated statement
of financial position. Current assets and current liabilities are therefore those that meet the following
criteria:
\u2013 Assets are classified as current when they are expected to be realised or are intended for sale
or consumption in the Group\u2019s normal operating cycle, when they are held primarily for the
purpose of being traded, when they are expected to be realised within twelve months after the
reporting date, or when they constitute cash and cash equivalents, except in cases where they
cannot be exchanged or used to settle a liability for at least twelve months after the reporting
date.
\u2013 Liabilities are classified as current when they are expected to be settled over the course of the
Group\u2019s normal operating cycle, when they are held primarily for the purpose of being traded,
when they must be settled within twelve months after the reporting date, or when the Group
does not have an unconditional right to defer repayment of the liabilities for twelve months
after the reporting date.
\u2013 Derivative financial instruments not held for trading are classified as current or non-current
according to the period of maturity or periodic settlement.
5.17 Financial information by branch activity
In relation to IFRS 8 on operating segments, the Parent\u2019s directors internally identify these segments
based on the definition of a branch of activity, an aspect to be considered when reading the
accompanying consolidated financial statements and related financial information.
The Group groups its branches of activity based on the nature of the assets in the various areas in
which it implements its strategy. In this sense, each branch of activity is a component of the Group that
performs business activities from which it can earn revenue and incur expenses. The profit or loss
from operations for each branch of activity is regularly reviewed by Group management to decide what
resources should be allocated to each branch of activity, to assess their performance and for which
separate financial information is available.
5.18 Earnings per share
Basic earnings per share are calculated by dividing net profit or loss attributable to the Parent
shareholders by the weighted average number of ordinary shares outstanding during the year,
excluding the average number of shares of the Parent held by the Group companies.
For the calculation of the diluted profit per share, the Group calculates the amounts of the diluted
earnings per share for the profit for the year attributable to the shareholders of the Parent and, where
applicable, the profit for the year of the ongoing activities attributable to those holders of equity
instruments.
For the purpose of calculating diluted earnings per share, the Group takes the profit or loss attributable
to ordinary equity holders of the Parent, and the weighted average number of shares outstanding, for
the effects of all dilutive potential ordinary shares.
5.19 Environment
The Group performs activities whose primary purpose is to prevent, mitigate or repair environmental
damage caused by its operations, see climate change management policies in Note 23.
Expenses incurred in connection with these environmental activities are recognised as other operating
expenses in the year in which they are incurred. However, because of their nature, the Group\u2019s
business activities do not have a significant environmental impact.
5.20 Consolidated statements of cash flows
The following terms are used in the consolidated statements of cash flows (prepared using the indirect
method) with the meanings specified:
1. Cash flows: inflows and outflows of cash and cash equivalents, which are short-term, highly
liquid investments that are subject to an insignificant risk of changes in value.
2. Operating activities: the principal revenue-producing activities of the entities composing the
consolidated Group and other activities that are not investing or financing activities.
3. Investing activities: the acquisition and disposal of long-term assets and other investments not
included in cash and cash equivalents.
4. Financing activities: activities that result in changes in the size and composition of the equity
and liabilities that are not operating activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "
5.1 Investment property
Investment property comprises buildings under construction and development for use as investment
property held (by the owner or by the tenant as an asset under usage rights), which are partially or
fully held to generate revenue, profits or both, rather than for use in the production or supply of goods
or services, or for the Group's administrative purposes or sale in the ordinary course of business.
All assets and usage rights (through the corresponding administrative concession or area right granted
by a public body) classified as real estate investments are in operation with various tenants. These
properties are earmarked for leasing to third parties. The Parent\u2019s directors do not plan to dispose of
these assets within 12 months and have therefore decided to recognise them as investment property
in the consolidated statement of financial position.
Investment property is carried at fair value at the reporting date and is not depreciated. Investment
property includes land, buildings, usage rights of concessionaire projects and other constructions held
to earn rentals or with the aim of achieving gains on the sale as a result of future increases in the
respective market prices.
Gains or losses arising from changes in the fair value of investment property are included in the
income statement for the year in which they arise.
While construction work is in progress, the costs of construction work are capitalised. These assets
are recognised at fair value when they become operational or its fair value can be reliably determined.
The contingent payments related to the cost of the investment properties are capitalised as an
increase in their value. If the variable payment changes is a result of the asset\u2019s profitability, this
change is recognised as an increase in the value of the asset.
Subsequent expenses are capitalised at the carrying amount of the asset only when it is probable that
the future economic benefits associated with these expenses will flow to the Group and the cost of the
item can be measured reliably. All other repair and maintenance costs are recognised as expenses
when incurred. When part of an investment property is replaced, the replacement cost is included in
the carrying amount of the property and the fair value is reassessed.
In accordance with IAS 40, the Group periodically determines the fair value of its investment property
so that the fair value reflects the actual market conditions of the investment property items at that date.
This fair value is determined every six months based on the appraisals undertaken by independent
experts.
Investment property obtained under a lease is initially measured at the amount of the lease liability
adjusted for any lease payments made on or before the commencement date (less any lease
incentives received), any initial direct costs incurred by the Group and an estimate of the costs to be
incurred by the lessee to dismantle and remove the underlying asset, restore the site on which it is
located or restore the underlying asset to the condition required by the terms and conditions of the
lease.
The market value of the Group's investment property at 31 December 2025, calculated based on the
appraisals carried out by CBRE Valuation Advisory, S.A., Jones Lang LaSalle, S.A. and Savills
Consultores Inmobiliarios, S.A., independent appraisers not related to the Group, amounted to EUR
11,854,292 thousand (see Note 7).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": ".
Subsequent expenses are capitalised at the carrying amount of the asset only when it is probable that
the future economic benefits associated with these expenses will flow to the Group and the cost of the
item can be measured reliably. All other repair and maintenance costs are recognised as expenses
when incurred. When part of an investment property is replaced, the replacement cost is included in
the carrying amount of the property and the fair value is reassessed.
In accordance with IAS 40, the Group periodically determines the fair value of its investment property
so that the fair value reflects the actual market conditions of the investment property items at that date.
This fair value is determined every six months based on the appraisals undertaken by independent
experts.
Investment property obtained under a lease is initially measured at the amount of the lease liability
adjusted for any lease payments made on or before the commencement date (less any lease
incentives received), any initial direct costs incurred by the Group and an estimate of the costs to be
incurred by the lessee to dismantle and remove the underlying asset, restore the site on which it is
located or restore the underlying asset to the condition required by the terms and conditions of the
lease.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
5.2 Inventories
Land held for sale or integration into property development is considered as inventories. The Group
considers that its inventories do not meet the requirements of IAS 40 for consideration as investment
property.
At 31 December 2025, certain land acquired in 2020 was recognised as inventories, which form part of
an increased development area and are considered to be inventories as they are intended for sale.
Pursuant to the future sale agreement reached with a third party, the land resulting in final residential
use will be transferred to said third party, once all the buildable areas corresponding to each of the
uses are finally assigned by the approved and registered Reparcelling Project. . In accordance with
the above, the intended use of the land will be its recovery through sale, and the Group's objective is
not to obtain rental income on the land. Therefore, they were recognised as inventories at the end of
2025.
In relation to this inventory, the Group has agreements with third parties for the future sale of those
intended for residential use and for which it has received, as of 31 December 2025, advances
amounting to EUR 19,255 thousand that are recognised under \u201cTrade and other payables\u201d in the
accompanying consolidated statement of financial position.
The Group values its inventories at acquisition cost (or at market value if the latter is lower), including
both the acquisition cost of the land and plots, the urban planning costs, the construction costs and the
personnel directly related to the real estate activity, and, where applicable, financial expenses to the
extent that those expenses correspond to the period of urban planning and construction, provided that
they are inventories that need a period of more than one year to be able to be sold. If the inventories
are registered at a cost price higher than their market value, the appropriate valuation adjustments are
made, recording the corresponding impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "
At 31 December 2025, certain land acquired in 2020 was recognised as inventories, which form part of
an increased development area and are considered to be inventories as they are intended for sale.
Pursuant to the future sale agreement reached with a third party, the land resulting in final residential
use will be transferred to said third party, once all the buildable areas corresponding to each of the
uses are finally assigned by the approved and registered Reparcelling Project. . In accordance with
the above, the intended use of the land will be its recovery through sale, and the Group's objective is
not to obtain rental income on the land. Therefore, they were recognised as inventories at the end of
2025.
In relation to this inventory, the Group has agreements with third parties for the future sale of those
intended for residential use and for which it has received, as of 31 December 2025, advances
amounting to EUR 19,255 thousand that are recognised under \u201cTrade and other payables\u201d in the
accompanying consolidated statement of financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "
5.4 Leases
At the beginning of a contract, the Group assesses whether the contract is or contains a lease. A
contract is, or contains, a lease if it conveys the right to control the use of an identified asset for a
period of time in exchange for consideration.
The group reassesses whether a contract is, or contains, a lease only if the terms of the contract
change.
5.4.1 Tenant
For a contract containing a lease component and one or more additional leases or non-leases, the
Group will distribute the consideration of the contract to each component of the lease based on the
relative price regardless of the lease component and the aggregate price independent of the
components that are non-lease components.
The relative price, independent of the lease and non-lease components, will be determined based on
the price that the landlord, or a similar supplier, would charge an entity separately for that component
or for a similar component. If there is no readily available separate observable price, the Group will
estimate the separate price, maximising the use of observable information.
The Group chose not to apply the recognition and measurement requirements indicated in IFRS 16 to
short-term leases in which the underlying asset is of low value, recognising the lease payments
associated with leases as a straight-line expense over the lease term.
Initial recognition
At the commencement date, a tenant recognises a right-of-use asset and a lease liability. At the
commencement date, a tenant will measure a right-of-use asset at cost. The cost of the right-of-use
asset includes:
a.the amount of the initial measurement of the lease liability measured at the commencement date
at the present value of the lease payments that were not paid at that date. Lease payments will be
discounted using the interest rate specified in the lease, if that rate could be easily determined. If
that rate cannot be easily determined, the tenant will use the tenant's incremental loan rate.
b.lease payments paid before or from the commencement date, less leases received;
c.the initial direct costs incurred by the tenant; and
d.an estimate of the costs incurred by the tenant when dismantling and eliminating the underlying
asset, restoring the location where it is located or restoring the underlying asset to the condition
required by the terms of the lease, unless those costs are incurred to produce inventories. The
tenant could incur obligations as a result of these costs either at the commencement date or as a
result of using the underlying asset for a specified period.
At the start date, the lease payments included in the measurement of the lease liability comprise the
following payments for the right to use the underlying asset during the lease term that are not paid at
the commencement date:
a.fixed payments, less any leases receivable;
b.variable lease payments, which depend on an index or rate, initially measured using the index or
rate at the commencement date;
c.amounts expected to be paid by the tenant as guarantees of residual value;
d.the exercise price of a call option if the tenant is reasonably confident of exercising that option;
e.late lease payments if the lease term reflects that the tenant will exercise an option to terminate
the lease.
Subsequent measurement of the right-of-use asset
After the commencement date, the Group will measure its right-of-use assets using the cost model,
unless it applies the fair value model of IAS 40 \u201cInvestment Property\u201d to its investment property and
rights of use that meet the definition of investment property (see Note 5.1).
Subsequent measurement of lease liabilities
After the commencement date, the Group will measure a lease liability by:
a.increasing the carrying amount to reflect interest on the lease liability;
b.reducing the carrying amount to reflect the lease payments paid; and
c.re-measuring the carrying amount to reflect the new measurements or changes in the lease and
also to reflect the essentially fixed lease payments that have been revised.
5.4.2 Landlord
A landlord will classify each lease as an operating lease or a finance lease.
A lease will be classified as a finance lease when it substantially transfers all the risks and rewards
inherent to owning an underlying asset. A lease will be classified as an operating lease if it does not
substantially transfer all the risks and rewards inherent to owning an underlying asset.
Finance leases
At the commencement of the lease term, the Group recognises finance leases in the consolidated
statement of financial position at amounts equal to the fair value of the leased asset or, if lower, the
present value of the minimum lease payments. To calculate the present value of the lease payments
the interest rate stipulated in the finance lease is used.
The cost of assets acquired under finance leases is presented in the consolidated statement of
financial position based on the nature of the leased asset. These assets relate in full to investment
property and are measured in accordance with that established in Note 5.1.
Operating leases
A landlord recognises lease payments from operating leases as income on a straight-line basis or on
another systematic basis. The landlord will apply another systematic basis if it is more representative
of the structure with which the profit from the use of the asset is reduced.
The Group will recognise costs, including depreciation, incurred in earning the lease income as an
expense. It will also add the initial direct costs incurred to obtain an operating lease to the carrying
amount of the underlying asset and recognise these costs as an expense over the lease term, on the
same basis as the lease income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "
5.5 Financial instruments
Financial instruments are recognised when the Group becomes a party to the contractual provisions of
the instrument. The Group classifies its financial assets in accordance with IFRS 9 \u201cFinancial
Instruments\u201d.
The classification of financial assets will depend both on how an entity manages its financial
instruments (its business model) and on the existence and characteristics of the contractual cash
flows of the financial assets. Based on the above, an asset is measured at amortised cost, at fair value
through other comprehensive income, or at fair value through profit or loss for the period, as follows:
\u2013If the objective of the business model is to hold a financial asset to collect contractual cash flows
and, depending on the terms of the contract, cash flows that are solely payments of principal and
interest on that principal are received on specified dates, the financial asset is measured at
amortised cost.
\u2013If the objective of the business model is both to collect contractual cash flows and sell financial
assets and, depending on the terms of the contract, cash flows that are solely payments of
principal and interest on that principal are received on specified dates, the financial asset is
measured at fair value through other comprehensive income (equity).
Any assets not meeting the above criteria will be measured at fair value through profit or loss in the
income statement. All equity instruments (e.g. shares) are, by default, measured in this category. This
is because their contractual flows do not meet the characteristic of being only payments of principal
and interest. Financial derivatives are also classified as financial assets at fair value through profit or
loss unless they are designated as hedging instruments.
For the purposes of measurement, financial assets should be classified into one of the following
categories, with the accounting policies of each category being as follows:
1. Financial assets at amortised cost: these assets are subsequently recognised at their initial
cost amortised in accordance with the effective interest method. This amortised cost will be
reduced by any impairment loss. They are recognised in the consolidated income statement
for the period when the financial asset is de-recognised or impaired, or due to exchange
differences. Interest calculated using the effective interest method is recognised under
\u201cFinance income\u201d in the income statement.
2. Financial assets at fair value with profit or loss: financial assets at fair value with profit or loss
are recognised initially and subsequently at fair value, excluding transaction costs, which are
charged to the income statement. Gains and losses arising from changes in fair value are
recognised in the income statement under \u201cChanges in fair value of financial instruments\u201d in
the period in which they arose. Any dividends and interest also leads to financial results.
3. Debt instruments at fair value through other comprehensive income: These instruments are
subsequently recognised at fair value, with the changes in fair value recognised under \u201cOther
comprehensive income\u201d. Interest income, impairment losses and exchange differences are
recognised in the consolidated income statement. When they are sold or derecognised, the
cumulative fair value adjustments recognised under \u201cOther comprehensive income\u201d are
included in the income statement as other finance income / (costs).
4. Debt instruments at fair value through other comprehensive income: They are subsequently
measured at fair value. Dividends are only taken to profit or loss, unless these dividends
clearly represent a recovery of the investment cost. Other gains or losses are taken to \u201cOther
comprehensive income\u201d and are never reclassified to profit or loss.
Impairment of financial assets
The Group assesses on a prospective basis the expected credit losses associated with its assets at
amortised cost and at fair value through other comprehensive income, with the main item being \u201cTrade
and other receivables\u201d.
The impairment methodology applied depends on whether there has been a significant increase in
credit risk. The impairment model is based on a dual measurement approach, under which there will
be an impairment provision based on expected losses over the next 12 months or based on expected
losses over the entire life of the asset. The fact that determines the transition from the first approach to
the second is that there is a significant decline in creditworthiness.
The deterioration of the Group's receivables was not significant, taking into account that the risk of
default was less than 1% of turnover and that the Group has deposits from its tenants to secure its
loans.
For trade receivables, given the composition of the Group\u2019s portfolio, which comprises companies of
recognised prestige and proven financial solvency, and the low history of losses from trade
receivables over the last 10 years, including the years of financial crisis, the Group has estimated that
the impairment due to expected loss on these financial assets is not significant.
Financial liabilities
The main financial liabilities held by the Group companies are held-to-maturity financial liabilities,
which are measured at amortised cost. The financial liabilities held by the Group companies are
classified as:
1.Bank loans and other loans: loans from banks and other lenders are recognised by the proceeds
received, net of transaction costs.
Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net
of transaction costs) and the redemption value is recognised in the income statement over the term of
the borrowings using the effective interest method.
Financial debt is eliminated from the consolidated statement of financial position when the obligation
specified in the agreement is paid, cancelled or expired. The difference between the carrying amount
of a financial liability that has been cancelled or transferred to another party and the consideration
paid, including any transferred assets other than the cash or liabilities assumed, is recognised in profit
or loss for the year as other financial income or expenses.
Exchanges of debt instruments between the Group and the counterparty or substantial changes in the
liabilities initially recognised are accounted for as a cancellation of the original liability and the
recognition of a new financial liability, provided that the instruments have substantially different terms.
The Group considers that the terms are substantially different if the discounted present value of the
cash flows under the new terms, including any fees paid net of any fees received and discounted
using the original effective interest rate, is at least ten per cent different from the discounted present
value of the remaining cash flows of the original financial liability.
If the exchange is recognised as a cancellation of the original financial liability, the costs or fees are
recognised in the consolidated income statement as part of the consolidated income statement.
Otherwise, the modified flows are discounted at the original effective interest rate, recognising any
difference with the prior carrying amount, in profit or loss. Likewise, the costs or fees adjust the
carrying amount of the financial liability and are amortised by the amortised cost method for the
remaining life of the modified liability.
The Group recognises the difference between the carrying amount of a financial liability or the part of it
cancelled or transferred to a third party and the consideration paid, including any assets transferred
other than the cash or liabilities assumed in profit or loss.
The Group will account for exchanges of debt instruments with a lender, provided that the instruments
have substantially different conditions, such as a cancellation of the original financial liability and
subsequent recognition of a new financial liability. Similarly, a substantial change in the terms of an
existing financial liability or a part of it will be recognised as a cancellation of the original financial
liability and a subsequent recognition of a new financial liability. The difference between the carrying
amount of the cancelled financial liability and the consideration paid, which includes any transferred
assets other than cash or any liabilities assumed, will be recognised in profit or loss for the year.
If it is determined that the new terms or changes of a financial liability are not substantially different
from the existing ones and it is therefore determined that the change is not substantial, the existing
financial liability will not be derecognised. The Group will recalculate the gross carrying amount of the
financial liability and recognise a change gain or loss in profit/(loss). The gross carrying amount of the
financial liability will be recalculated as the present value of the renegotiated or modified contractual
cash flows discounted at the original effective interest rate of the financial liability.
2.Trade and other payables: trade payables are initially recognised at fair value and are
subsequently measured at amortised cost using the effective interest method.
The Group derecognises financial liabilities when the obligations giving rise to them cease to exist.
5.6 Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge the risks to which its future activities,
transactions and cash flows are exposed. These risks are mainly due to changes in interest rates.
Among the various transactions, the Group uses certain financial instruments as economic hedges.
Derivatives are initially recognised at fair value on the date on which the derivative contract is signed
and are subsequently measured at fair value at each reporting date. Subsequent changes in fair value
are recognised depending on whether the derivative has been designated as a hedging instrument
and, if so, on the nature of the item being hedged.
At the beginning of the hedging relationship, the Group documents the economic relationship between
the hedging instruments and the hedged items, including whether changes in the cash flows of the
hedging instruments are expected to offset changes in the cash flows of the hedged items. The Group
documents its risk management objective and strategy to undertake its hedge transactions.
The effective part of the changes in the fair value of the derivatives that are designated and classified
as cash flow hedges is recognised in the cash flow hedge reserve under equity. The loss or gain
relating to the ineffective part is immediately recognised in the consolidated income for the year under
'Changes in the fair value of financial instruments' in the consolidated income statement.
Gains or losses relating to the effective part of the change in the intrinsic value of the option
agreements are recognised in the cash flow reserve hedge under equity. Changes in the time value of
option agreements that relate to the hedged item ('aligned time value') are recognised under other
comprehensive income in the costs of the hedge reserve in equity.
When forward contracts are used to hedge expected transactions, the Group generally designates
only the change in the fair value of the forward contract related to the cash component as the hedging
instrument. Gains or losses related to the effective part of the change in the cash component of
forward contracts are recognised in the cash flow hedge reserve under equity. The change in the
forward element of the contract related to the hedged item is recognised in other comprehensive
income on the costs of the hedge reserve under equity. In some cases, the gains or losses
corresponding to the effective part of the change in fair value of the full term contract are recognised in
the cash flow hedge reserve under equity.
\u2013Cash flow hedges: In hedges of this nature, the portion of the gain or loss on the hedging
instrument that has been determined to be an effective hedge is recognised temporarily in equity
and is recognised in the income statement in the same period during which the hedged item
affects profit or loss, unless the hedge relates to a forecast transaction that results in the
recognition of a non-financial asset or a non-financial liability, in which case the amounts
recognised in equity are included in the initial cost of the asset or liability when it is acquired or
assumed.
\u2013Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or
exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gains or losses
on the hedging instrument recognised in equity are retained in equity until the forecast transaction
occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss
recognised in equity is transferred to net profit or loss for the year.
Derivatives embedded in other financial instruments or other host contracts are treated as separate
derivatives when their risks and characteristics are not closely related to those of the host contracts
and provided the host contracts are not measured at fair value by recognising changes in fair value in
the consolidated statement of comprehensive income.
The fair value of the various derivative financial instruments is calculated using the valuation
techniques described in Note 5.7 below.
5.8 Treasury shares
An equity instrument is a contract that evidences a residual interest in the assets of the Parent after
deducting all of its liabilities.
Capital instruments issued by the Parent are recognised in equity at the proceeds received, net of
issue costs.
The Parent\u2019s equity instruments acquired by the Group are recognised separately at acquisition cost
and deducted from equity in the consolidated statement of financial position, regardless of why they
were acquired. No gains or losses from transactions involving own equity instruments are recognised
in the consolidated income statement.
The subsequent amortisation of the equity instruments of the Parent gives rise to a capital reduction
for the nominal amount of said shares and the positive or negative difference between the acquisition
price and the nominal value of the shares is charged or credited to accounts of reserves.
The transaction costs related to own equity instruments are recognised as a decrease in equity, net of
any related tax effect.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "
\u2013If the objective of the business model is to hold a financial asset to collect contractual cash flows
and, depending on the terms of the contract, cash flows that are solely payments of principal and
interest on that principal are received on specified dates, the financial asset is measured at
amortised cost.
\u2013If the objective of the business model is both to collect contractual cash flows and sell financial
assets and, depending on the terms of the contract, cash flows that are solely payments of
principal and interest on that principal are received on specified dates, the financial asset is
measured at fair value through other comprehensive income (equity).
Any assets not meeting the above criteria will be measured at fair value through profit or loss in the
income statement. All equity instruments (e.g. shares) are, by default, measured in this category. This
is because their contractual flows do not meet the characteristic of being only payments of principal
and interest. Financial derivatives are also classified as financial assets at fair value through profit or
loss unless they are designated as hedging instruments.
For the purposes of measurement, financial assets should be classified into one of the following
categories, with the accounting policies of each category being as follows:
1. Financial assets at amortised cost: these assets are subsequently recognised at their initial
cost amortised in accordance with the effective interest method. This amortised cost will be
reduced by any impairment loss. They are recognised in the consolidated income statement
for the period when the financial asset is de-recognised or impaired, or due to exchange
differences. Interest calculated using the effective interest method is recognised under
\u201cFinance income\u201d in the income statement.
2. Financial assets at fair value with profit or loss: financial assets at fair value with profit or loss
are recognised initially and subsequently at fair value, excluding transaction costs, which are
charged to the income statement. Gains and losses arising from changes in fair value are
recognised in the income statement under \u201cChanges in fair value of financial instruments\u201d in
the period in which they arose. Any dividends and interest also leads to financial results.
3. Debt instruments at fair value through other comprehensive income: These instruments are
subsequently recognised at fair value, with the changes in fair value recognised under \u201cOther
comprehensive income\u201d. Interest income, impairment losses and exchange differences are
recognised in the consolidated income statement. When they are sold or derecognised, the
cumulative fair value adjustments recognised under \u201cOther comprehensive income\u201d are
included in the income statement as other finance income / (costs).
4. Debt instruments at fair value through other comprehensive income: They are subsequently
measured at fair value. Dividends are only taken to profit or loss, unless these dividends
clearly represent a recovery of the investment cost. Other gains or losses are taken to \u201cOther
comprehensive income\u201d and are never reclassified to profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": ".
3. Debt instruments at fair value through other comprehensive income: These instruments are
subsequently recognised at fair value, with the changes in fair value recognised under \u201cOther
comprehensive income\u201d. Interest income, impairment losses and exchange differences are
recognised in the consolidated income statement. When they are sold or derecognised, the
cumulative fair value adjustments recognised under \u201cOther comprehensive income\u201d are
included in the income statement as other finance income / (costs).
4. Debt instruments at fair value through other comprehensive income: They are subsequently
measured at fair value. Dividends are only taken to profit or loss, unless these dividends
clearly represent a recovery of the investment cost. Other gains or losses are taken to \u201cOther
comprehensive income\u201d and are never reclassified to profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "
Impairment of financial assets
The Group assesses on a prospective basis the expected credit losses associated with its assets at
amortised cost and at fair value through other comprehensive income, with the main item being \u201cTrade
and other receivables\u201d.
The impairment methodology applied depends on whether there has been a significant increase in
credit risk. The impairment model is based on a dual measurement approach, under which there will
be an impairment provision based on expected losses over the next 12 months or based on expected
losses over the entire life of the asset. The fact that determines the transition from the first approach to
the second is that there is a significant decline in creditworthiness.
The deterioration of the Group's receivables was not significant, taking into account that the risk of
default was less than 1% of turnover and that the Group has deposits from its tenants to secure its
loans.
For trade receivables, given the composition of the Group\u2019s portfolio, which comprises companies of
recognised prestige and proven financial solvency, and the low history of losses from trade
receivables over the last 10 years, including the years of financial crisis, the Group has estimated that
the impairment due to expected loss on these financial assets is not significant.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "
Financial liabilities
The main financial liabilities held by the Group companies are held-to-maturity financial liabilities,
which are measured at amortised cost. The financial liabilities held by the Group companies are
classified as:
1.Bank loans and other loans: loans from banks and other lenders are recognised by the proceeds
received, net of transaction costs.
Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net
of transaction costs) and the redemption value is recognised in the income statement over the term of
the borrowings using the effective interest method.
Financial debt is eliminated from the consolidated statement of financial position when the obligation
specified in the agreement is paid, cancelled or expired. The difference between the carrying amount
of a financial liability that has been cancelled or transferred to another party and the consideration
paid, including any transferred assets other than the cash or liabilities assumed, is recognised in profit
or loss for the year as other financial income or expenses.
Exchanges of debt instruments between the Group and the counterparty or substantial changes in the
liabilities initially recognised are accounted for as a cancellation of the original liability and the
recognition of a new financial liability, provided that the instruments have substantially different terms.
The Group considers that the terms are substantially different if the discounted present value of the
cash flows under the new terms, including any fees paid net of any fees received and discounted
using the original effective interest rate, is at least ten per cent different from the discounted present
value of the remaining cash flows of the original financial liability.
If the exchange is recognised as a cancellation of the original financial liability, the costs or fees are
recognised in the consolidated income statement as part of the consolidated income statement.
Otherwise, the modified flows are discounted at the original effective interest rate, recognising any
difference with the prior carrying amount, in profit or loss. Likewise, the costs or fees adjust the
carrying amount of the financial liability and are amortised by the amortised cost method for the
remaining life of the modified liability.
The Group recognises the difference between the carrying amount of a financial liability or the part of it
cancelled or transferred to a third party and the consideration paid, including any assets transferred
other than the cash or liabilities assumed in profit or loss.
The Group will account for exchanges of debt instruments with a lender, provided that the instruments
have substantially different conditions, such as a cancellation of the original financial liability and
subsequent recognition of a new financial liability. Similarly, a substantial change in the terms of an
existing financial liability or a part of it will be recognised as a cancellation of the original financial
liability and a subsequent recognition of a new financial liability. The difference between the carrying
amount of the cancelled financial liability and the consideration paid, which includes any transferred
assets other than cash or any liabilities assumed, will be recognised in profit or loss for the year.
If it is determined that the new terms or changes of a financial liability are not substantially different
from the existing ones and it is therefore determined that the change is not substantial, the existing
financial liability will not be derecognised. The Group will recalculate the gross carrying amount of the
financial liability and recognise a change gain or loss in profit/(loss). The gross carrying amount of the
financial liability will be recalculated as the present value of the renegotiated or modified contractual
cash flows discounted at the original effective interest rate of the financial liability.
2.Trade and other payables: trade payables are initially recognised at fair value and are
subsequently measured at amortised cost using the effective interest method.
The Group derecognises financial liabilities when the obligations giving rise to them cease to exist.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "Bank loans and other loans: loans from banks and other lenders are recognised by the proceeds
received, net of transaction costs.
Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net
of transaction costs) and the redemption value is recognised in the income statement over the term of
the borrowings using the effective interest method.
Financial debt is eliminated from the consolidated statement of financial position when the obligation
specified in the agreement is paid, cancelled or expired. The difference between the carrying amount
of a financial liability that has been cancelled or transferred to another party and the consideration
paid, including any transferred assets other than the cash or liabilities assumed, is recognised in profit
or loss for the year as other financial income or expenses.
Exchanges of debt instruments between the Group and the counterparty or substantial changes in the
liabilities initially recognised are accounted for as a cancellation of the original liability and the
recognition of a new financial liability, provided that the instruments have substantially different terms.
The Group considers that the terms are substantially different if the discounted present value of the
cash flows under the new terms, including any fees paid net of any fees received and discounted
using the original effective interest rate, is at least ten per cent different from the discounted present
value of the remaining cash flows of the original financial liability.
If the exchange is recognised as a cancellation of the original financial liability, the costs or fees are
recognised in the consolidated income statement as part of the consolidated income statement.
Otherwise, the modified flows are discounted at the original effective interest rate, recognising any
difference with the prior carrying amount, in profit or loss. Likewise, the costs or fees adjust the
carrying amount of the financial liability and are amortised by the amortised cost method for the
remaining life of the modified liability.
The Group recognises the difference between the carrying amount of a financial liability or the part of it
cancelled or transferred to a third party and the consideration paid, including any assets transferred
other than the cash or liabilities assumed in profit or loss.
The Group will account for exchanges of debt instruments with a lender, provided that the instruments
have substantially different conditions, such as a cancellation of the original financial liability and
subsequent recognition of a new financial liability. Similarly, a substantial change in the terms of an
existing financial liability or a part of it will be recognised as a cancellation of the original financial
liability and a subsequent recognition of a new financial liability. The difference between the carrying
amount of the cancelled financial liability and the consideration paid, which includes any transferred
assets other than cash or any liabilities assumed, will be recognised in profit or loss for the year.
If it is determined that the new terms or changes of a financial liability are not substantially different
from the existing ones and it is therefore determined that the change is not substantial, the existing
financial liability will not be derecognised. The Group will recalculate the gross carrying amount of the
financial liability and recognise a change gain or loss in profit/(loss). The gross carrying amount of the
financial liability will be recalculated as the present value of the renegotiated or modified contractual
cash flows discounted at the original effective interest rate of the financial liability", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "Trade and other payables: trade payables are initially recognised at fair value and are
subsequently measured at amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "value": "The Group derecognises financial liabilities when the obligations giving rise to them cease to exist", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "value": "
5.6 Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge the risks to which its future activities,
transactions and cash flows are exposed. These risks are mainly due to changes in interest rates.
Among the various transactions, the Group uses certain financial instruments as economic hedges.
Derivatives are initially recognised at fair value on the date on which the derivative contract is signed
and are subsequently measured at fair value at each reporting date. Subsequent changes in fair value
are recognised depending on whether the derivative has been designated as a hedging instrument
and, if so, on the nature of the item being hedged.
At the beginning of the hedging relationship, the Group documents the economic relationship between
the hedging instruments and the hedged items, including whether changes in the cash flows of the
hedging instruments are expected to offset changes in the cash flows of the hedged items. The Group
documents its risk management objective and strategy to undertake its hedge transactions.
The effective part of the changes in the fair value of the derivatives that are designated and classified
as cash flow hedges is recognised in the cash flow hedge reserve under equity. The loss or gain
relating to the ineffective part is immediately recognised in the consolidated income for the year under
'Changes in the fair value of financial instruments' in the consolidated income statement.
Gains or losses relating to the effective part of the change in the intrinsic value of the option
agreements are recognised in the cash flow reserve hedge under equity. Changes in the time value of
option agreements that relate to the hedged item ('aligned time value') are recognised under other
comprehensive income in the costs of the hedge reserve in equity.
When forward contracts are used to hedge expected transactions, the Group generally designates
only the change in the fair value of the forward contract related to the cash component as the hedging
instrument. Gains or losses related to the effective part of the change in the cash component of
forward contracts are recognised in the cash flow hedge reserve under equity. The change in the
forward element of the contract related to the hedged item is recognised in other comprehensive
income on the costs of the hedge reserve under equity. In some cases, the gains or losses
corresponding to the effective part of the change in fair value of the full term contract are recognised in
the cash flow hedge reserve under equity.
\u2013Cash flow hedges: In hedges of this nature, the portion of the gain or loss on the hedging
instrument that has been determined to be an effective hedge is recognised temporarily in equity
and is recognised in the income statement in the same period during which the hedged item
affects profit or loss, unless the hedge relates to a forecast transaction that results in the
recognition of a non-financial asset or a non-financial liability, in which case the amounts
recognised in equity are included in the initial cost of the asset or liability when it is acquired or
assumed.
\u2013Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or
exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gains or losses
on the hedging instrument recognised in equity are retained in equity until the forecast transaction
occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss
recognised in equity is transferred to net profit or loss for the year.
Derivatives embedded in other financial instruments or other host contracts are treated as separate
derivatives when their risks and characteristics are not closely related to those of the host contracts
and provided the host contracts are not measured at fair value by recognising changes in fair value in
the consolidated statement of comprehensive income.
The fair value of the various derivative financial instruments is calculated using the valuation
techniques described in Note 5.7 below.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "value": ".5.7 below.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "value": ".
The effective part of the changes in the fair value of the derivatives that are designated and classified
as cash flow hedges is recognised in the cash flow hedge reserve under equity. The loss or gain
relating to the ineffective part is immediately recognised in the consolidated income for the year under
'Changes in the fair value of financial instruments' in the consolidated income statement.
Gains or losses relating to the effective part of the change in the intrinsic value of the option
agreements are recognised in the cash flow reserve hedge under equity. Changes in the time value of
option agreements that relate to the hedged item ('aligned time value') are recognised under other
comprehensive income in the costs of the hedge reserve in equity.
When forward contracts are used to hedge expected transactions, the Group generally designates
only the change in the fair value of the forward contract related to the cash component as the hedging
instrument. Gains or losses related to the effective part of the change in the cash component of
forward contracts are recognised in the cash flow hedge reserve under equity. The change in the
forward element of the contract related to the hedged item is recognised in other comprehensive
income on the costs of the hedge reserve under equity. In some cases, the gains or losses
corresponding to the effective part of the change in fair value of the full term contract are recognised in
the cash flow hedge reserve under equity.
\u2013Cash flow hedges: In hedges of this nature, the portion of the gain or loss on the hedging
instrument that has been determined to be an effective hedge is recognised temporarily in equity
and is recognised in the income statement in the same period during which the hedged item
affects profit or loss, unless the hedge relates to a forecast transaction that results in the
recognition of a non-financial asset or a non-financial liability, in which case the amounts
recognised in equity are included in the initial cost of the asset or liability when it is acquired or
assumed.
\u2013Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or
exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gains or losses
on the hedging instrument recognised in equity are retained in equity until the forecast transaction
occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss
recognised in equity is transferred to net profit or loss for the year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-509": { "value": "
The Group's financial assets and liabilities measured at fair value at 31 December 2025 and 31
December 2024 were as follows:
2025
Thousands of euros
Level 1
Level 2
Level 3
Total
Derivative financial instruments (Note 14.3)
-
(8,260)
-
(8,260)
Financial instruments - assets (Note 14.3)
-
229
-
229
-
(8,031)
-
(8,031)
2024
Thousands of euros
Level 1
Level 2
Level 3
Total
Derivative financial instruments (Note 14.3)
-
(20,941)
(16,407)
(37,348)
Financial instruments - assets (Note 14.3)
-
1,622
-
1,622
-
(19,319)
(16,407)
(35,726)
In 2025, as a result of the capital reduction carried out by Silicius Real Estate SOCIMI, S.A. through
the redemption of all the company\u2019s shares owned by Merlin Properties SOCIMI, S.A. with
contributions in kind returned to this shareholder, the Group derecognised the derivative associated
with the purchase option held by this company, classified as Level 3 (see Notes 3, 7, 9 and 14).
No financial instruments were reclassified from one level to another during 2025 or 2024.
Fair value measurement and sensitivity
All investment property leased or to be leased through operating leases are classified as investment
property.
According to IAS 40, the Group periodically determines the fair value of its investment property so that
the fair value reflects the actual market conditions of the investment property items at that date. This
fair value is determined each year based on the appraisals undertaken by independent experts.
The market value of the Group\u2019s investment property at 31 December 2025 and 2024, calculated
based on the appraisals carried out by CBRE Valuation Advisory, S.A., Jones Lang LaSalle, S.A. and
Savills Consultores Inmobiliarios, S.A., independent appraisers not related to the Group, amounted to
EUR 11,854,292 thousand (EUR 10,742,187 thousand in 2024). This appraisal does not include the
value of the rights of use recognised in accordance with IFRS 16 amounting to EUR 53,786 thousand
(EUR 53,965 thousand in 2024) or other unvalued assets amounting to EUR 75,621 thousand (EUR
69,328 thousand in 2024). The valuation was carried out in accordance with the Appraisal and
Valuation Standards issued by the Royal Institution of Chartered Surveyors (RICS) of the United
Kingdom and the International Valuation Standards (IVS) issued by the International Valuation
Standards Council (IVSC). In relation to the fair value of the rights of use, the Group also obtained
valuations from independent third parties.
The method used to calculate the market value of the investment property involves drawing up ten-
year projections of income and expenses for each asset, adjusted at the reporting date using a market
discount rate. The residual value at the end of year 10 is calculated by applying a future exit yield to
the net income projections for year 11. The market values obtained are analysed by calculating and
assessing the capitalisation of the returns implicit in these values. The projections are intended to
reflect the best estimate of future income and expenses from the real estate assets. Both the future
exit yield and the discount rate (IRR) are determined taking into account the national market and
institutional market conditions.
The fees paid by the Group to valuers for valuation services as at 31 December 2025 and 2024 were
as follows:
Thousands of euros
2025
2024
Valuation services
629
618
Total
629
618
Breakdown of fair value of investment property
A breakdown of assets measured at fair value by their level in the fair value hierarchy is as follows:
2025
Thousands of euros
Total
Level 1
Level 2
Level 3
Fair value measurement
Investment property:
Offices
Land
3,044,818
-
-
3,044,818
Buildings
3,659,076
-
-
3,659,076
Shopping centers
Land
749,416
-
-
749,416
Buildings
1,383,393
-
-
1,383,393
Logistics-
Land
668,698
-
-
668,698
Buildings
994,263
-
-
994,263
Data centers-
Land
86,569
-
-
86,569
Buildings
1,289,865
-
-
1,289,865
Other-
Land
73,467
-
-
73,467
Buildings
34,134
-
-
34,134
Total assets measured at fair value
11,983,699
-
-
11,983,699
2024
Thousands of euros
Total
Level 1
Level 2
Level 3
Fair value measurement
Investment property:
Offices
Land
2,991,865
-
-
2,991,865
Buildings
3,594,531
-
-
3,594,531
Shopping centers
Land
723,341
-
-
723,341
Buildings
1,290,909
-
-
1,290,909
Logistics-
Land
706,513
-
-
706,513
Buildings
944,946
-
-
944,946
Data centers -
Land
52,592
-
-
52,592
Buildings
517,101
-
-
517,101
Other-
Land
42,471
-
-
42,471
Buildings
1,211
-
-
1,211
Total assets measured at fair value
10,865,480
-
-
10,865,480
No assets were reclassified from one level to another during 2025 or 2024. At 31 December 2025\u00a0 and
2024, the gross surface areas and occupancy rates of the assets were as follows:
2025
Square metres (*)
Occupancy
rate (%)
Gross leasable area
Comm. of
Madrid
Catalonia
Comm. of
Valencia
Galicia
Andalusia
Basque
Country
Castille-
La
Mancha
Rest of
Spain
Portugal
Total
Offices
867,049
232,672
-
-
13,037
-
-
-
121,037
1,233,795
94.2%
Shopping
centers
74,606
31,905
49,885
132,384
37,975
25,922
-
32,888
60,297
445,862
97.0% (**)
Logistics
319,196
132,100
61,604
-
139,218
26,774
699,401
21,579
78,381
1,478,253
96.4%
Data centers
22,508
22,131
-
-
-
21,750
-
-
-
66,389
86.4% (1)
Other
8,694
1,140
-
-
-
7,708
-
-
-
17,542
89.3%
Total surface
area
1,292,053
419,948
111,489
132,384
190,230
82,154
699,401
54,467
259,715
3,241,841
95.6%
% weight
39.9%
13.0%
3.4%
4.1%
5.9%
2.5%
21.5%
1.7%
8.0%
100.0%
(*) Not including square metres of ongoing projects or land.
(**) Excluding vacant units acquired for refurbishment.
(1) The market standard for data centres is to measure occupancy based on processing capacity, considering the required
square metres of space for processing rooms, the latter of which is the main object of leases in the data centres branch of
activity. At 31 December 2025, the Group\u2019s three data centres currently in operation have an available processing capacity of 44
MW, with 39.2 MW (89.1%) committed at that date. The Group considers committed capacity to be that which is physically
occupied at the reporting date or, while not occupied at the reporting date, that for which there are contractual commitments that
reserve such capacity to ensure future growth for the Group\u2019s customers.
2024
Square metres (*)
Occupancy
rate (%)
Gross leasable area
Comm. of
Madrid
Catalonia
Comm. of
Valencia
Galicia
Andalusia
Basque
Country
Castille-
La
Mancha
Rest of
Spain
Portugal
Total
Offices
871,645
232,622
-
-
13,037
-
-
-
107,322
1,224,626
93.7%
Shopping
centers
74,606
31,905
49,831
124,003
37,956
25,922
-
32,888
60,089
437,200
96,5% (**)
Logistics
330,389
132,100
61,604
-
139,218
26,774
681,270
21,579
45,171
1,438,105
99.4%
Data centers
22,508
22,131
-
-
-
21,750
-
-
-
66,389
81,5% (1)
Other
1,899
1,140
-
-
-
46
-
-
-
3,085
61.6%
Total surface
area
1,301,047
419,898
111,435
124,003
190,211
74,492
681,270
54,467
212,582
3,169,405
96.7%
% weight
41.1%
13.2%
3.5%
3.9%
6.0%
2.4%
21.5%
1.7%
6.7%
100.0%
(*) Not including square metres of ongoing projects or land
(**) Excluding vacant units acquired for refurbishment.
(1) The market standard for data centres is to measure occupancy based on processing capacity, considering the required
square metres of space for processing rooms, the latter of which is the main object of leases in the data centres branch of
activity. At 31 December 2024, the Group\u2019s three data centres currently in operation had an available processing capacity of 26
MW, with 21.2 MW (81.5%) committed at that date. The Group considers committed capacity to be that which is physically
occupied at the reporting date or, while not occupied at the reporting date, that for which there are contractual commitments that
reserve such capacity to ensure future growth for the Group\u2019s customers.
Hypotheses used in the valuation
In relation to determining the fair value of investment property, the significant unobservable inputs
used to measure the fair value of investment property corresponded to the rental income, future exit
yields and the rate used for discounting the cash flows of the projections (IRR).
The quantitative information on the significant non-observable input data used in measuring fair value
is shown below.
2025
Exit yield
Discount rate
Offices
3.70% - 7.60%
5.20% - 9.60%
Shopping centers
3.92% - 7.75%
6.20% - 9.75%
Logistics
4.75% - 6.25%
6.50% - 9.50%
Data centers
5.50% - 8.10%
9.00% - 11.00%
Other
3.50% - 7.50%
4.75% - 18.50%
2024
Exit yield
Discount rate
Offices
3.70% - 7.60%
5.20% - 10.10%
Shopping centers
3.92% - 7.75%
6.25% - 9.75%
Logistics
4.75% - 6.25%
6.50% - 9.50%
Data centers
5.50% - 7.00%
10.00% - 12.00%
Other
5.50% - 7.50%
6.62% - 18.50%
Market rents: the amounts per square metre used in the valuation have ranged between 3.24 and
66.27 euros depending on the type of asset and location. The growth rates of the rents used in the
projections are based mainly on the CPI. It should be noted that the minimum range corresponds to a
logistics asset and the maximum range relates to a retail asset located in a prime area.
Analysis of the sensitivity of the hypotheses
The effect of a one-quarter, one-half and one point change in the the rate used to discount the cash
flows of the projections (IRR) on consolidated assets and on the consolidated income statement, with
respect to investment property, would be as follows:
31 December 2025
Thousands of euros
31.12.2025
Assets
Consolidated profit/(loss) before tax
0.25%
0.50%
1%
0.25%
0.50%
1%
Increase in IRR
(282,124)
(557,627)
(1,089,467)
(282,124)
(557,627)
(1,089,467)
Decrease in IRR
288,925
584,836
1,198,388
288,925
584,836
1,198,388
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
31 December 2024
Thousands of euros
31.12.2024
Assets
Consolidated profit/(loss) before tax
0.25%
0.50%
1%
0.25%
0.50%
1%
Increase in IRR
(209,144)
(413,400)
(807,755)
(209,144)
(413,400)
(807,755)
Decrease in IRR
214,167
433,492
888,190
214,167
433,492
888,190
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
The effect of a 1%, 5% and 10% change in the rents considered has the following impact on the
investment property in consolidated assets and in the consolidated income statement:
31 December 2025
Thousands of euros
Assets
Consolidated profit/(loss) before tax
1%
5%
10%
1%
5%
10%
Increase in rents
99,097
495,483
990,967
99,097
495,483
990,967
Decrease in rents
(99,097)
(495,483)
(990,967)
(99,097)
(495,483)
(990,967)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
31 December 2024
Thousands of euros
Assets
Consolidated profit/(loss) before tax
1%
5%
10%
1%
5%
10%
Increase in rents
83,801
419,003
838,006
83,801
419,003
838,006
Decrease in rents
(83,801)
(419,003)
(838,006)
(83,801)
(419,003)
(838,006)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
The effect of a one-quarter, one-half and one point change in the future exit yields considered, in the
case based on return calculated as the result of dividing the net operating income for the last year of
the period analysed by the estimated exit value, on consolidated assets and on the consolidated
income statement, regarding investment property, would be as follows:
31 December 2025
Thousands of euros
Assets
Consolidated profit/(loss) before tax
0.25%
0.50%
1%
0.25%
0.50%
1%
Increase in exit yield
(407,683)
(780,767)
(1,439,376)
(407,683)
(780,767)
(1,439,376)
Decrease in exit yield
447,330
940,387
2,094,916
447,330
940,387
2,094,916
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
31 December 2024
Thousands of euros
Assets
Consolidated profit/(loss) before tax
0.25%
0.50%
1%
0.25%
0.50%
1%
Increase in exit yield
(298,733)
(572,205)
(1,055,183)
(298,733)
(572,205)
(1,055,183)
Decrease in exit yield
327,665
688,677
1,533,417
327,665
688,677
1,533,417
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Details of \u201cChanges in value of investment property\u201d in the accompanying consolidated income
statement are as follows:
Type of asset
Thousands of euros
2025
2024
Offices
80,853
(6,587)
Shopping centers
58,895
(17,749)
Logistics
18,573
(36,366)
Data centers
358,889
60,293
Other
(23,364)
(658)
493,846
(1,067)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-508": { "value": "
The Group's financial assets and liabilities measured at fair value at 31 December 2025 and 31
December 2024 were as follows:
2025
Thousands of euros
Level 1
Level 2
Level 3
Total
Derivative financial instruments (Note 14.3)
-
(8,260)
-
(8,260)
Financial instruments - assets (Note 14.3)
-
229
-
229
-
(8,031)
-
(8,031)
2024
Thousands of euros
Level 1
Level 2
Level 3
Total
Derivative financial instruments (Note 14.3)
-
(20,941)
(16,407)
(37,348)
Financial instruments - assets (Note 14.3)
-
1,622
-
1,622
-
(19,319)
(16,407)
(35,726)
In 2025, as a result of the capital reduction carried out by Silicius Real Estate SOCIMI, S.A. through
the redemption of all the company\u2019s shares owned by Merlin Properties SOCIMI, S.A. with
contributions in kind returned to this shareholder, the Group derecognised the derivative associated
with the purchase option held by this company, classified as Level 3 (see Notes 3, 7, 9 and 14).
No financial instruments were reclassified from one level to another during 2025 or 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-507": { "value": "
The Group's financial assets and liabilities measured at fair value at 31 December 2025 and 31
December 2024 were as follows:
2025
Thousands of euros
Level 1
Level 2
Level 3
Total
Derivative financial instruments (Note 14.3)
-
(8,260)
-
(8,260)
Financial instruments - assets (Note 14.3)
-
229
-
229
-
(8,031)
-
(8,031)
2024
Thousands of euros
Level 1
Level 2
Level 3
Total
Derivative financial instruments (Note 14.3)
-
(20,941)
(16,407)
(37,348)
Financial instruments - assets (Note 14.3)
-
1,622
-
1,622
-
(19,319)
(16,407)
(35,726)
In 2025, as a result of the capital reduction carried out by Silicius Real Estate SOCIMI, S.A. through
the redemption of all the company\u2019s shares owned by Merlin Properties SOCIMI, S.A. with
contributions in kind returned to this shareholder, the Group derecognised the derivative associated
with the purchase option held by this company, classified as Level 3 (see Notes 3, 7, 9 and 14).
No financial instruments were reclassified from one level to another during 2025 or 2024.
The breakdown, by type, of the balance of this heading in the consolidated statement of financial
position at 31 December 2025 and 2024 is as follows:
Classification of financial assets by category:
Thousands of euros
2025
2024
Non-current:
At fair value-
Interest rate derivatives
229
1,622
Equity instruments
12,008
11,151
At amortised cost-
Loans to third parties
188,885
146,589
Loans to associates
13,509
13,745
Deposits and guarantees
69,182
56,827
Total Non-current
283,813
229,934
Current:
At amortised cost-
Loans to associates
3,196
4,312
Loans to third parties
236
236
Other financial assets
2,522
7,111
Trade and other receivables
84,617
60,102
Total current
90,571
71,761
The carrying amount of financial assets recognised at amortised cost does not differ from their fair
value.
Derivatives
At the end of 2025 and 2024, the valuation of interest rate derivatives receivable was recognised
under \u201cDerivatives\u201d (see Note 14).
Loans to third parties
\"Other non-current financial assets\" included the loan granted to Urban\u00edsticos Udra, S.A.U.,
shareholder of Crea Madrid Nuevo Norte, S.A., amounting to EUR 86,397 thousand, which accrues
market interest. At 31 December 2025, due to the annual capitalisation of interest, EUR 95,277
thousand in principal and EUR 328 thousand in interest had yet to be paid. In relation to this loan, the
Group has guarantees from the creditor associated with 10% of shares in Crea Madrid Nuevo Norte,
S.A., and no credit risk has been identified for the debtor.
In addition, \u201cLong-term loans to third parties\u201d includes rental income recognised on a straight-line
basis, marketing costs and tenant establishment expenses amounting to EUR 65,473 thousand (EUR
52,528 in 2024).
Deposits and guarantees
\u201cDeposits and guarantees\u201d primarily includes the guarantees provided by lessees as security deposits
amounting to EUR 67,144 thousand (EUR 55,052 thousand at 31 December 2024), ), which the Group
has deposited with the housing authority (Instituto de la Vivienda) in each region. At 31 December
2025, the guarantees received by lessees as security deposits amounted to EUR 78,528 thousand
(EUR 70,197 thousand at 31 December 2024) and were recognised under \u201cNon-current liabilities \u2013
Other financial liabilities\u201d on the liability side of the accompanying consolidated statement of financial
position for 2025 (see Note 15).
Classification of financial assets by maturity:
The classification of financial assets by maturity at 31 December 2025 and 2024 is as follows:
2025
Thousands of euros
Less than 1
year
From 1 to 5
years
Over 5 years
Undetermined
maturity
Total
Interest rate derivatives
-
229
-
-
229
Equity instruments
-
-
-
12,008
12,008
Loans to third parties and associates
236
73,899
128,495
-
202,630
Deposits and guarantees
-
-
-
69,182
69,182
Loans to associates
3,196
-
-
-
3,196
Other financial assets
2,522
-
-
-
2,522
Trade and other receivables
84,617
-
-
-
84,617
Total financial assets
90,571
74,128
128,495
81,190
374,384
2024
Thousands of euros
Less than 1
year
From 1 to 5
years
Over 5 years
Undetermined
maturity
Total
Interest rate derivatives
-
1,622
-
-
1,622
Equity instruments
-
-
-
11,151
11,151
Loans to third parties and associates
236
40,009
120,325
-
160,570
Deposits and guarantees
-
-
-
56,827
56,827
Loans to associates
4,312
-
-
-
4,312
Other financial assets
7,111
-
-
-
7,111
Trade and other receivables
60,102
-
-
-
60,102
Total financial assets
71,761
41,631
120,325
67,978
301,695
31 December 2025 and 2024:
Thousands of euros
2025
2024
Trade and notes receivable
50,131
41,900
Sales debentures
5,477
4,288
Associates
623
636
Sundry accounts receivable
1,162
1,165
Remuneration payable
184
184
Other receivables from public authorities (Note 17)
34,212
19,456
Impairment of trade receivables
(7,172)
(7,527)
84,617
60,102
31 December 2025, \u201cTrade and other receivables\u201d in the accompanying consolidated statement of
financial position mainly includes balances receivable from the rental of investment property and the
current portion of the effect of the straight-line recognition of rent rebates and waivers amounting to
EUR 13,796 thousand (EUR 11,507 thousand at year-end 2024). In general these receivables are
interest free and the terms of collection range from immediate payment on billing to payment at 30
days, while the average collection period is approximately 5 days (5 days in 2024).
The analysis of the age of the past-due balances that were not considered to have become impaired
at 31 December 2025 and 2024 is as follows:
Thousands of euros
2025
2024
Less than 30 days
720
4,814
31 to 60 days
3,678
2,610
61 to 90 days
282
369
Over 90 days
612
546
5,292
8,339
At 31 December 2025 and 2024, no collection rights had been transferred to financial institutions.
In accordance with IFRS 9, the Group periodically analyses the risk of insolvency of its accounts
receivable by updating the related provision for impairment losses. The Parent\u2019s directors consider
that the amount of trade and other receivables approximates their fair value.
The changes in the impairment losses and bad debt in 2025 and 2024 were as follows:
Thousands of
euros
Balance at 31 December 2023
(10,959)
Charges for the year
(1,076)
Reversals/amounts used
4,378
Other
130
Balance at 31 December 2024
(7,527)
Charges for the year
(1,403)
Reversals/amounts used
1,739
Other
19
Balance at 31 December 2025
(7,172)
Losses from bad debts amounted to EUR 1,200 thousand in 2025. The majority of impaired
receivables are overdue by more than six months.
Details of the concentration of customers (customers that account for a significant share of business)
are included in the information on branches of activity in Note 6.
12.\u00a0 \u00a0 Cash and cash equivalents
\u201cCash and cash equivalents\u201d includes the Group\u2019s cash and short-term bank deposits with an original
maturity of three months or less. The carrying amount of these assets does not differ from their fair
value. At 31 December 2025, short-term bank deposits amounted to EUR 978 million.
At 31 December 2025 and 2024, the amount included under \u201cCash and cash equivalents\u201d is
unrestricted, except for EUR 5,135 thousand and EUR 2,220 thousand, respectively.
14.\u00a0 \u00a0 Current and non-current financial liabilities
The detail of current and non-current liabilities at 31 December 2025 and 2024 is as follows:
Thousands of euros
2025
2024
Non-current:
Measured at amortised cost-
Syndicated loan
665,000
665,000
Syndicated loan arrangement expenses
(2,079)
(2,983)
Total syndicated loan
662,921
662,017
Non-mortgage loan
277,769
145,581
Mortgage loans
632,313
703,063
Loan arrangement expenses
(7,814)
(8,400)
Total other loans
902,268
840,244
Debentures and bonds
2,550,000
2,800,000
Debenture issue expenses
(17,691)
(18,955)
Total debentures and bonds
2,532,309
2,781,045
Total amortised cost
4,097,498
4,283,306
Measured at fair value
Derivative financial instruments
8,260
20,941
Total at fair value
8,260
20,941
Total non-current
4,105,758
4,304,247
Current:
Measured at amortised cost
Syndicated loan
595
900
Debentures and bonds
821,631
621,654
Mortgage loans
44,128
2,697
Revolving credit facility
517
510
Non-mortgage loan
426
298
Loan arrangement expenses
(1,046)
(293)
Total amortised cost
866,252
625,767
Measured at fair value
Derivative financial instruments
351
(282)
Total at fair value
351
(282)
Total current
866,603
625,485
There is no material difference between the carrying amount and the fair value of financial liabilities at
amortised cost.
The detail of the Parent\u2019s rating is as follows:
Agency
Rating
Outlook
Last Review
Previous
Standard & Poor\u00b4s
BBB+
Stable
07/09/2025
BBB Positive
Moody\u00b4s
Baa1
Stable
09/25/2025
Baa2 Positive
14.1 Loans
The detail of loans at 31 December 2025 and 2024 is as follows:
2025
Thousands of euros
Bank borrowings
Initial
loan/Limit
Expenses
incurred from
formalising
loans (Note
14.5)
31.12.2025
Long-term
Short-term
Short-term
interest
Syndicated loan
665,000
(2,079)
665,000
-
595
Non-mortgage loan
277,769
(766)
277,769
-
426
Revolving credit facilities
740,000
(3,287)
-
-
517
Mortgage loans
704,000
(3,834)
632,313
42,462
1,667
Total
2,386,769
(9,966)
1,575,082
42,462
3,205
2024
Thousands of euros
Bank borrowings
Initial
loan/Limit
Expenses
incurred from
formalising
loans (Note
14.5)
31.12.2024
Long-term
Short-term
Short-term
interest
Syndicated loan
665,000
(2,983)
665,000
-
900
Non-mortgage loan
202,904
(225)
145,581
-
298
Revolving credit facilities
740,000
(3,181)
-
-
510
Mortgage loans
704,000
(4,994)
703,063
656
2,041
Total
2,311,904
(11,383)
1,513,644
656
3,749
Certain financing arrangements include commitments to maintain certain coverage ratios, which are
standard in these types of real estate companies, such as the loan-to-value ratio, the ratio of the
company\u2019s income used to service the debt (interest coverage ratio, ICR), or the ratio of mortgage-free
assets and non-mortgage debt (unencumbered ratio). The Parent\u2019s directors have confirmed that
these ratios were met at 31 December 2025 and do not expect that they will not be fulfilled in the
coming years.
Syndicated loans and revolving credit facility of the Parent
On 18 November 2022, the Parent arranged a senior syndicated loan for EUR 600 million. This facility
has a maturity of 5 years from its disposal and accrues a market rate of EURIBOR + 130 basis points.
On 20 April 2023, the Parent had drawn down the full amount of this financing.
In addition, a novation agreement was entered into on that date for the senior syndicated loan,
including a Tranche B corresponding to a revolving credit facility with a limit of EUR 700 million. This
new credit facility has a term of 5 years with the possibility of two optional one-year extensions. The
revolving credit facility accrues interest at a rate of EURIBOR + 100 basis points and incorporates a
cost adjustment mechanism based on four sustainability criteria.
On 18 July 2023, the novation of the syndicated loan and credit facility was signed. The senior
syndicated loan was increased to EUR 665 million with the inclusion of the amounts of two bilateral
loans that the Parent had taken out with Kutxabank and Unicaja. In addition, the credit facility limit was
increased to EUR 740 million. At 31 December 2025, this credit facility had not been drawn down. On
10 July 2025, this credit facility was extended until 23 April 2030.
This financing includes the same obligations to maintain certain coverage ratios as the Group\u2019s bonds
and the financing from Banco Sabadell and the European Investment Bank, as detailed below. These
ratios are defined as the ratio of the value of assets to outstanding debt (loan-to-value ratio), the ratio
of the Group\u2019s income used to service the debt (interest coverage ratio, ICR) and the ratio of
mortgage-free assets and non-mortgage debt (unencumbered ratio). The Parent\u2019s directors have
confirmed that these ratios were met at 31 December 2025 and do not expect that they will not be
fulfilled in the coming years.
European Investment Bank Loan
On 20 December 2018, the Parent arranged a mortgage-free loan with the European Investment Bank
for EUR 51 million. On 4 November 2019, the Parent arranged the second tranche of the unsecured
loan with the European Investment Bank for EUR 64 million, with the two tranches amounting to EUR
115 million. This financing can be arranged through several loans with a maturity of 10 years on each
drawdown. This credit facility must be allocated to the development of logistical assets in the Castille\u2013
La Mancha region.
On 10 March 2020 and 26 October 2020, the Group drew down EUR 23.4 million and EUR 5.6 million
corresponding to the first tranche of the facility. This loan accruals a fixed interest rate of 60 basis
points. On 20 December 2022, the Group had drawn down EUR 22 million at a rate of 358 basis
points, meaning the first tranche of EUR 51 million was drawn down in full.
On 20 December 2023, the Group had drawn down EUR 16.9 million, accruing interest at a fixed rate
of 386 basis points. This loan corresponds to the first drawdown of the second tranche of EUR 64
million.
On 7 November 2024, a new limit was set for the second tranche, from the initial EUR 64 million to
EUR 46.7 million. On 4 November 2025, a new limit was set for this tranche, from the initial EUR 46.7
million to EUR 34.6 million.
On 18 December 2024, the Group drew down EUR 17.7 million of the second tranche mentioned
above, accruing interest at a fixed rate of 326 basis points. At year-end 2025, this loan had been
drawn down in full.
In addition, on 16 December 2021, the Parent arranged an unsecured loan with the European
Investment Bank amounting to EUR 45.2 million and maturing in 10 years. This financing would be
used for energy efficiency investments. On 4 November 2025, a new limit was set for this loan, from
the initial EUR 45.2 million to EUR 32.2 million.
On 16 December 2025, the Group had drawn down EUR 32.2 million of the loan mentioned above,
accruing interest at a fixed rate of 354 basis points. At year-end 2025, this loan had been drawn down
in full.
At 31 December 2025, all financing with the European Investment Bank had been drawn down.
This financing includes commitments to maintain certain coverage ratios. These ratios are defined as
the ratio of the value of assets to outstanding debt (loan-to-value ratio), the ratio of the Group\u2019s income
used to service the debt (interest coverage ratio, ICR) and the ratio of mortgage-free assets and non-
mortgage debt (unencumbered ratio). The Parent\u2019s directors have confirmed that these ratios were
met at 31 December 2025 and do not expect that they will not be fulfilled in the coming years.
Non-mortgage loans
On 18 November 2022, the Parent took out and drew down on an unsecured loan with Banco
Sabadell for EUR 60 million, maturing in January 2028 and accruing interest at a market rate of
EURIBOR + 120 basis points.
On 31 March 2025, the Parent took out and drew down on an unsecured loan with Mediobanca for
EUR 100 million, maturing in five years plus one additional year from its drawdown and accruing
interest at a market rate of EURIBOR + 115 basis points.
This financing includes obligations to meet certain coverage ratios. These ratios are defined as the
ratio of the value of assets to outstanding debt (loan-to-value ratio), the ratio of the Group\u2019s income
used to service the debt (interest coverage ratio, ICR) and the ratio of mortgage-free assets and non-
mortgage debt (unencumbered ratio). The Parent\u2019s directors have confirmed that these ratios were
met at 31 December 2025 and do not expect that they will not be fulfilled in the coming years.
Mortgage loans
At 31 December 2025 and 2024, the Group had taken out the following mortgage loans:
2025
Thousands of euros
Original
Long-term
Short-term
Financial institution
Loan
Term
Term
Interest
Collateral
Novo Banco
134,000
134,000
-
212
Mortgage
Caixabank
150,000
148,313
750
1,043
Mortgage
ING
70,000
-
41,712
3
Mortgage
BBVA
180,000
180,000
-
45
Mortgage
Allianz
170,000
170,000
-
363
Mortgage
Total
704,000
632,313
42,462
1,666
2024
Thousands of euros
Original
Long-term
Short-term
Financial institution
Loan
Term
Term
Interest
Collateral
Novo Banco
134,000
134,000
-
228
Mortgage
Caixabank
150,000
149,063
656
1,427
Mortgage
ING
70,000
70,000
-
7
Mortgage
BBVA
180,000
180,000
-
37
Mortgage
Allianz
170,000
170,000
-
342
Mortgage
Total
704,000
703,063
656
2,041
On 26 April 2019, the Group entered into a novation agreement modifying the mortgage loan
subscribed on 4 December 2015 with ING Bank N.V. by the subsidiary Merlin Log\u00edstica S.L.U. The due
date for this financial arrangement, originally set to be in 2020, was extended until 2026. This financial
arrangement accrues an interest rate of EURIBOR at three months + 100 basis points; it includes a
financial cost adjustment mechanism based on meeting four sustainability criteria. On 26 March 2021,
the mortgage financing agreement was changed, extending the loan amount by EUR 2.1 million to a
total of EUR 70 million. In 2025, as a result of the divestment of two warehouses used as collateral for
this loan (see Note 7), the Group repaid a total of EUR 28.3 million, leaving an outstanding principal of
EUR 41.7 million.
This loan requires that the company maintain and comply with certain coverage ratios, such as the
loan-to-value ratio and the ratio of the company's income used to service the debt (interest coverage
ratio, ICR). The Parent\u2019s directors have confirmed that these ratios were met at 31 December 2025
and do not expect that they will not be fulfilled in the coming years.
It also envisages certain conditions linked to compliance with the following factors associated with the
environment and sustainability: i) sustainable capex, ii) LEED and BREAM certifications, iii) AIS
certifications and iv) green energy consumption, which can lead to certain savings in the financial
burden.
In accordance with IFRS 9, the Group evaluated the nature of the refinancing undertaken of the
previous ING loan and concluded that it does not represent a material change (10% test). Therefore,
the difference between the value of the old debt at amortised cost and the new debt discounted at the
effective interest rate of the old debt was recognised as a lower finance costs of EUR 2,291 thousand
under \u201cFinance costs\u201d on the 2019 consolidated income statement. This amount will be reversed in the
consolidated income statement for subsequent years in accordance with the effective interest rate of
the debt. In 2025, the application of the amortised cost method in relation to these items gave rise to a
finance cost of EUR 421 thousand (EUR 364 thousand in 2024).
On 27 July 2023, the Parent took out a loan with BBVA secured by a mortgage on an office building in
Madrid. The loan is for EUR 180 million, with a term of 7 years, and accrues interest at a market rate
of EURIBOR + 110 basis points.
On 15 November 2023, the Parent entered into a loan with Allianz secured by a mortgage on a
portfolio of 4 office buildings in Madrid. The loan is for EUR 170 million, with a term of 10 years and
accrues interest at a fixed rate of 4.523%.
On 17 January 2024, the Parent took out a loan with Caixabank, S.A. secured by a mortgage on a
portfolio of two office buildings in Madrid. The loan is for EUR 150 million, matures in 2034 and has a
spread of 130 basis points.
On 28 June 2024, the Group took out a loan with Novo Banco, S.A. secured by a mortgage on a
portfolio of five office buildings in Lisbon. The loan is for EUR 134 million, matures in 2031 and has a
spread of 125 basis points.
At 31 December 2025, all of the Group\u2019s mortgage loans had been drawn down in full.
These facilities require that the company maintain and comply with certain coverage ratios, such as
the loan-to-value ratio and the ratio of the company's income used to service the debt (interest
coverage ratio, ICR). The Parent\u2019s directors have confirmed that these ratios were met at 31
December 2025 and do not expect that they will not be fulfilled in the coming years.
Maturity of debt
The breakdown by maturity of these loan principals is as follows:
2025
Thousands of euros
Revolving
Syndicated
Secured
line of
loans and other
loans
Loans
credit
Total
2026
-
42,462
-
42,462
2027
-
1,313
-
1,313
2028
725,000
1,500
-
726,500
2029
-
1,781
-
1,781
2030
29,000
182,156
-
211,156
Over 5 years
188,769
445,563
-
634,332
942,769
674,775
-
1,617,544
2024
Thousands of euros
Revolving
Syndicated
Secured
line of
loans and other
loans
Loans
credit
Total
2025
-
656
-
656
2026
-
70,750
-
70,750
2027
-
1,313
-
1,313
2028
725,000
1,500
-
726,500
2029
-
1,781
-
1,781
Over 5 years
85,581
627,719
-
713,300
810,581
703,719
-
1,514,300
At 31 December 2025, EUR 740 million of the Group\u2019s credit facility had not yet been drawn down.
None of the Group's debt was denominated in non-euro currencies at 31 December 2025 or 2024.
The finance cost for interest on the loans totalled EUR 58,867 thousand in 2025 (EUR 69,287
thousand in 2024) and is recognised in the accompanying consolidated income statement for 2025.
At 31 December 2025 and 2024, the debt arrangement expenses had been deducted from the
balance of \"Bank borrowings\". In 2025, the Group recognised an expense of EUR 2,834 thousand
(EUR 2,690 thousand in 2024) under \u201cFinance costs\u201d in the accompanying consolidated income
statement (see Note 18.d).
14.2 Debenture issues
On 12 May 2017, the Parent subscribed a Euro Medium Term Notes (EMTN) issue programme of up
to EUR 4,000 million, which replaced the original bond issue programme and its supplements
subscribed on 6 April 2016 and 14 October 2016, respectively, for an overall maximum amount of EUR
2,700 million.
On 18 May 2018, the Parent expanded the Euro Medium Term Notes (EMTN) issue programme to
EUR 5,000 million.
On 17 June 2020, the shareholders at the Annual General Meeting approved the extension of this
bond issuance programme up to an amount of EUR 6,000 million, with the extension carried out on 21
March 2021. The programme was subsequently renewed on 4 August 2022, 11 May 2023 and 10 May
2024 for another year.
On 30 April 2025, the shareholders at the Annual General Meeting approved the extension of this
bond issuance programme up to an amount of EUR 7,500 million. It was subsequently renewed for an
additional year on 7 May 2025.
On 1 June 2022, the Group obtained consent from its bondholders to convert all its bonds into green
bonds under the Green Financing Framework published by the Group on 25 April 2022. The
reclassification of the bonds to green bonds does not entail changes to any other features of the
bonds, such as their terms and conditions, interest or maturity. In April 2024, the Group renewed the
Green Financing Reference Framework.
On 2 February 2024, the Group increased the amount drawn down (tap) on the bond maturing in
September 2029 at 2.375% for an amount of EUR 100 million (implicit cost 3.93%).
On 26 May 2025, the Group repaid the corresponding bond on the maturity date in the amount of EUR
600.
On 4 September 2025, the Group issued a bond of EUR 550 million maturing in September 2033 with
an interest rate of 3.5%.
The terms of the bonds issued by the Group abide by UK laws and are traded on the Luxembourg
Stock Exchange. The bond issue programme has the same guarantees and ratio compliance
obligations as the syndicated loan and the revolving credit facility.
The detail at 31 December 2025 and 2024 of the bonds issued by the Parent is as follows :
2025
Maturity
Face value
Coupon
Listed price
Return
Market
(Millions of Euros)
nov-26
800
1.875%
MS +44 p.b.
2.64%
Luxemburg
jul-27
500
2.375%
MS +36 p.b.
2.55%
Luxemburg
sep-29
400
2.375%
MS +46 p.b.
2.91%
Luxemburg
jun-30
500
1.375%
MS +74 p.b.
3.26%
Luxemburg
sep-33
550
3.500%
MS +107 p.b.
3.85%
Luxemburg
dec-34
600
1.875%
MS +114 p.b.
4.00%
Luxemburg
3,350
2.201%
2024
Maturity
Face value
Coupon
Listed price
Return
Market
(Millions of Euros)
may-25
600
1.750%
MS +22 p.b.
2.84%
Luxemburg
nov-26
800
1.875%
MS +50 p.b.
2.69%
Luxemburg
jul-27
500
2.375%
MS +73 p.b.
2.91%
Luxemburg
sep-29
400
2.375%
MS +81 p.b.
3.04%
Luxemburg
jun-30
500
1.375%
MS +89 p.b.
3.14%
Luxemburg
dec-34
600
1.875%
MS +128 p.b.
3.64%
Luxemburg
3,400
1.912%
These bond issues include commitments to maintain certain coverage ratios. These ratios are defined
as the ratio of the value of assets to outstanding debt (loan-to-value ratio), the ratio of the Group\u2019s
income used to service the debt (interest coverage ratio, ICR) and the ratio of mortgage-free assets
and non-mortgage debt (unencumbered ratio). The Parent\u2019s directors have confirmed that these ratios
were met at 31 December 2025 and do not expect that they will not be fulfilled in the coming years.
The finance cost for interest on the debenture issues amounted to EUR 64,978 thousand (EUR 67,799
thousand in 2024) and is recognised in the accompanying consolidated income statement for 2025.
The accrued interest payable at 31 December 2025 amounted to EUR 21,631 thousand (EUR 21,654
thousand in 2024). Debt arrangement expenses taken to the consolidated income statement in 2025
amounted to EUR 5,220 thousand (EUR 5,390 thousand in 2024).
14.3 Derivatives
The detail of the financial instruments at 31 December 2025 and 2024 is as follows:
Thousands of euros
2025
2024
Non-current:
Asset interest rate
(229)
(1,622)
Liability interest rate
8,260
20,941
Other (Notes 5 and 9)
-
16,407
Total non-current
8,031
35,726
Current:
Interest rate derivatives
351
(282)
Total current
351
(282)
To determine the fair value of interest rate derivatives, the Group discounts the cash flows based on
the implicit EURIBOR interest rate calculated in accordance with market conditions at the
measurement date.
These financial instruments were classified as Level 2 based on the fair value hierarchy established in
IFRS 7. In 2025, as a result of the capital reduction carried out by Silicius Real Estate SOCIMI, S.A.
through the redemption of all the company\u2019s shares owned by Merlin Properties SOCIMI, S.A. with
contributions in kind returned to this shareholder, the Group derecognised the derivative associated
with the purchase option held by this company, classified as Level 3 (see Notes 3, 5, 7 and 9). The
Group recognised an expense of EUR 7,256 thousand under \u201cChanges in fair value of financial
instruments\u201d in the accompanying consolidated income statement.
The detail of the derivative financial instruments included in the accompanying consolidated statement
of financial position at 31 December 2025 and 2024 is as follows:
2025
Thousands of euros
Assets
Liabilities
Financial
Financial
Non-current:
Interest rate derivatives
(229)
8,260
Current:
Interest rate derivatives
-
351
Total derivatives recognised
(229)
8,611
2024
.
Thousands of euros
Assets
Liabilities
Financial
Financial
Non-current:
Interest rate derivatives
(1,622)
20,941
Current:
Interest rate derivatives
-
(282)
Total derivatives recognised
(1,622)
20,659
In 2024, the Group arranged an interest rate hedge to cover the mortgage loan with Caixabank until its
maturity in March 2034 for a notional amount of EUR 150 million to EUR 135 million and a fixed cost
of 2.598%.
In addition, the Group arranged an interest rate hedge in 2024 to cover the mortgage loan with Novo
Banco until its maturity in June 2031 for a notional amount of EUR 134 million and a fixed cost of
2.553%.
In 2025, the Group arranged an interest rate hedge to cover the loan with Mediobanca until its maturity
in March 2031 for a notional amount of EUR 100 million and a fixed cost of 2.263%.
The interest rate derivatives contracted by the Group and their fair values are as follows:
2025
Thousands of euros
Outstanding notional amount at each date
Interest
Fair
Subsequent
Contracted
Value
2025
2026
2027
2028
years
Syndicated Parent Company
2.537%
7,341
665,000
665,000
665,000
-
-
Non-mortgage - Parent Company
2.356%
221
160,000
160,000
160,000
100,000
100,000
Mortgage - Parent Company
2.469%
44
329,063
328,313
327,000
325,500
323,719
Mortgage - Other spanish subsidiaries
0.310%
(229)
41,712
-
-
-
-
Mortgage - Portugal
2.553%
654
134,000
134,000
134,000
134,000
134,000
8,031
1,329,775
1,287,313
1,286,000
559,500
557,719
2024
Outstanding notional amount at each date
Interest
Fair
Subsequent
Contracted
Value
2024
2025
2026
2027
years
Syndicated Parent Company
2.537%
10,958
665,000
665,000
665,000
665,000
-
Non-mortgage - Parent Company
2.512%
883
60,000
60,000
60,000
60,000
-
Mortgage - Parent Company
2.363%
6,208
329,719
329,063
328,313
327,000
325,500
Mortgage - Other spanish subsidiaries
0.310%
(1,622)
67,900
67,900
-
-
-
Mortgage - Portugal
2.553%
2,893
134,000
134,000
134,000
134,000
134,000
19,320
1,256,619
1,255,963
1,187,313
1,186,000
459,500
The Group has opted for hedge accounting, suitably designating the hedging relationships in which
these financial instruments are hedging instruments of the financing used by the Group. In this
manner, the Group has neutralized flow variations stemming from interest payments and fixed the rate
to be paid for said financing. The derivatives that are highly effective, prospectively and
retrospectively, on a cumulative basis, since the date of designation are those associated with the new
syndicated financing, the bilateral loan with Banco Sabadell, the mortgage loans with BBVA,
Caixabank and Novo Banco, and the non-mortgage loan with Caixabank, with their changes in value
therefore recognised under \u201cEquity\u201d.
The Group recognised the fair value of the derivatives that meet the requirements for effectiveness
under \u201cEquity\u201d, only taking into consideration the tax effect on the derivatives associated with the
mortgage loan from Novo Banco. The Group did not consider any tax effect for the rest of the
derivatives as a result of applying the REIT regime. The Group recognised income of EUR 54
thousand in 2025 (income of EUR 501 thousand in 2024) under \u201cChanges in fair value of financial
instruments\u201d in the consolidated income statement as a result of the derivative financial instruments
that did not meet the hedging requirements due to ineffectiveness and cancellations.
On adopting IFRS 13, the Group adjusted the measurement techniques for calculating the fair value of
its derivatives. The Group includes a bilateral credit risk adjustment to reflect both the own credit risk
and the counterpart party risk in the measurement of the fair value of the derivatives. The Group
applied the discounted cash flow method, considering a discount rate affected by its own credit risk.
To calculate the fair value of the financial derivatives, the Group used generally accepted
measurement techniques in the market, which account for current and future expected exposure,
adjusted by the probability of default and the potential loss given default affecting the contract. The
CVA (Credit Value Adjustment) or counterparty credit risk and DVA (Debt Value Adjustment) or own
credit risk were therefore estimated.
Current and expected exposure in the future is estimated using simulations of scenarios of fluctuations
in market variables, such as interest rate curves, exchange rates and volatilities as per market
conditions at the measurement date.
Furthermore, for the credit risk adjustment, the Group's net exposure has been taken into account with
regards to each of the counterparties, if the financial derivatives arranged with them are within a
financial transaction framework agreement that provides for netting positions. For counterparties for
whom credit information is available, the credit spreads have been obtained from the CDS (Credit
Default Swaps) quoted in the market; whereas for those with no available information, references from
peers have been used. The Group hired an independent expert to measure the fair value of the
derivatives.
The impact of interest rate derivatives on liabilities and on profit or loss before tax of a 5% change in
the estimated credit risk rate at 31 December 2025 and 2024 would be as follows:
2025
Thousands of euros
Scenario
Liabilities
Equity
Consolidated
profit before tax
5% rise in credit risk rate
(22,400)
22,385
15
5% reduction in credit risk rate
23,053
(23,038)
(15)
2024
Thousands of euros
Scenario
Liabilities
Equity
Consolidated
profit before tax
5% rise in credit risk rate
(25,732)
25,385
347
5% reduction in credit risk rate
26,568
(26,217)
(351)
14.4 Reconciliation of the carrying amount of the liabilities arising from financing activities
The breakdown of the financing activities and their impact on the Group's cash flows, using
undiscounted amounts, during 2025 and 2024 is as follows:
2025
Thousands of euros
31/12/2024
Impact on cash
No impact on cash
Principal
Debt
Interest
paid
Reclasification
Accrued
interest
Other
adjustments
31/12/2025
Long-term loans
1,513,644
132,188
-
(70,750)
-
-
1,575,082
Short-term loans
3,895
(28,945)
(56,832)
70,750
56,281
(2)
45,147
Short-term revolving
credit facilities
510
-
(2,579)
-
2,587
-
518
L/T bonds
2,800,000
550,000
-
(800,000)
-
-
2,550,000
S/T bonds
621,654
(600,000)
(65,000)
800,000
64,978
-
821,632
4,939,703
53,243
(124,411)
-
123,846
(2)
4,992,379
2024
Thousands of euros
31/12/2023
Impact on cash
No impact on cash
Principal
Debt
Interest
paid
Reclasification
Accrued
interest
Other
adjustments
31/12/2024
Long-term loans
1,224,615
290,407
-
(1,369)
-
(9)
1,513,644
Short-term loans
4,378
(2,350)
(66,182)
1,369
66,681
(1)
3,895
Short-term revolving
credit facilities
525
-
(2,621)
-
2,606
-
510
L/T bonds
3,300,000
100,000
-
(600,000)
-
-
2,800,000
S/T bonds
20,966
889
(65,000)
600,000
64,799
-
621,654
4,550,484
388,946
(133,803)
-
134,086
(10)
4,939,703
Furthermore, within the framework of the interest rate swaps arranged (see Note 14.3), the net
balance of the settlements amounted to EUR 1,932 thousand in 2025 (EUR 14,395 thousand in 2024).
14.5 Debt arrangement expenses
The changes in debt arrangement expenses in 2025 and 2024 are as follows:
Thousands of euros
31/12/2024
Allocation to
profit and loss
account \u2013
Amortised cost
Impact of
IFRS 9 on
income
statement
Capitalisations
31/12/2025
of arrangement
expenses
Non-mortgage financing
6,390
(1,671)
-
1,415
6,134
Mortgage loans - other assets
4,993
(741)
(421)
-
3,831
Debentures and bonds
19,248
(5,220)
-
4,637
18,665
30,631
(7,632)
(421)
6,052
28,630
Thousands of euros
31/12/2023
Allocation to
profit and loss
account \u2013
Amortised cost
Impact of
IFRS 9 on
income
statement
Capitalisations
31/12/2024
of arrangement
expenses
Non-mortgage financing
7,363
(1,713)
-
740
6,390
Mortgage loans - other assets
2,996
(613)
(364)
2,974
4,993
Debentures and bonds
16,663
(5,390)
-
7,975
19,248
27,022
(7,716)
(364)
11,689
30,631
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "value": "
The Group's financial assets and liabilities measured at fair value at 31 December 2025 and 31
December 2024 were as follows:
2025
Thousands of euros
Level 1
Level 2
Level 3
Total
Derivative financial instruments (Note 14.3)
-
(8,260)
-
(8,260)
Financial instruments - assets (Note 14.3)
-
229
-
229
-
(8,031)
-
(8,031)
2024
Thousands of euros
Level 1
Level 2
Level 3
Total
Derivative financial instruments (Note 14.3)
-
(20,941)
(16,407)
(37,348)
Financial instruments - assets (Note 14.3)
-
1,622
-
1,622
-
(19,319)
(16,407)
(35,726)
In 2025, as a result of the capital reduction carried out by Silicius Real Estate SOCIMI, S.A. through
the redemption of all the company\u2019s shares owned by Merlin Properties SOCIMI, S.A. with
contributions in kind returned to this shareholder, the Group derecognised the derivative associated
with the purchase option held by this company, classified as Level 3 (see Notes 3, 7, 9 and 14).
No financial instruments were reclassified from one level to another during 2025 or 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "value": "
The Group's financial assets and liabilities measured at fair value at 31 December 2025 and 31
December 2024 were as follows:
2025
Thousands of euros
Level 1
Level 2
Level 3
Total
Derivative financial instruments (Note 14.3)
-
(8,260)
-
(8,260)
Financial instruments - assets (Note 14.3)
-
229
-
229
-
(8,031)
-
(8,031)
2024
Thousands of euros
Level 1
Level 2
Level 3
Total
Derivative financial instruments (Note 14.3)
-
(20,941)
(16,407)
(37,348)
Financial instruments - assets (Note 14.3)
-
1,622
-
1,622
-
(19,319)
(16,407)
(35,726)
In 2025, as a result of the capital reduction carried out by Silicius Real Estate SOCIMI, S.A. through
the redemption of all the company\u2019s shares owned by Merlin Properties SOCIMI, S.A. with
contributions in kind returned to this shareholder, the Group derecognised the derivative associated
with the purchase option held by this company, classified as Level 3 (see Notes 3, 7, 9 and 14).
No financial instruments were reclassified from one level to another during 2025 or 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-504": { "value": "
The Group's financial assets and liabilities measured at fair value at 31 December 2025 and 31
December 2024 were as follows:
2025
Thousands of euros
Level 1
Level 2
Level 3
Total
Derivative financial instruments (Note 14.3)
-
(8,260)
-
(8,260)
Financial instruments - assets (Note 14.3)
-
229
-
229
-
(8,031)
-
(8,031)
2024
Thousands of euros
Level 1
Level 2
Level 3
Total
Derivative financial instruments (Note 14.3)
-
(20,941)
(16,407)
(37,348)
Financial instruments - assets (Note 14.3)
-
1,622
-
1,622
-
(19,319)
(16,407)
(35,726)
In 2025, as a result of the capital reduction carried out by Silicius Real Estate SOCIMI, S.A. through
the redemption of all the company\u2019s shares owned by Merlin Properties SOCIMI, S.A. with
contributions in kind returned to this shareholder, the Group derecognised the derivative associated
with the purchase option held by this company, classified as Level 3 (see Notes 3, 7, 9 and 14).
No financial instruments were reclassified from one level to another during 2025 or 2024.
.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-510": { "value": "
5.8 Treasury shares
An equity instrument is a contract that evidences a residual interest in the assets of the Parent after
deducting all of its liabilities.
Capital instruments issued by the Parent are recognised in equity at the proceeds received, net of
issue costs.
The Parent\u2019s equity instruments acquired by the Group are recognised separately at acquisition cost
and deducted from equity in the consolidated statement of financial position, regardless of why they
were acquired. No gains or losses from transactions involving own equity instruments are recognised
in the consolidated income statement.
The subsequent amortisation of the equity instruments of the Parent gives rise to a capital reduction
for the nominal amount of said shares and the positive or negative difference between the acquisition
price and the nominal value of the shares is charged or credited to accounts of reserves.
The transaction costs related to own equity instruments are recognised as a decrease in equity, net of
any related tax effect.
", "dimensions": { "concept": "mer:DescriptionOfAccountingPolicyForEquityInstrumentsTextBlock", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-511": { "value": "
5.9 Distributions to shareholders
Dividends are paid in cash and recognised as a reduction in equity when the pay-outs are approved
by shareholders at the Annual General Meeting.
The Parent is subject to the special regime for REITs. As established in Article 6 of Law 11/2009, of 26
October, as amended by Law 16/2012, of 27 December, and subsequent amendments, the REITs
opting to pay tax under the special tax regime are required to distribute the profit generated during the
year to shareholders in the form of dividends, once the related commercial obligations have been met.
This distribution must be approved within six months from each year-end, and the dividends paid in
the month following the date on which the payout is agreed.
Moreover, as specified in Law 11/2009, of 26 October, as amended by Law 16/2012, of 27 December,
and subsequent amendments, the Parent must distribute the following as dividendss:
\u2013100% of the profit from dividends or shares in profits distributed by the entities referred to in
Article 2.1 of Law 11/2009.
\u2013 At least 50% of the profit generated from the transfer of properties, shares or investments
referred to in Article 2.1 of Law 11/2009, once the periods referred to in Article 3.3 of Law
11/2009 have elapsed, which are used to achieve the Company\u2019s main corporate purpose.
The remainder of these profits must be reinvested in other property or investments used for
the pursuit of said activity within three years after the transfer date. Otherwise, these profits
should be distributed in full together with any profit arising in the year in which the
reinvestment period ends. If the items to be reinvested are transferred before the end of the
holding period, that profit must be distributed in full together with, if applicable, the profit
generated during the year in which the items were transferred. The obligation to distribute
profit does not apply to the portion of the profit attributable to prior years in which the
Company was not included under the special tax regime in this Act.
\u2013 At least 80% of the remaining profits obtained. When dividend distributions are charged to
reserves generated from profits in a year in which the special tax regime applied, the
distribution must necessarily be approved as set out above.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-512": { "value": "
5.10 Cash and cash equivalents
The Group includes under this heading cash and short-term highly liquid investments maturing in less
than three months that are readily convertible to cash and that are subject to an insignificant risk of
changes in value. The interest income associated with these transactions is recognised as income
when accrued while unmatured interest is presented in the consolidated statement of financial position
as an addition to the balance of the above heading.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-513": { "value": "
5.11 Provisions
The Group differentiates between:
\u2013 Provisions: credit balances covering present obligations arising from past events, the
settlement of which is expected to result in an outflow of resources, but that are uncertain as
to their amount and/or timing.
\u2013 Contingent liabilities: possible obligations that arise from past events and whose existence will
be confirmed only by the occurrence or non-occurrence of one or more future events not
wholly within the Group\u2019s control.
The consolidated financial statements include all the provisions with respect to which it is likely that
the obligation will have to be settled. Contingent liabilities are not recognised in the consolidated
financial statements but rather are disclosed in the notes to the consolidated financial statements,
unless the possibility of an outflow in settlement is considered to be remote.
Provisions are measured at the present value of the best possible estimate of the amount required to
settle or transfer the obligation, taking into account the information available on the event and its
consequences. Where discounting is used, adjustments made to provisions are recognised as a
finance cost on an accrual basis.
The compensation receivable from a third party on settlement of the obligation is recognised as an
asset, provided there is no doubt that the reimbursement will take place, unless there is a legal
relationship whereby a portion of the risk has been externalised, as a result of which the Group is not
liable, in which case, the compensation will be taken into account when estimating, if appropriate, the
amount of the related provision.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-514": { "value": "..", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-515": { "value": "
5.12 Revenue recognition
Revenue and expenses are recognised on an accrual basis, i.e. when the actual flow of the related
goods and services occurs, regardless of when the resulting monetary or financial flow arises. Rental
income is measured at the fair value of the consideration received, net of discounts and taxes.
Discounts (rent waivers and rebates) granted to lessees are recognised as a reduction in rental
income when it is probable that conditions precedent will be fulfilled requiring them to be granted.
Discounts are recognised by expensing the total rent waiver or rebate on a straight-line basis over the
term of the lease in force. If a lease is cancelled earlier than expected, any outstanding rent waiver or
rebate is recognised in the last period prior to the end of the agreement.
Leasing of investment property to third parties
The Group companies\u2019 principal activity comprises the acquisition and lease of mainly offices,
shopping centres, logistics units and data centres. The Group\u2019s revenue is generated by leasing this
investment property to third parties.
Ordinary income from the leasing of investment property is recognised taking into account the stage of
completion of the transaction at the reporting date, provided the result of the transaction can be
reliably estimated. Income from the Group\u2019s leases is recognised by Group companies on a monthly
basis pursuant to the conditions and amounts agreed with the lessees in the various agreements. This
income is only recognised when it can be measured reliably and it is probable that the economic
benefits from the lease will be received.
Where the outcome of services rendered cannot be measured reliably, revenue is recognised to the
extent that the expenses incurred are deemed recoverable.
Service charges rebilled to lessees are recognised net of other operating expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-516": { "value": ".", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-517": { "value": "
5.13 Income tax
5.13.1 General regime
Tax expense (tax income) comprises current tax expense (current tax income) and deferred tax
expense (deferred tax income).
The current income tax expense is the amount payable by the Group as a result of income tax
settlements for a given year. Tax credits and other tax benefits, excluding tax withholdings and pre-
payments, and tax loss carryforwards from prior years effectively offset in the current year reduce the
current income tax expense.
The deferred tax expense or income relates to the recognition and derecognition of deferred tax
assets and liabilities. These include temporary differences measured at the amount expected to be
payable or recoverable on differences between the carrying amounts of assets and liabilities and their
tax bases, and tax loss and tax credit carryforwards. These amounts are measured at the tax rates
that are expected to apply in the period when the asset is realised or the liability is settled.
Deferred tax liabilities are recognised for all taxable temporary differences, unless the temporary
difference arises from the initial recognition of goodwill, goodwill for which amortisation is not
deductible for tax purposes or the initial recognition of other assets and liabilities in a transaction that
affects neither accounting profit (loss) nor taxable profit (tax loss).
Deferred tax assets are recognised for temporary differences to the extent that it is considered
probable that the consolidated companies will have sufficient taxable profits in the future against which
the deferred tax asset can be utilised, and the deferred tax assets do not arise from the initial
recognition of other assets and liabilities in a transaction that affects neither accounting profit (loss)
nor taxable profit (tax loss). The other deferred tax assets (tax loss, temporary differences and tax
credit carryforwards) are only recognised if it is considered probable that the consolidated companies
will have sufficient future taxable profits against which they can be utilised.
The deferred tax assets recognised are reassessed at the end of each reporting period and the
appropriate adjustments are made to the extent that there are doubts as to their future recoverability.
Also, unrecognised deferred tax assets are reassessed at the end of each reporting period and are
recognised to the extent that it has become probable that they will be recovered through future taxable
profits.
5.13.2 REIT regime
The REIT special tax regime is based on a 0% corporate income tax rate, provided certain
requirements are met. Particularly noteworthy amongst those conditions is that at least 80% of income
must come from urban real estate used for leasing purposes and acquired in full ownership or through
holdings in Spanish or foreign companies, regardless of whether or not they are listed on organised
markets, that meet the same investment and profit distribution requirements. Likewise, the main
sources of income for these entities must come from the real estate market, either through leasing the
properties, their subsequent sale after a minimum lease period, or the income generated from
holdings in entities with similar characteristics. Nevertheless, tax is accrued in proportion to dividend
distributions. Dividends received by the shareholders are exempt, unless the recipient is a legal
person subject to corporate income tax or a permanent establishment of a foreign entity, in which case
a tax credit is taken, so that these earnings are taxed at the tax rate applicable to the shareholder.
However, the other income will not be taxed as long as it is not distributed to the shareholders.
As established in Article Nine of Spanish Law 11/2009, of 26 October, as amended by Spanish Law
16/2012, of 27 December, and subsequent amendments, regulating REITs, the Company will be
subject to a special tax rate of 19% on the total dividends or shares in profit distributed to shareholders
that have an ownership interest in the Company\u2019s share capital equal to or greater than 5%, when
these dividends, in reference to the shareholders, are exempt or are taxed at a rate less than 10%.
The Group has therefore established the procedure guaranteeing confirmation by shareholders of their
tax rate, proceeding where applicable, to withhold 19% of the dividend distributed to shareholders that
do not meet the aforementioned tax requirements.
Law 11/2021, of 9 July, on measures to prevent and combat tax fraud, which takes effect for those
years beginning on or after 1 January 2021, amended Article 9.4 of Law 11/2009, of 26 October,
regulating real estate investment trusts (REITs). Specifically, it introduced a special tax of 15% on the
amount of profit earned in the year that is not distributed, in the portion that comes from a) income that
was not taxed at the standard corporate tax rate, and b) income that is not derived from the transfer of
qualifying assets after the three-year holding period has elapsed, which fall under the three-year
reinvestment period set out in Article 6.1.b) of Law 11/2009, of 26 October. This special tax will be
considered corporate income tax and will accrue on the day of the agreement to apply profit for the
year by the general shareholders meeting or equivalent body. The self-assessment and payment of
the tax must be performed within two months of the accrual.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-518": { "value": ".", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-519": { "value": "
5.13.2 REIT regime
The REIT special tax regime is based on a 0% corporate income tax rate, provided certain
requirements are met. Particularly noteworthy amongst those conditions is that at least 80% of income
must come from urban real estate used for leasing purposes and acquired in full ownership or through
holdings in Spanish or foreign companies, regardless of whether or not they are listed on organised
markets, that meet the same investment and profit distribution requirements. Likewise, the main
sources of income for these entities must come from the real estate market, either through leasing the
properties, their subsequent sale after a minimum lease period, or the income generated from
holdings in entities with similar characteristics. Nevertheless, tax is accrued in proportion to dividend
distributions. Dividends received by the shareholders are exempt, unless the recipient is a legal
person subject to corporate income tax or a permanent establishment of a foreign entity, in which case
a tax credit is taken, so that these earnings are taxed at the tax rate applicable to the shareholder.
However, the other income will not be taxed as long as it is not distributed to the shareholders.
As established in Article Nine of Spanish Law 11/2009, of 26 October, as amended by Spanish Law
16/2012, of 27 December, and subsequent amendments, regulating REITs, the Company will be
subject to a special tax rate of 19% on the total dividends or shares in profit distributed to shareholders
that have an ownership interest in the Company\u2019s share capital equal to or greater than 5%, when
these dividends, in reference to the shareholders, are exempt or are taxed at a rate less than 10%.
The Group has therefore established the procedure guaranteeing confirmation by shareholders of their
tax rate, proceeding where applicable, to withhold 19% of the dividend distributed to shareholders that
do not meet the aforementioned tax requirements.
Law 11/2021, of 9 July, on measures to prevent and combat tax fraud, which takes effect for those
years beginning on or after 1 January 2021, amended Article 9.4 of Law 11/2009, of 26 October,
regulating real estate investment trusts (REITs). Specifically, it introduced a special tax of 15% on the
amount of profit earned in the year that is not distributed, in the portion that comes from a) income that
was not taxed at the standard corporate tax rate, and b) income that is not derived from the transfer of
qualifying assets after the three-year holding period has elapsed, which fall under the three-year
reinvestment period set out in Article 6.1.b) of Law 11/2009, of 26 October. This special tax will be
considered corporate income tax and will accrue on the day of the agreement to apply profit for the
year by the general shareholders meeting or equivalent body. The self-assessment and payment of
the tax must be performed within two months of the accrual", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-520": { "value": "
5.14 Share-based payments
The Parent recognises, on the one hand, the goods and services received as an asset or as an
expense, depending on their nature, when they are received and, on the other, the related increase in
equity, if the transaction is equity-settled, or the related liability if the transaction is settled with an
amount based on the value of the equity instruments.
In the case of equity-settled transactions, both the services rendered and the increase in equity are
measured at the fair value of the equity instruments granted, by reference to the grant date. In the
case of cash-settled share-based payments, the goods and services received and the related liability
are recognised at the fair value of the latter, by reference to the date on which the requirements for
recognition are met.
2025-2027 Incentives plan
The shareholders at the General Meeting held on 30 April 2025 approved a long-term remuneration
plan consisting of the delivery of 5,168,656 shares of the Parent and/or share options (representing
0.92% of the Parent\u2019s share capital at the date of approval) for executive directors, the management
team and other important members of the Group\u2019s workforce (\u201c2025-2027 Incentive Plan\u201d). The
payment procedure will vary, depending on whether the Company\u2019s Board decides to pay the
performance shares in cash or in shares.
The 2025-2027 Incentive Plan consists of a single cycle for measuring the targets that will last three
years, starting on 1 January 2025 and ending on 31 December 2027. If the targets are met, the shares
will be delivered in 2028 once the financial statements for 2027 have been authorised for issue and
audited. Accordingly, the share options will be settled by differences (or in the manner agreed by the
Board at any given time) during the exercise windows established in 2028, 2029 and 2030 (with a
maximum of one exercise window in each year). A maximum of 1,307,738 shares will be allocated to
executive directors. All shares delivered under the 2025-2027 Incentive Plan to executive directors will
be subject to a 2-year retention period.
The specific number of the Parent\u2019s shares that, within the established maximum, will be delivered to
the beneficiaries of the 2025-2027 Incentive Plan at the end of the Plan will be conditional on
achievement of the following targets linked to the creation of shareholder value and sustainability:
Metrics
Definition
Weighting
Absolute Total Shareholder
Return (TSR)
This is the return on the share taking into account the cumulative change
in the Company\u2019s share price, including dividends and other similar
items received by the shareholder during the 2025-2027 period.
40%
EPRA NTA per share at
31/12/2027 + Dividends
(2025-2027) / share
This is calculated based on the Company\u2019s consolidated equity and by
adjusting certain items following EPRA recommendations (including the
value of assets on the market and excluding certain items that are not
expected to result in sustained property lease business). The EPRA NTA
assumes that the companies buy and sell assets, thus crystallising
levels of deferred tax liabilities.
For the purposes of the Plan, the EPRA NTA at 31 December 2027, as
published in MERLIN\u2019s financial statements, will be taken into
consideration, plus any dividends paid per share and other similar items
received by the shareholder during the target measurement period
(2025-2027).
25%
Data centres - MW available
for lease as at 31/12/2027
MW installed in data centres that have received the corresponding
equipment and electricity supply, which are leased or available for lease
at 31 December 2027.
10%
Data centres - Level of
Gross Rental Income (GRI)
31/12/2027
Annualised gross rental income from the Data Centre business in
December 2027.
10%
Data centres - EBITDA at
31/12/2027
Annualised EBITDA from the Data Centre business in December 2027.
10%
Net carbon emissions
Level of reduction of MERLIN\u2019s CO2 emissions (scope 1 and 2) at 31
December 2027, compared to 31 December 2024, calculated for the
comparable portfolio of assets over which the Company has operational
control (scope of MERLIN\u2019s Path to Net Zero).
5%
In relation to the market condition \u2018Total Shareholder Return\u2019, the Group has applied a valuation
methodology for the underlying assets on the grant date of the incentive associated with a stochastic
Geometric Brownian Motion (GBM) model, combined with a Montecarlo simulation. The Montecarlo
method or Montecarlo simulation is a statistical technique that uses repeated random sampling on a
mathematical model to estimate the probability of different possible outcomes (scenarios) under
uncertainty.
The Montecarlo simulation method applied by the Group is based on a GBM model for assets with
implicit yield (dividend), which allows the Parent\u2019s share price to be estimated at a future date. It is
therefore possible to simulate, using the Montecarlo method, the possible trajectories that the
underlying asset (the Parent\u2019s share price) may follow, based on the repetition of random samples to
obtain different numerical results of the GBM model.
The following components were considered in the GBM model: the share price at the measurement
date, the beginning of the measurement period of the Incentive Plan, the historical volatility of the
share, the risk-free rate and the expected dividend yield of the share during the measurement period
of the Incentive Plan. The stochastic variable is generated by applying a standard normal distribution
N (0.1).
This allowed the statistical average or expected value to be obtained, which corresponds to the spot
price of the Parent\u2019s share at the end of the incentive period.
Accordingly, in 2025 the Group recognised an expense of EUR 12,472 thousand with a balancing
entry to reserves and an expense of EUR 1,109 thousand with a balancing entry to non-current
liabilities.
2022 \u2013 2024 Incentive Plan
The shareholders at the Annual General Meeting held on 4 May 2022 approved a long-term incentive
plan consisting of the delivery of a maximum of 3,491,767 ordinary shares of Merlin Properties,
SOCIMI, S.A. (representing 0.74% of the Parent\u2019s share capital on the date of approval), aimed at
members of the MERLIN Group\u2019s management team, including the executive directors of the Parent.
The 2022-2024 Incentive Plan consisted of a single cycle with a target measurement period that lasted
three years, starting on 1 January 2022 and ending on 31 December 2024. If the targets are met, the
shares would be delivered in 2025 once the financial statements for 2024 have been authorised for
issue and audited. All shares delivered under the 2022-2024 Incentive Plan to executive directors are
subject to a 2-year retention period. A maximum of 1,088,082 shares were allocated to executive
directors.
With respect to the targets or metrics to which the plan is linked (see Note 20), it included market and
non-market conditions.
The measurement period for the 2022-2024 Incentive Plan ended on 31 December 2024.
In 2025, and after verifying compliance with the targets set in the 2022-2024 Incentive Plan by the
Parent\u2019s Board, a total of 290,954 shares were delivered to the beneficiaries of this plan.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-521": { "value": "
2022 \u2013 2024 Incentive Plan
The shareholders at the Annual General Meeting held on 4 May 2022 approved a long-term incentive
plan consisting of the delivery of a maximum of 3,491,767 ordinary shares of Merlin Properties,
SOCIMI, S.A. (representing 0.74% of the Parent\u2019s share capital on the date of approval), aimed at
members of the MERLIN Group\u2019s management team, including the executive directors of the Parent.
The 2022-2024 Incentive Plan consisted of a single cycle with a target measurement period that lasted
three years, starting on 1 January 2022 and ending on 31 December 2024. If the targets are met, the
shares would be delivered in 2025 once the financial statements for 2024 have been authorised for
issue and audited. All shares delivered under the 2022-2024 Incentive Plan to executive directors are
subject to a 2-year retention period. A maximum of 1,088,082 shares were allocated to executive
directors.
With respect to the targets or metrics to which the plan is linked (see Note 20), it included market and
non-market conditions.
The measurement period for the 2022-2024 Incentive Plan ended on 31 December 2024.
In 2025, and after verifying compliance with the targets set in the 2022-2024 Incentive Plan by the
Parent\u2019s Board, a total of 290,954 shares were delivered to the beneficiaries of this plan.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-523": { "value": "
5.15 Employee obligations
Under current labour legislation, the Group companies are required to pay termination benefits to
employees terminated under certain conditions.
When a restructuring plan is approved by the directors, made public and communicated to employees,
the Group recognises the provisions required to meet any future payments resulting from their
application. These provisions are calculated in accordance with the best estimates available of the
foreseeable costs.
At 31 December 2025, the Group had no commitments in this connection and there is no collective
redundancy plan in force.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-522": { "value": "
5.15 Employee obligations
Under current labour legislation, the Group companies are required to pay termination benefits to
employees terminated under certain conditions.
When a restructuring plan is approved by the directors, made public and communicated to employees,
the Group recognises the provisions required to meet any future payments resulting from their
application. These provisions are calculated in accordance with the best estimates available of the
foreseeable costs.
At 31 December 2025, the Group had no commitments in this connection and there is no collective
redundancy plan in force.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-524": { "value": "
5.16 Current assets and liabilities
The Group classifies its assets and liabilities as current and non-current in the consolidated statement
of financial position. Current assets and current liabilities are therefore those that meet the following
criteria:
\u2013 Assets are classified as current when they are expected to be realised or are intended for sale
or consumption in the Group\u2019s normal operating cycle, when they are held primarily for the
purpose of being traded, when they are expected to be realised within twelve months after the
reporting date, or when they constitute cash and cash equivalents, except in cases where they
cannot be exchanged or used to settle a liability for at least twelve months after the reporting
date.
\u2013 Liabilities are classified as current when they are expected to be settled over the course of the
Group\u2019s normal operating cycle, when they are held primarily for the purpose of being traded,
when they must be settled within twelve months after the reporting date, or when the Group
does not have an unconditional right to defer repayment of the liabilities for twelve months
after the reporting date.
\u2013 Derivative financial instruments not held for trading are classified as current or non-current
according to the period of maturity or periodic settlement.
", "dimensions": { "concept": "mer:DescriptionOfAccountingPolicyForCurrentAssetsAndLiabilitiesTextBlock", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-525": { "value": "
5.17 Financial information by branch activity
In relation to IFRS 8 on operating segments, the Parent\u2019s directors internally identify these segments
based on the definition of a branch of activity, an aspect to be considered when reading the
accompanying consolidated financial statements and related financial information.
The Group groups its branches of activity based on the nature of the assets in the various areas in
which it implements its strategy. In this sense, each branch of activity is a component of the Group that
performs business activities from which it can earn revenue and incur expenses. The profit or loss
from operations for each branch of activity is regularly reviewed by Group management to decide what
resources should be allocated to each branch of activity, to assess their performance and for which
separate financial information is available.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-526": { "value": "
5.18 Earnings per share
Basic earnings per share are calculated by dividing net profit or loss attributable to the Parent
shareholders by the weighted average number of ordinary shares outstanding during the year,
excluding the average number of shares of the Parent held by the Group companies.
For the calculation of the diluted profit per share, the Group calculates the amounts of the diluted
earnings per share for the profit for the year attributable to the shareholders of the Parent and, where
applicable, the profit for the year of the ongoing activities attributable to those holders of equity
instruments.
For the purpose of calculating diluted earnings per share, the Group takes the profit or loss attributable
to ordinary equity holders of the Parent, and the weighted average number of shares outstanding, for
the effects of all dilutive potential ordinary shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-527": { "value": "
5.19 Environment
The Group performs activities whose primary purpose is to prevent, mitigate or repair environmental
damage caused by its operations, see climate change management policies in Note 23.
Expenses incurred in connection with these environmental activities are recognised as other operating
expenses in the year in which they are incurred. However, because of their nature, the Group\u2019s
business activities do not have a significant environmental impact.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-528": { "value": "
5.20 Consolidated statements of cash flows
The following terms are used in the consolidated statements of cash flows (prepared using the indirect
method) with the meanings specified:
1. Cash flows: inflows and outflows of cash and cash equivalents, which are short-term, highly
liquid investments that are subject to an insignificant risk of changes in value.
2. Operating activities: the principal revenue-producing activities of the entities composing the
consolidated Group and other activities that are not investing or financing activities.
3. Investing activities: the acquisition and disposal of long-term assets and other investments not
included in cash and cash equivalents.
4. Financing activities: activities that result in changes in the size and composition of the equity
and liabilities that are not operating activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-529": { "value": "
6.\u00a0 \u00a0 Financial information by branch of activities
a) Criteria
Group management has segmented its business into the branches of activity detailed below according
to the type of assets acquired and managed:
\u2013Office buildings
\u2013Shopping centers
\u2013Logistics assets
\u2013Data centers
\u2013Others: Assets not included in the above branches of activity, which correspond mainly to non-
strategic land and other smaller assets.
Any revenue or expenses that cannot be attributed to a specific branch of activity or relate to the entire
Group are attributed to \u201cCorporate unit/Other\u201d, as are the reconciling items arising from the
reconciliation of the result of integrating the financial statements of the various branches of activity
(prepared using a management approach) with the Group\u2019s consolidated financial statements.
The profits of each branch of activity, and each asset within each of them, are used to measure
performance as the Group considers this information to be the most relevant when evaluating the
results of the branches of activity compared with other groups operating in the same businesses.
In the year ended 31 December 2025, the Group carried out its activities in Spain and Portugal. In
addition, in 2024 the Group reclassified certain assets from the Other branch of activity to the Offices
and Shopping Centre branches of activity based on their main use.
b) Basis and methodology for information by branch of activity
The information by branch of activity below is based on monthly reports prepared by Group
management and is generated using the same computer application that prepares all the Group\u2019s
accounting information. The branches of activity follow the same accounting policies as the Group,
which are described in Note 5.
The ordinary income of the branch of activity relates to ordinary revenue directly attributable to the
branch of activity plus the relevant proportion of the Group\u2019s general income that can be allocated on a
reasonable basis to that segment. The ordinary income of each branch of activity does not include
interest or dividend income, gains on the disposal of investment property, debt recoveries or
cancellation.
The expenses of each branch of activity are calculated as the directly attributable expenses incurred in
the operating activities, plus the corresponding proportion of the expenses that can be reasonably
allocated to the branch of activity.
The profit or loss of the branch of activity is presented before any adjustment for non-controlling
interests.
The assets and liabilities of the branches of activity are those directly related to each branch of
activity's operations, plus the assets and liabilities that can be directly attributed thereto using the
above allocation system, and include the proportional part of the assets and liabilities of joint ventures.
Branch of activities information
The information by branch of activity at 31 December 2025 and 2024 is presented below:
Thousands of euros
2025
Office
buildings
Shopping
centers
Logistics
Data
Centers
Other
Corporate
Unit
Group total
Revenue from non-Group customers
Rental income
271,228
124,519
82,697
31,217
162
-
509,823
Services rendered
18,744
2,073
-
6,760
-
1,563
29,140
Net income
289,972
126,592
82,697
37,977
162
1,563
538,963
Other operating income
8,170
294
300
77
2
1,540
10,383
Staff costs
(10,576)
(9,310)
(3,886)
(1,702)
-
(29,769)
(55,243)
Operating expenses
(32,131)
(14,942)
(3,345)
(26,215)
(2,780)
(15,394)
(94,807)
Gains or losses on disposals of non-current
assets
4,848
34
3,202
-
1,229
-
9,313
Depreciation and amortisation charge
(3,910)
(17)
-
-
(60)
(1,050)
(5,037)
Allocation of grants relating to non-
financial assets and others
83
16
-
-
-
-
99
Allocation/Excess provisions
-
-
-
-
-
77
77
Changes in fair value of investment
property
80,853
58,895
18,573
358,889
(23,364)
-
493,846
Profit/(Loss) from operations
337,309
161,562
97,541
369,026
(24,811)
(43,033)
897,594
Changes in fair value of financial
instruments - Other
(26)
-
81
-
-
(7,319)
(7,264)
Finance income
3,122
1,173
24
-
193
30,857
35,369
Finance expenses
(26,388)
(14)
(5,005)
(690)
-
(108,820)
(140,917)
Gains on disposal of financial instruments
(86)
-
-
-
-
566
480
Share of results of companies accounted for
using the equity method
-
-
-
-
-
28,036
28,036
Translation differences
-
-
-
(47)
-
-
(47)
Profit/(Loss) before tax
313,931
162,721
92,641
368,289
(24,618)
(99,713)
813,251
Income tax
(5,531)
(7,723)
(16,888)
-
-
3,020
(27,122)
Profit/(Loss) for the year
308,400
154,998
75,753
368,289
(24,618)
(96,693)
786,129
Thousands of euros
At 31 December 2025
Office
buildings
Shopping
centers
Logistics
Data
Centers
Other
Corporate
Unit
Group
total
Investment property
6,703,894
2,132,809
1,662,961
1,376,434
107,601
-
11,983,699
Non-current financial assets-
57,815
25,375
18,249
37,594
1,554
143,226
283,813
Derivatives
-
-
229
-
-
-
229
Other financial assets
57,815
25,375
18,020
37,594
1,554
143,226
283,584
Deferred tax assets
623
-
3,404
-
-
49,377
53,404
Other non-current assets
15,315
2
2
5,131
1,640
537,171
559,261
Non-current assets
6,777,647
2,158,186
1,684,616
1,419,159
110,795
729,774
12,880,177
Trade receivables
32,125
16,333
5,761
5,310
-
25,088
84,617
Other current financial assets
65
196
-
-
145
5,548
5,954
Other current assets
76,330
78,002
14,840
22,766
18
1,106,014
1,297,970
Current assets
108,520
94,531
20,601
28,076
163
1,136,650
1,388,541
Total assets
6,886,167
2,252,717
1,705,217
1,447,235
110,958
1,866,424
14,268,718
Non-current bank borrowings and
debenture issues
629,252
-
-
-
-
3,476,506
4,105,758
Other non-current liabilities
357,298
261,397
99,206
133,129
12,743
48,883
912,656
Non-current liabilities
986,550
261,397
99,206
133,129
12,743
3,525,389
5,018,414
Current liabilities
75,312
43,573
57,962
130,205
12,458
856,362
1,175,872
Total liabilities
1,061,862
304,970
157,168
263,334
25,201
4,381,751
6,194,286
The information by branch of activity at 31 December 2024 is presented below:
Thousands of euros
2024
Office
buildings
Shopping
centers
Logistics
Data
Centers
Other
Corporate
Unit
Group
total
Revenue from non-Group customers
Rental income
268,530
119,020
80,786
2,157
96
-
470,589
Services rendered
13,483
2,195
-
6,880
-
1,425
23,983
Net income
282,013
121,215
80,786
9,037
96
1,425
494,572
Other operating income
5,695
732
218
-
26
1,757
8,428
Staff costs
(6,881)
(6,277)
(2,436)
(314)
-
(20,291)
(36,199)
Operating expenses
(36,879)
(15,393)
(2,569)
(15,761)
(2,908)
(23,078)
(96,588)
Gains or losses on disposals of non-current
assets
5,074
8
(70)
-
339
-
5,351
Depreciation and amortisation charge
(2,747)
-
-
-
(44)
(1,559)
(4,350)
Allocation of grants relating to non-
financial assets and others
52
-
-
-
-
-
52
Allocation/Excess provisions
-
-
-
-
-
5,337
5,337
Changes in fair value of investment
property
(6,587)
(17,749)
(36,366)
60,293
(658)
-
(1,067)
Profit/(Loss) from operations
239,740
82,536
39,563
53,255
(3,149)
(36,409)
375,536
Changes in fair value of financial
instruments - Other
-
-
543
-
-
(1,619)
(1,076)
Finance income
-
-
2
-
-
42,158
42,160
Finance expenses
(14,014)
-
(1,977)
(1,227)
-
(117,540)
(134,758)
Gains on disposal of financial instruments
-
-
-
-
-
20
20
Share of results of companies accounted for
using the equity method
-
-
-
-
-
14,073
14,073
Translation differences
-
-
-
-
-
(1)
(1)
Profit/(Loss) before tax
225,726
82,536
38,131
52,028
(3,149)
(99,318)
295,954
Income tax
(5,622)
(4,185)
29
-
-
(2,417)
(12,195)
Profit/(Loss) for the year
220,104
78,351
38,160
52,028
(3,149)
(101,735)
283,759
Thousands of euros
At 31 December 2024
Office
buildings
Shopping
centers
Logistics
Data Centers
Other
Corporate
Unit
Group total
Investment property
6,586,397
2,014,249
1,651,459
569,693
43,682
-
10,865,480
Non-current financial assets-
43,744
25,268
10,925
319
967
148,711
229,934
Derivatives
-
-
1,622
-
-
-
1,622
Other financial assets
43,744
25,268
9,303
319
967
148,711
228,312
Deferred tax assets
983
-
3,404
-
-
48,934
53,321
Other non-current assets
15,067
18
2
5,051
1,674
587,858
609,670
Non-current assets
6,646,191
2,039,535
1,665,790
575,063
46,323
785,503
11,758,405
Trade receivables
29,235
16,368
5,443
8,750
-
306
60,102
Other current financial assets
33
196
-
-
177
11,253
11,659
Other current assets
93,216
65,845
19,743
13,708
12
1,436,505
1,629,029
Current assets
122,484
82,409
25,186
22,458
189
1,448,064
1,700,790
Total assets
6,768,675
2,121,944
1,690,976
597,521
46,512
2,233,567
13,459,195
Non-current bank borrowings and
debenture issues
486,356
-
69,377
-
-
3,748,514
4,304,247
Other non-current liabilities
355,926
254,992
96,833
27,022
12,167
66,775
813,715
Non-current liabilities
842,282
254,992
166,210
27,022
12,167
3,815,289
5,117,962
Current liabilities
51,494
32,720
21,624
45,887
10,976
677,552
840,253
Total liabilities
893,776
287,712
187,834
72,909
23,143
4,492,841
5,958,215
c) Geographical segment reporting
For the purpose of reporting information on geographical areas, the revenue from the branch of
activity is grouped based on the geographical location of the assets. The assets of the branch of
activity are also grouped according to their geographical location.
The following table summarises the revenue and non-current investment property for each of the
assets held by the Group by geographical area:
2025
Thousands of euros
Rental income
%
Investment
property
%
Madrid
247,639
46%
6,153,629
51%
Catalonia
98,238
18%
1,610,342
13%
Portugal
69,285
13%
1,521,509
13%
Castille-La Mancha
31,696
6%
700,304
6%
Andalusia
21,927
4%
293,914
3%
Galicia
19,524
4%
295,726
3%
Valencia
21,862
4%
379,969
3%
Basque Country
19,436
4%
839,918
7%
Resto of Spain
12,249
2%
188,388
2%
Total
541,856
100%
11,983,699
100%
2024
Thousands of euros
Rental income
%
Investment
property
%
Madrid
243,203
48%
5,882,323
54%
Catalonia
73,520
15%
1,498,330
14%
Portugal
65,113
13%
1,292,933
12%
Castille-La Mancha
31,776
6%
676,138
6%
Andalusia
22,172
5%
295,701
3%
Galicia
20,297
4%
329,140
3%
Valencia
18,759
4%
285,775
3%
Basque Country
14,726
3%
440,810
4%
Rest of Spain
10,814
2%
164,330
1%
Total
500,380
100%
10,865,480
100%
d) Main customers
The table below lists the most important tenants at 31 December 2025 and 2024, and the primary
characteristics of each of them:
2025
Position
Name
Type
% of total
%
accumulated
Maturity
of Income
1
CoreWeave
Data Centers
8.8%
8.8%
2034-2035
2
Endesa
Offices
3.7%
12.5%
2028-2030
3
Inditex
Shopping centers
2.9%
15.4%
2026-2027
4
Comunidad de Madrid
Offices
2.1%
17.5%
2027-2031
5
T\u00e9cnicas Reunidas
Offices
1.7%
19.2%
2028-2032
6
PwC
Offices
1.6%
20.8%
2028-2030
7
Eurostars 4 Torres
Offices
1.4%
22.2%
2028
8
BPI
Offices
1.4%
23.6%
2031
9
Indra
Offices
1.3%
24.9%
2026-2033
10
IBM
Offices
1.3%
26.2%
2029-2030
2024
Position
Name
Type
% of total
%
accumulated
Maturity
of Income
1
Endesa
Offices
4.1%
4.1%
2028-2030
2
Inditex
Shopping centers
3.3%
7.4%
2025-2026
3
Comunidad de Madrid
Offices
2.4%
9.8%
2025-2031
4
T\u00e9cnicas Reunidas
Offices
2.3%
12.1%
2028-2032
5
PwC
Offices
1.8%
13.9%
2028-2030
6
Eurostars 4 Torres
Offices
1.6%
15.5%
2028
7
BPI
Offices
1.5%
17.0%
2031
8
Indra
Offices
1.5%
18.5%
2025-2033
9
IBM
Offices
1.4%
19.9%
2025-2030
10
Logista
Logistics
1.4%
21.3%
2025-2040
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-530": { "value": "31 December 2025, the Group carried out its activities in Spain and Portugal. In addition, in 2024 the Group reclassified certain assets from the Other branch of activity to the Offices and Shopping Centre branches of activity based on their main use.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-531": { "value": "
The breakdown of and changes in items included under \u201cInvestment property\u201d in the accompanying
consolidated statement of financial position in 2025 and 2024 are as follows:
\u00a0
Thousands of euros
2025
2024
Beginning balance
10,865,480
10,639,763
Additions for the financial year
741,315
292,716
Disposals
(116,942)
(65,932)
Changes in value of investment property
493,846
(1,067)
Closing balance
11,983,699
10,865,480
Investment property is recognised at fair value. The income\u00a0 recognised in the consolidated income
statement for 2025 from measuring investment property at fair value amounted to EUR 493,846
thousand (a loss of EUR 1,067 thousand in 2024).
Investment property comprises property assets mainly in the offices, shopping centers, logistics and
data centers branches of activity.
Additions and assets acquired in\u00a0 2025 and 2024 are as follows:
Thousands of euros
2025
2024
Purchases
105,988
22,782
Offices
9,442
8,693
Shopping centers
1,718
-
Logistics
-
-
Data Centers
-
14,089
Others
94,828
-
Additions
635,327
269,934
741,315
292,716
The acquisitions made in 2025 relate to the purchase of office premises in Madrid for EUR 9,442
thousand and premises in the Almada shopping centre in Lisbon for EUR 1,718 thousand. On 18
November 2025, the shareholders at the Extraordinary General Meeting of the investee Silicius Real
Estate SOCIMI, S.A. approved a capital reduction through the redemption of all the company\u2019s shares
owned by Merlin Properties SOCIMI, S.A., with the return to this shareholder of contributions in kind
consisting of a residential building in Madrid and a hotel in Menorca, classified under the Other branch
of activity(see Notes 3, 5, 9 and 14).
The main additions made in 2025 relate to the construction of data centres located in Madrid,
Barcelona, Bilbao and Lisbon for EUR 403 million, to the payments made for land purchase options for
the construction of data centres for EUR 45 million, and to the construction and refurbishment work
that has been carried out in the Marineda Shopping Centre in La Coru\u00f1a and in office buildings, such
as the Liberdade building in Lisbon.
The disposals in 2025 mainly related to the sale of two office buildings in Madrid, two logistics
warehouses in Madrid and Vitoria, and residential land in Zaragoza for a total amount of EUR 129
million, which resulted in a total capital gain of EUR 9,313 thousand at 31 December 2025, recognised
under \u201cGains or losses on disposal of non-current assets\u201d in the accompanying consolidated income
statement.
The additions in 2024 mainly related to the development of data centres and construction and
refurbishment works, which were carried out in the Marineda Shopping Centre in La Coru\u00f1a and office
buildings such as Plaza Ruiz Picasso.
The disposals in 2024 mainly related to the sale of two office buildings, several commercial premises
and a plot of land in Madrid and the sale of an office building in Granada, giving rise to a capital gain
of EUR 5,351 thousand recognised under \u201cGains or losses on disposal of non-current assets\u201d in the
accompanying consolidated income statement.
At 31 December 2025, the Group had real estate assets amounting to EUR 1,654,015 thousand (EUR
1,672,779 thousand in 2024) to guarantee various loans. At 31 December 2025, the balance of these
loans amounted to EUR 674,774 thousand (EUR 703,719 thousand at year-end 2024) (see Note 14).
There are no rights of use, attachments or similar situations affecting the Group\u2019s investment property.
The Group did not hold financial leases in 2025 or 2024.
All properties included under \"Investment property\" were insured as of 31 December 2025.
At 31 December 2025, the Group had firm purchase commitments for investment property amounting
to EUR 245 million.
In 2025 and 2024 no significant finance costs were capitalised in the cost of constructing the
properties.
Fair value measurement and sensitivity
All investment property leased or to be leased through operating leases are classified as investment
property.
According to IAS 40, the Group periodically determines the fair value of its investment property so that
the fair value reflects the actual market conditions of the investment property items at that date. This
fair value is determined each year based on the appraisals undertaken by independent experts.
The market value of the Group\u2019s investment property at 31 December 2025 and 2024, calculated
based on the appraisals carried out by CBRE Valuation Advisory, S.A., Jones Lang LaSalle, S.A. and
Savills Consultores Inmobiliarios, S.A., independent appraisers not related to the Group, amounted to
EUR 11,854,292 thousand (EUR 10,742,187 thousand in 2024). This appraisal does not include the
value of the rights of use recognised in accordance with IFRS 16 amounting to EUR 53,786 thousand
(EUR 53,965 thousand in 2024) or other unvalued assets amounting to EUR 75,621 thousand (EUR
69,328 thousand in 2024). The valuation was carried out in accordance with the Appraisal and
Valuation Standards issued by the Royal Institution of Chartered Surveyors (RICS) of the United
Kingdom and the International Valuation Standards (IVS) issued by the International Valuation
Standards Council (IVSC). In relation to the fair value of the rights of use, the Group also obtained
valuations from independent third parties.
The method used to calculate the market value of the investment property involves drawing up ten-
year projections of income and expenses for each asset, adjusted at the reporting date using a market
discount rate. The residual value at the end of year 10 is calculated by applying a future exit yield to
the net income projections for year 11. The market values obtained are analysed by calculating and
assessing the capitalisation of the returns implicit in these values. The projections are intended to
reflect the best estimate of future income and expenses from the real estate assets. Both the future
exit yield and the discount rate (IRR) are determined taking into account the national market and
institutional market conditions.
The fees paid by the Group to valuers for valuation services as at 31 December 2025 and 2024 were
as follows:
Thousands of euros
2025
2024
Valuation services
629
618
Total
629
618
Breakdown of fair value of investment property
A breakdown of assets measured at fair value by their level in the fair value hierarchy is as follows:
2025
Thousands of euros
Total
Level 1
Level 2
Level 3
Fair value measurement
Investment property:
Offices
Land
3,044,818
-
-
3,044,818
Buildings
3,659,076
-
-
3,659,076
Shopping centers
Land
749,416
-
-
749,416
Buildings
1,383,393
-
-
1,383,393
Logistics-
Land
668,698
-
-
668,698
Buildings
994,263
-
-
994,263
Data centers-
Land
86,569
-
-
86,569
Buildings
1,289,865
-
-
1,289,865
Other-
Land
73,467
-
-
73,467
Buildings
34,134
-
-
34,134
Total assets measured at fair value
11,983,699
-
-
11,983,699
2024
Thousands of euros
Total
Level 1
Level 2
Level 3
Fair value measurement
Investment property:
Offices
Land
2,991,865
-
-
2,991,865
Buildings
3,594,531
-
-
3,594,531
Shopping centers
Land
723,341
-
-
723,341
Buildings
1,290,909
-
-
1,290,909
Logistics-
Land
706,513
-
-
706,513
Buildings
944,946
-
-
944,946
Data centers -
Land
52,592
-
-
52,592
Buildings
517,101
-
-
517,101
Other-
Land
42,471
-
-
42,471
Buildings
1,211
-
-
1,211
Total assets measured at fair value
10,865,480
-
-
10,865,480
No assets were reclassified from one level to another during 2025 or 2024. At 31 December 2025\u00a0 and
2024, the gross surface areas and occupancy rates of the assets were as follows:
2025
Square metres (*)
Occupancy
rate (%)
Gross leasable area
Comm. of
Madrid
Catalonia
Comm. of
Valencia
Galicia
Andalusia
Basque
Country
Castille-
La
Mancha
Rest of
Spain
Portugal
Total
Offices
867,049
232,672
-
-
13,037
-
-
-
121,037
1,233,795
94.2%
Shopping
centers
74,606
31,905
49,885
132,384
37,975
25,922
-
32,888
60,297
445,862
97.0% (**)
Logistics
319,196
132,100
61,604
-
139,218
26,774
699,401
21,579
78,381
1,478,253
96.4%
Data centers
22,508
22,131
-
-
-
21,750
-
-
-
66,389
86.4% (1)
Other
8,694
1,140
-
-
-
7,708
-
-
-
17,542
89.3%
Total surface
area
1,292,053
419,948
111,489
132,384
190,230
82,154
699,401
54,467
259,715
3,241,841
95.6%
% weight
39.9%
13.0%
3.4%
4.1%
5.9%
2.5%
21.5%
1.7%
8.0%
100.0%
(*) Not including square metres of ongoing projects or land.
(**) Excluding vacant units acquired for refurbishment.
(1) The market standard for data centres is to measure occupancy based on processing capacity, considering the required
square metres of space for processing rooms, the latter of which is the main object of leases in the data centres branch of
activity. At 31 December 2025, the Group\u2019s three data centres currently in operation have an available processing capacity of 44
MW, with 39.2 MW (89.1%) committed at that date. The Group considers committed capacity to be that which is physically
occupied at the reporting date or, while not occupied at the reporting date, that for which there are contractual commitments that
reserve such capacity to ensure future growth for the Group\u2019s customers.
2024
Square metres (*)
Occupancy
rate (%)
Gross leasable area
Comm. of
Madrid
Catalonia
Comm. of
Valencia
Galicia
Andalusia
Basque
Country
Castille-
La
Mancha
Rest of
Spain
Portugal
Total
Offices
871,645
232,622
-
-
13,037
-
-
-
107,322
1,224,626
93.7%
Shopping
centers
74,606
31,905
49,831
124,003
37,956
25,922
-
32,888
60,089
437,200
96,5% (**)
Logistics
330,389
132,100
61,604
-
139,218
26,774
681,270
21,579
45,171
1,438,105
99.4%
Data centers
22,508
22,131
-
-
-
21,750
-
-
-
66,389
81,5% (1)
Other
1,899
1,140
-
-
-
46
-
-
-
3,085
61.6%
Total surface
area
1,301,047
419,898
111,435
124,003
190,211
74,492
681,270
54,467
212,582
3,169,405
96.7%
% weight
41.1%
13.2%
3.5%
3.9%
6.0%
2.4%
21.5%
1.7%
6.7%
100.0%
(*) Not including square metres of ongoing projects or land
(**) Excluding vacant units acquired for refurbishment.
(1) The market standard for data centres is to measure occupancy based on processing capacity, considering the required
square metres of space for processing rooms, the latter of which is the main object of leases in the data centres branch of
activity. At 31 December 2024, the Group\u2019s three data centres currently in operation had an available processing capacity of 26
MW, with 21.2 MW (81.5%) committed at that date. The Group considers committed capacity to be that which is physically
occupied at the reporting date or, while not occupied at the reporting date, that for which there are contractual commitments that
reserve such capacity to ensure future growth for the Group\u2019s customers.
Hypotheses used in the valuation
In relation to determining the fair value of investment property, the significant unobservable inputs
used to measure the fair value of investment property corresponded to the rental income, future exit
yields and the rate used for discounting the cash flows of the projections (IRR).
The quantitative information on the significant non-observable input data used in measuring fair value
is shown below.
2025
Exit yield
Discount rate
Offices
3.70% - 7.60%
5.20% - 9.60%
Shopping centers
3.92% - 7.75%
6.20% - 9.75%
Logistics
4.75% - 6.25%
6.50% - 9.50%
Data centers
5.50% - 8.10%
9.00% - 11.00%
Other
3.50% - 7.50%
4.75% - 18.50%
2024
Exit yield
Discount rate
Offices
3.70% - 7.60%
5.20% - 10.10%
Shopping centers
3.92% - 7.75%
6.25% - 9.75%
Logistics
4.75% - 6.25%
6.50% - 9.50%
Data centers
5.50% - 7.00%
10.00% - 12.00%
Other
5.50% - 7.50%
6.62% - 18.50%
Market rents: the amounts per square metre used in the valuation have ranged between 3.24 and
66.27 euros depending on the type of asset and location. The growth rates of the rents used in the
projections are based mainly on the CPI. It should be noted that the minimum range corresponds to a
logistics asset and the maximum range relates to a retail asset located in a prime area.
Analysis of the sensitivity of the hypotheses
The effect of a one-quarter, one-half and one point change in the the rate used to discount the cash
flows of the projections (IRR) on consolidated assets and on the consolidated income statement, with
respect to investment property, would be as follows:
31 December 2025
Thousands of euros
31.12.2025
Assets
Consolidated profit/(loss) before tax
0.25%
0.50%
1%
0.25%
0.50%
1%
Increase in IRR
(282,124)
(557,627)
(1,089,467)
(282,124)
(557,627)
(1,089,467)
Decrease in IRR
288,925
584,836
1,198,388
288,925
584,836
1,198,388
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
31 December 2024
Thousands of euros
31.12.2024
Assets
Consolidated profit/(loss) before tax
0.25%
0.50%
1%
0.25%
0.50%
1%
Increase in IRR
(209,144)
(413,400)
(807,755)
(209,144)
(413,400)
(807,755)
Decrease in IRR
214,167
433,492
888,190
214,167
433,492
888,190
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
The effect of a 1%, 5% and 10% change in the rents considered has the following impact on the
investment property in consolidated assets and in the consolidated income statement:
31 December 2025
Thousands of euros
Assets
Consolidated profit/(loss) before tax
1%
5%
10%
1%
5%
10%
Increase in rents
99,097
495,483
990,967
99,097
495,483
990,967
Decrease in rents
(99,097)
(495,483)
(990,967)
(99,097)
(495,483)
(990,967)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
31 December 2024
Thousands of euros
Assets
Consolidated profit/(loss) before tax
1%
5%
10%
1%
5%
10%
Increase in rents
83,801
419,003
838,006
83,801
419,003
838,006
Decrease in rents
(83,801)
(419,003)
(838,006)
(83,801)
(419,003)
(838,006)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
The effect of a one-quarter, one-half and one point change in the future exit yields considered, in the
case based on return calculated as the result of dividing the net operating income for the last year of
the period analysed by the estimated exit value, on consolidated assets and on the consolidated
income statement, regarding investment property, would be as follows:
31 December 2025
Thousands of euros
Assets
Consolidated profit/(loss) before tax
0.25%
0.50%
1%
0.25%
0.50%
1%
Increase in exit yield
(407,683)
(780,767)
(1,439,376)
(407,683)
(780,767)
(1,439,376)
Decrease in exit yield
447,330
940,387
2,094,916
447,330
940,387
2,094,916
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
31 December 2024
Thousands of euros
Assets
Consolidated profit/(loss) before tax
0.25%
0.50%
1%
0.25%
0.50%
1%
Increase in exit yield
(298,733)
(572,205)
(1,055,183)
(298,733)
(572,205)
(1,055,183)
Decrease in exit yield
327,665
688,677
1,533,417
327,665
688,677
1,533,417
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Details of \u201cChanges in value of investment property\u201d in the accompanying consolidated income
statement are as follows:
Type of asset
Thousands of euros
2025
2024
Offices
80,853
(6,587)
Shopping centers
58,895
(17,749)
Logistics
18,573
(36,366)
Data centers
358,889
60,293
Other
(23,364)
(658)
493,846
(1,067)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-533": { "value": "
At 31 December 2025, the Group had firm purchase commitments for investment property amounting
to EUR 245 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-532": { "value": "
At 31 December 2025, the Group had firm purchase commitments for investment property amounting
to EUR 245 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-534": { "value": "
8.\u00a0 \u00a0 Operating leases
8.1 Operating Leases - Tenant
The Group, in its position as a tenant, only maintains short-term and low-value leases, which, following
an analysis of the application of IFRS 16, recognises them as a straight-line expense over the lease
term. In 2025, the Group recognised an expense of EUR 895 thousand (EUR 850 thousand in 2024)
included under \u201cOther operating expenses\u201d in the accompanying consolidated income statement.
8.2 Operating leases \u2013 Landlord
The occupancy rates of the leased buildings at 31 December 2025 and 2024 were as follows:
% occupancy
2025
2024
Offices
94.2
93.7
Shopping centers
97.0
96.5
Logistics
96.4
99.4
Data centers (*)
89.1
81.5
Other
89.3
61.6
(*) The market standard for data centers is to measure occupancy on the basis of processing capacity,
considering the required square metres of space for processing, the latter of which is the main object
of\u00a0 leases in the data centers branch of activity. At 31 December 2025, the Group's 3 data centers
currently in operation have an available processing capacity 44 MW, with 39.2 MW (89.1%) committed
at that date. The Group considers committed capacity to be that which is physically occupied at the
reporting date or, while not occupied at the reporting date, that for which there are contractual
commitments that reserve such capacity to ensure future growth for the Group\u2019s customers.
At 31 December 2025 and 2024, the gross rental income from and the fair value of the assets grouped
by branch of activity were as follows:
2025
Thousands of euros
Rent
Value
Gross (a)
Fair
Offices
291,831
6,703,894
Shopping centers
132,862
2,132,809
Logistics
85,785
1,662,961
Data centers
31,217
1,376,434
Other
161
107,601
Total
541,856
11,983,699
(a) The gross rental income indicated in the table above refers to the rental income (see Note 6) of the
properties, without taking into account the rebates or\u00a0 straight-line recognition of rentals.
2024
Thousands of euros
Rent
Value
Gross (a)
Fair
Offices
287,673
6,586,397
Shopping centers
126,790
2,014,249
Logistics
83,663
1,651,459
Data centers
2,157
569,693
Other
97
43,682
Total
500,380
10,865,480
(a) The gross rental income indicated in the table above refers to the rental income (see Note 6) of the
properties, without taking into account the rebates or\u00a0 straight-line recognition of rentals.
The lease agreements entered into between the Group and its customers include a fixed rent and,
where applicable, a variable rent linked to the lessee\u2019s performance.
At 31 December 2025 and 2024, future minimum lease payments under non-cancellable operating
leases (calculated at the nominal amount) are as follows:
Thousands of euros
2025
2024
Up to a year
510,913
474,149
1 to 5 years
1,084,665
953,816
Over 5 years
377,989
208,138
Total
1,973,567
1,636,103
In 2025, the Group recognised EUR 11,488 thousand (EUR 10,286 thousand in 2024) for rental
income relating to variable lease payments not benchmarked against a rate or index.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-535": { "value": "
9.\u00a0 \u00a0 Investments accounted for using the equity method
The changes in 2025 and 2024 in investments in companies accounted for using the equity method
are as follows:
Thousands of euros
2025
2024
Beginning balance
586,513
537,288
Additions made during the year
18,852
41,074
Payments made in the financial year
(91,030)
-
Dividends
(11,801)
(5,922)
Profit/(Loss) for the year
28,036
14,073
Closing balance
530,570
586,513
In relation to investments accounted for using the equity method, the additions in 2025 related mainly
to the subscription of the capital increase carried out by Crea Madrid Nuevo Norte, S.A., which
entailed an increase in the Group\u2019s investment of EUR 9,542 thousand, and the subscription of the
capital increase carried out by Moregal Hotels, S.L., which represented an increase in the Group\u2019s
investment of EUR 9,250 million (see Note 3).
In relation to disposals, on 18 November 2025, the shareholders at the Extraordinary General Meeting
of Silicius Real Estate SOCIMI, S.A. approved a capital reduction through the redemption of all the
company\u2019s shares owned by Merlin Properties SOCIMI, S.A., with the return to this shareholder of
contributions in kind consisting of a residential building in Madrid and a hotel in Menorca for a total
amount of EUR 66,948 thousand, net of the derivative associated with the purchase option that this
company held with the Group (see Note 5). This agreement was executed in a public deed on 22
December 2025 (see Notes 3, 7 and 14).
The other changes in 2025 relate to the profit obtained by investees and the dividends distributed by
Centro Intermodal de Log\u00edstica, S.A., Araba Log\u00edstica, S.A. and Parking del Palau, S.A. for a total of
EUR 11,801 thousand.
In relation to investments accounted for using the equity method, the additions in 2024 related mainly
to the subscription of the capital increases carried out by Crea Madrid Nuevo Norte, S.A. in 2024,
which entailed an increase in the Group\u2019s share capital of EUR 40,002 thousand, and the purchase of
5.84% of HCG Levante, S.L. (see Note 3) for EUR 1,070 thousand.
The other changes in 2024 related to the profit obtained by the investees and the dividend distributed
by Centro Intermodal de Log\u00edstica, S.A.
The most significant shareholdings relate to the 48.5% investment in Centro Intermodal de Log\u00edstica,
S.A. with a consolidated net value of EUR 254,281 thousand and the 14.46% investment in Crea
Madrid Nuevo Norte, S.A. with a consolidated net value of EUR 222,967 thousand. In relation to the
investment accounted for using the equity method in Crea Madrid Nuevo Norte, S.A., the Group
considers that the value recognised for accounting purposes is reasonable as it does not differ
significantly from the current value, in view of the long-term time horizon for developing the
investment.
As regards those associates in which the Group has an interest of less than 20%, management
assessed the significant judgements and concluded that it did have significant influence.
The detail of investments in companies accounted for using the equity method and the profit or loss
attributable to the Group at 31 December 2025 and 2024 is as follows:
2025
Thousands of euros
Associate
Line of business
Registered
office
Percentage of
ownership
Investment
Profit/(loss)
attributed to
the Group
Centro Intermodal de
Log\u00edstica, S.A.
Management of the port concession
of the logistics activity area
Barcelona
48.50%
254,281
22,453
Crea Madrid Nuevo Norte,
S.A
\"Operaci\u00f3n Chamart\u00edn\" construction
development and property operation
Madrid
14.46%
222,967
(1,191)
Paseo Comercial Carlos III,
S.A.
Lease of shopping center
Madrid
50.00%
30,653
2,230
Moregal Hotels, S.L.
Real estate acquisition and
development for leasing
Valencia
35.04%
10,850
18
Provitae Centros
Asistenciales, S.L.
\u00a0Healthcare services
Madrid
50.00%
2,199
(56)
Other investments
9,620
4,582
530,570
28,036
2024
Thousands of euros
Associate
Line of business
Registered
office
Percentage of
ownership
Investment
Profit/(loss)
attributed to
the Group
Centro Intermodal de
Log\u00edstica, S.A.
Management of the port concession
of the logistics activity area
Barcelona
48.50%
238,710
7,411
Crea Madrid Nuevo Norte,
S.A
\"Operaci\u00f3n Chamart\u00edn\" construction
development and property operation
Madrid
14.46%
214,616
(658)
Silicius Real Estate
SOCIMI, S.A.
Sale and lease of property
Madrid
17.91%
91,239
(1,850)
Paseo Comercial Carlos III,
S.A.
Lease of shopping center
Madrid
50%
28,423
1,555
Provitae Centros
Asistenciales, S.L.
Healthcare services
Madrid
50%
2,255
(65)
Other investments
11,270
7,680
586,513
14,073
All companies detailed in the table above are accounted for using the equity method.
The key business indicators at 100% for the Group\u2019s associates (standardised using the regulatory
framework applicable to the Group) are as follows:
2025
Thousands of euros
Provitae
Centros
Asistenciales,
S.L.
Paseo
Comercial
Carlos III,
S.A.
Centro
Intermodal de
Log\u00edstica,
S.A.
Crea Madrid
Nuevo Norte,
S.A.
Moregal
Hotels, S.L.
Other
Non-current assets
7,036
128,985
760,547
8,454
22,273
66,229
Current assets
10
2,912
49,031
2,364,069
8,900
31,901
Non-current liabilities
-
67,276
257,317
814,459
-
31,269
Current liabilities
2,648
3,316
27,961
16,106
208
15,002
Net assets
4,398
61,305
524,301
1,541,958
30,965
51,859
Revenue
-
9,469
87,127
2,216
-
5,705
Operating profit/(loss)
(111)
4,459
32,107
(8,239)
50
(1,913)
2024
Thousands of euros
Provitae
Centros
Asistenciales,
S.L.
Paseo
Comercial
Carlos III,
S.A.
Centro
Intermodal de
Log\u00edstica,
S.A.
Crea Madrid
Nuevo Norte,
S.A.
Silicius Real
Estate
SOCIMI,
S.A.
Other
Non-current assets
7,036
125,608
740,260
7,010
792,247
52,823
Current assets
9
12,514
42,479
2,531,341
18,219
49,915
Non-current liabilities
-
78,573
265,200
815,173
232,311
13,568
Current liabilities
2,536
2,703
25,345
238,975
68,723
15,974
Net assets
4,509
56,846
492,194
1,484,204
509,432
73,196
Revenue
-
9,240
84,121
2,182
31,477
5,044
Operating profit/(loss)
(130)
3,110
3,070
(4,550)
(10,329)
30,474
At the end of the year, there were no indications of impairment on the recoverable value of the
investments held, in addition to those already recorded.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-536": { "value": "
10.\u00a0 \u00a0 Current and non-current financial assets
The breakdown, by type, of the balance of this heading in the consolidated statement of financial
position at 31 December 2025 and 2024 is as follows:
Classification of financial assets by category:
Thousands of euros
2025
2024
Non-current:
At fair value-
Interest rate derivatives
229
1,622
Equity instruments
12,008
11,151
At amortised cost-
Loans to third parties
188,885
146,589
Loans to associates
13,509
13,745
Deposits and guarantees
69,182
56,827
Total Non-current
283,813
229,934
Current:
At amortised cost-
Loans to associates
3,196
4,312
Loans to third parties
236
236
Other financial assets
2,522
7,111
Trade and other receivables
84,617
60,102
Total current
90,571
71,761
The carrying amount of financial assets recognised at amortised cost does not differ from their fair
value.
Derivatives
At the end of 2025 and 2024, the valuation of interest rate derivatives receivable was recognised
under \u201cDerivatives\u201d (see Note 14).
Loans to third parties
\"Other non-current financial assets\" included the loan granted to Urban\u00edsticos Udra, S.A.U.,
shareholder of Crea Madrid Nuevo Norte, S.A., amounting to EUR 86,397 thousand, which accrues
market interest. At 31 December 2025, due to the annual capitalisation of interest, EUR 95,277
thousand in principal and EUR 328 thousand in interest had yet to be paid. In relation to this loan, the
Group has guarantees from the creditor associated with 10% of shares in Crea Madrid Nuevo Norte,
S.A., and no credit risk has been identified for the debtor.
In addition, \u201cLong-term loans to third parties\u201d includes rental income recognised on a straight-line
basis, marketing costs and tenant establishment expenses amounting to EUR 65,473 thousand (EUR
52,528 in 2024).
Deposits and guarantees
\u201cDeposits and guarantees\u201d primarily includes the guarantees provided by lessees as security deposits
amounting to EUR 67,144 thousand (EUR 55,052 thousand at 31 December 2024), ), which the Group
has deposited with the housing authority (Instituto de la Vivienda) in each region. At 31 December
2025, the guarantees received by lessees as security deposits amounted to EUR 78,528 thousand
(EUR 70,197 thousand at 31 December 2024) and were recognised under \u201cNon-current liabilities \u2013
Other financial liabilities\u201d on the liability side of the accompanying consolidated statement of financial
position for 2025 (see Note 15).
Classification of financial assets by maturity:
The classification of financial assets by maturity at 31 December 2025 and 2024 is as follows:
2025
Thousands of euros
Less than 1
year
From 1 to 5
years
Over 5 years
Undetermined
maturity
Total
Interest rate derivatives
-
229
-
-
229
Equity instruments
-
-
-
12,008
12,008
Loans to third parties and associates
236
73,899
128,495
-
202,630
Deposits and guarantees
-
-
-
69,182
69,182
Loans to associates
3,196
-
-
-
3,196
Other financial assets
2,522
-
-
-
2,522
Trade and other receivables
84,617
-
-
-
84,617
Total financial assets
90,571
74,128
128,495
81,190
374,384
2024
Thousands of euros
Less than 1
year
From 1 to 5
years
Over 5 years
Undetermined
maturity
Total
Interest rate derivatives
-
1,622
-
-
1,622
Equity instruments
-
-
-
11,151
11,151
Loans to third parties and associates
236
40,009
120,325
-
160,570
Deposits and guarantees
-
-
-
56,827
56,827
Loans to associates
4,312
-
-
-
4,312
Other financial assets
7,111
-
-
-
7,111
Trade and other receivables
60,102
-
-
-
60,102
Total financial assets
71,761
41,631
120,325
67,978
301,695
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-537": { "value": "
Derivatives
At the end of 2025 and 2024, the valuation of interest rate derivatives receivable was recognised
under \u201cDerivatives\u201d (see Note 14)
13.7 Valuation adjustments
This heading of the accompanying consolidated statement of financial position includes changes in the
value of financial derivatives designated as cash flow hedges. The changes in the balance of this
heading in 2025 and 2024 are as follows:
Thousands of
euros
Balance at 31 December 2023
(9,475)
Changes in the fair value of hedges in the year
(11,352)
Tax effect
416
Balance at 31 December 2024
(20,411)
Changes in the fair value of hedges in the year
12,708
Tax effect
(435)
Balance at 31 December 2025
(8,138)
The balance at year-end 2025 relates to the valuation of the interest rate hedges arranged by the
Group in 2020 to 2025 to cover the financing taken out at floating interest rates for the period from
December 2020 to March 2034 (see Note 14).
14.3 Derivatives
The detail of the financial instruments at 31 December 2025 and 2024 is as follows:
Thousands of euros
2025
2024
Non-current:
Asset interest rate
(229)
(1,622)
Liability interest rate
8,260
20,941
Other (Notes 5 and 9)
-
16,407
Total non-current
8,031
35,726
Current:
Interest rate derivatives
351
(282)
Total current
351
(282)
To determine the fair value of interest rate derivatives, the Group discounts the cash flows based on
the implicit EURIBOR interest rate calculated in accordance with market conditions at the
measurement date.
These financial instruments were classified as Level 2 based on the fair value hierarchy established in
IFRS 7. In 2025, as a result of the capital reduction carried out by Silicius Real Estate SOCIMI, S.A.
through the redemption of all the company\u2019s shares owned by Merlin Properties SOCIMI, S.A. with
contributions in kind returned to this shareholder, the Group derecognised the derivative associated
with the purchase option held by this company, classified as Level 3 (see Notes 3, 5, 7 and 9). The
Group recognised an expense of EUR 7,256 thousand under \u201cChanges in fair value of financial
instruments\u201d in the accompanying consolidated income statement.
The detail of the derivative financial instruments included in the accompanying consolidated statement
of financial position at 31 December 2025 and 2024 is as follows:
2025
Thousands of euros
Assets
Liabilities
Financial
Financial
Non-current:
Interest rate derivatives
(229)
8,260
Current:
Interest rate derivatives
-
351
Total derivatives recognised
(229)
8,611
2024
.
Thousands of euros
Assets
Liabilities
Financial
Financial
Non-current:
Interest rate derivatives
(1,622)
20,941
Current:
Interest rate derivatives
-
(282)
Total derivatives recognised
(1,622)
20,659
In 2024, the Group arranged an interest rate hedge to cover the mortgage loan with Caixabank until its
maturity in March 2034 for a notional amount of EUR 150 million to EUR 135 million and a fixed cost
of 2.598%.
In addition, the Group arranged an interest rate hedge in 2024 to cover the mortgage loan with Novo
Banco until its maturity in June 2031 for a notional amount of EUR 134 million and a fixed cost of
2.553%.
In 2025, the Group arranged an interest rate hedge to cover the loan with Mediobanca until its maturity
in March 2031 for a notional amount of EUR 100 million and a fixed cost of 2.263%.
The interest rate derivatives contracted by the Group and their fair values are as follows:
2025
Thousands of euros
Outstanding notional amount at each date
Interest
Fair
Subsequent
Contracted
Value
2025
2026
2027
2028
years
Syndicated Parent Company
2.537%
7,341
665,000
665,000
665,000
-
-
Non-mortgage - Parent Company
2.356%
221
160,000
160,000
160,000
100,000
100,000
Mortgage - Parent Company
2.469%
44
329,063
328,313
327,000
325,500
323,719
Mortgage - Other spanish subsidiaries
0.310%
(229)
41,712
-
-
-
-
Mortgage - Portugal
2.553%
654
134,000
134,000
134,000
134,000
134,000
8,031
1,329,775
1,287,313
1,286,000
559,500
557,719
2024
Outstanding notional amount at each date
Interest
Fair
Subsequent
Contracted
Value
2024
2025
2026
2027
years
Syndicated Parent Company
2.537%
10,958
665,000
665,000
665,000
665,000
-
Non-mortgage - Parent Company
2.512%
883
60,000
60,000
60,000
60,000
-
Mortgage - Parent Company
2.363%
6,208
329,719
329,063
328,313
327,000
325,500
Mortgage - Other spanish subsidiaries
0.310%
(1,622)
67,900
67,900
-
-
-
Mortgage - Portugal
2.553%
2,893
134,000
134,000
134,000
134,000
134,000
19,320
1,256,619
1,255,963
1,187,313
1,186,000
459,500
The Group has opted for hedge accounting, suitably designating the hedging relationships in which
these financial instruments are hedging instruments of the financing used by the Group. In this
manner, the Group has neutralized flow variations stemming from interest payments and fixed the rate
to be paid for said financing. The derivatives that are highly effective, prospectively and
retrospectively, on a cumulative basis, since the date of designation are those associated with the new
syndicated financing, the bilateral loan with Banco Sabadell, the mortgage loans with BBVA,
Caixabank and Novo Banco, and the non-mortgage loan with Caixabank, with their changes in value
therefore recognised under \u201cEquity\u201d.
The Group recognised the fair value of the derivatives that meet the requirements for effectiveness
under \u201cEquity\u201d, only taking into consideration the tax effect on the derivatives associated with the
mortgage loan from Novo Banco. The Group did not consider any tax effect for the rest of the
derivatives as a result of applying the REIT regime. The Group recognised income of EUR 54
thousand in 2025 (income of EUR 501 thousand in 2024) under \u201cChanges in fair value of financial
instruments\u201d in the consolidated income statement as a result of the derivative financial instruments
that did not meet the hedging requirements due to ineffectiveness and cancellations.
On adopting IFRS 13, the Group adjusted the measurement techniques for calculating the fair value of
its derivatives. The Group includes a bilateral credit risk adjustment to reflect both the own credit risk
and the counterpart party risk in the measurement of the fair value of the derivatives. The Group
applied the discounted cash flow method, considering a discount rate affected by its own credit risk.
To calculate the fair value of the financial derivatives, the Group used generally accepted
measurement techniques in the market, which account for current and future expected exposure,
adjusted by the probability of default and the potential loss given default affecting the contract. The
CVA (Credit Value Adjustment) or counterparty credit risk and DVA (Debt Value Adjustment) or own
credit risk were therefore estimated.
Current and expected exposure in the future is estimated using simulations of scenarios of fluctuations
in market variables, such as interest rate curves, exchange rates and volatilities as per market
conditions at the measurement date.
Furthermore, for the credit risk adjustment, the Group's net exposure has been taken into account with
regards to each of the counterparties, if the financial derivatives arranged with them are within a
financial transaction framework agreement that provides for netting positions. For counterparties for
whom credit information is available, the credit spreads have been obtained from the CDS (Credit
Default Swaps) quoted in the market; whereas for those with no available information, references from
peers have been used. The Group hired an independent expert to measure the fair value of the
derivatives.
The impact of interest rate derivatives on liabilities and on profit or loss before tax of a 5% change in
the estimated credit risk rate at 31 December 2025 and 2024 would be as follows:
2025
Thousands of euros
Scenario
Liabilities
Equity
Consolidated
profit before tax
5% rise in credit risk rate
(22,400)
22,385
15
5% reduction in credit risk rate
23,053
(23,038)
(15)
2024
Thousands of euros
Scenario
Liabilities
Equity
Consolidated
profit before tax
5% rise in credit risk rate
(25,732)
25,385
347
5% reduction in credit risk rate
26,568
(26,217)
(351)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-538": { "value": "
Deposits and guarantees
\u201cDeposits and guarantees\u201d primarily includes the guarantees provided by lessees as security deposits
amounting to EUR 67,144 thousand (EUR 55,052 thousand at 31 December 2024), ), which the Group
has deposited with the housing authority (Instituto de la Vivienda) in each region. At 31 December
2025, the guarantees received by lessees as security deposits amounted to EUR 78,528 thousand
(EUR 70,197 thousand at 31 December 2024) and were recognised under \u201cNon-current liabilities \u2013
Other financial liabilities\u201d on the liability side of the accompanying consolidated statement of financial
position for 2025 (see Note 15).
.
The Parent's directors are covered by the \"Corporate Third-Party Liability Insurance Policies for
Directors and Executives\" taken out by the Parent to cover possible damages that may be claimed,
and that are evidenced as a result of a management error committed by its directors or executives,
and those of its subsidiaries, in discharging their duties. The premium amounted to an annual total of
EUR 232 thousand (EUR 272 thousand in", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-539": { "value": "
11.\u00a0 \u00a0 Trade and other receivables
\u201cTrade and other receivables\u201d included the following items at 31 December 2025 and 2024:
Thousands of euros
2025
2024
Trade and notes receivable
50,131
41,900
Sales debentures
5,477
4,288
Associates
623
636
Sundry accounts receivable
1,162
1,165
Remuneration payable
184
184
Other receivables from public authorities (Note 17)
34,212
19,456
Impairment of trade receivables
(7,172)
(7,527)
84,617
60,102
At 31 December 2025, \u201cTrade and other receivables\u201d in the accompanying consolidated statement of
financial position mainly includes balances receivable from the rental of investment property and the
current portion of the effect of the straight-line recognition of rent rebates and waivers amounting to
EUR 13,796 thousand (EUR 11,507 thousand at year-end 2024). In general these receivables are
interest free and the terms of collection range from immediate payment on billing to payment at 30
days, while the average collection period is approximately 5 days (5 days in 2024).
The analysis of the age of the past-due balances that were not considered to have become impaired
at 31 December 2025 and 2024 is as follows:
Thousands of euros
2025
2024
Less than 30 days
720
4,814
31 to 60 days
3,678
2,610
61 to 90 days
282
369
Over 90 days
612
546
5,292
8,339
At 31 December 2025 and 2024, no collection rights had been transferred to financial institutions.
In accordance with IFRS 9, the Group periodically analyses the risk of insolvency of its accounts
receivable by updating the related provision for impairment losses. The Parent\u2019s directors consider
that the amount of trade and other receivables approximates their fair value.
The changes in the impairment losses and bad debt in 2025 and 2024 were as follows:
Thousands of
euros
Balance at 31 December 2023
(10,959)
Charges for the year
(1,076)
Reversals/amounts used
4,378
Other
130
Balance at 31 December 2024
(7,527)
Charges for the year
(1,403)
Reversals/amounts used
1,739
Other
19
Balance at 31 December 2025
(7,172)
Losses from bad debts amounted to EUR 1,200 thousand in 2025. The majority of impaired
receivables are overdue by more than six months.
Details of the concentration of customers (customers that account for a significant share of business)
are included in the information on branches of activity in Note 6.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-540": { "value": ".", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-541": { "value": "
The changes in the impairment losses and bad debt in 2025 and 2024 were as follows:
Thousands of
euros
Balance at 31 December 2023
(10,959)
Charges for the year
(1,076)
Reversals/amounts used
4,378
Other
130
Balance at 31 December 2024
(7,527)
Charges for the year
(1,403)
Reversals/amounts used
1,739
Other
19
Balance at 31 December 2025
(7,172)
Losses from bad debts amounted to EUR 1,200 thousand in 2025. The majority of impaired
receivables are overdue by more than six months.
Details of the concentration of customers (customers that account for a significant share of business)
are included in the information on branches of activity in Note", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-542": { "value": "
\u201cCash and cash equivalents\u201d includes the Group\u2019s cash and short-term bank deposits with an original
maturity of three months or less. The carrying amount of these assets does not differ from their fair
value. At 31 December 2025, short-term bank deposits amounted to EUR 978 million.
At 31 December 2025 and 2024, the amount included under \u201cCash and cash equivalents\u201d is
unrestricted, except for EUR 5,135 thousand and EUR 2,220 thousand, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-543": { "value": "
At 31 December 2025 and 2024, the amount included under \u201cCash and cash equivalents\u201d is
unrestricted, except for EUR 5,135 thousand and EUR 2,220 thousand, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-544": { "value": "
13.\u00a0 \u00a0 Equity
The detail of and changes in \u201cEquity\u201d are presented in the consolidated statement of changes in
equity.
13.1 Share capital
There were no changes in the share capital of the Parent in 2025.
At 31 December 2025, the share capital of Merlin Properties SOCIMI, S.A. amounted to EUR 563,725
thousand, represented by 563,724,899 fully subscribed and paid shares of EUR 1 par value each, all
of which are of the same class and grant the same rights to their holders.
On 23 July 2024, the Parent\u2019s Board approved a capital increase through the issue of up to
93,954,149 new ordinary shares, representing approximately 20% of the share capital, all of the same
class and series as the shares currently outstanding at that date. The capital increase would be
carried out by means of monetary contributions and with the disapplication of pre-emption rights, and
would be carried out through a private accelerated bookbuilding process aimed exclusively at qualified
investors.
On 24 July 2024, the bookbuilding process described above was completed on the following terms:
\u25e6 Issue of 93,954,149 shares of EUR 1 par value each, all of the same class and series as the
shares currently outstanding.
\u25e6 Effective amount of the capital increase: EUR 920,750,660.
\u25e6 Issue price: EUR 9.80 per share, of which EUR 1.00 corresponded to the par value and EUR
8.80 to the share premium.
These new shares were admitted to trading on the Madrid, Barcelona, Bilbao and Valencia Stock
Exchanges on 25 July 2024 and on the Lisbon Stock Exchange on 29 July 2024.
All the Parent's shares can be publicly traded and are listed on the Madrid, Barcelona, Bilbao and
Valencia and Lisbon Stock Exchanges. The market price of the Parent\u2019s shares at 31 December 2025
and the average market price for the fourth quarter amounted to EUR 12.43 and EUR 12.90 per share,
respectively.
At 31 December 2025, according to information extracted from the CNMV, in relation to the provisions
of Royal Decree 1362/2007, of 19 October and Circular 2/2007, of 19 December, the shareholders
with significant holdings in the share capital of Merlin Properties SOCIMI, S.A., both direct and
indirect, in excess of 3% of the share capital, are as follows according to public information:
Shares
% of share
capital
Direct
Indirect
Total
Banco Santander, S.A.
113,034,631
26,072,122
139,106,753
24.68%
Nortia Capital Investment Holding, S.L.
46,045,299
-
46,045,299
8.17%
BlackRock, INC
-
26,111,737
26,111,737
4.63%
The information on Banco Santander, S.A. was provided by the shareholder and that relating to Nortia
Capital Investment Holding, S.L. was obtained from the Parent\u2019s Shareholder Register as at 31
December 2025.
13.2 Share premium
The consolidated text of the Corporate Enterprises Act expressly permits the use of the share
premium to increase capital and establishes no specific restrictions as to its use.
This reserve is unrestricted so long as its allocation does not lower equity to below the amount of
share capital.
As a result of the capital increase described above, the share premium was increased by EUR
826,796 thousand.
On 30 April 2025, the shareholders at the Annual General Meeting approved the distribution of a
dividend with a charge to the share premium in the amount of EUR 113,065 thousandd.
13.3 Reserves
The detail of reserves at 31 December 2025 and 2024 is as follows:
Thousands of euros
2025
2024
Legal reserve
106,397
93,954
Reserves of consolidated companies
2,264,794
2,105,466
Other reserves
336,976
329,961
Total other reserves
2,708,167
2,529,381
The balance of \u201cOther reserves\u201d includes the amount of undistributed profit arising from the transfer of
properties and the shares or holdings referred to in Article 2.1 of Law 11/2009, of 26 October,
regulating real estate investment trusts (REITs), once the periods referred to in Article 3.3 of this Act
have elapsed. This amount relates to the undistributed profits from the divestment of the investee Tree
Inversiones Inmobiliarias SOCIMI, S.A. carried out in 2022, which had to be reinvested in other
properties or holdings used for the Parent\u2019s main corporate purpose within three years of the date of
transfer. At the end of 2025, the reinvestment period ended and this commitment was fully met. In this
regard, the Parent obtained a binding tax consultation confirming the criteria applied.
In addition, \u201cOther reserves\u201d includes EUR 21,565 thousand as a result of the expenses associated
with the capital increase carried out in 2024 (see Note 13.1).
Legal reserve
The legal reserve will be established in accordance with Article 274 of the consolidated text of the
Corporate Enterprises Act, which stipulates, in all cases, that 10% of net profit for each year must be
transferred to the legal reserve until the balance of this reserve reaches at least 20% of the share
capital.
This reserve may not be distributed, and if it is used to offset losses, provided that sufficient other
reserves are not available for this purpose, it must be restored with future profits.
At 31 December 2025, the Group had not yet reached the legally required minimum established in the
consolidated text of the Corporate Enterprises Act.
The legal reserve of companies that have chosen to avail themselves of the special tax regime
established in Law 11/2009, of 26 October, regulating REITs, must not exceed 20% of share capital.
The articles of association of these companies may not establish any other type of restricted reserves.
Reserves in consolidated companies
The changes in 2025 and 2024 in \"Reserves in consolidated companies\" are as follows:
Thousands of euros
31/12/2024
Incorporation of
prior year\u00b4s
results
Distribution of
reserves
31/12/2025
Reserves in
consolidated companies
2,105,466
283,759
(124,431)
2,264,794
Thousands of euros
31/12/2023
Incorporation of
prior year\u00b4s
results
Distribution of
reserves
31/12/2024
Reserves in
consolidated companies
2,286,573
(83,497)
(97,610)
2,105,466
The distribution in both years corresponds to the Parent\u2019s profit for 2024 and 2023.
Dividends
On 13 November 2025, the Parent\u2019s Board approved the distribution of an interim dividend out of profit
for 2025 in the amount of EUR 112,563 thousand, which was paid on 10 December 2025.
On 30 April 2025, the shareholders at the Annual General Meeting approved the distribution of a
dividend with a charge to the share premium in the amount of EUR 113,065 thousand, and the
distribution of a dividend out of 2024 profit for EUR 10,753 thousand, with both dividends being paid
on 26 May 2025.
On 14 November 2024, the Parent\u2019s Board approved the distribution of an interim dividend out of profit
for 2024 in the amount of EUR 101,234 thousand, which was paid on 10 December 2024.
On 9 May 2024, the shareholders at the Annual General Meeting approved the distribution of a
dividend with a charge to the share premium in the amount of EUR 108,505 thousand, and the
distribution of a final dividend out of 2023 profit for EUR 3,937 thousand, with both dividends being
paid on 4 June 2024.
13.4 Treasury shares
At 31 December 2025, the Parent held treasury shares amounting to EUR 10,033 thousand.
The changes in 2025 and 2024 were as follows:
Number of
Thousands of
Shares
euros
Balance at 1 January 2024
1,399,124
15,410
Additions
29,471
293
Disposals
(113,950)
(1,253)
Balance at 31 December 2024
1,314,645
14,450
Additions
14,052
171
Disposals
(417,456)
(4,588)
Balance at 31 December 2025
911,241
10,033
The shareholders at the Annual General Meeting held on 30 April 2025 revoked the unused portion of
the authorisation granted by the shareholders at the General Meeting of 27 April 2023 and authorised
the acquisition of treasury shares by the Parent itself or by Group companies pursuant to Article 146 et
seq. of the Corporate Enterprises Act, complying with the requirements and restrictions established in
current law during the five-year period.
The disposals of 417,456 treasury shares (average cost of EUR 10.99 per share) relate mainly to the
delivery of shares under the 2022-2024 Incentive Plan (see Note 20) amounting to EUR 3,198
thousand, to the delivery of shares to employees under the flexible remuneration plan in the amount of
EUR 1,223 thousand and to sales made under the Group\u2019s liquidity agreement for securities listed on
the Lisbon Stock Exchange. Net sales of 1,213 shares (EUR 4 thousand) were made under this
liquidity agreement in 2025.
At 31 December 2025, the Parent held treasury shares representing 0.162% of its share capital.
13.5 Capital management
The Group's capital management objectives are to safeguard its capacity to continue operating as a
going concern so that it can continue to provide returns to shareholders and to benefit interest groups,
and to maintain an optimum financial structure to reduce the cost of capital.
In line with the practices of other groups present in the sector, the Group controls its capital structure
through the debt ratio, calculated as net debt divided by total capital. Net debt is determined as the
sum of financial liabilities less cash and cash equivalents. Total capital is calculated as the sum of
equity plus net debt.
Thousands of euros
2025
2024
Total financial debt (b)
4,967,543
4,914,300
Less - Cash and cash equivalents and Other current
financial assets (a)
(1,224,977)
(1,567,126)
Net debt
3,742,566
3,347,174
Equity
8,074,432
7,500,980
Total capital
11,816,998
10,848,154
Debt-to-equity ratio
32%
31%
(a) In 2025 and 2024, the amount in treasury shares is included under \u201cOther current financial assets\u201d.
(b) Gross debt without considering debt arrangement expenses or interest accrued.
13.6 Earnings per share
Basic
Basic earnings per share are calculated by dividing the net profit attributable to common equity
holders of the Parent by the weighted average number of ordinary shares outstanding during the
period, excluding treasury shares.
The detail of the calculation of basic earnings per share is as follows:
\u00a0
\u00a0
\u00a0
2025
2024
Weighted average number of shares outstanding
(thousands)
562,702
509,857
Profit (Loss)\u00a0 for the period attributable to the Parent
(thousands of euros)
786,129
283,759
Basic earnings/ Loss per share (euros)
1.40
0.56
The average number of ordinary shares outstanding is calculated as follows:
Number of Shares (Thousands)
2025
2024
Ordinary shares at beginning of period
563,725
469,771
Treasury shares
(911)
(1,315)
Average adjustment of outstanding shares
(112)
41,401
Weighted average number of ordinary shares outstanding at 31
December (thousands of shares)
562,702
509,857
Diluted
In accordance with paragraph 41 of IAS 33, potential ordinary shares are treated as dilutive when, and
only when, their conversion to ordinary shares would decrease earnings per share from continuing
operations. At 31 December 2025, there was no potential dilutive effect arising from the variable
remuneration granted by the Group to its executives and key management personnel (see Note 20),
with basic earnings matching diluted earnings.
13.7 Valuation adjustments
This heading of the accompanying consolidated statement of financial position includes changes in the
value of financial derivatives designated as cash flow hedges. The changes in the balance of this
heading in 2025 and 2024 are as follows:
Thousands of
euros
Balance at 31 December 2023
(9,475)
Changes in the fair value of hedges in the year
(11,352)
Tax effect
416
Balance at 31 December 2024
(20,411)
Changes in the fair value of hedges in the year
12,708
Tax effect
(435)
Balance at 31 December 2025
(8,138)
The balance at year-end 2025 relates to the valuation of the interest rate hedges arranged by the
Group in 2020 to 2025 to cover the financing taken out at floating interest rates for the period from
December 2020 to March 2034 (see Note 14).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-545": { "value": "
13.1 Share capital
There were no changes in the share capital of the Parent in 2025.
At 31 December 2025, the share capital of Merlin Properties SOCIMI, S.A. amounted to EUR 563,725
thousand, represented by 563,724,899 fully subscribed and paid shares of EUR 1 par value each, all
of which are of the same class and grant the same rights to their holders.
On 23 July 2024, the Parent\u2019s Board approved a capital increase through the issue of up to
93,954,149 new ordinary shares, representing approximately 20% of the share capital, all of the same
class and series as the shares currently outstanding at that date. The capital increase would be
carried out by means of monetary contributions and with the disapplication of pre-emption rights, and
would be carried out through a private accelerated bookbuilding process aimed exclusively at qualified
investors.
On 24 July 2024, the bookbuilding process described above was completed on the following terms:
\u25e6 Issue of 93,954,149 shares of EUR 1 par value each, all of the same class and series as the
shares currently outstanding.
\u25e6 Effective amount of the capital increase: EUR 920,750,660.
\u25e6 Issue price: EUR 9.80 per share, of which EUR 1.00 corresponded to the par value and EUR
8.80 to the share premium.
These new shares were admitted to trading on the Madrid, Barcelona, Bilbao and Valencia Stock
Exchanges on 25 July 2024 and on the Lisbon Stock Exchange on 29 July 2024.
All the Parent's shares can be publicly traded and are listed on the Madrid, Barcelona, Bilbao and
Valencia and Lisbon Stock Exchanges. The market price of the Parent\u2019s shares at 31 December 2025
and the average market price for the fourth quarter amounted to EUR 12.43 and EUR 12.90 per share,
respectively.
At 31 December 2025, according to information extracted from the CNMV, in relation to the provisions
of Royal Decree 1362/2007, of 19 October and Circular 2/2007, of 19 December, the shareholders
with significant holdings in the share capital of Merlin Properties SOCIMI, S.A., both direct and
indirect, in excess of 3% of the share capital, are as follows according to public information:
Shares
% of share
capital
Direct
Indirect
Total
Banco Santander, S.A.
113,034,631
26,072,122
139,106,753
24.68%
Nortia Capital Investment Holding, S.L.
46,045,299
-
46,045,299
8.17%
BlackRock, INC
-
26,111,737
26,111,737
4.63%
The information on Banco Santander, S.A. was provided by the shareholder and that relating to Nortia
Capital Investment Holding, S.L. was obtained from the Parent\u2019s Shareholder Register as at 31
December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-546": { "value": "
13.2 Share premium
The consolidated text of the Corporate Enterprises Act expressly permits the use of the share
premium to increase capital and establishes no specific restrictions as to its use.
This reserve is unrestricted so long as its allocation does not lower equity to below the amount of
share capital.
As a result of the capital increase described above, the share premium was increased by EUR
826,796 thousand.
On 30 April 2025, the shareholders at the Annual General Meeting approved the distribution of a
dividend with a charge to the share premium in the amount of EUR 113,065 thousandd.
13.3 Reserves
The detail of reserves at 31 December 2025 and 2024 is as follows:
Thousands of euros
2025
2024
Legal reserve
106,397
93,954
Reserves of consolidated companies
2,264,794
2,105,466
Other reserves
336,976
329,961
Total other reserves
2,708,167
2,529,381
The balance of \u201cOther reserves\u201d includes the amount of undistributed profit arising from the transfer of
properties and the shares or holdings referred to in Article 2.1 of Law 11/2009, of 26 October,
regulating real estate investment trusts (REITs), once the periods referred to in Article 3.3 of this Act
have elapsed. This amount relates to the undistributed profits from the divestment of the investee Tree
Inversiones Inmobiliarias SOCIMI, S.A. carried out in 2022, which had to be reinvested in other
properties or holdings used for the Parent\u2019s main corporate purpose within three years of the date of
transfer. At the end of 2025, the reinvestment period ended and this commitment was fully met. In this
regard, the Parent obtained a binding tax consultation confirming the criteria applied.
In addition, \u201cOther reserves\u201d includes EUR 21,565 thousand as a result of the expenses associated
with the capital increase carried out in 2024 (see Note 13.1).
Legal reserve
The legal reserve will be established in accordance with Article 274 of the consolidated text of the
Corporate Enterprises Act, which stipulates, in all cases, that 10% of net profit for each year must be
transferred to the legal reserve until the balance of this reserve reaches at least 20% of the share
capital.
This reserve may not be distributed, and if it is used to offset losses, provided that sufficient other
reserves are not available for this purpose, it must be restored with future profits.
At 31 December 2025, the Group had not yet reached the legally required minimum established in the
consolidated text of the Corporate Enterprises Act.
The legal reserve of companies that have chosen to avail themselves of the special tax regime
established in Law 11/2009, of 26 October, regulating REITs, must not exceed 20% of share capital.
The articles of association of these companies may not establish any other type of restricted reserves.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-547": { "value": "
13.4 Treasury shares
At 31 December 2025, the Parent held treasury shares amounting to EUR 10,033 thousand.
The changes in 2025 and 2024 were as follows:
Number of
Thousands of
Shares
euros
Balance at 1 January 2024
1,399,124
15,410
Additions
29,471
293
Disposals
(113,950)
(1,253)
Balance at 31 December 2024
1,314,645
14,450
Additions
14,052
171
Disposals
(417,456)
(4,588)
Balance at 31 December 2025
911,241
10,033
The shareholders at the Annual General Meeting held on 30 April 2025 revoked the unused portion of
the authorisation granted by the shareholders at the General Meeting of 27 April 2023 and authorised
the acquisition of treasury shares by the Parent itself or by Group companies pursuant to Article 146 et
seq. of the Corporate Enterprises Act, complying with the requirements and restrictions established in
current law during the five-year period.
The disposals of 417,456 treasury shares (average cost of EUR 10.99 per share) relate mainly to the
delivery of shares under the 2022-2024 Incentive Plan (see Note 20) amounting to EUR 3,198
thousand, to the delivery of shares to employees under the flexible remuneration plan in the amount of
EUR 1,223 thousand and to sales made under the Group\u2019s liquidity agreement for securities listed on
the Lisbon Stock Exchange. Net sales of 1,213 shares (EUR 4 thousand) were made under this
liquidity agreement in 2025.
At 31 December 2025, the Parent held treasury shares representing 0.162% of its share capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-548": { "value": "
13.5 Capital management
The Group's capital management objectives are to safeguard its capacity to continue operating as a
going concern so that it can continue to provide returns to shareholders and to benefit interest groups,
and to maintain an optimum financial structure to reduce the cost of capital.
In line with the practices of other groups present in the sector, the Group controls its capital structure
through the debt ratio, calculated as net debt divided by total capital. Net debt is determined as the
sum of financial liabilities less cash and cash equivalents. Total capital is calculated as the sum of
equity plus net debt.
Thousands of euros
2025
2024
Total financial debt (b)
4,967,543
4,914,300
Less - Cash and cash equivalents and Other current
financial assets (a)
(1,224,977)
(1,567,126)
Net debt
3,742,566
3,347,174
Equity
8,074,432
7,500,980
Total capital
11,816,998
10,848,154
Debt-to-equity ratio
32%
31%
(a) In 2025 and 2024, the amount in treasury shares is included under \u201cOther current financial assets\u201d.
(b)", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-549": { "value": "
13.6 Earnings per share
Basic
Basic earnings per share are calculated by dividing the net profit attributable to common equity
holders of the Parent by the weighted average number of ordinary shares outstanding during the
period, excluding treasury shares.
The detail of the calculation of basic earnings per share is as follows:
\u00a0
\u00a0
\u00a0
2025
2024
Weighted average number of shares outstanding
(thousands)
562,702
509,857
Profit (Loss)\u00a0 for the period attributable to the Parent
(thousands of euros)
786,129
283,759
Basic earnings/ Loss per share (euros)
1.40
0.56
The average number of ordinary shares outstanding is calculated as follows:
Number of Shares (Thousands)
2025
2024
Ordinary shares at beginning of period
563,725
469,771
Treasury shares
(911)
(1,315)
Average adjustment of outstanding shares
(112)
41,401
Weighted average number of ordinary shares outstanding at 31
December (thousands of shares)
562,702
509,857
Diluted
In accordance with paragraph 41 of IAS 33, potential ordinary shares are treated as dilutive when, and
only when, their conversion to ordinary shares would decrease earnings per share from continuing
operations. At 31 December 2025, there was no potential dilutive effect arising from the variable
remuneration granted by the Group to its executives and key management personnel (see Note 20),
with basic earnings matching diluted earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-550": { "value": "
14.\u00a0 \u00a0 Current and non-current financial liabilities
The detail of current and non-current liabilities at 31 December 2025 and 2024 is as follows:
Thousands of euros
2025
2024
Non-current:
Measured at amortised cost-
Syndicated loan
665,000
665,000
Syndicated loan arrangement expenses
(2,079)
(2,983)
Total syndicated loan
662,921
662,017
Non-mortgage loan
277,769
145,581
Mortgage loans
632,313
703,063
Loan arrangement expenses
(7,814)
(8,400)
Total other loans
902,268
840,244
Debentures and bonds
2,550,000
2,800,000
Debenture issue expenses
(17,691)
(18,955)
Total debentures and bonds
2,532,309
2,781,045
Total amortised cost
4,097,498
4,283,306
Measured at fair value
Derivative financial instruments
8,260
20,941
Total at fair value
8,260
20,941
Total non-current
4,105,758
4,304,247
Current:
Measured at amortised cost
Syndicated loan
595
900
Debentures and bonds
821,631
621,654
Mortgage loans
44,128
2,697
Revolving credit facility
517
510
Non-mortgage loan
426
298
Loan arrangement expenses
(1,046)
(293)
Total amortised cost
866,252
625,767
Measured at fair value
Derivative financial instruments
351
(282)
Total at fair value
351
(282)
Total current
866,603
625,485
There is no material difference between the carrying amount and the fair value of financial liabilities at
amortised cost.
The detail of the Parent\u2019s rating is as follows:
Agency
Rating
Outlook
Last Review
Previous
Standard & Poor\u00b4s
BBB+
Stable
07/09/2025
BBB Positive
Moody\u00b4s
Baa1
Stable
09/25/2025
Baa2 Positive
14.1 Loans
The detail of loans at 31 December 2025 and 2024 is as follows:
2025
Thousands of euros
Bank borrowings
Initial
loan/Limit
Expenses
incurred from
formalising
loans (Note
14.5)
31.12.2025
Long-term
Short-term
Short-term
interest
Syndicated loan
665,000
(2,079)
665,000
-
595
Non-mortgage loan
277,769
(766)
277,769
-
426
Revolving credit facilities
740,000
(3,287)
-
-
517
Mortgage loans
704,000
(3,834)
632,313
42,462
1,667
Total
2,386,769
(9,966)
1,575,082
42,462
3,205
2024
Thousands of euros
Bank borrowings
Initial
loan/Limit
Expenses
incurred from
formalising
loans (Note
14.5)
31.12.2024
Long-term
Short-term
Short-term
interest
Syndicated loan
665,000
(2,983)
665,000
-
900
Non-mortgage loan
202,904
(225)
145,581
-
298
Revolving credit facilities
740,000
(3,181)
-
-
510
Mortgage loans
704,000
(4,994)
703,063
656
2,041
Total
2,311,904
(11,383)
1,513,644
656
3,749
Certain financing arrangements include commitments to maintain certain coverage ratios, which are
standard in these types of real estate companies, such as the loan-to-value ratio, the ratio of the
company\u2019s income used to service the debt (interest coverage ratio, ICR), or the ratio of mortgage-free
assets and non-mortgage debt (unencumbered ratio). The Parent\u2019s directors have confirmed that
these ratios were met at 31 December 2025 and do not expect that they will not be fulfilled in the
coming years.
Syndicated loans and revolving credit facility of the Parent
On 18 November 2022, the Parent arranged a senior syndicated loan for EUR 600 million. This facility
has a maturity of 5 years from its disposal and accrues a market rate of EURIBOR + 130 basis points.
On 20 April 2023, the Parent had drawn down the full amount of this financing.
In addition, a novation agreement was entered into on that date for the senior syndicated loan,
including a Tranche B corresponding to a revolving credit facility with a limit of EUR 700 million. This
new credit facility has a term of 5 years with the possibility of two optional one-year extensions. The
revolving credit facility accrues interest at a rate of EURIBOR + 100 basis points and incorporates a
cost adjustment mechanism based on four sustainability criteria.
On 18 July 2023, the novation of the syndicated loan and credit facility was signed. The senior
syndicated loan was increased to EUR 665 million with the inclusion of the amounts of two bilateral
loans that the Parent had taken out with Kutxabank and Unicaja. In addition, the credit facility limit was
increased to EUR 740 million. At 31 December 2025, this credit facility had not been drawn down. On
10 July 2025, this credit facility was extended until 23 April 2030.
This financing includes the same obligations to maintain certain coverage ratios as the Group\u2019s bonds
and the financing from Banco Sabadell and the European Investment Bank, as detailed below. These
ratios are defined as the ratio of the value of assets to outstanding debt (loan-to-value ratio), the ratio
of the Group\u2019s income used to service the debt (interest coverage ratio, ICR) and the ratio of
mortgage-free assets and non-mortgage debt (unencumbered ratio). The Parent\u2019s directors have
confirmed that these ratios were met at 31 December 2025 and do not expect that they will not be
fulfilled in the coming years.
European Investment Bank Loan
On 20 December 2018, the Parent arranged a mortgage-free loan with the European Investment Bank
for EUR 51 million. On 4 November 2019, the Parent arranged the second tranche of the unsecured
loan with the European Investment Bank for EUR 64 million, with the two tranches amounting to EUR
115 million. This financing can be arranged through several loans with a maturity of 10 years on each
drawdown. This credit facility must be allocated to the development of logistical assets in the Castille\u2013
La Mancha region.
On 10 March 2020 and 26 October 2020, the Group drew down EUR 23.4 million and EUR 5.6 million
corresponding to the first tranche of the facility. This loan accruals a fixed interest rate of 60 basis
points. On 20 December 2022, the Group had drawn down EUR 22 million at a rate of 358 basis
points, meaning the first tranche of EUR 51 million was drawn down in full.
On 20 December 2023, the Group had drawn down EUR 16.9 million, accruing interest at a fixed rate
of 386 basis points. This loan corresponds to the first drawdown of the second tranche of EUR 64
million.
On 7 November 2024, a new limit was set for the second tranche, from the initial EUR 64 million to
EUR 46.7 million. On 4 November 2025, a new limit was set for this tranche, from the initial EUR 46.7
million to EUR 34.6 million.
On 18 December 2024, the Group drew down EUR 17.7 million of the second tranche mentioned
above, accruing interest at a fixed rate of 326 basis points. At year-end 2025, this loan had been
drawn down in full.
In addition, on 16 December 2021, the Parent arranged an unsecured loan with the European
Investment Bank amounting to EUR 45.2 million and maturing in 10 years. This financing would be
used for energy efficiency investments. On 4 November 2025, a new limit was set for this loan, from
the initial EUR 45.2 million to EUR 32.2 million.
On 16 December 2025, the Group had drawn down EUR 32.2 million of the loan mentioned above,
accruing interest at a fixed rate of 354 basis points. At year-end 2025, this loan had been drawn down
in full.
At 31 December 2025, all financing with the European Investment Bank had been drawn down.
This financing includes commitments to maintain certain coverage ratios. These ratios are defined as
the ratio of the value of assets to outstanding debt (loan-to-value ratio), the ratio of the Group\u2019s income
used to service the debt (interest coverage ratio, ICR) and the ratio of mortgage-free assets and non-
mortgage debt (unencumbered ratio). The Parent\u2019s directors have confirmed that these ratios were
met at 31 December 2025 and do not expect that they will not be fulfilled in the coming years.
Non-mortgage loans
On 18 November 2022, the Parent took out and drew down on an unsecured loan with Banco
Sabadell for EUR 60 million, maturing in January 2028 and accruing interest at a market rate of
EURIBOR + 120 basis points.
On 31 March 2025, the Parent took out and drew down on an unsecured loan with Mediobanca for
EUR 100 million, maturing in five years plus one additional year from its drawdown and accruing
interest at a market rate of EURIBOR + 115 basis points.
This financing includes obligations to meet certain coverage ratios. These ratios are defined as the
ratio of the value of assets to outstanding debt (loan-to-value ratio), the ratio of the Group\u2019s income
used to service the debt (interest coverage ratio, ICR) and the ratio of mortgage-free assets and non-
mortgage debt (unencumbered ratio). The Parent\u2019s directors have confirmed that these ratios were
met at 31 December 2025 and do not expect that they will not be fulfilled in the coming years.
Mortgage loans
At 31 December 2025 and 2024, the Group had taken out the following mortgage loans:
2025
Thousands of euros
Original
Long-term
Short-term
Financial institution
Loan
Term
Term
Interest
Collateral
Novo Banco
134,000
134,000
-
212
Mortgage
Caixabank
150,000
148,313
750
1,043
Mortgage
ING
70,000
-
41,712
3
Mortgage
BBVA
180,000
180,000
-
45
Mortgage
Allianz
170,000
170,000
-
363
Mortgage
Total
704,000
632,313
42,462
1,666
2024
Thousands of euros
Original
Long-term
Short-term
Financial institution
Loan
Term
Term
Interest
Collateral
Novo Banco
134,000
134,000
-
228
Mortgage
Caixabank
150,000
149,063
656
1,427
Mortgage
ING
70,000
70,000
-
7
Mortgage
BBVA
180,000
180,000
-
37
Mortgage
Allianz
170,000
170,000
-
342
Mortgage
Total
704,000
703,063
656
2,041
On 26 April 2019, the Group entered into a novation agreement modifying the mortgage loan
subscribed on 4 December 2015 with ING Bank N.V. by the subsidiary Merlin Log\u00edstica S.L.U. The due
date for this financial arrangement, originally set to be in 2020, was extended until 2026. This financial
arrangement accrues an interest rate of EURIBOR at three months + 100 basis points; it includes a
financial cost adjustment mechanism based on meeting four sustainability criteria. On 26 March 2021,
the mortgage financing agreement was changed, extending the loan amount by EUR 2.1 million to a
total of EUR 70 million. In 2025, as a result of the divestment of two warehouses used as collateral for
this loan (see Note 7), the Group repaid a total of EUR 28.3 million, leaving an outstanding principal of
EUR 41.7 million.
This loan requires that the company maintain and comply with certain coverage ratios, such as the
loan-to-value ratio and the ratio of the company's income used to service the debt (interest coverage
ratio, ICR). The Parent\u2019s directors have confirmed that these ratios were met at 31 December 2025
and do not expect that they will not be fulfilled in the coming years.
It also envisages certain conditions linked to compliance with the following factors associated with the
environment and sustainability: i) sustainable capex, ii) LEED and BREAM certifications, iii) AIS
certifications and iv) green energy consumption, which can lead to certain savings in the financial
burden.
In accordance with IFRS 9, the Group evaluated the nature of the refinancing undertaken of the
previous ING loan and concluded that it does not represent a material change (10% test). Therefore,
the difference between the value of the old debt at amortised cost and the new debt discounted at the
effective interest rate of the old debt was recognised as a lower finance costs of EUR 2,291 thousand
under \u201cFinance costs\u201d on the 2019 consolidated income statement. This amount will be reversed in the
consolidated income statement for subsequent years in accordance with the effective interest rate of
the debt. In 2025, the application of the amortised cost method in relation to these items gave rise to a
finance cost of EUR 421 thousand (EUR 364 thousand in 2024).
On 27 July 2023, the Parent took out a loan with BBVA secured by a mortgage on an office building in
Madrid. The loan is for EUR 180 million, with a term of 7 years, and accrues interest at a market rate
of EURIBOR + 110 basis points.
On 15 November 2023, the Parent entered into a loan with Allianz secured by a mortgage on a
portfolio of 4 office buildings in Madrid. The loan is for EUR 170 million, with a term of 10 years and
accrues interest at a fixed rate of 4.523%.
On 17 January 2024, the Parent took out a loan with Caixabank, S.A. secured by a mortgage on a
portfolio of two office buildings in Madrid. The loan is for EUR 150 million, matures in 2034 and has a
spread of 130 basis points.
On 28 June 2024, the Group took out a loan with Novo Banco, S.A. secured by a mortgage on a
portfolio of five office buildings in Lisbon. The loan is for EUR 134 million, matures in 2031 and has a
spread of 125 basis points.
At 31 December 2025, all of the Group\u2019s mortgage loans had been drawn down in full.
These facilities require that the company maintain and comply with certain coverage ratios, such as
the loan-to-value ratio and the ratio of the company's income used to service the debt (interest
coverage ratio, ICR). The Parent\u2019s directors have confirmed that these ratios were met at 31
December 2025 and do not expect that they will not be fulfilled in the coming years.
Maturity of debt
The breakdown by maturity of these loan principals is as follows:
2025
Thousands of euros
Revolving
Syndicated
Secured
line of
loans and other
loans
Loans
credit
Total
2026
-
42,462
-
42,462
2027
-
1,313
-
1,313
2028
725,000
1,500
-
726,500
2029
-
1,781
-
1,781
2030
29,000
182,156
-
211,156
Over 5 years
188,769
445,563
-
634,332
942,769
674,775
-
1,617,544
2024
Thousands of euros
Revolving
Syndicated
Secured
line of
loans and other
loans
Loans
credit
Total
2025
-
656
-
656
2026
-
70,750
-
70,750
2027
-
1,313
-
1,313
2028
725,000
1,500
-
726,500
2029
-
1,781
-
1,781
Over 5 years
85,581
627,719
-
713,300
810,581
703,719
-
1,514,300
At 31 December 2025, EUR 740 million of the Group\u2019s credit facility had not yet been drawn down.
None of the Group's debt was denominated in non-euro currencies at 31 December 2025 or 2024.
The finance cost for interest on the loans totalled EUR 58,867 thousand in 2025 (EUR 69,287
thousand in 2024) and is recognised in the accompanying consolidated income statement for 2025.
At 31 December 2025 and 2024, the debt arrangement expenses had been deducted from the
balance of \"Bank borrowings\". In 2025, the Group recognised an expense of EUR 2,834 thousand
(EUR 2,690 thousand in 2024) under \u201cFinance costs\u201d in the accompanying consolidated income
statement (see Note 18.d).
14.2 Debenture issues
On 12 May 2017, the Parent subscribed a Euro Medium Term Notes (EMTN) issue programme of up
to EUR 4,000 million, which replaced the original bond issue programme and its supplements
subscribed on 6 April 2016 and 14 October 2016, respectively, for an overall maximum amount of EUR
2,700 million.
On 18 May 2018, the Parent expanded the Euro Medium Term Notes (EMTN) issue programme to
EUR 5,000 million.
On 17 June 2020, the shareholders at the Annual General Meeting approved the extension of this
bond issuance programme up to an amount of EUR 6,000 million, with the extension carried out on 21
March 2021. The programme was subsequently renewed on 4 August 2022, 11 May 2023 and 10 May
2024 for another year.
On 30 April 2025, the shareholders at the Annual General Meeting approved the extension of this
bond issuance programme up to an amount of EUR 7,500 million. It was subsequently renewed for an
additional year on 7 May 2025.
On 1 June 2022, the Group obtained consent from its bondholders to convert all its bonds into green
bonds under the Green Financing Framework published by the Group on 25 April 2022. The
reclassification of the bonds to green bonds does not entail changes to any other features of the
bonds, such as their terms and conditions, interest or maturity. In April 2024, the Group renewed the
Green Financing Reference Framework.
On 2 February 2024, the Group increased the amount drawn down (tap) on the bond maturing in
September 2029 at 2.375% for an amount of EUR 100 million (implicit cost 3.93%).
On 26 May 2025, the Group repaid the corresponding bond on the maturity date in the amount of EUR
600.
On 4 September 2025, the Group issued a bond of EUR 550 million maturing in September 2033 with
an interest rate of 3.5%.
The terms of the bonds issued by the Group abide by UK laws and are traded on the Luxembourg
Stock Exchange. The bond issue programme has the same guarantees and ratio compliance
obligations as the syndicated loan and the revolving credit facility.
The detail at 31 December 2025 and 2024 of the bonds issued by the Parent is as follows :
2025
Maturity
Face value
Coupon
Listed price
Return
Market
(Millions of Euros)
nov-26
800
1.875%
MS +44 p.b.
2.64%
Luxemburg
jul-27
500
2.375%
MS +36 p.b.
2.55%
Luxemburg
sep-29
400
2.375%
MS +46 p.b.
2.91%
Luxemburg
jun-30
500
1.375%
MS +74 p.b.
3.26%
Luxemburg
sep-33
550
3.500%
MS +107 p.b.
3.85%
Luxemburg
dec-34
600
1.875%
MS +114 p.b.
4.00%
Luxemburg
3,350
2.201%
2024
Maturity
Face value
Coupon
Listed price
Return
Market
(Millions of Euros)
may-25
600
1.750%
MS +22 p.b.
2.84%
Luxemburg
nov-26
800
1.875%
MS +50 p.b.
2.69%
Luxemburg
jul-27
500
2.375%
MS +73 p.b.
2.91%
Luxemburg
sep-29
400
2.375%
MS +81 p.b.
3.04%
Luxemburg
jun-30
500
1.375%
MS +89 p.b.
3.14%
Luxemburg
dec-34
600
1.875%
MS +128 p.b.
3.64%
Luxemburg
3,400
1.912%
These bond issues include commitments to maintain certain coverage ratios. These ratios are defined
as the ratio of the value of assets to outstanding debt (loan-to-value ratio), the ratio of the Group\u2019s
income used to service the debt (interest coverage ratio, ICR) and the ratio of mortgage-free assets
and non-mortgage debt (unencumbered ratio). The Parent\u2019s directors have confirmed that these ratios
were met at 31 December 2025 and do not expect that they will not be fulfilled in the coming years.
The finance cost for interest on the debenture issues amounted to EUR 64,978 thousand (EUR 67,799
thousand in 2024) and is recognised in the accompanying consolidated income statement for 2025.
The accrued interest payable at 31 December 2025 amounted to EUR 21,631 thousand (EUR 21,654
thousand in 2024). Debt arrangement expenses taken to the consolidated income statement in 2025
amounted to EUR 5,220 thousand (EUR 5,390 thousand in 2024).
14.3 Derivatives
The detail of the financial instruments at 31 December 2025 and 2024 is as follows:
Thousands of euros
2025
2024
Non-current:
Asset interest rate
(229)
(1,622)
Liability interest rate
8,260
20,941
Other (Notes 5 and 9)
-
16,407
Total non-current
8,031
35,726
Current:
Interest rate derivatives
351
(282)
Total current
351
(282)
To determine the fair value of interest rate derivatives, the Group discounts the cash flows based on
the implicit EURIBOR interest rate calculated in accordance with market conditions at the
measurement date.
These financial instruments were classified as Level 2 based on the fair value hierarchy established in
IFRS 7. In 2025, as a result of the capital reduction carried out by Silicius Real Estate SOCIMI, S.A.
through the redemption of all the company\u2019s shares owned by Merlin Properties SOCIMI, S.A. with
contributions in kind returned to this shareholder, the Group derecognised the derivative associated
with the purchase option held by this company, classified as Level 3 (see Notes 3, 5, 7 and 9). The
Group recognised an expense of EUR 7,256 thousand under \u201cChanges in fair value of financial
instruments\u201d in the accompanying consolidated income statement.
The detail of the derivative financial instruments included in the accompanying consolidated statement
of financial position at 31 December 2025 and 2024 is as follows:
2025
Thousands of euros
Assets
Liabilities
Financial
Financial
Non-current:
Interest rate derivatives
(229)
8,260
Current:
Interest rate derivatives
-
351
Total derivatives recognised
(229)
8,611
2024
.
Thousands of euros
Assets
Liabilities
Financial
Financial
Non-current:
Interest rate derivatives
(1,622)
20,941
Current:
Interest rate derivatives
-
(282)
Total derivatives recognised
(1,622)
20,659
In 2024, the Group arranged an interest rate hedge to cover the mortgage loan with Caixabank until its
maturity in March 2034 for a notional amount of EUR 150 million to EUR 135 million and a fixed cost
of 2.598%.
In addition, the Group arranged an interest rate hedge in 2024 to cover the mortgage loan with Novo
Banco until its maturity in June 2031 for a notional amount of EUR 134 million and a fixed cost of
2.553%.
In 2025, the Group arranged an interest rate hedge to cover the loan with Mediobanca until its maturity
in March 2031 for a notional amount of EUR 100 million and a fixed cost of 2.263%.
The interest rate derivatives contracted by the Group and their fair values are as follows:
2025
Thousands of euros
Outstanding notional amount at each date
Interest
Fair
Subsequent
Contracted
Value
2025
2026
2027
2028
years
Syndicated Parent Company
2.537%
7,341
665,000
665,000
665,000
-
-
Non-mortgage - Parent Company
2.356%
221
160,000
160,000
160,000
100,000
100,000
Mortgage - Parent Company
2.469%
44
329,063
328,313
327,000
325,500
323,719
Mortgage - Other spanish subsidiaries
0.310%
(229)
41,712
-
-
-
-
Mortgage - Portugal
2.553%
654
134,000
134,000
134,000
134,000
134,000
8,031
1,329,775
1,287,313
1,286,000
559,500
557,719
2024
Outstanding notional amount at each date
Interest
Fair
Subsequent
Contracted
Value
2024
2025
2026
2027
years
Syndicated Parent Company
2.537%
10,958
665,000
665,000
665,000
665,000
-
Non-mortgage - Parent Company
2.512%
883
60,000
60,000
60,000
60,000
-
Mortgage - Parent Company
2.363%
6,208
329,719
329,063
328,313
327,000
325,500
Mortgage - Other spanish subsidiaries
0.310%
(1,622)
67,900
67,900
-
-
-
Mortgage - Portugal
2.553%
2,893
134,000
134,000
134,000
134,000
134,000
19,320
1,256,619
1,255,963
1,187,313
1,186,000
459,500
The Group has opted for hedge accounting, suitably designating the hedging relationships in which
these financial instruments are hedging instruments of the financing used by the Group. In this
manner, the Group has neutralized flow variations stemming from interest payments and fixed the rate
to be paid for said financing. The derivatives that are highly effective, prospectively and
retrospectively, on a cumulative basis, since the date of designation are those associated with the new
syndicated financing, the bilateral loan with Banco Sabadell, the mortgage loans with BBVA,
Caixabank and Novo Banco, and the non-mortgage loan with Caixabank, with their changes in value
therefore recognised under \u201cEquity\u201d.
The Group recognised the fair value of the derivatives that meet the requirements for effectiveness
under \u201cEquity\u201d, only taking into consideration the tax effect on the derivatives associated with the
mortgage loan from Novo Banco. The Group did not consider any tax effect for the rest of the
derivatives as a result of applying the REIT regime. The Group recognised income of EUR 54
thousand in 2025 (income of EUR 501 thousand in 2024) under \u201cChanges in fair value of financial
instruments\u201d in the consolidated income statement as a result of the derivative financial instruments
that did not meet the hedging requirements due to ineffectiveness and cancellations.
On adopting IFRS 13, the Group adjusted the measurement techniques for calculating the fair value of
its derivatives. The Group includes a bilateral credit risk adjustment to reflect both the own credit risk
and the counterpart party risk in the measurement of the fair value of the derivatives. The Group
applied the discounted cash flow method, considering a discount rate affected by its own credit risk.
To calculate the fair value of the financial derivatives, the Group used generally accepted
measurement techniques in the market, which account for current and future expected exposure,
adjusted by the probability of default and the potential loss given default affecting the contract. The
CVA (Credit Value Adjustment) or counterparty credit risk and DVA (Debt Value Adjustment) or own
credit risk were therefore estimated.
Current and expected exposure in the future is estimated using simulations of scenarios of fluctuations
in market variables, such as interest rate curves, exchange rates and volatilities as per market
conditions at the measurement date.
Furthermore, for the credit risk adjustment, the Group's net exposure has been taken into account with
regards to each of the counterparties, if the financial derivatives arranged with them are within a
financial transaction framework agreement that provides for netting positions. For counterparties for
whom credit information is available, the credit spreads have been obtained from the CDS (Credit
Default Swaps) quoted in the market; whereas for those with no available information, references from
peers have been used. The Group hired an independent expert to measure the fair value of the
derivatives.
The impact of interest rate derivatives on liabilities and on profit or loss before tax of a 5% change in
the estimated credit risk rate at 31 December 2025 and 2024 would be as follows:
2025
Thousands of euros
Scenario
Liabilities
Equity
Consolidated
profit before tax
5% rise in credit risk rate
(22,400)
22,385
15
5% reduction in credit risk rate
23,053
(23,038)
(15)
2024
Thousands of euros
Scenario
Liabilities
Equity
Consolidated
profit before tax
5% rise in credit risk rate
(25,732)
25,385
347
5% reduction in credit risk rate
26,568
(26,217)
(351)
14.4 Reconciliation of the carrying amount of the liabilities arising from financing activities
The breakdown of the financing activities and their impact on the Group's cash flows, using
undiscounted amounts, during 2025 and 2024 is as follows:
2025
Thousands of euros
31/12/2024
Impact on cash
No impact on cash
Principal
Debt
Interest
paid
Reclasification
Accrued
interest
Other
adjustments
31/12/2025
Long-term loans
1,513,644
132,188
-
(70,750)
-
-
1,575,082
Short-term loans
3,895
(28,945)
(56,832)
70,750
56,281
(2)
45,147
Short-term revolving
credit facilities
510
-
(2,579)
-
2,587
-
518
L/T bonds
2,800,000
550,000
-
(800,000)
-
-
2,550,000
S/T bonds
621,654
(600,000)
(65,000)
800,000
64,978
-
821,632
4,939,703
53,243
(124,411)
-
123,846
(2)
4,992,379
2024
Thousands of euros
31/12/2023
Impact on cash
No impact on cash
Principal
Debt
Interest
paid
Reclasification
Accrued
interest
Other
adjustments
31/12/2024
Long-term loans
1,224,615
290,407
-
(1,369)
-
(9)
1,513,644
Short-term loans
4,378
(2,350)
(66,182)
1,369
66,681
(1)
3,895
Short-term revolving
credit facilities
525
-
(2,621)
-
2,606
-
510
L/T bonds
3,300,000
100,000
-
(600,000)
-
-
2,800,000
S/T bonds
20,966
889
(65,000)
600,000
64,799
-
621,654
4,550,484
388,946
(133,803)
-
134,086
(10)
4,939,703
Furthermore, within the framework of the interest rate swaps arranged (see Note 14.3), the net
balance of the settlements amounted to EUR 1,932 thousand in 2025 (EUR 14,395 thousand in 2024).
14.5 Debt arrangement expenses
The changes in debt arrangement expenses in 2025 and 2024 are as follows:
Thousands of euros
31/12/2024
Allocation to
profit and loss
account \u2013
Amortised cost
Impact of
IFRS 9 on
income
statement
Capitalisations
31/12/2025
of arrangement
expenses
Non-mortgage financing
6,390
(1,671)
-
1,415
6,134
Mortgage loans - other assets
4,993
(741)
(421)
-
3,831
Debentures and bonds
19,248
(5,220)
-
4,637
18,665
30,631
(7,632)
(421)
6,052
28,630
Thousands of euros
31/12/2023
Allocation to
profit and loss
account \u2013
Amortised cost
Impact of
IFRS 9 on
income
statement
Capitalisations
31/12/2024
of arrangement
expenses
Non-mortgage financing
7,363
(1,713)
-
740
6,390
Mortgage loans - other assets
2,996
(613)
(364)
2,974
4,993
Debentures and bonds
16,663
(5,390)
-
7,975
19,248
27,022
(7,716)
(364)
11,689
30,631
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-551": { "value": "
14.1 Loans
The detail of loans at 31 December 2025 and 2024 is as follows:
2025
Thousands of euros
Bank borrowings
Initial
loan/Limit
Expenses
incurred from
formalising
loans (Note
14.5)
31.12.2025
Long-term
Short-term
Short-term
interest
Syndicated loan
665,000
(2,079)
665,000
-
595
Non-mortgage loan
277,769
(766)
277,769
-
426
Revolving credit facilities
740,000
(3,287)
-
-
517
Mortgage loans
704,000
(3,834)
632,313
42,462
1,667
Total
2,386,769
(9,966)
1,575,082
42,462
3,205
2024
Thousands of euros
Bank borrowings
Initial
loan/Limit
Expenses
incurred from
formalising
loans (Note
14.5)
31.12.2024
Long-term
Short-term
Short-term
interest
Syndicated loan
665,000
(2,983)
665,000
-
900
Non-mortgage loan
202,904
(225)
145,581
-
298
Revolving credit facilities
740,000
(3,181)
-
-
510
Mortgage loans
704,000
(4,994)
703,063
656
2,041
Total
2,311,904
(11,383)
1,513,644
656
3,749
Certain financing arrangements include commitments to maintain certain coverage ratios, which are
standard in these types of real estate companies, such as the loan-to-value ratio, the ratio of the
company\u2019s income used to service the debt (interest coverage ratio, ICR), or the ratio of mortgage-free
assets and non-mortgage debt (unencumbered ratio). The Parent\u2019s directors have confirmed that
these ratios were met at 31 December 2025 and do not expect that they will not be fulfilled in the
coming years.
Syndicated loans and revolving credit facility of the Parent
On 18 November 2022, the Parent arranged a senior syndicated loan for EUR 600 million. This facility
has a maturity of 5 years from its disposal and accrues a market rate of EURIBOR + 130 basis points.
On 20 April 2023, the Parent had drawn down the full amount of this financing.
In addition, a novation agreement was entered into on that date for the senior syndicated loan,
including a Tranche B corresponding to a revolving credit facility with a limit of EUR 700 million. This
new credit facility has a term of 5 years with the possibility of two optional one-year extensions. The
revolving credit facility accrues interest at a rate of EURIBOR + 100 basis points and incorporates a
cost adjustment mechanism based on four sustainability criteria.
On 18 July 2023, the novation of the syndicated loan and credit facility was signed. The senior
syndicated loan was increased to EUR 665 million with the inclusion of the amounts of two bilateral
loans that the Parent had taken out with Kutxabank and Unicaja. In addition, the credit facility limit was
increased to EUR 740 million. At 31 December 2025, this credit facility had not been drawn down. On
10 July 2025, this credit facility was extended until 23 April 2030.
This financing includes the same obligations to maintain certain coverage ratios as the Group\u2019s bonds
and the financing from Banco Sabadell and the European Investment Bank, as detailed below. These
ratios are defined as the ratio of the value of assets to outstanding debt (loan-to-value ratio), the ratio
of the Group\u2019s income used to service the debt (interest coverage ratio, ICR) and the ratio of
mortgage-free assets and non-mortgage debt (unencumbered ratio). The Parent\u2019s directors have
confirmed that these ratios were met at 31 December 2025 and do not expect that they will not be
fulfilled in the coming years.
European Investment Bank Loan
On 20 December 2018, the Parent arranged a mortgage-free loan with the European Investment Bank
for EUR 51 million. On 4 November 2019, the Parent arranged the second tranche of the unsecured
loan with the European Investment Bank for EUR 64 million, with the two tranches amounting to EUR
115 million. This financing can be arranged through several loans with a maturity of 10 years on each
drawdown. This credit facility must be allocated to the development of logistical assets in the Castille\u2013
La Mancha region.
On 10 March 2020 and 26 October 2020, the Group drew down EUR 23.4 million and EUR 5.6 million
corresponding to the first tranche of the facility. This loan accruals a fixed interest rate of 60 basis
points. On 20 December 2022, the Group had drawn down EUR 22 million at a rate of 358 basis
points, meaning the first tranche of EUR 51 million was drawn down in full.
On 20 December 2023, the Group had drawn down EUR 16.9 million, accruing interest at a fixed rate
of 386 basis points. This loan corresponds to the first drawdown of the second tranche of EUR 64
million.
On 7 November 2024, a new limit was set for the second tranche, from the initial EUR 64 million to
EUR 46.7 million. On 4 November 2025, a new limit was set for this tranche, from the initial EUR 46.7
million to EUR 34.6 million.
On 18 December 2024, the Group drew down EUR 17.7 million of the second tranche mentioned
above, accruing interest at a fixed rate of 326 basis points. At year-end 2025, this loan had been
drawn down in full.
In addition, on 16 December 2021, the Parent arranged an unsecured loan with the European
Investment Bank amounting to EUR 45.2 million and maturing in 10 years. This financing would be
used for energy efficiency investments. On 4 November 2025, a new limit was set for this loan, from
the initial EUR 45.2 million to EUR 32.2 million.
On 16 December 2025, the Group had drawn down EUR 32.2 million of the loan mentioned above,
accruing interest at a fixed rate of 354 basis points. At year-end 2025, this loan had been drawn down
in full.
At 31 December 2025, all financing with the European Investment Bank had been drawn down.
This financing includes commitments to maintain certain coverage ratios. These ratios are defined as
the ratio of the value of assets to outstanding debt (loan-to-value ratio), the ratio of the Group\u2019s income
used to service the debt (interest coverage ratio, ICR) and the ratio of mortgage-free assets and non-
mortgage debt (unencumbered ratio). The Parent\u2019s directors have confirmed that these ratios were
met at 31 December 2025 and do not expect that they will not be fulfilled in the coming years.
Non-mortgage loans
On 18 November 2022, the Parent took out and drew down on an unsecured loan with Banco
Sabadell for EUR 60 million, maturing in January 2028 and accruing interest at a market rate of
EURIBOR + 120 basis points.
On 31 March 2025, the Parent took out and drew down on an unsecured loan with Mediobanca for
EUR 100 million, maturing in five years plus one additional year from its drawdown and accruing
interest at a market rate of EURIBOR + 115 basis points.
This financing includes obligations to meet certain coverage ratios. These ratios are defined as the
ratio of the value of assets to outstanding debt (loan-to-value ratio), the ratio of the Group\u2019s income
used to service the debt (interest coverage ratio, ICR) and the ratio of mortgage-free assets and non-
mortgage debt (unencumbered ratio). The Parent\u2019s directors have confirmed that these ratios were
met at 31 December 2025 and do not expect that they will not be fulfilled in the coming years.
Mortgage loans
At 31 December 2025 and 2024, the Group had taken out the following mortgage loans:
2025
Thousands of euros
Original
Long-term
Short-term
Financial institution
Loan
Term
Term
Interest
Collateral
Novo Banco
134,000
134,000
-
212
Mortgage
Caixabank
150,000
148,313
750
1,043
Mortgage
ING
70,000
-
41,712
3
Mortgage
BBVA
180,000
180,000
-
45
Mortgage
Allianz
170,000
170,000
-
363
Mortgage
Total
704,000
632,313
42,462
1,666
2024
Thousands of euros
Original
Long-term
Short-term
Financial institution
Loan
Term
Term
Interest
Collateral
Novo Banco
134,000
134,000
-
228
Mortgage
Caixabank
150,000
149,063
656
1,427
Mortgage
ING
70,000
70,000
-
7
Mortgage
BBVA
180,000
180,000
-
37
Mortgage
Allianz
170,000
170,000
-
342
Mortgage
Total
704,000
703,063
656
2,041
On 26 April 2019, the Group entered into a novation agreement modifying the mortgage loan
subscribed on 4 December 2015 with ING Bank N.V. by the subsidiary Merlin Log\u00edstica S.L.U. The due
date for this financial arrangement, originally set to be in 2020, was extended until 2026. This financial
arrangement accrues an interest rate of EURIBOR at three months + 100 basis points; it includes a
financial cost adjustment mechanism based on meeting four sustainability criteria. On 26 March 2021,
the mortgage financing agreement was changed, extending the loan amount by EUR 2.1 million to a
total of EUR 70 million. In 2025, as a result of the divestment of two warehouses used as collateral for
this loan (see Note 7), the Group repaid a total of EUR 28.3 million, leaving an outstanding principal of
EUR 41.7 million.
This loan requires that the company maintain and comply with certain coverage ratios, such as the
loan-to-value ratio and the ratio of the company's income used to service the debt (interest coverage
ratio, ICR). The Parent\u2019s directors have confirmed that these ratios were met at 31 December 2025
and do not expect that they will not be fulfilled in the coming years.
It also envisages certain conditions linked to compliance with the following factors associated with the
environment and sustainability: i) sustainable capex, ii) LEED and BREAM certifications, iii) AIS
certifications and iv) green energy consumption, which can lead to certain savings in the financial
burden.
In accordance with IFRS 9, the Group evaluated the nature of the refinancing undertaken of the
previous ING loan and concluded that it does not represent a material change (10% test). Therefore,
the difference between the value of the old debt at amortised cost and the new debt discounted at the
effective interest rate of the old debt was recognised as a lower finance costs of EUR 2,291 thousand
under \u201cFinance costs\u201d on the 2019 consolidated income statement. This amount will be reversed in the
consolidated income statement for subsequent years in accordance with the effective interest rate of
the debt. In 2025, the application of the amortised cost method in relation to these items gave rise to a
finance cost of EUR 421 thousand (EUR 364 thousand in 2024).
On 27 July 2023, the Parent took out a loan with BBVA secured by a mortgage on an office building in
Madrid. The loan is for EUR 180 million, with a term of 7 years, and accrues interest at a market rate
of EURIBOR + 110 basis points.
On 15 November 2023, the Parent entered into a loan with Allianz secured by a mortgage on a
portfolio of 4 office buildings in Madrid. The loan is for EUR 170 million, with a term of 10 years and
accrues interest at a fixed rate of 4.523%.
On 17 January 2024, the Parent took out a loan with Caixabank, S.A. secured by a mortgage on a
portfolio of two office buildings in Madrid. The loan is for EUR 150 million, matures in 2034 and has a
spread of 130 basis points.
On 28 June 2024, the Group took out a loan with Novo Banco, S.A. secured by a mortgage on a
portfolio of five office buildings in Lisbon. The loan is for EUR 134 million, matures in 2031 and has a
spread of 125 basis points.
At 31 December 2025, all of the Group\u2019s mortgage loans had been drawn down in full.
These facilities require that the company maintain and comply with certain coverage ratios, such as
the loan-to-value ratio and the ratio of the company's income used to service the debt (interest
coverage ratio, ICR). The Parent\u2019s directors have confirmed that these ratios were met at 31
December 2025 and do not expect that they will not be fulfilled in the coming years.
Maturity of debt
The breakdown by maturity of these loan principals is as follows:
2025
Thousands of euros
Revolving
Syndicated
Secured
line of
loans and other
loans
Loans
credit
Total
2026
-
42,462
-
42,462
2027
-
1,313
-
1,313
2028
725,000
1,500
-
726,500
2029
-
1,781
-
1,781
2030
29,000
182,156
-
211,156
Over 5 years
188,769
445,563
-
634,332
942,769
674,775
-
1,617,544
2024
Thousands of euros
Revolving
Syndicated
Secured
line of
loans and other
loans
Loans
credit
Total
2025
-
656
-
656
2026
-
70,750
-
70,750
2027
-
1,313
-
1,313
2028
725,000
1,500
-
726,500
2029
-
1,781
-
1,781
Over 5 years
85,581
627,719
-
713,300
810,581
703,719
-
1,514,300
At 31 December 2025, EUR 740 million of the Group\u2019s credit facility had not yet been drawn down.
None of the Group's debt was denominated in non-euro currencies at 31 December 2025 or 2024.
The finance cost for interest on the loans totalled EUR 58,867 thousand in 2025 (EUR 69,287
thousand in 2024) and is recognised in the accompanying consolidated income statement for 2025.
At 31 December 2025 and 2024, the debt arrangement expenses had been deducted from the
balance of \"Bank borrowings\". In 2025, the Group recognised an expense of EUR 2,834 thousand
(EUR 2,690 thousand in 2024) under \u201cFinance costs\u201d in the accompanying consolidated income
statement (see Note 18.d).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-552": { "value": "
14.2 Debenture issues
On 12 May 2017, the Parent subscribed a Euro Medium Term Notes (EMTN) issue programme of up
to EUR 4,000 million, which replaced the original bond issue programme and its supplements
subscribed on 6 April 2016 and 14 October 2016, respectively, for an overall maximum amount of EUR
2,700 million.
On 18 May 2018, the Parent expanded the Euro Medium Term Notes (EMTN) issue programme to
EUR 5,000 million.
On 17 June 2020, the shareholders at the Annual General Meeting approved the extension of this
bond issuance programme up to an amount of EUR 6,000 million, with the extension carried out on 21
March 2021. The programme was subsequently renewed on 4 August 2022, 11 May 2023 and 10 May
2024 for another year.
On 30 April 2025, the shareholders at the Annual General Meeting approved the extension of this
bond issuance programme up to an amount of EUR 7,500 million. It was subsequently renewed for an
additional year on 7 May 2025.
On 1 June 2022, the Group obtained consent from its bondholders to convert all its bonds into green
bonds under the Green Financing Framework published by the Group on 25 April 2022. The
reclassification of the bonds to green bonds does not entail changes to any other features of the
bonds, such as their terms and conditions, interest or maturity. In April 2024, the Group renewed the
Green Financing Reference Framework.
On 2 February 2024, the Group increased the amount drawn down (tap) on the bond maturing in
September 2029 at 2.375% for an amount of EUR 100 million (implicit cost 3.93%).
On 26 May 2025, the Group repaid the corresponding bond on the maturity date in the amount of EUR
600.
On 4 September 2025, the Group issued a bond of EUR 550 million maturing in September 2033 with
an interest rate of 3.5%.
The terms of the bonds issued by the Group abide by UK laws and are traded on the Luxembourg
Stock Exchange. The bond issue programme has the same guarantees and ratio compliance
obligations as the syndicated loan and the revolving credit facility.
The detail at 31 December 2025 and 2024 of the bonds issued by the Parent is as follows :
2025
Maturity
Face value
Coupon
Listed price
Return
Market
(Millions of Euros)
nov-26
800
1.875%
MS +44 p.b.
2.64%
Luxemburg
jul-27
500
2.375%
MS +36 p.b.
2.55%
Luxemburg
sep-29
400
2.375%
MS +46 p.b.
2.91%
Luxemburg
jun-30
500
1.375%
MS +74 p.b.
3.26%
Luxemburg
sep-33
550
3.500%
MS +107 p.b.
3.85%
Luxemburg
dec-34
600
1.875%
MS +114 p.b.
4.00%
Luxemburg
3,350
2.201%
2024
Maturity
Face value
Coupon
Listed price
Return
Market
(Millions of Euros)
may-25
600
1.750%
MS +22 p.b.
2.84%
Luxemburg
nov-26
800
1.875%
MS +50 p.b.
2.69%
Luxemburg
jul-27
500
2.375%
MS +73 p.b.
2.91%
Luxemburg
sep-29
400
2.375%
MS +81 p.b.
3.04%
Luxemburg
jun-30
500
1.375%
MS +89 p.b.
3.14%
Luxemburg
dec-34
600
1.875%
MS +128 p.b.
3.64%
Luxemburg
3,400
1.912%
These bond issues include commitments to maintain certain coverage ratios. These ratios are defined
as the ratio of the value of assets to outstanding debt (loan-to-value ratio), the ratio of the Group\u2019s
income used to service the debt (interest coverage ratio, ICR) and the ratio of mortgage-free assets
and non-mortgage debt (unencumbered ratio). The Parent\u2019s directors have confirmed that these ratios
were met at 31 December 2025 and do not expect that they will not be fulfilled in the coming years.
The finance cost for interest on the debenture issues amounted to EUR 64,978 thousand (EUR 67,799
thousand in 2024) and is recognised in the accompanying consolidated income statement for 2025.
The accrued interest payable at 31 December 2025 amounted to EUR 21,631 thousand (EUR 21,654
thousand in 2024). Debt arrangement expenses taken to the consolidated income statement in 2025
amounted to EUR 5,220 thousand (EUR 5,390 thousand in 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-553": { "value": "
14.4 Reconciliation of the carrying amount of the liabilities arising from financing activities
The breakdown of the financing activities and their impact on the Group's cash flows, using
undiscounted amounts, during 2025 and 2024 is as follows:
2025
Thousands of euros
31/12/2024
Impact on cash
No impact on cash
Principal
Debt
Interest
paid
Reclasification
Accrued
interest
Other
adjustments
31/12/2025
Long-term loans
1,513,644
132,188
-
(70,750)
-
-
1,575,082
Short-term loans
3,895
(28,945)
(56,832)
70,750
56,281
(2)
45,147
Short-term revolving
credit facilities
510
-
(2,579)
-
2,587
-
518
L/T bonds
2,800,000
550,000
-
(800,000)
-
-
2,550,000
S/T bonds
621,654
(600,000)
(65,000)
800,000
64,978
-
821,632
4,939,703
53,243
(124,411)
-
123,846
(2)
4,992,379
2024
Thousands of euros
31/12/2023
Impact on cash
No impact on cash
Principal
Debt
Interest
paid
Reclasification
Accrued
interest
Other
adjustments
31/12/2024
Long-term loans
1,224,615
290,407
-
(1,369)
-
(9)
1,513,644
Short-term loans
4,378
(2,350)
(66,182)
1,369
66,681
(1)
3,895
Short-term revolving
credit facilities
525
-
(2,621)
-
2,606
-
510
L/T bonds
3,300,000
100,000
-
(600,000)
-
-
2,800,000
S/T bonds
20,966
889
(65,000)
600,000
64,799
-
621,654
4,550,484
388,946
(133,803)
-
134,086
(10)
4,939,703
Furthermore, within the framework of the interest rate swaps arranged (see Note 14.3), the net
balance of the settlements amounted to EUR 1,932 thousand in 2025 (EUR 14,395 thousand in 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-554": { "value": "
15.\u00a0 \u00a0 Other current and non-current liabilities
The detail of these headings at 31 December 2025 and 2024 is as follows:
Thousands of euros
2025
2024
Non-current
Current
Non-current
Current
Other provisions
12,987
-
11,390
-
Guarantees and deposits received
103,034
11,032
91,152
4,805
Other payables
69,286
3,240
73,820
2,834
Other (Note 9)
-
-
16,407
-
Borrowings from Group companies and associates
99,487
-
13,384
-
Other current liabilities
-
10,848
-
10,844
Total
284,794
25,120
206,153
18,483
\u201cPayable to Group companies and associates\u201d includes the provision that the Group recognised as a
result of the commitment it has with the associate Edged Spain, S.L. based on the future profitability of
the data centres (see Note 19) and that the Group recognised as an increase.
\u201cOther provisions\u201d includes provisions for measuring the risk associated with a number of lawsuits and
claims filed by third parties arising from the Group\u2019s activities, which have been recognised in
accordance with the best estimates to date, the provision corresponding to the long-term variable
remuneration to be paid in the amount of EUR 6,322 thousand (EUR 4,511 thousand in 2024) and the
provision relating to the delivery of options under the 2025-2027 Incentive Plan amounting to EUR
1,109 thousand (see Notes 5 and 20).
In addition, \u201cOther provisions\u201d includes liabilities for tax charges that are uncertain as to their amount
or timing, whereby it is probable that an outflow of resources will be required to settle these obligations
as the result of a present obligation.
On 10 January 2022, the tax authorities notified the Parent of the commencement of a tax audit
relating to corporation tax, value added tax and tax withholdings for various years. Based on the best
estimates of the amounts to be paid as a result of the assessments arising from this tax audit and
supplementary tax returns for the years subsequent to those reviewed, in 2023 the Group recognised
a provision of EUR 5,862 thousand under \u201cProvisions\u201d in the accompanying consolidated income
statement for that year. On 21 February 2024, the following assessments were signed on an
uncontested basis:
\u2022 Corporation tax for 2016 to 2019, by virtue of which it was determined that EUR 13,984
thousand was to be refunded to the Parent, which includes the tax charge and late payment
interest. This assessment recognises the effects of the ruling of 19 January 2024 handed
down by the Spanish Constitutional Court, which renders null and void certain provisions of
Royal Decree Law 3/2016 that had an impact on taxable profit for corporation tax for 2016 to
2019.
\u2022 Value added tax for 2018 to 2019, by virtue of which EUR 799 thousand was determined to be
payable by the Parent to the tax authorities, which includes the tax charge and late payment
interest.
\u2022 Tax withholdings on non-resident income tax for 2018 to 2019, by virtue of which EUR 834
thousand was determined to be payable by the Parent to the tax authorities, which includes
the tax charge and late payment interest.
\u2022 Tax withholdings and prepayments on income from movable capital for 2018 and 2019, by
virtue of which it was determined that no amount was to be paid or refunded.
On 2 April 2024, the tax authorities issued a net refund to the Parent for the amounts relating to the
assessments described above.
In 2024, the Parent made a voluntary adjustment by filing supplementary self-assessments for VAT
and non-resident income tax for 2020 to 2024. These self-assessments resulted in tax payable by the
Parent to the tax authorities of EUR 2,234 thousand, which included the tax charge and late payment
interest.
\u201cGuarantees and deposits received\u201d primarily includes the amounts deposited by lessees to secure
leases and that will be returned at the end of the lease term.
The Parent and the majority of its subsidiaries adhere to the REIT regime. Under this regime, gains
from the sale of assets are taxed at 0%, provided that certain requirements are met (basically, the
assets must have been held by the REIT for at least three years). Any gains from the sale of assets
acquired prior to joining the REIT tax regime will be distributed on a straight-line basis (unless proven
to be distributed otherwise) over the period during which the REIT owned them. Any gains generated
prior to joining the REIT tax regime will be taxed at the general rate, while a rate of 0% will be applied
for the other years. In this regard, the Parent\u2019s directors estimated the tax rate applicable to the tax
gain on the assets acquired prior to their inclusion in the REIT tax regime (calculated in accordance
with the fair value of the assets obtained from the appraisals at the date of the business combination
and at 31 December 2025), recognising the related deferred tax liability.
The Parent\u2019s directors do not envisage disposing of any of the investment property acquired after the
Parent and its subsidiaries adhered to the REIT tax regime within three years and, therefore, have not
recognised the deferred tax liability corresponding to the changes in fair value since the assets were
acquired as the applicable tax rate is 0%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-556": { "value": "31 December 2025 and 2024 is as follows:
Thousands of euros
2025
2024
Non-current
Current
Non-current
Current
Other provisions
12,987
-
11,390
-
Guarantees and deposits received
103,034
11,032
91,152
4,805
Other payables
69,286
3,240
73,820
2,834
Other (Note 9)
-
-
16,407
-
Borrowings from Group companies and associates
99,487
-
13,384
-
Other current liabilities
-
10,848
-
10,844
Total
284,794
25,120
206,153
18,483
.
\u2022 Value added tax for 2018 to 2019, by virtue of which EUR 799 thousand was determined to be
payable by the Parent to the tax authorities, which includes the tax charge and late payment
interest.
\u2022 Tax withholdings on non-resident income tax for 2018 to 2019, by virtue of which EUR 834
thousand was determined to be payable by the Parent to the tax authorities, which includes
the tax charge and late payment interest.
\u2022 Tax withholdings and prepayments on income from movable capital for 2018 and 2019, by
virtue of which it was determined that no amount was to be paid or refunded.
On 2 April 2024, the tax authorities issued a net refund to the Parent for the amounts relating to the
assessments described above.
In 2024, the Parent made a voluntary adjustment by filing supplementary self-assessments for VAT
and non-resident income tax for 2020 to 2024. These self-assessments resulted in tax payable by the
Parent to the tax authorities of EUR 2,234 thousand, which included the tax charge and late payment
interest.
\u201cGuarantees and deposits received\u201d primarily includes the amounts deposited by lessees to secure
leases and that will be returned at the end of the lease term.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-555": { "value": "31 December 2025 and 2024 is as follows:
Thousands of euros
2025
2024
Non-current
Current
Non-current
Current
Other provisions
12,987
-
11,390
-
Guarantees and deposits received
103,034
11,032
91,152
4,805
Other payables
69,286
3,240
73,820
2,834
Other (Note 9)
-
-
16,407
-
Borrowings from Group companies and associates
99,487
-
13,384
-
Other current liabilities
-
10,848
-
10,844
Total
284,794
25,120
206,153
18,483
\u201cPayable to Group companies and associates\u201d includes the provision that the Group recognised as a
result of the commitment it has with the associate Edged Spain, S.L. based on the future profitability of
the data centres (see Note 19) and that the Group recognised as an increase.
\u201cOther provisions\u201d includes provisions for measuring the risk associated with a number of lawsuits and
claims filed by third parties arising from the Group\u2019s activities, which have been recognised in
accordance with the best estimates to date, the provision corresponding to the long-term variable
remuneration to be paid in the amount of EUR 6,322 thousand (EUR 4,511 thousand in 2024) and the
provision relating to the delivery of options under the 2025-2027 Incentive Plan amounting to EUR
1,109 thousand (see Notes 5 and 20).
In addition, \u201cOther provisions\u201d includes liabilities for tax charges that are uncertain as to their amount
or timing, whereby it is probable that an outflow of resources will be required to settle these obligations
as the result of a present obligation.
On 10 January 2022, the tax authorities notified the Parent of the commencement of a tax audit
relating to corporation tax, value added tax and tax withholdings for various years. Based on the best
estimates of the amounts to be paid as a result of the assessments arising from this tax audit and
supplementary tax returns for the years subsequent to those reviewed, in 2023 the Group recognised
a provision of EUR 5,862 thousand under \u201cProvisions\u201d in the accompanying consolidated income
statement for that year. On 21 February 2024, the following assessments were signed on an
uncontested basis:
\u2022", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-557": { "value": "31 December 2025), recognising the related deferred tax liability.
The Parent\u2019s directors do not envisage disposing of any of the investment property acquired after the
Parent and its subsidiaries adhered to the REIT tax regime within three years and, therefore, have not
recognised the deferred tax liability corresponding to the changes in fair value since the assets were
acquired as the applicable tax rate is 0%
d) Deferred tax assets recognised
The detail of the tax loss carryforwards at 31 December 2025 is as follows:
2025
Thousands of euros
Recognised
Fiscal
Tax base
credit
Tax loss carryforwards:
2009
59,924
14,981
2010
1,650
413
2011
86,402
21,600
2014
13,313
3,328
2018
718
180
2019
1,662
416
2020
8,307
2,077
2022
1
-
2023
32,259
8,065
2025
1,281
275
Total tax loss carryforwards
205,517
51,335
Other deferred taxes recognised
8,280
2,069
Total capitalised deferred tax assets
213,797
53,404
\u201cOther deferred taxes recognised\u201d mainly includes tax credits yet to be applied, mainly due to
reinvestment.
The deferred tax assets indicated above were recognised in the consolidated statement of financial
position because the Parent\u2019s directors considered that, based on their best estimate of the Group\u2019s
future earnings, including certain tax planning measures, it is probable that these assets will be
recovered.
The detail of the tax assets not recognised at 31 December 2025 is as follows:
Thousands of
euros
Not recognised
Tax base
Tax loss carryforwards:
2009
50,170
2010
5,458
2011
1,214
2012
1,676
2013
440
2014
17,987
2016
456
2017
2,199
2018
1,236
2019
2,845
2020
6,149
2021
6,828
2022
6,138
2023
27,534
2024
8,405
2025
6,047
Total tax loss carryforwards
144,782
e)Deferred tax liabilities
As indicated above, the deferred tax liabilities arise mainly from the business combinations performed
in recent years and the non-REIT subsidiaries (resident in Portugal, which meet the requirements of
article 2.1 (c) of the REIT Law to be considered as eligible assets for that regime).
The changes at 31 December 2025 and 2024 are as follows:
Thousands of
euros
Total deferred tax liabilities at 31 December 2023
613,190
Increase in value of investment property
3,352
Reductions due to disposals
(8,437)
Temporary differences
(543)
Total deferred tax liabilities at 31 December 2024
607,562
Increase (decrease) in value of investment property
22,836
Reductions due to disposals
(332)
Temporary differences
(2,204)
Total deferred tax liabilities at 31 December 2025
627,862
As stipulated in Note 17.b, the increase in value of investment property acquired by subsidiaries
subject to the REIT regime generate temporary differences at a tax rate of 0%, whereby no deferred
tax liability has been recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-558": { "value": "
16.\u00a0 \u00a0 Trade and other payables
The detail of this heading at 31 December 2025 and 2024 is as follows:
Thousands of euros
2025
2024
Current:
Suppliers
178,543
116,530
Payables to suppliers - Group companies and associates
3,711
502
Various creditors
28,340
10,448
Pendings remunerations
16,248
12,778
Other payables to public authorities (Note 17)
30,649
26,253
Advances from customers
19,555
22,915
277,046
189,426
The carrying amount of the trade payables is similar to their fair value.
In 2025 and 2024, the Group does not have any reverse factoring contracts with suppliers.
Information on the average period of payment to suppliers. Final Provision Two of Law 31/2014,
of 3 December
The information required by additional provision three of Spanish Law 15/2010, of 5 July (amended by
final provision two of Spanish Law 31/2014, of 3 December), prepared in accordance with the Spanish
Accounting and Audit Institute (ICAC) Resolution of 29 January 2016 on the disclosures to be included
in the notes to financial statements in relation to the average period of payment to suppliers in
commercial transactions, is detailed below.
Days
2025
2024
Average period of payment to suppliers
45
43
Ratio of transactions settled
46
44
Ratio of transactions not yet settled
40
39
Thousands of euros
2025
2024
Total payments made
647,898
443,227
Total payments outstanding
93,569
68,042
For the exclusive purpose of providing the information envisaged in this Resolution, payable to
suppliers are considered trade payables for debts with suppliers of goods and services, included
under \u201cTrade and other payables\u201d under current liabilities in the accompanying balance sheet.
\"Average period of payment to suppliers\" is taken to be the period that elapses from the delivery of the
goods or the provision of the services by the supplier to the effective payment of the transaction.
The maximum legal period applicable to the Group in accordance with Law 11/2013, of 26 July was 30
days following the publication of the above law to date (unless the terms established therein are met
that would enable the above maximum period to be extended up to 60 days).
The monetary volume and number of invoices paid within the established legal period of 60 days are
detailed below.
2025
2024
Monetary volume (thousands of euros)
509,944
360,676
Percentage of total payments made
78.7%
81.4%
Number of invoices
38,815
33,314
Percentage of total invoices
84.3%
78.3%
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-559": { "value": "
17.\u00a0 \u00a0 Tax situation
a) Tax receivables and tax payables
The detail of the main tax receivables and payables at 31 December 2025 and 2024 is as follows:
2025
Thousands of euros
Tax assets
Tax liabilities
No
No
Current
Current
Current
Current
Public Treasury for withholdings and other items
-
28,484
-
27,678
VAT
-
5,728
-
2,558
Tax assets
53,404
-
-
-
Corporate income tax
-
-
-
7,103
Payable to the Social Security
-
-
-
413
Deferred tax liabilities
-
-
627,862
-
53,404
34,212
627,862
37,752
2024
Thousands of euros
Tax assets
Tax liabilities
No
No
Current
Current
Current
Current
Public Treasury for withholdings and other items
-
19,187
-
23,882
VAT
-
269
-
2,013
Tax assets
53,321
-
-
-
Corporate income tax
-
-
-
6,859
Payable to the Social Security
-
-
-
358
Deferred tax liabilities
-
-
607,562
-
53,321
19,456
607,562
33,112
b) Reconciliation of the taxable profit in relation to the applicable tax rate
At 31 December 2025, the taxable profit was calculated as the accounting profit for the year plus the
effect of changes in the fair value of investment property, and temporary differences due to the existing
limitations. At the reporting date of these accompanying consolidated financial statements, the Group
did not recognise any deferred tax assets in this regard, as it is generally subject to a tax rate of 0% as
the Parent and the majority of the subsidiaries adhere to the REIT regime.
The reconciliation of the accounting profit to the consolidated tax expense in 2025 and 2024 is as
follows:
Thousands of euros
2025
2024
Profit/(Loss) before tax
813,251
295,954
25% Tax rate in Spain
203,313
73,989
Tax effect of amounts that are non-deductible (taxable)
Impairment of goodwill
(5,790)
(5,790)
Application of IAS 40 (amortization and change in fair value)
(148,743)
(23,768)
Amortization of intangibles
(1,391)
(1,712)
Employee stock option plan
(3,395)
(2,103)
Dividends paid to shareholders
21,660
20,474
Other adjustments
(10,178)
(665)
Subtotal
55,476
60,425
Tax rate difference under SOCIMI regime
(24,689)
(47,531)
Difference in foreign tax rates
(3,665)
(699)
Income tax
27,122
12,195
The Parent and a significant number of its subsidiaries adhere to the REIT regime. As indicated in
Note 5.13,the taxation of this scheme is based at a rate of 0%, provided that certain requirements are
met.
In connection with the application of IAS 40 (depreciation and revaluation), the amounts relate to the
tax effect of changes in the value of investment property (IAS 40 - fair value model) and depreciation
charges on investment property not included in profit before tax in the accompanying consolidated
income statement.
As the Parent's directors plan and state that investment property acquired by subsidiaries already
subject to the REIT tax regime will not be sold within three years, the fair value adjustment in 2025
and 2024 is taxed at 0% and therefore the deferred tax liability is also zero.
Other adjustments include the profit or loss of companies accounted for using the equity method.
c) Reconciliation of accounting profit and tax expense
Thousands of euros
2025
2024
Current tax
Corporate income tax current fiscal year
7,316
6,288
Corporate income tax previous fiscal year
139
147
Total corporate current tax expense
7,455
6,435
Deferred tax
Expense for change in value of investment property (IAS 40)
22,836
3,052
Other Decrease / (Increase) tax assets
(633)
10,729
Other (Decrease) / Increase deferred tax liabilities
(2,536)
(8,021)
Total corporate deferred tax expense
19,667
5,760
Total corporate income tax expense
27,122
12,195
The deferred tax for the appreciation in value of the assets at fair value relates to the tax effect of the
non-REIT subsidiaries (resident in Portugal, which meet the requirements of Article 2.1.c) of the REITs
Act to be considered as eligible assets for the purposes of the above tax regime). The amount is the
result of applying the tax rate that the Parent\u2019s directors consider will be applicable to the capital gains.
The decreases in deferred tax assets recognised in 2024 mainly related to the effect of the ruling
handed down by the Constitutional Court on 19 January 2024, which annulled certain provisions of
Royal Decree Law 3/2016 that had an impact on the taxable profit for income tax purposes for 2016 to
2019 and 2021 to 2022, and the derecognition of reinvestment tax credits that had expired at the end
of 2024.
d) Deferred tax assets recognised
The detail of the tax loss carryforwards at 31 December 2025 is as follows:
2025
Thousands of euros
Recognised
Fiscal
Tax base
credit
Tax loss carryforwards:
2009
59,924
14,981
2010
1,650
413
2011
86,402
21,600
2014
13,313
3,328
2018
718
180
2019
1,662
416
2020
8,307
2,077
2022
1
-
2023
32,259
8,065
2025
1,281
275
Total tax loss carryforwards
205,517
51,335
Other deferred taxes recognised
8,280
2,069
Total capitalised deferred tax assets
213,797
53,404
\u201cOther deferred taxes recognised\u201d mainly includes tax credits yet to be applied, mainly due to
reinvestment.
The deferred tax assets indicated above were recognised in the consolidated statement of financial
position because the Parent\u2019s directors considered that, based on their best estimate of the Group\u2019s
future earnings, including certain tax planning measures, it is probable that these assets will be
recovered.
The detail of the tax assets not recognised at 31 December 2025 is as follows:
Thousands of
euros
Not recognised
Tax base
Tax loss carryforwards:
2009
50,170
2010
5,458
2011
1,214
2012
1,676
2013
440
2014
17,987
2016
456
2017
2,199
2018
1,236
2019
2,845
2020
6,149
2021
6,828
2022
6,138
2023
27,534
2024
8,405
2025
6,047
Total tax loss carryforwards
144,782
e)Deferred tax liabilities
As indicated above, the deferred tax liabilities arise mainly from the business combinations performed
in recent years and the non-REIT subsidiaries (resident in Portugal, which meet the requirements of
article 2.1 (c) of the REIT Law to be considered as eligible assets for that regime).
The changes at 31 December 2025 and 2024 are as follows:
Thousands of
euros
Total deferred tax liabilities at 31 December 2023
613,190
Increase in value of investment property
3,352
Reductions due to disposals
(8,437)
Temporary differences
(543)
Total deferred tax liabilities at 31 December 2024
607,562
Increase (decrease) in value of investment property
22,836
Reductions due to disposals
(332)
Temporary differences
(2,204)
Total deferred tax liabilities at 31 December 2025
627,862
As stipulated in Note 17.b, the increase in value of investment property acquired by subsidiaries
subject to the REIT regime generate temporary differences at a tax rate of 0%, whereby no deferred
tax liability has been recognised.
f) Years open to audit and tax inspections
Under the current law, taxes cannot be considered to have been definitively settled until the tax returns
filed have been reviewed by the tax authorities or until the four-year limitation period has elapsed. At
year-end 2025, the Parent had 2021 to 2024 open for review for income tax, 2022 to 2025 for VAT and
tax withholdings on income tax and non-resident income tax, and 2023 to 2026 for the tax on
economic activities and property tax. The subsidiaries had 2021 to 2024 open for review for income
tax, 2022 to 2025 for VAT and tax withholdings on income tax and non-resident income tax, and 2023
to 2026 for the tax on economic activities and property tax.
The Parent\u2019s directors consider that the tax returns for the above taxes have been filed correctly and,
therefore, even in the event of discrepancies in the interpretation of current tax law in relation to the
tax treatment afforded to certain transactions, such liabilities as might arise would not have a material
effect on the accompanying consolidated financial statements. Also, Law 34/2015, of 21 September,
partially amending Law 58/2003, of 17 December, on General Taxation establishes the right of the tax
authorities to initiate a review and investigation procedure of the tax losses offset or carried forward or
tax credits taken or carried forward, which will become statute barred after ten years from the day on
which the regulatory period established for filing the tax return or self-assessment relating to the year
or the tax period in which the right to offset the tax loss or to apply the tax credits arose.
g) Disclosure requirements arising from REIT status, Law 11/2009, amended by Law 16/2012
and 11/2021
The disclosure requirements arising from the Parent and certain subsidiaries being considered REITs
are included in the related notes of the separate financial statements.
", "dimensions": { "concept": "mer:DisclosureOfPublicAdministrationsAndTaxStatusTextBlock", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-560": { "value": "
a) Tax receivables and tax payables
The detail of the main tax receivables and payables at 31 December 2025 and 2024 is as follows:
2025
Thousands of euros
Tax assets
Tax liabilities
No
No
Current
Current
Current
Current
Public Treasury for withholdings and other items
-
28,484
-
27,678
VAT
-
5,728
-
2,558
Tax assets
53,404
-
-
-
Corporate income tax
-
-
-
7,103
Payable to the Social Security
-
-
-
413
Deferred tax liabilities
-
-
627,862
-
53,404
34,212
627,862
37,752
2024
Thousands of euros
Tax assets
Tax liabilities
No
No
Current
Current
Current
Current
Public Treasury for withholdings and other items
-
19,187
-
23,882
VAT
-
269
-
2,013
Tax assets
53,321
-
-
-
Corporate income tax
-
-
-
6,859
Payable to the Social Security
-
-
-
358
Deferred tax liabilities
-
-
607,562
-
53,321
19,456
607,562
33,112
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-561": { "value": "813251000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-562": { "value": "
18.\u00a0 \u00a0 Revenue and expenses
a) Net income
The breakdown of ordinary income of the Group relating to 2025 and 2024 is as follows:
Thousands of euros
2025
2024
Rental income
509,823
470,589
Income from services rendered
29,140
23,983
538,963
494,572
b) Other operating expenses
The breakdown of the balance of this heading in the accompanying consolidated income statement for
2025 and 2024 is as follows:
Thousands of euros
2025
2024
Non-recoverable expenses of leased properties
54,229
52,326
Overheads-
Professional services
12,579
13,014
Headquarters\u00a0 expenses
2,768
2,783
Insurance
607
600
Other
4,514
5,534
Costs associated with asset acquisitions and financing
1,919
5,971
Losses on, impairment of and change in provisions
864
155
Other current operating expenses
16,553
16,100
Other expenses
774
105
94,807
96,588
In 2025, the Group obtained income as a result of having passed on the rental property expenses to
tenants amounting to EUR 111,010 thousand (EUR 100,876 thousand in 2024).
c) Staff costs and average headcount
The breakdown of the staff costs in 2025 and 2024 was as follows:
Thousands of euros
2025
2024
Wages, salaries and similar expenses
36,831
29,243
Termination benefits
153
34
Social security costs
3,963
3,603
Other employee benefit costs
714
515
Long-term incentive plan (Notes 5 and 20)
13,582
2,804
55,243
36,199
In 2025 and 2024, the amount recognised under \u201cWages, salaries and similar expenses\u201d included
EUR 17,768 thousand and EUR 12,225 thousand, respectively, as a provision for short-term variable
remuneration.
The average number of employees at the various Group companies in 2025 was 292 (276 in 2024).
A breakdown of the headcount at 2025 and 2024 year-end, by category, is as follows:
2025
Women
Men
Total
Senior management
1
28
29
Middle management
32
53
85
Other professionals
109
72
181
142
153
295
2024\u00a0 \u00a0
Women
Men
Total
Senior management
1
28
29
Middle management
32
51
83
Other professionals
108
73
181
141
152
293
The average number of employees in 2025 and 2024 with a disability equal to or greater than 33%, by
category, was as follows:
Categories
2025
2024
Senior management
-
-
Middle management
1
1
Other professionals
5
5
6
6
d) Finance income and costs
The detail of the balances of these headings in the accompanying consolidated income statement is
as follows:
Thousands of euros
2025
2024
Finance income:
Interest on loans
1,914
1,910
Interest on deposits and current accounts
30,778
37,354
Other financial income
2,677
2,896
35,369
42,160
Finance costs:
Interest on loans and other credits
(135,938)
(130,214)
Other finance costs
(4,979)
(4,544)
(140,917)
(134,758)
Net finance expense
(105,548)
(92,598)
In 2025, the finance costs mainly included the interest corresponding to the bank borrowings and
debentures detailed in Note 14 amounting to EUR 58,867 thousand and EUR 64,978 thousand,
respectively (EUR 69,287 thousand and EUR 64,799 thousand, respectively, in 2024). These amounts
do not include the amortisation of the debt arrangement expenses amounting to EUR 8,053 thousand
(EUR 8,080 thousand in 2024), as a result of applying the effective interest rate to the financial debt
(see Note 14.5), the finance costs associated with the interest rate derivatives amounting to EUR
4,040 (income of EUR 11,953 thousand in 2024) or the finance costs for discounting the liabilities in
accordance with IFRS 16 (see Note 7) amounting to EUR 4,052 thousand (EUR 3,442 thousand in
2024).
In 2025, the finance income generated by short-term bank deposits and interest-bearing current
accounts amounted to EUR 30,778 thousand (EUR 37,354 thousand in 2024).
e) Contribution to consolidated profit
The contribution of each subsidiary included in the scope of consolidation to profit for 2025 and 2024
was as follows:
Thousands of euros
Company
2025
2024
Global integration:
Merlin Properties SOCIMI, S.A.
109,914
59,118
Merlin Retail, S.L.
46,609
13,409
Merlin Oficinas, S.L.
50,499
46,353
Merlin Log\u00edstica, S.L.
322,785
40,433
Varitelia Distribuciones, S.L.U.
15,519
7,094
La Vital Centro Comercial y de Ocio, S.L.
(308)
5,234
Global Carihuela Patrimonio Comercial, S.L.U.
4,669
740
Parques Log\u00edsticos de la Zona Franca, S.A.
86,018
29,750
Sevisur Log\u00edstica, S.A.
(8,412)
4,544
The Exhibitions Company, S.A.
(676)
(1,155)
Innovaci\u00f3n Colaborativa, S.L.U.
8,468
2,764
Promosete Invest. Inmobiliaria, S.A.
1,905
2,452
Pra\u00e7a do Marqu\u00e9s - Servicios auxiliares, S.A.
5,143
4,086
MPCVI - Compra e Venda Imobili\u00e1ria, S.A.
1,257
1,244
MPEP - Properties Escrit\u00f3rios Portugal, S.A.
1,405
2,419
MP Monumental, S.A.
3,782
5,449
MP Torre A, S.A.
994
(159)
Forum Almada \u2013 Gestao Centro Comercial, Lda
40,616
29,813
Torre dos Oceanus Investimentos Imobili\u00e1rios, S.A.
2,535
1,947
Torre Arts Investimentos Imobili\u00e1rios, S.A.
7,107
5,158
Torre Fern\u00e3o Magalh\u00e3es Investimentos Imobili\u00e1rios, S.A.
1,995
2,215
VFX Log\u00edstica, S.A.
53,657
(5,752)
MPLIB -\u00a0 Investimentos Imobili\u00e1rios, Unipessoal Lda.
2,506
12,222
Other companies
106
308
Equity method:
Centro Intermodal de Log\u00edstica, S.L.
22,453
1,555
Paseo Comercial Carlos III, S.A.
2,230
7,411
Provitae, S.L.
(56)
(65)
Silicius Real Estate SOCIMI S.A.
(209)
(1,850)
Crea Madrid Nuevo Norte, S.A.
(1,191)
(658)
Other investments
4,809
7,680
Total
786,129
283,759
", "dimensions": { "concept": "mer:DisclosureOfIncomeAndExpenseTextBlock", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-565": { "value": "
a) Net income
The breakdown of ordinary income of the Group relating to 2025 and 2024 is as follows:
Thousands of euros
2025
2024
Rental income
509,823
470,589
Income from services rendered
29,140
23,983
538,963
494,572
b) Other operating expenses
The breakdown of the balance of this heading in the accompanying consolidated income statement for
2025 and 2024 is as follows:
Thousands of euros
2025
2024
Non-recoverable expenses of leased properties
54,229
52,326
Overheads-
Professional services
12,579
13,014
Headquarters\u00a0 expenses
2,768
2,783
Insurance
607
600
Other
4,514
5,534
Costs associated with asset acquisitions and financing
1,919
5,971
Losses on, impairment of and change in provisions
864
155
Other current operating expenses
16,553
16,100
Other expenses
774
105
94,807
96,588
In 2025, the Group obtained income as a result of having passed on the rental property expenses to
tenants amounting to EUR 111,010 thousand (EUR 100,876 thousand in 2024).
c) Staff costs and average headcount
The breakdown of the staff costs in 2025 and 2024 was as follows:
Thousands of euros
2025
2024
Wages, salaries and similar expenses
36,831
29,243
Termination benefits
153
34
Social security costs
3,963
3,603
Other employee benefit costs
714
515
Long-term incentive plan (Notes 5 and 20)
13,582
2,804
55,243
36,199
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-564": { "value": "
a) Net income
The breakdown of ordinary income of the Group relating to 2025 and 2024 is as follows:
Thousands of euros
2025
2024
Rental income
509,823
470,589
Income from services rendered
29,140
23,983
538,963
494,572
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-563": { "value": "
a) Net income
The breakdown of ordinary income of the Group relating to 2025 and 2024 is as follows:
Thousands of euros
2025
2024
Rental income
509,823
470,589
Income from services rendered
29,140
23,983
538,963
494,572
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-567": { "value": "
b) Other operating expenses
The breakdown of the balance of this heading in the accompanying consolidated income statement for
2025 and 2024 is as follows:
Thousands of euros
2025
2024
Non-recoverable expenses of leased properties
54,229
52,326
Overheads-
Professional services
12,579
13,014
Headquarters\u00a0 expenses
2,768
2,783
Insurance
607
600
Other
4,514
5,534
Costs associated with asset acquisitions and financing
1,919
5,971
Losses on, impairment of and change in provisions
864
155
Other current operating expenses
16,553
16,100
Other expenses
774
105
94,807
96,588
In 2025, the Group obtained income as a result of having passed on the rental property expenses to
tenants amounting to EUR 111,010 thousand (EUR 100,876 thousand in 2024).
c) Staff costs and average headcount
The breakdown of the staff costs in 2025 and 2024 was as follows:
Thousands of euros
2025
2024
Wages, salaries and similar expenses
36,831
29,243
Termination benefits
153
34
Social security costs
3,963
3,603
Other employee benefit costs
714
515
Long-term incentive plan (Notes 5 and 20)
13,582
2,804
55,243
36,199
In 2025 and 2024, the amount recognised under \u201cWages, salaries and similar expenses\u201d included
EUR 17,768 thousand and EUR 12,225 thousand, respectively, as a provision for short-term variable
remuneration.
The average number of employees at the various Group companies in 2025 was 292 (276 in 2024).
A breakdown of the headcount at 2025 and 2024 year-end, by category, is as follows:
2025
Women
Men
Total
Senior management
1
28
29
Middle management
32
53
85
Other professionals
109
72
181
142
153
295
2024\u00a0 \u00a0
Women
Men
Total
Senior management
1
28
29
Middle management
32
51
83
Other professionals
108
73
181
141
152
293
The average number of employees in 2025 and 2024 with a disability equal to or greater than 33%, by
category, was as follows:
Categories
2025
2024
Senior management
-
-
Middle management
1
1
Other professionals
5
5
6
6
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-566": { "value": "
b) Other operating expenses
The breakdown of the balance of this heading in the accompanying consolidated income statement for
2025 and 2024 is as follows:
Thousands of euros
2025
2024
Non-recoverable expenses of leased properties
54,229
52,326
Overheads-
Professional services
12,579
13,014
Headquarters\u00a0 expenses
2,768
2,783
Insurance
607
600
Other
4,514
5,534
Costs associated with asset acquisitions and financing
1,919
5,971
Losses on, impairment of and change in provisions
864
155
Other current operating expenses
16,553
16,100
Other expenses
774
105
94,807
96,588
In 2025, the Group obtained income as a result of having passed on the rental property expenses to
tenants amounting to EUR 111,010 thousand (EUR 100,876 thousand in 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-568": { "value": "
Thousands of euros
2025
2024
Wages, salaries and similar expenses
36,831
29,243
Termination benefits
153
34
Social security costs
3,963
3,603
Other employee benefit costs
714
515
Long-term incentive plan (Notes 5 and 20)
13,582
2,804
55,243
36,199
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-569": { "value": "in 2025 was 292 (276 in 2024).
A breakdown of the headcount at 2025 and 2024 year-end, by category, is as follows:
2025
Women
Men
Total
Senior management
1
28
29
Middle management
32
53
85
Other professionals
109
72
181
142
153
295
2024\u00a0 \u00a0
Women
Men
Total
Senior management
1
28
29
Middle management
32
51
83
Other professionals
108
73
181
141
152
293
The average number of employees in 2025 and 2024 with a disability equal to or greater than 33%, by
category, was as follows:
Categories
2025
2024
Senior management
-
-
Middle management
1
1
Other professionals
5
5
6
6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-574": { "value": "
d) Finance income and costs
The detail of the balances of these headings in the accompanying consolidated income statement is
as follows:
Thousands of euros
2025
2024
Finance income:
Interest on loans
1,914
1,910
Interest on deposits and current accounts
30,778
37,354
Other financial income
2,677
2,896
35,369
42,160
Finance costs:
Interest on loans and other credits
(135,938)
(130,214)
Other finance costs
(4,979)
(4,544)
(140,917)
(134,758)
Net finance expense
(105,548)
(92,598)
In 2025, the finance costs mainly included the interest corresponding to the bank borrowings and
debentures detailed in Note 14 amounting to EUR 58,867 thousand and EUR 64,978 thousand,
respectively (EUR 69,287 thousand and EUR 64,799 thousand, respectively, in 2024). These amounts
do not include the amortisation of the debt arrangement expenses amounting to EUR 8,053 thousand
(EUR 8,080 thousand in 2024), as a result of applying the effective interest rate to the financial debt
(see Note 14.5), the finance costs associated with the interest rate derivatives amounting to EUR
4,040 (income of EUR 11,953 thousand in 2024) or the finance costs for discounting the liabilities in
accordance with IFRS 16 (see Note 7) amounting to EUR 4,052 thousand (EUR 3,442 thousand in
2024).
In 2025, the finance income generated by short-term bank deposits and interest-bearing current
accounts amounted to EUR 30,778 thousand (EUR 37,354 thousand in 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-573": { "value": "
d) Finance income and costs
The detail of the balances of these headings in the accompanying consolidated income statement is
as follows:
Thousands of euros
2025
2024
Finance income:
Interest on loans
1,914
1,910
Interest on deposits and current accounts
30,778
37,354
Other financial income
2,677
2,896
35,369
42,160
Finance costs:
Interest on loans and other credits
(135,938)
(130,214)
Other finance costs
(4,979)
(4,544)
(140,917)
(134,758)
Net finance expense
(105,548)
(92,598)
In 2025, the finance costs mainly included the interest corresponding to the bank borrowings and
debentures detailed in Note 14 amounting to EUR 58,867 thousand and EUR 64,978 thousand,
respectively (EUR 69,287 thousand and EUR 64,799 thousand, respectively, in 2024). These amounts
do not include the amortisation of the debt arrangement expenses amounting to EUR 8,053 thousand
(EUR 8,080 thousand in 2024), as a result of applying the effective interest rate to the financial debt
(see Note 14.5), the finance costs associated with the interest rate derivatives amounting to EUR
4,040 (income of EUR 11,953 thousand in 2024) or the finance costs for discounting the liabilities in
accordance with IFRS 16 (see Note 7) amounting to EUR 4,052 thousand (EUR 3,442 thousand in
2024).
In 2025, the finance income generated by short-term bank deposits and interest-bearing current
accounts amounted to EUR 30,778 thousand (EUR 37,354 thousand in 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-572": { "value": "
d) Finance income and costs
The detail of the balances of these headings in the accompanying consolidated income statement is
as follows:
Thousands of euros
2025
2024
Finance income:
Interest on loans
1,914
1,910
Interest on deposits and current accounts
30,778
37,354
Other financial income
2,677
2,896
35,369
42,160
Finance costs:
Interest on loans and other credits
(135,938)
(130,214)
Other finance costs
(4,979)
(4,544)
(140,917)
(134,758)
Net finance expense
(105,548)
(92,598)
In 2025, the finance costs mainly included the interest corresponding to the bank borrowings and
debentures detailed in Note 14 amounting to EUR 58,867 thousand and EUR 64,978 thousand,
respectively (EUR 69,287 thousand and EUR 64,799 thousand, respectively, in 2024). These amounts
do not include the amortisation of the debt arrangement expenses amounting to EUR 8,053 thousand
(EUR 8,080 thousand in 2024), as a result of applying the effective interest rate to the financial debt
(see Note 14.5), the finance costs associated with the interest rate derivatives amounting to EUR
4,040 (income of EUR 11,953 thousand in 2024) or the finance costs for discounting the liabilities in
accordance with IFRS 16 (see Note 7) amounting to EUR 4,052 thousand (EUR 3,442 thousand in
2024).
In 2025, the finance income generated by short-term bank deposits and interest-bearing current
accounts amounted to EUR 30,778 thousand (EUR 37,354 thousand in 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-571": { "value": "
d) Finance income and costs
The detail of the balances of these headings in the accompanying consolidated income statement is
as follows:
Thousands of euros
2025
2024
Finance income:
Interest on loans
1,914
1,910
Interest on deposits and current accounts
30,778
37,354
Other financial income
2,677
2,896
35,369
42,160
Finance costs:
Interest on loans and other credits
(135,938)
(130,214)
Other finance costs
(4,979)
(4,544)
(140,917)
(134,758)
Net finance expense
(105,548)
(92,598)
In 2025, the finance costs mainly included the interest corresponding to the bank borrowings and
debentures detailed in Note 14 amounting to EUR 58,867 thousand and EUR 64,978 thousand,
respectively (EUR 69,287 thousand and EUR 64,799 thousand, respectively, in 2024). These amounts
do not include the amortisation of the debt arrangement expenses amounting to EUR 8,053 thousand
(EUR 8,080 thousand in 2024), as a result of applying the effective interest rate to the financial debt
(see Note 14.5), the finance costs associated with the interest rate derivatives amounting to EUR
4,040 (income of EUR 11,953 thousand in 2024) or the finance costs for discounting the liabilities in
accordance with IFRS 16 (see Note 7) amounting to EUR 4,052 thousand (EUR 3,442 thousand in
2024).
In 2025, the finance income generated by short-term bank deposits and interest-bearing current
accounts amounted to EUR 30,778 thousand (EUR 37,354 thousand in 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-570": { "value": "
d) Finance income and costs
The detail of the balances of these headings in the accompanying consolidated income statement is
as follows:
Thousands of euros
2025
2024
Finance income:
Interest on loans
1,914
1,910
Interest on deposits and current accounts
30,778
37,354
Other financial income
2,677
2,896
35,369
42,160
Finance costs:
Interest on loans and other credits
(135,938)
(130,214)
Other finance costs
(4,979)
(4,544)
(140,917)
(134,758)
Net finance expense
(105,548)
(92,598)
In 2025, the finance costs mainly included the interest corresponding to the bank borrowings and
debentures detailed in Note 14 amounting to EUR 58,867 thousand and EUR 64,978 thousand,
respectively (EUR 69,287 thousand and EUR 64,799 thousand, respectively, in 2024). These amounts
do not include the amortisation of the debt arrangement expenses amounting to EUR 8,053 thousand
(EUR 8,080 thousand in 2024), as a result of applying the effective interest rate to the financial debt
(see Note 14.5), the finance costs associated with the interest rate derivatives amounting to EUR
4,040 (income of EUR 11,953 thousand in 2024) or the finance costs for discounting the liabilities in
accordance with IFRS 16 (see Note 7) amounting to EUR 4,052 thousand (EUR 3,442 thousand in
2024).
In 2025, the finance income generated by short-term bank deposits and interest-bearing current
accounts amounted to EUR 30,778 thousand (EUR 37,354 thousand in 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-575": { "value": "
19.\u00a0 \u00a0 Related party transactions
Related transactions performed by the Parent or its Subsidiaries with directors, with a holding of 10%
or more of the voting rights or represented on the Parent's Board, or with any other persons that must
be considered related parties in accordance with International Accounting Standards, adopted in
accordance with Regulation (EC) 1606/2002 of the European Parliament and of the Council of 19 July
2002 on the application of international accounting standards, are considered related transactions.
At 31 December 2025 and 2024, the detail of transactions that are significant in amount or material,
carried out between the Parent or its Group companies and related parties, is as follows:
2025
Nature of
relationship
Thousands of euros
Related party
Revenue
Expense
Assets
Liabilities
Banco Santander, S.A. (a)
Financing (*)
2,188
488
-
100,000
Banco Santander, S.A. (a)
Cash
-
-
152,692
-
Banco Santander, S.A. (b)
Lease
744
-
-
364
Banco Santander, S.A. (b)
Services
-
114
-
-
Banco Santander, S.A. (c)
Share increase
-
-
-
-
P\u00ba Comer. Carlos III, S.A. (d)
Financing
382
-
13,398
-
Provitae Centros Asistenciales, S.L. (e)
Financing
31
-
1,322
-
Edged Spain, S.L. (g)
Services
-
5,062
12,489
99,497
3,345
5,664
179,901
199,861
(*) The liability relates to the portion of the undrawn corporate credit facility corresponding to Banco Santander at 31/12/2025
2024
Nature of
relationship
Thousands of euros
Related party
Revenue
Expense
Assets
Liabilities
Banco Santander, S.A. (a)
Financing (*)
3,026
413
-
100,000
Banco Santander, S.A. (a)
Cash
-
-
111,249
-
Banco Santander, S.A. (b)
Lease
794
-
-
375
Banco Santander, S.A. (b)
Services
-
116
-
-
Banco Santander, S.A. (c)
Asset disposal
-
1,250
-
-
P\u00ba Comer. Carlos III, S.A. (d)
Financing
436
-
13,056
-
Provitae Centros Asistenciales, S.L. (e)
Financing
42
-
1,262
-
Silicius Real Estate SOCIMI, S.A. (f)
Financing
-
-
-
450
Edged Spain, S.L. (g)
Services
-
2,511
11,408
13,384
4,298
4,290
136,975
114,209
(*) The liability relates to the portion of the undrawn corporate credit facility corresponding to Banco Santander at 31/12/2024
Transactions executed with significant shareholders
In 2025, the only shareholder considered a significant shareholder pursuant to current regulations was
Banco Santander, S.A.
a)Financing transactions
At 31 December 2025, the Group had no loans taken out with shareholders except for a corporate
credit facility of EUR 740 million, which was not drawn down at 31 December 2025, in which Banco
Santander, S.A.\u2019s share was EUR 100 million (see Note 14).
At 31 December 2025, the Group had bank balances deposited with Banco Santander, S.A.
amounting to EUR 152,692 thousand (EUR 111,249 thousand at 31 December 2024), which include
accounts on behalf of the associate Edged Spain, S.L.U. amounting to EUR 24 thousand (EUR 924
thousand at 31 December 2024) and Edged Portugal, Unip. L.D.A. amounting to EUR 15 thousand
(company incorporated in 2025).
In 2025, the finance costs incurred in transactions with Banco Santander, S.A. amounted to EUR 488
thousand (EUR 413 thousand in 2024), which included EUR 112 thousand in guarantee fees and EUR
27 thousand in current account management expenses (EUR 16 thousand and EUR 42 thousand in
2024, respectively).
The Banco Santander, S.A. Group granted guarantee facilities to the MERLIN Group amounting to
EUR 25,395 thousand (EUR 3,069 thousand in 2024).
The income of EUR 2,188 thousand (EUR 3,026 thousand in 2024) relates to ordinary remuneration of
the current accounts held by MERLIN Properties SOCIMI, S.A. with Banco Santander.
b)Leases and services rendered
In 2025 the Group had 3 leases with Banco Santander Group in various office properties and
shopping centres. The terms of the leases cover a period of up to 5 years and in 2025 they generated
income amounting to EUR 744 thousand (EUR 794 thousand in 2024), which includes rental income,
and income from parking spaces and the assignment of space for ATMs in shopping centres. The
security deposits received for these leases amounted to EUR 364 thousand (EUR 376 thousand in
2024).
In addition, the Group contracted organisational services for the General Meeting and shareholder
registration services amounting to EUR 80 thousand, in addition to agent services for the listing on the
Euronext Lisbon stock exchange and agent services for dividends amounting to EUR 34 thousand.
c)\u00a0 Increase in the Parent\u2019s share capital
On 24 July 2024, MERLIN Properties SOCIMI, S.A. increased capital by means of an accelerated
bookbuilding process with a charge to monetary contributions and with the disapplication of pre-
emption rights through the issue of 93,954,149 ordinary MERLIN shares, each with a par value of one
euro (EUR 1.00), of the same class and series as the shares currently outstanding (see Note 13.1).
As a result of this capital increase, the following transactions were performed with significant
shareholders:
\u2022 Shareholding of Banco Santander, S.A. as the Agent Bank (EUR 50 thousand; 0.005% of the
issue) and as the Co-Global Coordinator, with the fee invoiced in this transaction amounting to
EUR 1,250 thousand, of which EUR 50 thousand are considered as the agent bank fee and
EUR 1,200 thousand as the basic fee and discretionary fee.
\u2022 Banco Santander, S.A., which directly or indirectly holds approximately 24.6% of MERLIN\u2019s
share capital, subscribed 23,094,534 new shares, thus maintaining its holding in MERLIN\u2019s
share capital after the capital increase (at the same 24.6%).
\u2022 Nortia Capital Investment Holding, S.L., which directly or indirectly holds approximately 8.17%
of MERLIN\u2019s share capital, subscribed 7,674,216 new shares, thus maintaining its holding in
MERLIN\u2019s share capital after the capital increase (at the same 8.17%).
The above related party transactions in connection with the capital increase were reported by the Audit
and Control Committee to the Board on 22 July 2024. These reports, in compliance with current law,
were sent to the CNMV (registration numbers 29819 and 29820) and published on the corporate
website: https://ir.merlinproperties.com/regulador/operaciones-vinculadas/
Transactions performed with the directors
In addition, the capital increase of MERLIN Properties SOCIMI, S.A. carried out on 24 July 2024
resulted in the following transaction related to the Company\u2019s directors:
\u2022 Pre-emption right by the Chief Executive Officer, holder of approximately 0.14% of the share
capital, and by the Managing Director, holder of approximately 0.13% of the share capital,
subscribing 131,893 and 124,392 new shares, respectively, in the capital increase, thus
maintaining their holding in MERLIN\u2019s share capital after the capital increase.
Transactions with companies accounted for using the equity method
d)Paseo Comercial Carlos III S.A.
At 31 December 2025, the Parent had an outstanding loan for EUR 13,398 thousand as regards the
associate Paseo Comercial Carlos III, S.A. (owner of a shopping centre in Madrid).
This loan includes the renewal in 2025 of the initial loan for EUR 2,500 thousand and the accrued
interest amounting to EUR 898 thousand (EUR 517 thousand at 31 December 2024), with finance
income in 2025 amounting to EUR 382 thousand.
In the first half of 2024, the Group carried out a novation of this loan, which led to an additional EUR
10,000 thousand being granted. This additional facility is part of the guarantee requested of the
shareholders by the Company\u2019s lending institutions.
In the fourth quarter of 2025, the Company repaid EUR 2,539 thousand of the initial loan (initially
granted in two tranches in 2020 and 2021) and subsequently extended this financing by EUR 2,500
thousand, which resulted in an overall net decrease in debt of EUR 39 thousand. The accrued interest
payable of EUR 134 thousand corresponding to the initial loan was also paid.
e)Provitae Centros Asistenciales, S.L.
At 31 December 2025, the Parent had an outstanding loan amounting to EUR 1,322 thousand (EUR
1,262 thousand at 31 December 2024), which includes EUR 255 thousand (EUR 224 thousand in
2024) in accrued interest, granted on 10 January 2002 to the associate Provitae Centros
Asistenciales, S.L., which owns a plot of land in Villajoyosa. The finance income for 2025 amounted to
EUR 31 thousand.
f)Silicius Real Estate SOCIMI, S.A.
At 31 December 2025, the Parent did not have any outstanding obligations.
g) Edged Spain, S.L.
Under the agreements between MERLIN and its subsidiaries that own the data centres currently
operated and Edged Spain, S.L., there are a series of commitments based on the overheads, turnover
and future profitability of these data centres and, therefore, the MERLIN Group recognised EUR 5,062
thousand in expenses, EUR 12,489 thousand in assets and EUR 99,487 thousand in liabilities in
2025, respectively (EUR 2,511 thousand, EUR 11,408 thousand and EUR 13,384 thousand in 2024).
Dividends and other profits distributed to related parties (thousands of euros)
Thousands of euros
2025
2024
Significant shareholders
57,690
52,086
Banco Santander, S.A.
57,690
52,086
Directors and managers
3,096
2,966
Directors
1,840
1,757
Executives
1,256
1,209
60,786
55,052
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-576": { "value": "
20.\u00a0 \u00a0 Information on Directors
The Parent\u2019s directors and the parties related to them did not have any conflicts of interest that had to
be reported in accordance with that set out in Article 229 of the consolidated text of the Corporate
Enterprises Act.
Directors' compensation and other benefits
At 31 December 2025 and 2024, salaries, per diem attendance fees and other remuneration earned
by members of the Parent\u2019s governing bodies totalled EUR 8,198 thousand and EUR 6,791 thousand,
respectively, as detailed below:
Thousands of euros
2025
2024
Fixed and variable remuneration
7,960
6,492
Statutory compensation
-
-
Termination benefits
-
-
Per diems
222
288
Life and health insurance
16
11
8,198
6,791
In addition to the above amounts, in 2025 the executive directors received payments totalling EUR
2,501 thousand corresponding to the variable remuneration for 2024 and the deferred variable
remuneration for 2022 and 2023. At 31 December 2025, the accrued amounts payable related to the
variable remuneration for 2023 to 2025 and amounted to EUR 5,730 thousand, of which EUR 2,549
thousand are recognised under \u201cNon-current provisions\u201d and EUR 3,181 thousand under \u201cTrade and
other payables\u201d in the accompanying consolidated balance sheet.
In 2025, the executive directors received 87,164 shares corresponding to the settlement of the
2022-2024 Incentive Plan.
As regards golden parachute clauses for the Parent\u2019s executive directors in the event of dismissal or a
takeover, these golden parachute clauses provide for compensation that represented a total
commitment of EUR 12,100 thousand at 31 December 2025.
The breakdown, by board member, of the amounts disclosed above is as follows:
Thousands of euros
2025
2024
Director:
Remuneration of board members
Jos\u00e9 Luis de Mora Gil-Gallardo
Chairman - Proprietary director
450
280
Javier Garc\u00eda Carranza Benjumea
Chairman - Proprietary director
-
170
Ismael Clemente Orrego
CEO
3,300
2,663
Miguel Ollero Barrera
Executive director
2,750
1,832
Mar\u00eda Luisa Jord\u00e1 Castro
Independent director
177
183
Ana Garc\u00eda Fau
Independent director
52
211
George Donald Johnston
Independent director
211
189
Fernando Ortiz Vaamonde
Independent director
151
148
Juan Mar\u00eda Aguirre Gonzalo
Independent director
196
183
Pilar Cavero Mestre
Independent director
174
158
Francisca Ortega Hern\u00e1ndez Agero
Proprietary director
176
171
Emilio Novela Berl\u00edn
Independent director
68
193
Ignacio Gil-Casares Satr\u00fastegui
Proprietary director
-
51
Juan Antonio Alcaraz Garc\u00eda
Proprietary director
143
148
In\u00e8s Archer Toper
Independent director
161
103
Julia Bay\u00f3n Pedraza
Proprietary director
149
97
Fernando L\u00f3pez Mu\u00f1oz
Proprietary director
24
-
8,182
6,780
On 16 May 2024, the Parent\u2019s Board accepted and approved the resignation of Javier Garc\u00eda
Carranza Benjumea as Board member. At this same meeting, the Parent\u2019s Board unanimously
approved the appointment by co-option of Jos\u00e9 Luis de Mora Gil-Gallardo as proprietary director
representing the shareholder Banco Santander, S.A., and his appointment as Chairman of the Board
of the Parent, following a favourable report from the Appointments and Remuneration Committee, to
fill the vacancy on the Board.
The shareholders at the Annual General Meeting held on 30 April 2025 established that the Parent\u2019s
Board of Directors would have a total of 14 members.
In 2025, the Board accepted the resignation of director Ana Garc\u00eda Fau and mourned the death of
director Emilio Novela. In November 2025, the Board of Directors accepted the resignation of director
Juan Antonio Alcaraz Garc\u00eda and unanimously approved the appointment by co-option of Fernando
L\u00f3pez Mu\u00f1oz.
The term of office of director Ignacio Gil Casares Satr\u00fastegui ended in 2024. The shareholders at the
Annual General Meeting held on 9 May 2024 approved the appointment of In\u00e8s Archer Toper as an
independent director and Julia Bay\u00f3n Pedraza as a proprietary director representing the shareholder
Banco Santander, S.A.
The Parent has not granted any advances, loans or guarantees to any of its Board members.
The Parent's directors are covered by the \"Corporate Third-Party Liability Insurance Policies for
Directors and Executives\" taken out by the Parent to cover possible damages that may be claimed,
and that are evidenced as a result of a management error committed by its directors or executives,
and those of its subsidiaries, in discharging their duties. The premium amounted to an annual total of
EUR 232 thousand (EUR 272 thousand in 2024).
Remuneration and other benefits of senior executives
The remuneration of the Parent's senior executives, including the Head of Internal Audit and excluding
those who are also Board members (whose remuneration is disclosed above), in 2025 and 2024 is
summarised as follows:
2025
Thousands of euros
Number of persons
Fixed and variable
remuneration
Other
remuneration
Total
9
9,035
38
9,073
2024
Thousands of euros
Number of persons
Fixed and variable
remuneration
Other
remuneration
Total
9
5,856
35
5,891
In addition to the above amounts, in 2025 the senior executives received payments totalling EUR
3,605 thousand corresponding to the variable remuneration for 2024 and the deferred variable
remuneration for 2022 and 2023. At 31 December 2025, the accrued amounts payable related to the
variable remuneration for 2023 to 2025 amounted to EUR 8,431 thousand, of which EUR 3,773
thousand are recognised under \u201cNon-current provisions\u201d and EUR 4,658 thousand under \u201cTrade and
other payables\u201d in the accompanying balance sheet.
In 2025, the Parent\u2019s senior executives received 76,231 shares corresponding to the settlement of the
2022-2024 Incentive Plan.
The main features of the long-term incentive plans approved and/or settled at the end of 2025 are
detailed below:
2025-2027 Incentives Plan
The shareholders at the General Meeting held on 30 April 2025 approved a long-term remuneration
plan consisting of the delivery of 5,168,656 shares of the Parent and/or share options (representing
0.92% of the Parent\u2019s share capital at the date of approval) for executive directors, the management
team and other important members of the Group\u2019s workforce (\u201c2025-2027 Incentive Plan\u201d). The
payment procedure will vary, depending on whether the Company\u2019s Board decides to pay the
performance shares in cash or in shares.
The 2025-2027 Incentive Plan consists of a single cycle for measuring the targets that will last three
years, starting on 1 January 2025 and ending on 31 December 2027. If the targets are met, the shares
will be delivered in 2028 once the financial statements for 2027 have been authorised for issue and
audited. Accordingly, the share options will be settled by differences (or in the manner agreed by the
Board at any given time) during the exercise windows established in 2028, 2029 and 2030 (with a
maximum of one exercise window in each year). A maximum of 1,307,738 shares will be allocated to
executive directors. All shares delivered under the 2025-2027 Incentive Plan to executive directors will
be subject to a 2-year retention period.
The specific number of the Parent\u2019s shares that, within the established maximum, will be delivered to
the beneficiaries of the 2025-2027 Incentive Plan at the end of the Plan will be conditional on
achievement of the following targets linked to the creation of shareholder value and sustainability:
Metrics
Definition
Weighting
Absolute Total Shareholder
Return (TSR)
This is the return on the share taking into account the cumulative change
in the Company\u2019s share price, including dividends and other similar
items received by the shareholder during the 2025-2027 period.
40%
EPRA NTA per share at
31/12/2027 + Dividends
(2025-2027) / share
This is calculated based on the Company\u2019s consolidated equity and by
adjusting certain items following EPRA recommendations (including the
value of assets on the market and excluding certain items that are not
expected to result in sustained property lease business). The EPRA NTA
assumes that the companies buy and sell assets, thus crystallising
levels of deferred tax liabilities.
For the purposes of the Plan, the EPRA NTA at 31 December 2027, as
published in MERLIN\u2019s financial statements, will be taken into
consideration, plus any dividends paid per share and other similar items
received by the shareholder during the target measurement period
(2025-2027).
25%
Data centres - MW available
for lease as at 31/12/2027
MW installed in data centres that have received the corresponding
equipment and electricity supply, which are leased or available for lease
at 31 December 2027.
10%
Data centres - Level of
Gross Rental Income (GRI)
31/12/2027
Annualised gross rental income from the Data Centre business in
December 2027.
10%
Data centres - EBITDA at
31/12/2027
Annualised EBITDA from the Data Centre business in December 2027.
10%
Net carbon emissions
Level of reduction of MERLIN\u2019s CO2 emissions (scope 1 and 2) at 31
December 2027, compared to 31 December 2024, calculated for the
comparable portfolio of assets over which the Company has operational
control (scope of MERLIN\u2019s Path to Net Zero).
5%
In relation to the market condition \u2018Total Shareholder Return\u2019, the Group has applied a valuation
methodology for the underlying assets on the grant date of the incentive associated with a stochastic
Geometric Brownian Motion (GBM) model, combined with a Montecarlo simulation. The Montecarlo
method or Montecarlo simulation is a statistical technique that uses repeated random sampling on a
mathematical model to estimate the probability of different possible outcomes (scenarios) under
uncertainty.
The Montecarlo simulation method applied by the Group is based on a GBM model for assets with
implicit yield (dividend), which allows the Parent\u2019s share price to be estimated at a future date. It is
therefore possible to simulate, using the Montecarlo method, the possible trajectories that the
underlying asset (the Parent\u2019s share price) may follow, based on the repetition of random samples to
obtain different numerical results of the GBM model.
The following components were considered in the GBM model: the share price at the measurement
date, the beginning of the measurement period of the Incentive Plan, the historical volatility of the
share, the risk-free rate and the expected dividend yield of the share during the measurement period
of the Incentive Plan. The stochastic variable is generated by applying a standard normal distribution
N (0.1).
This allowed the statistical average or expected value to be obtained, which corresponds to the spot
price of the Parent\u2019s share at the end of the incentive period.
Accordingly, in 2025 the Group recognised an expense of EUR 12,472 thousand with a balancing
entry to reserves and an expense of EUR 1,109 thousand with a balancing entry to non-current
liabilities.
2022-2024 Incentive Plan
The shareholders at the General Meeting held on 4 May 2022 approved a long-term remuneration
plan consisting of the delivery of 3,491,767 ordinary shares of the Parent (representing 0.74% of the
Parent\u2019s share capital at the date of approval), aimed at members of the MERLIN Group\u2019s
management team.
The 2022-2024 Incentive Plan consisted of a single cycle with a target measurement period that lasted
three years, starting on 1 January 2022 and ending on 31 December 2024. If the targets are met, the
shares would be delivered in 2025 once the financial statements for 2024 have been authorised for
issue and audited. All shares delivered under the 2022-2024 Incentive Plan to executive directors are
subject to a 2-year retention period. A maximum of 1,088,082 shares were allocated to executive
directors.
The specific number of the Parent\u2019s shares that, within the established maximum, would be delivered
to the beneficiaries of the 2022-2024 Incentive Plan at the end of the Plan were conditional on
achievement of the following targets linked to the creation of shareholder value and sustainability:
Metrics
Definition
Weighting
Absolute TSR
Relative TSR
Absolute Total Shareholder Return (TSR) is the return on the share
taking into account the cumulative change in the Company\u2019s share
price, including dividends and other similar items received by the
shareholder during the 2022-2024 period.
Relative TRS measures the performance of the TRS of the Company\u2019s
share over the 2022-2024 period in relation to the TRS of the FTSE
EPRA Nareit Developed Europe Index over the same period.
50%
EPRA NTA 31/12/2024 +
Dividends (2022-2024) /
Share
The EPRA NTA is calculated based on the Company\u2019s consolidated
equity and adjusting specific items in accordance with EPRA
recommendations. Furthermore, the dividends paid and other similar
items received by the shareholder during the target measurement period
(2022, 2023 and 2024) are taken into account
35%
Net carbon issues
Level of reduction of the Company\u2019s CO2 emissions at 31 December
2024, compared to 31 December 2021, calculated for the comparable
portfolio of assets over which the Company has operational control
(scope of the Company\u2019s pathway to net zero).
10%
Environment and Company
Progress on the initiatives linked to improving the environment and
society. The economic and social impact of the Company\u2019s assets on
the local communities around these assets and the various stakeholders
will therefore be assessed.
5%
The measurement period for the 2022-2024 Incentive Plan ended on 31 December 2024.
In 2025, and after verifying compliance with the targets set in the 2022-2024 Incentive Plan by the
Parent\u2019s Board, a total of 290,954 shares were delivered to the beneficiaries of this plan.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-577": { "value": "2024).", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-578": { "value": "
21.\u00a0 \u00a0 Auditors' remuneration
The shareholders at the Annual General Meeting held on 27 April 2023 approved the appointment of
PricewaterhouseCoopers Auditores, S.L. as the auditor of the Parent and its consolidated group to
audit the individual and consolidated financial statements for 2024, 2025 and 2026.
In 2025 and 2024, the fees for financial audit services provided to the various companies composing
the Group by the main auditor PricewaterhouseCoopers Auditores, S.L., and the entities related to
them, were as follows:
Thousands of euros
2025
2024
Audit services
633
622
Other audit-related services:
Other attest services
201
84
Total audit and related services
834
706
Services required by applicable law
Tax advisory services
-
-
Other services
-
38
Total other services
-
38
Total
834
744
\u201cOther audit-related services\u201d includes the attest services performed by the auditor in the bond issue
process, and certain agreed procedures related to compliance with covenants.
In addition to the annual statutory audit, the audit services include services for reviews of intermediate
periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-579": { "value": "
22.\u00a0 \u00a0 Environmental information
Given the activity in which the Group engages, it has no environmental liabilities, expenses, assets,
provisions or contingencies that could have a material impact on its equity, financial position and
results of its operations.
Therefore, no specific environmental disclosures have been included in these notes to the
consolidated financial statements.
7), air conditioning, lighting, solar
energy, irrigation of green areas, accessibility, etc.
When certifying assets, the Group selects the most appropriate framework and modality based on the
asset's phase, the characteristics of the building, its occupancy rate at the time of certification or the
tenants who occupy it.
The process of certifying the asset portfolio under the standards of the leaders in this market,
BREEAM and LEED, is ongoing. In 2025 the Group certified or obtained the renewal of 25 assets. The
Group considers the certification process of its assets as an early response to the demands that the
market will place on property lessors in the medium term and which will enable it to maintain its
current competitive position.
Additionally, the Group obtained a 86% rating in the 2025 edition of GRESB, a platform that makes it
possible to harmonise and compare information related to sustainability criteria (environmental, social
and corporate governance - ESG) in real estate investments.
In addition, the Group has an Environmental Management System (EMS) certified according to ISO
14001, which is the umbrella under which it manages its portfolios, with new properties included in its
scope every year.
Since 2015, the Group has carried out a plan for ISO 14001 (environmental management) and ISO
50001 (energy management) certifications to maintain and expand the number of real estate assets
that have at least ISO 14001 certification, and subsequently ISO 50001 certification (based on the
understanding that it is a natural step to obtain ISO 14001 certification before aspiring to ISO 50001).
This plan includes office buildings, shopping centres, logistics warehouses and data centres. As
regards ISO 14001, a total of 92 buildings were certified in 2025, with a surface area of 1,355,743 m2,
4 buildings less than in 2024 (as a result of buildings becoming single-tenant and the addition of some
assets located in Portugal).
The Group also continued the process of implementing an Energy Management System under the
ISO 50001 standard, which began in 2017. Currently, 89 buildings are certified composing a surface
area of 1,303,546 m2, 4 less than in 2024 (as a result of buildings becoming single-tenant and the
addition of some assets located in Portugal). The assets included in this system aim to reduce total
energy consumption, measured in kilowatt hours for the square metres occupied, by 8% in 2026
compared with 2022, based on the implementation of MAEs (energy saving measures).
The Group\u2019s progress in 2025 has enabled the Company to be in a position to meet its emissions
reduction target and its \u201cPathway to Net Zero\u201d for 2030, thus getting a head start on the European
strategy for decarbonisation of the economy and ensuring the present and future survival of the
Company and its assets.
The Group's Path to Net Zero is a road map that includes improving the performance not only of the
Company itself and of those assets over which it has operational control, but of the main stakeholder
responsible for the Group's issues throughout its entire value chain, including suppliers and tenants.
The Group\u2019s financing policies are also aligned with the Group\u2019s sustainability objectives through the
Green Financing Program published in April 2022 and subsequently renewed in 2024, and the
conversion of 100% of its outstanding bonds into green bonds.
In September 2025, the Group issued a green bond for EUR 550 million.
The Green Financing Program, in line with best market practices, includes the following eligibility
criteria:
1. Green assets with the best LEED/BREEAM certification levels or energy efficiency certificates
and/or minimum carbon emission levels
2. Green assets with built in embodied carbon targets
3. Investments in Energy Efficiency
4. Investments in renewable energy
5. Investments in pollution control and prevention mechanisms
6. Investments in transport mechanisms with low carbon emissions
7. Inclusion of data centres
Financing linked to ESG targets includes a cost adjustment mechanism linked, in the Group\u2019s opinion,
to own credit risk, based on management indicators calculated based on four sustainability criteria that
must be met at least three times annually and cumulatively over the financing period.
In addition, the Group in its commitment to climate responsibility incorporated qualitative factors
related to the Group's sustainability strategy into the measurement targets for short-term variable
compensation for its staff and management team (see Note 20).
The above initiatives, while increasing the Group's operating costs, are aimed at anticipating
regulatory developments and building customer loyalty.
\"\"
It has also committed to report in the Statement of Non-Financial Information (SNFI) in accordance
with TCFD recommendations 1.
Finally, the Group has also made progress in publishing its Path to Net Zero. The Group's Path to Net
Zero is a road map that includes improving the performance not only of the Company itself and of
those assets over which it has operational control, but of the main stakeholder responsible for the
Group's issues throughout its entire value chain, including suppliers and tenants. This strategy has 5
axes of action:
1 Operational carbon reduction: 85% of operational carbon reduction from baseline (2018) to
target (2028).
2 Reduction of embodied carbon: Embodied carbon footprint calculated in all new developments
and repositions.
3 Offset of residual emissions: The inevitable footprint will be mostly offset by duly certified own
initiatives.
4 Reduction in tenant emissions: Green clauses in all new contracts and reduction in the rental
price associated with their own credit risk for net zero tenants.
5 Renewable energy: Acquisition of 100% renewable energy and on-site generation of energy
through solar power panels (SUN Project).
All of the above is part of the Group's net zero path or commitment to combating climate change. In
2025, the decarbonisation targets included in its \u201cPath to Net Zero\u201d were validated and approved by
the SBTi initiative.
", "dimensions": { "concept": "mer:DisclosureOfEnvironmentRelatedInformationTextBlock", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-580": { "value": "
23.\u00a0 \u00a0 Risk exposure
Financial risk factors
The Group's activities expose it to a variety of financial risks: market risk, credit risk, liquidity risk and
cash flow interest rate risk. The Group's overall risk management programme is based on the
uncertainty of financial markets and aims to minimize the adverse effects of such risks on the financial
profitability of the Group.
Risk management is coordinated by the Group\u2019s senior management in accordance with the policies
established by the Parent\u2019s Board. Senior management identifies, assesses and hedges financial risks
in close cooperation with the Group\u2019s operating units. The Parent\u2019s Board provides written policies for
global risk management, and specific subjects such as market risk, interest rate risk, liquidity risk and
investment of surplus liquidity.
Market risk
Given the current status of the real-estate sector and to mitigate the effects thereof, the Group has
specific measures in place to minimize said impact on its financial position.
These measures are applied pursuant to the results of sensitivity analyses performed by the Group on
a regular basis. These analyses involve:
\u2022 Assessing the economic environment in which the Group operates: designing different
economic scenarios and modifying the key variables potentially affecting the Group (interest
rates, share price, occupancy rate of investment property, etc.). Identifying interdependent
variables and the extent of their relationship; and
\u2022 Taking into account the time frame of the analyses: consideration is given to the periods over
which analyses are performed and any possible deviations thereof.
MERLIN is exposed to market risk from possible vacancies or renegotiations of leases when the
leases expire. This risk could have a direct negative impact on the valuation of the Company's assets.
However, market risk is mitigated by the customer acquisition and selection policies and the
mandatory lease compliance deadlines negotiated with them, and the guarantees that the Group has
associated with the leases. Therefore, at 31 December 2025, the average occupancy rate of the asset
portfolio was 95.6%, with an average lease term of 3.6 years (weighted by gross rental income).
Credit risk
Credit risk is defined as the potential risk of loss in earnings to which the Group is exposed if a
customer or counterparty breaches its contractual obligations.
As a general rule, the Group places cash and cash equivalents with financial institutions with high
credit ratings.
The Group does not have significant concentrations of credit risk, having policies to limit the volume of
risk posed to customers and exposure to credit recovery risk is managed as part of normal activities
through, among other things, funds or guarantees deposited as collateral.
The Group has formal procedures to identify any impairment of trade receivables. Delays in payment
are detected through these procedures and individual analysis by business area and methods are
established to estimate impairment loss.
The estimated maturities of the Group\u2019s financial assets in the consolidated statement of financial
position at 31 December 2025 are detailed below.
2025
Thousands of euros
Less than 3
months
More than 3
and less than
o 6 months
6 months to
1 year
Over 1 year
(*)
Total
Loans to third parties and associates
-
-
3,432
202,394
205,826
Equity instruments
-
-
-
12,008
12,008
Guarantees and deposits
-
-
-
69,182
69,182
Trade and other receivables
38,078
33,847
12,693
-
84,617
Other current financial assets
2,522
-
-
-
2,522
Cash and cash equivalents
1,214,945
-
-
-
1,214,945
Total
1,255,545
33,847
16,125
283,584
1,589,100
(*) Does not include derivatives
2024
Thousands of euros
Less than 3
months
More than 3
and less than
o 6 months
6 months to
1 year
Over 1 year
(*)
Total
Loans to third parties and associates
-
-
4,549
160,334
164,882
Equity instruments
-
-
-
11,151
11,151
Guarantees and deposits
-
-
-
56,827
56,827
Trade and other receivables
28,326
23,110
8,666
-
60,102
Other current financial assets
7,111
-
-
-
7,111
Cash and cash equivalents
1,552,676
-
-
-
1,552,676
Total
1,588,113
23,110
13,215
228,312
1,852,749
(*) Does not include derivatives
Cash and cash equivalents
The Group has cash and cash equivalents of EUR 1,214,945 thousand, which represents its
maximum exposure to the risk posed by these assets.
Cash and cash equivalents are deposited with banks and financial institutions.
Liquidity risk
Liquidity risk is defined as the risk of the Group encountering difficulties meeting its obligations
regarding financial liabilities settled in cash or with other financial assets.
To manage liquidity risk and meet its various funding requirements, the Group uses an annual cash
budget and a monthly cash projection, the latter being detailed and updated daily. At 31 December
2025, the Group\u2019s working capital amounted to EUR 212,669 thousand.
At the date of authorisation for issue of these consolidated financial statements, taking into account
the above, the Group had covered all its funding requirements to fully meet its commitments to
suppliers, lenders, employees and the authorities based on the cash flow forecast for 2026. Likewise,
the type of sector in which the Company operates, the investments it makes, the financing it obtains to
make such investments, the EBITDA they generate and the occupancy rates of the properties,
enables the liquidity risk to be mitigated and excess cash to be produced.
Any cash surpluses are used to make short-term investments in highly liquid deposits with no risk. The
acquisition of share options or futures, or any other high-risk deposits as a method of investing cash
surpluses, is not among the possibilities considered by the Group for investing cash surpluses.
The Group\u2019s exposure to liquidity risk at 31 December 2025 is detailed below. The tables present the
results of the analysis of gross financial liabilities, excluding the cost of bond issuance, by remaining
contractual maturity date:
2025
Thousands of euros
Less than 1
month
1 to 3
months
3 months to 1
year
Over 1
year
Total
Bank borrowings
188
-
42,274
1,575,082
1,617,544
Other non-current liabilities and guarantees
-
-
-
103,034
103,034
Trade and other payables (excluding payables to
public authorities)
58,946
127,002
60,449
-
246,397
Total
59,134
127,002
102,723
1,678,116
1,966,975
2024
Thousands of euros
Less than 1
month
1 to 3
months
3 months to 1
year
Over 1
year
Total
Bank borrowings
94
-
563
1,513,643
1,514,300
Other non-current liabilities and guarantees
-
-
-
91,152
91,152
Trade and other payables (excluding payables to
public authorities)
38,518
85,152
39,503
-
163,173
Total
38,612
85,152
40,066
1,604,795
1,768,625
Cash flow interest rate risk and fair value risk
The Group manages its interest rate risk by borrowing at fixed and floating rates of interest. The
Group's policy is to ensure non-current net financing from third parties is at a fixed rate. To manage
this, the Group enters into interest rate swaps which are designated as hedges of the respective
loans. At 31 December 2025, the interest rate of 100% of the debt was covered by the above financial
instruments. The impact of interest rate fluctuations is explained in Note 14.3.
Exchange rate risk
The Company's policy is to borrow in the same currency as that of the cash flows of each business.
Consequently, currently there is no foreign currency risk. However, noteworthy in this connection are
the exchange rate fluctuations arising in translating the financial statements of foreign companies
whose functional currency is not the euro. At 31 December 2025, the functional currency of all the
Group\u2019s subsidiaries and associates was the euro.
Tax risk
As mentioned in Note 1, the Parent and part of its subsidiaries are subject to the special tax regime for
Real Estate Investment Trusts (REITs). The transitional period of the Parent ended in 2017 and,
therefore, compliance with all requirements established by the regime (see Notes 1 and 5.13) became
mandatory. Some of the more formal obligations that the Parent must meet involve the inclusion of the
term REIT in its company name, the inclusion of certain information in the notes to its separate
financial statements, the share price on the stock market, etc., and other obligations that require
estimates to be made and judgements to be applied by management that may become fairly complex,
especially considering that the REIT regime is relatively recent and was developed by the Directorate-
General of Taxes mainly in response to the queries posed by various companies. Group management,
with the support of its tax advisers, performed an assessment of compliance with the regime\u2019s
requirements, concluding that all requirements had been met as of 31 December 2025.
Accordingly, and also for the purpose of taking into consideration the financial effect of the regime, it
should be noted that, as established in Article 6 of Law 11/2009, of 26 October, as amended by Law
16/2012, of 27 December, and subsequent amendments, and in the percentages established by law,
REITs that have opted for this regime are required to distribute the profit generated during the year to
their shareholders in the form of dividends, once the related corporate obligations have been met. This
distribution must be approved within six months from each year-end, and the dividends paid in the
month following the date on which the payout is agreed (see Note 5.13).
If the Parent does not comply with the requirements in the regime or if the shareholders at the General
Meetings of these companies do not approve the dividend distribution proposed by the Board,
calculated in accordance with the requirements of this Act, it would not be complying therewith and,
accordingly, tax would have to be paid under the general regime, not the regime applicable to REITs.
Climate change management
Within the framework of the European Green Pact and the UN Sustainable Development Goals, the
Group is performing various actions on sustainability.
First, in 2021 the Parent of the Group formed a Sustainability and Innovation Committee under the
Board whose main functions are to advise the Board, among other aspects, on environmental and
sustainability issues, and the development of the Group\u2019s strategy on sustainability in its relationships
with stakeholders and in its publication and public communication; to supervise communication and
reporting to the market of any information that refers to sustainability issues and non-financial
information; and to keep the ESG (Environmental Social and Governance) risk map updated.
In this regard, the Group included decision factors in relation to non-financial KPIs in its investment
and financing policies. In this line, the investment studies of real estate acquisitions and investments in
repositioning of the Group's assets take into account, among other factors, elements such as obtaining
energy efficiency certificates with the highest rating (see Note 7), air conditioning, lighting, solar
energy, irrigation of green areas, accessibility, etc.
When certifying assets, the Group selects the most appropriate framework and modality based on the
asset's phase, the characteristics of the building, its occupancy rate at the time of certification or the
tenants who occupy it.
The process of certifying the asset portfolio under the standards of the leaders in this market,
BREEAM and LEED, is ongoing. In 2025 the Group certified or obtained the renewal of 25 assets. The
Group considers the certification process of its assets as an early response to the demands that the
market will place on property lessors in the medium term and which will enable it to maintain its
current competitive position.
Additionally, the Group obtained a 86% rating in the 2025 edition of GRESB, a platform that makes it
possible to harmonise and compare information related to sustainability criteria (environmental, social
and corporate governance - ESG) in real estate investments.
In addition, the Group has an Environmental Management System (EMS) certified according to ISO
14001, which is the umbrella under which it manages its portfolios, with new properties included in its
scope every year.
Since 2015, the Group has carried out a plan for ISO 14001 (environmental management) and ISO
50001 (energy management) certifications to maintain and expand the number of real estate assets
that have at least ISO 14001 certification, and subsequently ISO 50001 certification (based on the
understanding that it is a natural step to obtain ISO 14001 certification before aspiring to ISO 50001).
This plan includes office buildings, shopping centres, logistics warehouses and data centres. As
regards ISO 14001, a total of 92 buildings were certified in 2025, with a surface area of 1,355,743 m2,
4 buildings less than in 2024 (as a result of buildings becoming single-tenant and the addition of some
assets located in Portugal).
The Group also continued the process of implementing an Energy Management System under the
ISO 50001 standard, which began in 2017. Currently, 89 buildings are certified composing a surface
area of 1,303,546 m2, 4 less than in 2024 (as a result of buildings becoming single-tenant and the
addition of some assets located in Portugal). The assets included in this system aim to reduce total
energy consumption, measured in kilowatt hours for the square metres occupied, by 8% in 2026
compared with 2022, based on the implementation of MAEs (energy saving measures).
The Group\u2019s progress in 2025 has enabled the Company to be in a position to meet its emissions
reduction target and its \u201cPathway to Net Zero\u201d for 2030, thus getting a head start on the European
strategy for decarbonisation of the economy and ensuring the present and future survival of the
Company and its assets.
The Group's Path to Net Zero is a road map that includes improving the performance not only of the
Company itself and of those assets over which it has operational control, but of the main stakeholder
responsible for the Group's issues throughout its entire value chain, including suppliers and tenants.
The Group\u2019s financing policies are also aligned with the Group\u2019s sustainability objectives through the
Green Financing Program published in April 2022 and subsequently renewed in 2024, and the
conversion of 100% of its outstanding bonds into green bonds.
In September 2025, the Group issued a green bond for EUR 550 million.
The Green Financing Program, in line with best market practices, includes the following eligibility
criteria:
1. Green assets with the best LEED/BREEAM certification levels or energy efficiency certificates
and/or minimum carbon emission levels
2. Green assets with built in embodied carbon targets
3. Investments in Energy Efficiency
4. Investments in renewable energy
5. Investments in pollution control and prevention mechanisms
6. Investments in transport mechanisms with low carbon emissions
7. Inclusion of data centres
Financing linked to ESG targets includes a cost adjustment mechanism linked, in the Group\u2019s opinion,
to own credit risk, based on management indicators calculated based on four sustainability criteria that
must be met at least three times annually and cumulatively over the financing period.
In addition, the Group in its commitment to climate responsibility incorporated qualitative factors
related to the Group's sustainability strategy into the measurement targets for short-term variable
compensation for its staff and management team (see Note 20).
The above initiatives, while increasing the Group's operating costs, are aimed at anticipating
regulatory developments and building customer loyalty.
\"\"
It has also committed to report in the Statement of Non-Financial Information (SNFI) in accordance
with TCFD recommendations 1.
Finally, the Group has also made progress in publishing its Path to Net Zero. The Group's Path to Net
Zero is a road map that includes improving the performance not only of the Company itself and of
those assets over which it has operational control, but of the main stakeholder responsible for the
Group's issues throughout its entire value chain, including suppliers and tenants. This strategy has 5
axes of action:
1 Operational carbon reduction: 85% of operational carbon reduction from baseline (2018) to
target (2028).
2 Reduction of embodied carbon: Embodied carbon footprint calculated in all new developments
and repositions.
3 Offset of residual emissions: The inevitable footprint will be mostly offset by duly certified own
initiatives.
4 Reduction in tenant emissions: Green clauses in all new contracts and reduction in the rental
price associated with their own credit risk for net zero tenants.
5 Renewable energy: Acquisition of 100% renewable energy and on-site generation of energy
through solar power panels (SUN Project).
All of the above is part of the Group's net zero path or commitment to combating climate change. In
2025, the decarbonisation targets included in its \u201cPath to Net Zero\u201d were validated and approved by
the SBTi initiative.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-581": { "value": "
Market risk
Given the current status of the real-estate sector and to mitigate the effects thereof, the Group has
specific measures in place to minimize said impact on its financial position.
These measures are applied pursuant to the results of sensitivity analyses performed by the Group on
a regular basis. These analyses involve:
\u2022 Assessing the economic environment in which the Group operates: designing different
economic scenarios and modifying the key variables potentially affecting the Group (interest
rates, share price, occupancy rate of investment property, etc.). Identifying interdependent
variables and the extent of their relationship; and
\u2022 Taking into account the time frame of the analyses: consideration is given to the periods over
which analyses are performed and any possible deviations thereof.
MERLIN is exposed to market risk from possible vacancies or renegotiations of leases when the
leases expire. This risk could have a direct negative impact on the valuation of the Company's assets.
However, market risk is mitigated by the customer acquisition and selection policies and the
mandatory lease compliance deadlines negotiated with them, and the guarantees that the Group has
associated with the leases. Therefore, at 31 December 2025, the average occupancy rate of the asset
portfolio was 95.6%, with an average lease term of 3.6 years (weighted by gross rental income).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-582": { "value": "
Cash flow interest rate risk and fair value risk
The Group manages its interest rate risk by borrowing at fixed and floating rates of interest. The
Group's policy is to ensure non-current net financing from third parties is at a fixed rate. To manage
this, the Group enters into interest rate swaps which are designated as hedges of the respective
loans. At 31 December 2025, the interest rate of 100% of the debt was covered by the above financial
instruments. The impact of interest rate fluctuations is explained in Note 14.3.
", "dimensions": { "concept": "mer:CashFlowInterestRateRiskAndFairValueRiskTextBlock", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-583": { "value": "
Exchange rate risk
The Company's policy is to borrow in the same currency as that of the cash flows of each business.
Consequently, currently there is no foreign currency risk. However, noteworthy in this connection are
the exchange rate fluctuations arising in translating the financial statements of foreign companies
whose functional currency is not the euro. At 31 December 2025, the functional currency of all the
Group\u2019s subsidiaries and associates was the euro.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-584": { "value": "
Climate change management
Within the framework of the European Green Pact and the UN Sustainable Development Goals, the
Group is performing various actions on sustainability.
First, in 2021 the Parent of the Group formed a Sustainability and Innovation Committee under the
Board whose main functions are to advise the Board, among other aspects, on environmental and
sustainability issues, and the development of the Group\u2019s strategy on sustainability in its relationships
with stakeholders and in its publication and public communication; to supervise communication and
reporting to the market of any information that refers to sustainability issues and non-financial
information; and to keep the ESG (Environmental Social and Governance) risk map updated.
In this regard, the Group included decision factors in relation to non-financial KPIs in its investment
and financing policies. In this line, the investment studies of real estate acquisitions and investments in
repositioning of the Group's assets take into account, among other factors, elements such as obtaining
energy efficiency certificates with the highest rating (see Note 7), air conditioning, lighting, solar
energy, irrigation of green areas, accessibility, etc.
When certifying assets, the Group selects the most appropriate framework and modality based on the
asset's phase, the characteristics of the building, its occupancy rate at the time of certification or the
tenants who occupy it.
The process of certifying the asset portfolio under the standards of the leaders in this market,
BREEAM and LEED, is ongoing. In 2025 the Group certified or obtained the renewal of 25 assets. The
Group considers the certification process of its assets as an early response to the demands that the
market will place on property lessors in the medium term and which will enable it to maintain its
current competitive position.
Additionally, the Group obtained a 86% rating in the 2025 edition of GRESB, a platform that makes it
possible to harmonise and compare information related to sustainability criteria (environmental, social
and corporate governance - ESG) in real estate investments.
In addition, the Group has an Environmental Management System (EMS) certified according to ISO
14001, which is the umbrella under which it manages its portfolios, with new properties included in its
scope every year.
Since 2015, the Group has carried out a plan for ISO 14001 (environmental management) and ISO
50001 (energy management) certifications to maintain and expand the number of real estate assets
that have at least ISO 14001 certification, and subsequently ISO 50001 certification (based on the
understanding that it is a natural step to obtain ISO 14001 certification before aspiring to ISO 50001).
This plan includes office buildings, shopping centres, logistics warehouses and data centres. As
regards ISO 14001, a total of 92 buildings were certified in 2025, with a surface area of 1,355,743 m2,
4 buildings less than in 2024 (as a result of buildings becoming single-tenant and the addition of some
assets located in Portugal).
The Group also continued the process of implementing an Energy Management System under the
ISO 50001 standard, which began in 2017. Currently, 89 buildings are certified composing a surface
area of 1,303,546 m2, 4 less than in 2024 (as a result of buildings becoming single-tenant and the
addition of some assets located in Portugal). The assets included in this system aim to reduce total
energy consumption, measured in kilowatt hours for the square metres occupied, by 8% in 2026
compared with 2022, based on the implementation of MAEs (energy saving measures).
The Group\u2019s progress in 2025 has enabled the Company to be in a position to meet its emissions
reduction target and its \u201cPathway to Net Zero\u201d for 2030, thus getting a head start on the European
strategy for decarbonisation of the economy and ensuring the present and future survival of the
Company and its assets.
The Group's Path to Net Zero is a road map that includes improving the performance not only of the
Company itself and of those assets over which it has operational control, but of the main stakeholder
responsible for the Group's issues throughout its entire value chain, including suppliers and tenants.
The Group\u2019s financing policies are also aligned with the Group\u2019s sustainability objectives through the
Green Financing Program published in April 2022 and subsequently renewed in 2024, and the
conversion of 100% of its outstanding bonds into green bonds.
In September 2025, the Group issued a green bond for EUR 550 million.
The Green Financing Program, in line with best market practices, includes the following eligibility
criteria:
1. Green assets with the best LEED/BREEAM certification levels or energy efficiency certificates
and/or minimum carbon emission levels
2. Green assets with built in embodied carbon targets
3. Investments in Energy Efficiency
4. Investments in renewable energy
5. Investments in pollution control and prevention mechanisms
6. Investments in transport mechanisms with low carbon emissions
7. Inclusion of data centres
Financing linked to ESG targets includes a cost adjustment mechanism linked, in the Group\u2019s opinion,
to own credit risk, based on management indicators calculated based on four sustainability criteria that
must be met at least three times annually and cumulatively over the financing period.
In addition, the Group in its commitment to climate responsibility incorporated qualitative factors
related to the Group's sustainability strategy into the measurement targets for short-term variable
compensation for its staff and management team (see Note 20).
The above initiatives, while increasing the Group's operating costs, are aimed at anticipating
regulatory developments and building customer loyalty.
\"\"
It has also committed to report in the Statement of Non-Financial Information (SNFI) in accordance
with TCFD recommendations 1.
Finally, the Group has also made progress in publishing its Path to Net Zero. The Group's Path to Net
Zero is a road map that includes improving the performance not only of the Company itself and of
those assets over which it has operational control, but of the main stakeholder responsible for the
Group's issues throughout its entire value chain, including suppliers and tenants. This strategy has 5
axes of action:
1 Operational carbon reduction: 85% of operational carbon reduction from baseline (2018) to
target (2028).
2 Reduction of embodied carbon: Embodied carbon footprint calculated in all new developments
and repositions.
3 Offset of residual emissions: The inevitable footprint will be mostly offset by duly certified own
initiatives.
4 Reduction in tenant emissions: Green clauses in all new contracts and reduction in the rental
price associated with their own credit risk for net zero tenants.
5 Renewable energy: Acquisition of 100% renewable energy and on-site generation of energy
through solar power panels (SUN Project).
All of the above is part of the Group's net zero path or commitment to combating climate change. In
2025, the decarbonisation targets included in its \u201cPath to Net Zero\u201d were validated and approved by
the SBTi initiative.
", "dimensions": { "concept": "mer:DisclosureOfClimateChangeManagementTextBlock", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-585": { "value": "
24.\u00a0 \u00a0 Events after the reporting period
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-587": { "value": "
Appendix I - Group companies and associates 2025
Company
Line of business / Location
Ownership
interest
Thousands of euros
Consolidation
method
Auditor
Share
capital
Profit/(Loss)
Other
Total
Dividends
Carrying amount
From
operations
Net
Shareholder
s' Equity
Equity
Received
Cost
Impairment
Merlin Retail, S.L.U.
Real estate acquisition and development for
leasing / Paseo de la Castellana 257, Madrid
100%
24,212
27,452
25,956
379,846
430,014
10,866
390,432
-
Global
integration
PwC
Merlin Oficinas, S.L.U.
Real estate acquisition and development for
leasing / Paseo de la Castellana 257, Madrid
100%
32,797
14,607
15,399
778,292
826,488
18,536
833,226
-
Global
integration
PwC
Merlin Log\u00edstica, S.L.U.
Real estate acquisition and development for
leasing / Paseo de la Castellana 257, Madrid
100%
34,290
61,951
43,974
313,721
391,985
24,379
353,842
-
Global
integration
PwC
Sevisur Log\u00edstica, S.A.
Urban development, construction and operation
of logistics and common services buildings. Ctra.
de la Esclusa, 15. 41011, Seville.
100%
17,220
4,456
4,031
11,214
32,465
4,769
37,629
-
Global
integration
PwC
Parques Log\u00edsticos de la Zona
Franca, S.A.
Real estate acquisition and development for
leasing, Avda. 3 del Parc Log\u00edstic, n\u00ba 26,
Barcelona
100%
15,701
20,200
16,495
103,614
135,810
-
118,310
-
Global
integration
PwC
The Exhibitions Company,
S.A.U.
Provision of all kinds of technical, commercial or
economic services/ Paseo de la Castellana 257,
Madrid
100%
180
(666)
(709)
(275)
(804)
-
4,287
(4,287)
Global
integration
N/A
Gescentesta, S.L.U.
Provision of Services / Paseo de la Castellana
257, Madrid
100%
3
286
267
1,512
1,782
-
3
-
Global
integration
N/A
La Vital Centro Comercial y de
Ocio, S.L.
Real estate acquisition and development for
leasing / Paseo de la Castellana 257, Madrid
100%
14,846
3,954
4,440
19,310
38,596
4,357
56,788
-
Global
integration
PwC
Desarrollo Urbano de Patraix,
S.A.
Land management / Avda. Bar\u00f3n de Carcer, 50,
Valencia
100%
2,790
-
(373)
21,488
23,905
-
25,090
(1,184)
Global
integration
N/A
Sadorma 2003, S.L.
Real estate acquisition and development for
leasing / Paseo de la Castellana 257, Madrid
100%
73
4,845
5,909
24,078
30,060
-
25,485
-
Global
integration
N/A
Varitelia Distribuciones,
S.L.U.
Real estate acquisition and development for
leasing / Paseo de la Castellana 257, Madrid
100%
18,443
15,341
7,763
12,769
38,975
-
202,979
(164,004)
Global
integration
PwC
Global Carihuela, Patrimonio
Comercial S.L.
Real estate acquisition and development for
leasing / Paseo de la Castellana 257, Madrid
100%
3,303
4,525
1,506
2,947
7,756
-
34,102
(26,346)
Global
integration
PwC
Innovaci\u00f3n Colaborativa, S.L.
Selection, contracting, fitting out, organization
and management of coworking spaces / Paseo de
la Castellana 257, Madrid
100%
27
(3,930)
(4,497)
5,101
631
-
30,868
(30,237)
Global
integration
PwC
Milos Asset Development,
Acquisition, ownership, administration, disposal
and development of land located within the
\"Distrito Castellana Norte\" project / Paseo de la
Castellana 257, Madrid
100%
163
(5)
(311)
795
647
-
1,603
(958)
Global
integration
N/A
Company
Line of business / Location
Ownership
interest
Thousands of euros
Consolidation
method
Auditor
Share
capital
Profit/(Loss)
Other
Total
Dividends
Carrying amount
From
operations
Net
Shareholder
s' Equity
Equity
Received
Cost
Impairment
Merlin Edged, S.L.U.
Real estate acquisition and development for
leasing / Paseo de la Castellana 257, Madrid
100%
591
22
(2,240)
29,412
27,763
115
30,003
(2,240)
Global
integration
PwC
Solstice Sage Finance, S.L.U.
Real estate acquisition and development for
leasing / Paseo de la Castellana 257, Madrid
100%
3
(1)
(1)
-
2
-
3
(1)
Global
integration
PwC
Evergreen Eclipse Capital,
S.L.U.
Real estate acquisition and development for
leasing / Paseo de la Castellana 257, Madrid
100%
3
(1)
(1)
-
2
-
3
(1)
Global
integration
PwC
MPCVI \u2013 Compra e Venda
Imobili\u00e1ria, S.A.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
1,050
1,193
518
6,008
7,576
344
6,418
-
Global
integration
PwC
Portugal
MPEP \u2013 Properties Escrit\u00f3rios
Portugal, S.A.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
50
983
102
415
567
30
1,085
-
Global
integration
PwC
Portugal
MP Monumental, S.A.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
50
3,006
480
25,534
26,064
-
41,570
-
Global
integration
PwC
Portugal
MP Torre A, S.A.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
50
867
(263)
9,804
9,591
-
22,201
-
Global
integration
PwC
Portugal
VFX Log\u00edstica, S.A.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
5,050
11,324
9,405
54,615
69,070
-
50,382
-
Global
integration
PwC
Portugal
Promosete, Invest. Inmobil.
SA.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
200
1,841
861
7,630
8,691
861
10,384
-
Global
integration
PwC
Portugal
Pra\u00e7a Do Marqu\u00eas servi\u00e7os
Auxiliares, SA
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
15,893
3,857
5,048
62,154
83,095
3,162
56,361
-
Global
integration
PwC
Portugal
Torre Dos Oceanus
Investimentos
Imobili\u00e1rios,S.A.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
50
2,212
1,257
3,319
4,626
1,065
15,912
-
Global
integration
PwC
Portugal
Forum Almada \u2013 Gest\u00e3o
Centro Comercial Sociedade
Unipessoal, Lda.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
5
21,414
12,439
104,984
117,428
-
89,453
-
Global
integration
PwC
Portugal
Forum Almada II, S.A.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
10,000
13,353
9,499
93,736
113,235
-
353,611
-
Global
integration
PwC
Portugal
Torre Arts\u00a0 Investimentos
Imobili\u00e1rios, S.A.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
100
5,946
4,707
78,153
82,960
3,017
80,281
-
Global
integration
PwC
Portugal
Company
Line of business / Location
Ownership
interest
Thousands of euros
Consolidation
method
Auditor
Share
capital
Profit/(Loss)
Other
Total
Dividends
Carrying amount
From
operations
Net
Shareholder
s' Equity
Equity
Received
Cost
Impairment
Torre Fernao Magalhaes\u00a0
Investimentos Imobili\u00e1rios,
S.A.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
100
1,696
802
12,370
13,272
1,042
13,055
-
Global
integration
PwC
Portugal
MPLIB \u2013 Investimentos
Imobili\u00e1rios, Unipessoal Lda.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
2,000
(142)
(3,426)
58,592
57,166
7,143
64,308
(930)
Global
integration
PwC
Portugal
Paseo Comercial Carlos III,
S.A.
Real estate acquisition and development for
leasing / Avda. San Mart\u00edn Valdeiglesias, 20
28922 Madrid
50%
8,698
5,023
1,891
27,941
38,530
-
25,668
-
Equity method
PwC
Provitae Centros Asistenciales,
S.L.
Real estate acquisition and development for
leasing / C. Fuencarral, 123. Madrid
50%
6,314
(49)
(111)
(1,805)
4,398
-
5,061
(2,862)
Equity method
PwC
G36 Development, S.L.
Real estate acquisition and development for
leasing / Paseo de la Castellana 93, Madrid
50%
3
21
21
8
n.d.
-
2
-
Equity method
N/A
Centro Intermodal de Log\u00edstica
S.A.
Development, management and implementation
of logistics activities in the port system / Avenida
Ports d\u2019Europa 100, Barcelona
48.5%
18,920
27,097
18,324
133,032
170,276
6,882
95,688
-
Equity method
Mazars
Pazo de Congresos de Vigo,
S.A.
Execution project, construction and operation of
the Vigo Conference Center / Avda. Garc\u00eda
Barb\u00f3n, I. Vigo
44.44%
n.d.
n.d.
n.d.
n.d.
-
-
3,600
(3,600)
Equity method
N/A
Parking del Palau, S.A.
Real estate acquisition and development for
leasing / Paseo de la Alameda, s/n. Valencia
33%
1,698
294
304
343
2,345
73
2,137
(1,104)
Equity method
BDO
Araba Log\u00edstica, S.A.
Real estate acquisition and development for
leasing / Avda. \u00c1lava s/n Rivabellosa (\u00c1lava)
25.14%
1,750
(1,261)
(841)
14,068
14,977
4,847
2,257
-
Equity method
Mazars
Crea Madrid Nuevo Norte,
S.A.
Performing all types of real estate activities /
Paseo de la Castellana 216, Madrid
14.46%
570,191
13,250
(8,239)
(42,897)
519,055
-
227,032
(4,065)
Equity method
EY
HCG Levante, S.L.
Property management and administration under a
rental regime /Calle Travessera de Gracia, 30,
Barcelona
5.84%
64
(193)
(193)
14,304
14,175
-
1,130
(11)
Equity method
N/A
Moregal Hotels, S.L.
Real estate acquisition and development for
leasing / Alameda de Col\u00f3n , 9, M\u00e1laga
35.04%
7,572
(7)
50
8,149
15,771
-
10,835
-
Equity method
N/A
Edged Spain, S.L.
Provision of Data Center services / Paseo de la
Castellana 257, Madrid
50%
3
-
-
(1)
2
-
2
-
Equity method
PwC
Edged Portugal, Unipessoal
L.D.A.
Provision of Data Center services / Avda. Dom
Jo\u00e3o, 45, Lisbon
50%
-
-
-
-
-
-
-
-
Equity method
N/A
Appendix II - Group companies and associates 2024
Company
Line of business/Location
Ownership
interest
Thousands of euros
Consolidation
method
Auditor
Share
capital
Profit/(Loss)
Other
Total
Dividends
Carrying amount
From
operations
Net
Shareholders'
Equity
Equity
Received
Cost
Impairme
nt
Merlin Retail, S.L.U.
Real estate acquisition and development for leasing /
Paseo de la Castellana 257, Madrid
100%
24,212
19,777
18,544
372,168
414,924
12,146
390,432
-
Global
integration
PwC
Merlin Oficinas, S.L.U.
Real estate acquisition and development for leasing /
Paseo de la Castellana 257, Madrid
100%
32,797
30,115
29,536
767,292
829,625
26,502
833,226
-
Global
integration
PwC
Merlin Log\u00edstica, S.L.U.
Real estate acquisition and development for leasing /
Paseo de la Castellana 257, Madrid
100%
34,290
28,180
12,379
325,721
372,390
9,616
353,842
-
Global
integration
PwC
Sevisur Log\u00edstica, S.A.
Urban development, construction and operation of
logistics and common services buildings. Ctra. de la
Esclusa, 15. 41011, Seville.
100%
17,220
4,797
4,332
10,763
32,315
3,857
37,629
-
Global
integration
PwC
Parques Log\u00edsticos de la Zona
Franca, S.A.
Real estate acquisition and development for leasing,
Avda. 3 del Parc Log\u00edstic, n\u00ba 26, Barcelona
100%
15,701
28
(2,232)
104,845
119,314
925
118,310
-
Global
integration
PwC
The Exhibitions Company ,
S.A.U.
Provision of all kinds of technical, commercial or
economic services/ Paseo de la Castellana 257,
Madrid
100%
180
(1,155)
(1,161)
886
(95)
-
4,287
(4,287)
Global
integration
N/A
Gescentesta, S.L.U.
Provision of Services / Paseo de la Castellana 257,
Madrid
100%
3
253
208
2,304
1,515
-
3
-
Global
integration
N/A
La Vital Centro Comercial y
de Ocio, S.L.
Real estate acquisition and development for leasing /
Paseo de la Castellana 257, Madrid
100%
14,846
3,936
4,357
19,310
38,513
4,123
56,788
-
Global
integration
PwC
Desarrollo Urbano de Patraix,
S.A.
Land management / Avda. Bar\u00f3n de Carcer, 50,
Valencia
100%
2,790
-
(357)
21,845
24,278
-
25,090
(812)
Global
integration
N/A
Sadorma 2003, S.L.
Real estate acquisition and development for leasing /
Paseo de la Castellana 257, Madrid
100%
73
-
3,454
20,624
24,151
-
25,485
(1,335)
Global
Integration
N/A
Varitelia Distribuciones,
S.L.U.
Real estate acquisition and development for leasing /\u00a0
Paseo de la Castellana 257, Madrid
100%
18,443
6,886
(736)
13,506
31,213
-
202,979
(171,767)
Global
integration
PwC
Global Carihuela, Patrimonio
Comercial S.L.
Real estate acquisition and development for leasing /
Paseo de la Castellana 257, Madrid
100%
3,303
626
(2,071)
5,018
6,250
12,244
34,102
(27,852)
Global
integration
PwC
Innovaci\u00f3n Colaborativa, S.L.
Selection, contracting, fitting out, organization and
management of coworking spaces / Paseo de la
Castellana 257, Madrid
100%
27
(5,158)
(5,760)
10,880
5,147
-
30,868
(25,721)
Global
integration
PwC
Company
Line of business/Location
Ownership
interest
Thousands of euros
Consolidation
method
Auditor
Share
capital
Profit/(Loss)
Other
Total
Dividends
Carrying amount
From
operations
Net
Shareholders'
Equity
Equity
Received
Cost
Impairme
nt
Milos Asset Development,
Acquisition, ownership, administration, disposal and
development of land located within the \"Distrito
Castellana Norte\" project / Paseo de la Castellana
100%
163
(9)
(374)
1,169
958
-
1,603
(648)
Global
integration
N/A
Merlin Edged, S.L.U.
Real estate acquisition and development for leasing /
Paseo de la Castellana 257, Madrid
100%
3
116
116
-
119
-
3
-
Global
Integration
PwC
MPCVI \u2013 Compra e Venda
Imobili\u00e1ria, S.A.
Real estate acquisition and development for leasing /
Av. Fontes Pereira de Melo, N\u00ba 51, Lisbon
100%
1,050
1,134
362
5,990
7,402
188
6,418
-
Global
integration
PwC
Portugal
MPEP \u2013 Properties
Escrit\u00f3rios Portugal, S.A.
Real estate acquisition and development for leasing /
Av. Fontes Pereira de Melo, N\u00ba 51, Lisbon
100%
50
910
32
414
496
-
1,085
-
Global
integration
PwC
Portugal
MP Monumental, S.A.
Real estate acquisition and development for leasing /
Avda. Dom Jo\u00e3o, 45, Lisbon
100%
50
2,704
(20)
25,554
25,584
12
41,570
-
Global
integration
PwC
Portugal
MP Torre A, S.A.
Real estate acquisition and development for leasing /
Avda. Dom Jo\u00e3o, 45, Lisbon
100%
50
(644)
(1,656)
10,860
9,254
-
21,601
-
Global
integration
PwC
Portugal
VFX Log\u00edstica, S.A.
Real estate acquisition and development for leasing.
Av. Fontes Pereira de Melo, N\u00ba 51, Lisbon
100%
5,050
(6,448)
(7,265)
61,880
59,665
-
50,382
-
Global
integration
PwC
Portugal
Promosete, Invest. Inmobil.
SA.
Real estate acquisition and development for leasing.\u00a0
Av. Fontes Pereira de Melo, N\u00ba 51, Lisbon
100%
200
1,625
861
7,593
8,654
1,221
10,384
-
Global
integration
PwC
Portugal
Pra\u00e7a Do Marqu\u00eas servi\u00e7os
Auxiliares, SA
Real estate acquisition and development for leasing.\u00a0
Av. Fontes Pereira de Melo, N\u00ba 51, Lisbon
100%
15,893
3,707
3,999
61,317
81,209
841
56,361
-
Global
integration
PwC
Portugal
Torre Dos Oceanus
Investimentos
Imobili\u00e1rios,S.A.
Real estate acquisition and development for leasing /
Avda. Dom Jo\u00e3o, 45, Lisbon
100%
50
2,104
1,065
3,319
4,434
838
15,912
-
Global
integration
PwC
Portugal
Forum Almada \u2013 Gest\u00e3o
Centro Comercial Sociedade
Unipessoal, Lda.
Real estate acquisition and development for leasing /
Avda. Dom Jo\u00e3o, 45, Lisbon
100%
5
20,000
10,594
94,390
104,989
-
89,453
-
Global
integration
PwC
Portugal
Forum Almada II, S.A.
Real estate acquisition and development for leasing /
Avda. Dom Jo\u00e3o, 45, Lisbon
100%
10,000
13,320
9,559
84,178
103,737
-
344,112
-
Global
integration
PwC
Portugal
Torre Arts\u00a0 Investimentos
Imobili\u00e1rios, S.A.
Real estate acquisition and development for leasing /
Avda. Dom Jo\u00e3o, 45, Lisbon
100%
100
3,844
3,017
78,153
81,270
2,267
80,281
-
Global
integration
PwC
Portugal
Company
Line of business/Location
Ownership
interest
Thousands of euros
Consolidation
method
Auditor
Share
capital
Profit/(Loss)
Other
Total
Dividends
Carrying amount
From
operations
Net
Shareholders'
Equity
Equity
Received
Cost
Impairme
nt
Torre Fernao Magalhaes\u00a0
Investimentos Imobili\u00e1rios,
S.A.
Real estate acquisition and development for leasing /
Avda. Dom Jo\u00e3o, 45, Lisbon
100%
100
1,608
1,042
12,370
13,512
1,193
13,055
-
Global
integration
PwC
Portugal
MPLIB \u2013 Investimentos
Imobili\u00e1rios, Unipessoal Lda.
Real estate acquisition and development for leasing /
Avda. Dom Jo\u00e3o, 45, Lisbon
100%
2,000
10,549
7,519
50,716
60,235
-
56,808
-
Global
integration
PwC
Portugal
Paseo Comercial Carlos III,
S.A.
Real estate acquisition and development for leasing /
Avda. San Mart\u00edn Valdeiglesias, 20 28922 Madrid
50%
8,698
5,603
1,548
26,393
36,639
-
25,668
-
Equity method
PwC
Provitae Centros
Asistenciales, S.L.
Real estate acquisition and development for leasing /
C. Fuencarral, 123. Madrid
50%
6,314
(46)
(130)
(1,675)
4,509
-
5,061
(2,807)
Equity method
PwC
G36 Development, S.L.
Real estate acquisition and development for leasing /
Paseo de la Castellana, 93 Madrid
50%
3
21
21
8
32
-
2
-
Equity method
N/A
Centro Intermodal de
Log\u00edstica S.A.
Development, management and implementation of
logistics activities in the port system / Avenida Ports
d\u2019Europa 100, Barcelona
49%
18,920
26,715
17,737
130,084
166,741
5,922
95,688
-
Equity method
Mazars
Pazo de Congresos de Vigo,
S.A.
Execution project, construction and operation of the
Vigo Conference Center / Avda. Garc\u00eda Barb\u00f3n, I.
Vigo
44%
n.d.
n.d.
n.d.
n.d.
n.d.
-
3,600
(3,600)
Equity method
N/A
Parking del Palau, S.A.
Real estate acquisition and development for leasing /
Paseo de la Alameda, s/n. Valencia
33%
1,698
235
252
392
2,342
-
2,137
(1,199)
Equity method
BDO
Araba Log\u00edstica, S.A.
Real estate acquisition and development for leasing /
Avda. \u00c1lava s/n Rivabellosa (\u00c1lava)
25%
1,750
12,003
11,513
22,001
35,264
-
2,257
-
Equity method
Mazars
Crea Madrid Nuevo Norte,
S.A.
Performing all types of real estate activities / Paseo
de la Castellana 216, Madrid
14%
504,197
(5,440)
(4,550)
(38,347)
461,300
-
217,490
(2,874)
Equity method
EY
HCG Levante, S.L.
Property management and administration under a
rental regime /Calle Travessera de Gracia, 30,
Barcelona
6%
64
(61)
(61)
14,351
14,354
-
1,070
-
Equity method
N/A
Moregal Hotels, S.L.
Real estate acquisition and development for leasing /
Alameda de Col\u00f3n,\u00a0 9, M\u00e1laga
7%
5,307
(46)
(16)
1,179
6,470
-
1,585
(3)
Equity method
N/A
Silicius Real Estate, SOCIMI,
S.A.
Performing all types of real estate activities / Calle
de Vel\u00e1zquez, 123, Madrid
18%
31,394
4,736
(10,329)
288,128
309,193
-
88,572
-
Equity method
PwC
Edged Spain, S.L.
Provision of Data Center services / Paseo de la
Castellana 257, Madrid
50%
3,000
-
-
(1,000)
2,000
-
1,500
-
Equity method
PwC
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-586": { "value": "
Appendix I - Group companies and associates 2025
Company
Line of business / Location
Ownership
interest
Thousands of euros
Consolidation
method
Auditor
Share
capital
Profit/(Loss)
Other
Total
Dividends
Carrying amount
From
operations
Net
Shareholder
s' Equity
Equity
Received
Cost
Impairment
Merlin Retail, S.L.U.
Real estate acquisition and development for
leasing / Paseo de la Castellana 257, Madrid
100%
24,212
27,452
25,956
379,846
430,014
10,866
390,432
-
Global
integration
PwC
Merlin Oficinas, S.L.U.
Real estate acquisition and development for
leasing / Paseo de la Castellana 257, Madrid
100%
32,797
14,607
15,399
778,292
826,488
18,536
833,226
-
Global
integration
PwC
Merlin Log\u00edstica, S.L.U.
Real estate acquisition and development for
leasing / Paseo de la Castellana 257, Madrid
100%
34,290
61,951
43,974
313,721
391,985
24,379
353,842
-
Global
integration
PwC
Sevisur Log\u00edstica, S.A.
Urban development, construction and operation
of logistics and common services buildings. Ctra.
de la Esclusa, 15. 41011, Seville.
100%
17,220
4,456
4,031
11,214
32,465
4,769
37,629
-
Global
integration
PwC
Parques Log\u00edsticos de la Zona
Franca, S.A.
Real estate acquisition and development for
leasing, Avda. 3 del Parc Log\u00edstic, n\u00ba 26,
Barcelona
100%
15,701
20,200
16,495
103,614
135,810
-
118,310
-
Global
integration
PwC
The Exhibitions Company,
S.A.U.
Provision of all kinds of technical, commercial or
economic services/ Paseo de la Castellana 257,
Madrid
100%
180
(666)
(709)
(275)
(804)
-
4,287
(4,287)
Global
integration
N/A
Gescentesta, S.L.U.
Provision of Services / Paseo de la Castellana
257, Madrid
100%
3
286
267
1,512
1,782
-
3
-
Global
integration
N/A
La Vital Centro Comercial y de
Ocio, S.L.
Real estate acquisition and development for
leasing / Paseo de la Castellana 257, Madrid
100%
14,846
3,954
4,440
19,310
38,596
4,357
56,788
-
Global
integration
PwC
Desarrollo Urbano de Patraix,
S.A.
Land management / Avda. Bar\u00f3n de Carcer, 50,
Valencia
100%
2,790
-
(373)
21,488
23,905
-
25,090
(1,184)
Global
integration
N/A
Sadorma 2003, S.L.
Real estate acquisition and development for
leasing / Paseo de la Castellana 257, Madrid
100%
73
4,845
5,909
24,078
30,060
-
25,485
-
Global
integration
N/A
Varitelia Distribuciones,
S.L.U.
Real estate acquisition and development for
leasing / Paseo de la Castellana 257, Madrid
100%
18,443
15,341
7,763
12,769
38,975
-
202,979
(164,004)
Global
integration
PwC
Global Carihuela, Patrimonio
Comercial S.L.
Real estate acquisition and development for
leasing / Paseo de la Castellana 257, Madrid
100%
3,303
4,525
1,506
2,947
7,756
-
34,102
(26,346)
Global
integration
PwC
Innovaci\u00f3n Colaborativa, S.L.
Selection, contracting, fitting out, organization
and management of coworking spaces / Paseo de
la Castellana 257, Madrid
100%
27
(3,930)
(4,497)
5,101
631
-
30,868
(30,237)
Global
integration
PwC
Milos Asset Development,
Acquisition, ownership, administration, disposal
and development of land located within the
\"Distrito Castellana Norte\" project / Paseo de la
Castellana 257, Madrid
100%
163
(5)
(311)
795
647
-
1,603
(958)
Global
integration
N/A
Company
Line of business / Location
Ownership
interest
Thousands of euros
Consolidation
method
Auditor
Share
capital
Profit/(Loss)
Other
Total
Dividends
Carrying amount
From
operations
Net
Shareholder
s' Equity
Equity
Received
Cost
Impairment
Merlin Edged, S.L.U.
Real estate acquisition and development for
leasing / Paseo de la Castellana 257, Madrid
100%
591
22
(2,240)
29,412
27,763
115
30,003
(2,240)
Global
integration
PwC
Solstice Sage Finance, S.L.U.
Real estate acquisition and development for
leasing / Paseo de la Castellana 257, Madrid
100%
3
(1)
(1)
-
2
-
3
(1)
Global
integration
PwC
Evergreen Eclipse Capital,
S.L.U.
Real estate acquisition and development for
leasing / Paseo de la Castellana 257, Madrid
100%
3
(1)
(1)
-
2
-
3
(1)
Global
integration
PwC
MPCVI \u2013 Compra e Venda
Imobili\u00e1ria, S.A.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
1,050
1,193
518
6,008
7,576
344
6,418
-
Global
integration
PwC
Portugal
MPEP \u2013 Properties Escrit\u00f3rios
Portugal, S.A.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
50
983
102
415
567
30
1,085
-
Global
integration
PwC
Portugal
MP Monumental, S.A.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
50
3,006
480
25,534
26,064
-
41,570
-
Global
integration
PwC
Portugal
MP Torre A, S.A.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
50
867
(263)
9,804
9,591
-
22,201
-
Global
integration
PwC
Portugal
VFX Log\u00edstica, S.A.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
5,050
11,324
9,405
54,615
69,070
-
50,382
-
Global
integration
PwC
Portugal
Promosete, Invest. Inmobil.
SA.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
200
1,841
861
7,630
8,691
861
10,384
-
Global
integration
PwC
Portugal
Pra\u00e7a Do Marqu\u00eas servi\u00e7os
Auxiliares, SA
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
15,893
3,857
5,048
62,154
83,095
3,162
56,361
-
Global
integration
PwC
Portugal
Torre Dos Oceanus
Investimentos
Imobili\u00e1rios,S.A.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
50
2,212
1,257
3,319
4,626
1,065
15,912
-
Global
integration
PwC
Portugal
Forum Almada \u2013 Gest\u00e3o
Centro Comercial Sociedade
Unipessoal, Lda.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
5
21,414
12,439
104,984
117,428
-
89,453
-
Global
integration
PwC
Portugal
Forum Almada II, S.A.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
10,000
13,353
9,499
93,736
113,235
-
353,611
-
Global
integration
PwC
Portugal
Torre Arts\u00a0 Investimentos
Imobili\u00e1rios, S.A.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
100
5,946
4,707
78,153
82,960
3,017
80,281
-
Global
integration
PwC
Portugal
Company
Line of business / Location
Ownership
interest
Thousands of euros
Consolidation
method
Auditor
Share
capital
Profit/(Loss)
Other
Total
Dividends
Carrying amount
From
operations
Net
Shareholder
s' Equity
Equity
Received
Cost
Impairment
Torre Fernao Magalhaes\u00a0
Investimentos Imobili\u00e1rios,
S.A.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
100
1,696
802
12,370
13,272
1,042
13,055
-
Global
integration
PwC
Portugal
MPLIB \u2013 Investimentos
Imobili\u00e1rios, Unipessoal Lda.
Real estate acquisition and development for
leasing /Avda. Dom Jo\u00e3o, 45, Lisbon
100%
2,000
(142)
(3,426)
58,592
57,166
7,143
64,308
(930)
Global
integration
PwC
Portugal
Paseo Comercial Carlos III,
S.A.
Real estate acquisition and development for
leasing / Avda. San Mart\u00edn Valdeiglesias, 20
28922 Madrid
50%
8,698
5,023
1,891
27,941
38,530
-
25,668
-
Equity method
PwC
Provitae Centros Asistenciales,
S.L.
Real estate acquisition and development for
leasing / C. Fuencarral, 123. Madrid
50%
6,314
(49)
(111)
(1,805)
4,398
-
5,061
(2,862)
Equity method
PwC
G36 Development, S.L.
Real estate acquisition and development for
leasing / Paseo de la Castellana 93, Madrid
50%
3
21
21
8
n.d.
-
2
-
Equity method
N/A
Centro Intermodal de Log\u00edstica
S.A.
Development, management and implementation
of logistics activities in the port system / Avenida
Ports d\u2019Europa 100, Barcelona
48.5%
18,920
27,097
18,324
133,032
170,276
6,882
95,688
-
Equity method
Mazars
Pazo de Congresos de Vigo,
S.A.
Execution project, construction and operation of
the Vigo Conference Center / Avda. Garc\u00eda
Barb\u00f3n, I. Vigo
44.44%
n.d.
n.d.
n.d.
n.d.
-
-
3,600
(3,600)
Equity method
N/A
Parking del Palau, S.A.
Real estate acquisition and development for
leasing / Paseo de la Alameda, s/n. Valencia
33%
1,698
294
304
343
2,345
73
2,137
(1,104)
Equity method
BDO
Araba Log\u00edstica, S.A.
Real estate acquisition and development for
leasing / Avda. \u00c1lava s/n Rivabellosa (\u00c1lava)
25.14%
1,750
(1,261)
(841)
14,068
14,977
4,847
2,257
-
Equity method
Mazars
Crea Madrid Nuevo Norte,
S.A.
Performing all types of real estate activities /
Paseo de la Castellana 216, Madrid
14.46%
570,191
13,250
(8,239)
(42,897)
519,055
-
227,032
(4,065)
Equity method
EY
HCG Levante, S.L.
Property management and administration under a
rental regime /Calle Travessera de Gracia, 30,
Barcelona
5.84%
64
(193)
(193)
14,304
14,175
-
1,130
(11)
Equity method
N/A
Moregal Hotels, S.L.
Real estate acquisition and development for
leasing / Alameda de Col\u00f3n , 9, M\u00e1laga
35.04%
7,572
(7)
50
8,149
15,771
-
10,835
-
Equity method
N/A
Edged Spain, S.L.
Provision of Data Center services / Paseo de la
Castellana 257, Madrid
50%
3
-
-
(1)
2
-
2
-
Equity method
PwC
Edged Portugal, Unipessoal
L.D.A.
Provision of Data Center services / Avda. Dom
Jo\u00e3o, 45, Lisbon
50%
-
-
-
-
-
-
-
-
Equity method
N/A
Appendix II - Group companies and associates 2024
Company
Line of business/Location
Ownership
interest
Thousands of euros
Consolidation
method
Auditor
Share
capital
Profit/(Loss)
Other
Total
Dividends
Carrying amount
From
operations
Net
Shareholders'
Equity
Equity
Received
Cost
Impairme
nt
Merlin Retail, S.L.U.
Real estate acquisition and development for leasing /
Paseo de la Castellana 257, Madrid
100%
24,212
19,777
18,544
372,168
414,924
12,146
390,432
-
Global
integration
PwC
Merlin Oficinas, S.L.U.
Real estate acquisition and development for leasing /
Paseo de la Castellana 257, Madrid
100%
32,797
30,115
29,536
767,292
829,625
26,502
833,226
-
Global
integration
PwC
Merlin Log\u00edstica, S.L.U.
Real estate acquisition and development for leasing /
Paseo de la Castellana 257, Madrid
100%
34,290
28,180
12,379
325,721
372,390
9,616
353,842
-
Global
integration
PwC
Sevisur Log\u00edstica, S.A.
Urban development, construction and operation of
logistics and common services buildings. Ctra. de la
Esclusa, 15. 41011, Seville.
100%
17,220
4,797
4,332
10,763
32,315
3,857
37,629
-
Global
integration
PwC
Parques Log\u00edsticos de la Zona
Franca, S.A.
Real estate acquisition and development for leasing,
Avda. 3 del Parc Log\u00edstic, n\u00ba 26, Barcelona
100%
15,701
28
(2,232)
104,845
119,314
925
118,310
-
Global
integration
PwC
The Exhibitions Company ,
S.A.U.
Provision of all kinds of technical, commercial or
economic services/ Paseo de la Castellana 257,
Madrid
100%
180
(1,155)
(1,161)
886
(95)
-
4,287
(4,287)
Global
integration
N/A
Gescentesta, S.L.U.
Provision of Services / Paseo de la Castellana 257,
Madrid
100%
3
253
208
2,304
1,515
-
3
-
Global
integration
N/A
La Vital Centro Comercial y
de Ocio, S.L.
Real estate acquisition and development for leasing /
Paseo de la Castellana 257, Madrid
100%
14,846
3,936
4,357
19,310
38,513
4,123
56,788
-
Global
integration
PwC
Desarrollo Urbano de Patraix,
S.A.
Land management / Avda. Bar\u00f3n de Carcer, 50,
Valencia
100%
2,790
-
(357)
21,845
24,278
-
25,090
(812)
Global
integration
N/A
Sadorma 2003, S.L.
Real estate acquisition and development for leasing /
Paseo de la Castellana 257, Madrid
100%
73
-
3,454
20,624
24,151
-
25,485
(1,335)
Global
Integration
N/A
Varitelia Distribuciones,
S.L.U.
Real estate acquisition and development for leasing /\u00a0
Paseo de la Castellana 257, Madrid
100%
18,443
6,886
(736)
13,506
31,213
-
202,979
(171,767)
Global
integration
PwC
Global Carihuela, Patrimonio
Comercial S.L.
Real estate acquisition and development for leasing /
Paseo de la Castellana 257, Madrid
100%
3,303
626
(2,071)
5,018
6,250
12,244
34,102
(27,852)
Global
integration
PwC
Innovaci\u00f3n Colaborativa, S.L.
Selection, contracting, fitting out, organization and
management of coworking spaces / Paseo de la
Castellana 257, Madrid
100%
27
(5,158)
(5,760)
10,880
5,147
-
30,868
(25,721)
Global
integration
PwC
Company
Line of business/Location
Ownership
interest
Thousands of euros
Consolidation
method
Auditor
Share
capital
Profit/(Loss)
Other
Total
Dividends
Carrying amount
From
operations
Net
Shareholders'
Equity
Equity
Received
Cost
Impairme
nt
Milos Asset Development,
Acquisition, ownership, administration, disposal and
development of land located within the \"Distrito
Castellana Norte\" project / Paseo de la Castellana
100%
163
(9)
(374)
1,169
958
-
1,603
(648)
Global
integration
N/A
Merlin Edged, S.L.U.
Real estate acquisition and development for leasing /
Paseo de la Castellana 257, Madrid
100%
3
116
116
-
119
-
3
-
Global
Integration
PwC
MPCVI \u2013 Compra e Venda
Imobili\u00e1ria, S.A.
Real estate acquisition and development for leasing /
Av. Fontes Pereira de Melo, N\u00ba 51, Lisbon
100%
1,050
1,134
362
5,990
7,402
188
6,418
-
Global
integration
PwC
Portugal
MPEP \u2013 Properties
Escrit\u00f3rios Portugal, S.A.
Real estate acquisition and development for leasing /
Av. Fontes Pereira de Melo, N\u00ba 51, Lisbon
100%
50
910
32
414
496
-
1,085
-
Global
integration
PwC
Portugal
MP Monumental, S.A.
Real estate acquisition and development for leasing /
Avda. Dom Jo\u00e3o, 45, Lisbon
100%
50
2,704
(20)
25,554
25,584
12
41,570
-
Global
integration
PwC
Portugal
MP Torre A, S.A.
Real estate acquisition and development for leasing /
Avda. Dom Jo\u00e3o, 45, Lisbon
100%
50
(644)
(1,656)
10,860
9,254
-
21,601
-
Global
integration
PwC
Portugal
VFX Log\u00edstica, S.A.
Real estate acquisition and development for leasing.
Av. Fontes Pereira de Melo, N\u00ba 51, Lisbon
100%
5,050
(6,448)
(7,265)
61,880
59,665
-
50,382
-
Global
integration
PwC
Portugal
Promosete, Invest. Inmobil.
SA.
Real estate acquisition and development for leasing.\u00a0
Av. Fontes Pereira de Melo, N\u00ba 51, Lisbon
100%
200
1,625
861
7,593
8,654
1,221
10,384
-
Global
integration
PwC
Portugal
Pra\u00e7a Do Marqu\u00eas servi\u00e7os
Auxiliares, SA
Real estate acquisition and development for leasing.\u00a0
Av. Fontes Pereira de Melo, N\u00ba 51, Lisbon
100%
15,893
3,707
3,999
61,317
81,209
841
56,361
-
Global
integration
PwC
Portugal
Torre Dos Oceanus
Investimentos
Imobili\u00e1rios,S.A.
Real estate acquisition and development for leasing /
Avda. Dom Jo\u00e3o, 45, Lisbon
100%
50
2,104
1,065
3,319
4,434
838
15,912
-
Global
integration
PwC
Portugal
Forum Almada \u2013 Gest\u00e3o
Centro Comercial Sociedade
Unipessoal, Lda.
Real estate acquisition and development for leasing /
Avda. Dom Jo\u00e3o, 45, Lisbon
100%
5
20,000
10,594
94,390
104,989
-
89,453
-
Global
integration
PwC
Portugal
Forum Almada II, S.A.
Real estate acquisition and development for leasing /
Avda. Dom Jo\u00e3o, 45, Lisbon
100%
10,000
13,320
9,559
84,178
103,737
-
344,112
-
Global
integration
PwC
Portugal
Torre Arts\u00a0 Investimentos
Imobili\u00e1rios, S.A.
Real estate acquisition and development for leasing /
Avda. Dom Jo\u00e3o, 45, Lisbon
100%
100
3,844
3,017
78,153
81,270
2,267
80,281
-
Global
integration
PwC
Portugal
Company
Line of business/Location
Ownership
interest
Thousands of euros
Consolidation
method
Auditor
Share
capital
Profit/(Loss)
Other
Total
Dividends
Carrying amount
From
operations
Net
Shareholders'
Equity
Equity
Received
Cost
Impairme
nt
Torre Fernao Magalhaes\u00a0
Investimentos Imobili\u00e1rios,
S.A.
Real estate acquisition and development for leasing /
Avda. Dom Jo\u00e3o, 45, Lisbon
100%
100
1,608
1,042
12,370
13,512
1,193
13,055
-
Global
integration
PwC
Portugal
MPLIB \u2013 Investimentos
Imobili\u00e1rios, Unipessoal Lda.
Real estate acquisition and development for leasing /
Avda. Dom Jo\u00e3o, 45, Lisbon
100%
2,000
10,549
7,519
50,716
60,235
-
56,808
-
Global
integration
PwC
Portugal
Paseo Comercial Carlos III,
S.A.
Real estate acquisition and development for leasing /
Avda. San Mart\u00edn Valdeiglesias, 20 28922 Madrid
50%
8,698
5,603
1,548
26,393
36,639
-
25,668
-
Equity method
PwC
Provitae Centros
Asistenciales, S.L.
Real estate acquisition and development for leasing /
C. Fuencarral, 123. Madrid
50%
6,314
(46)
(130)
(1,675)
4,509
-
5,061
(2,807)
Equity method
PwC
G36 Development, S.L.
Real estate acquisition and development for leasing /
Paseo de la Castellana, 93 Madrid
50%
3
21
21
8
32
-
2
-
Equity method
N/A
Centro Intermodal de
Log\u00edstica S.A.
Development, management and implementation of
logistics activities in the port system / Avenida Ports
d\u2019Europa 100, Barcelona
49%
18,920
26,715
17,737
130,084
166,741
5,922
95,688
-
Equity method
Mazars
Pazo de Congresos de Vigo,
S.A.
Execution project, construction and operation of the
Vigo Conference Center / Avda. Garc\u00eda Barb\u00f3n, I.
Vigo
44%
n.d.
n.d.
n.d.
n.d.
n.d.
-
3,600
(3,600)
Equity method
N/A
Parking del Palau, S.A.
Real estate acquisition and development for leasing /
Paseo de la Alameda, s/n. Valencia
33%
1,698
235
252
392
2,342
-
2,137
(1,199)
Equity method
BDO
Araba Log\u00edstica, S.A.
Real estate acquisition and development for leasing /
Avda. \u00c1lava s/n Rivabellosa (\u00c1lava)
25%
1,750
12,003
11,513
22,001
35,264
-
2,257
-
Equity method
Mazars
Crea Madrid Nuevo Norte,
S.A.
Performing all types of real estate activities / Paseo
de la Castellana 216, Madrid
14%
504,197
(5,440)
(4,550)
(38,347)
461,300
-
217,490
(2,874)
Equity method
EY
HCG Levante, S.L.
Property management and administration under a
rental regime /Calle Travessera de Gracia, 30,
Barcelona
6%
64
(61)
(61)
14,351
14,354
-
1,070
-
Equity method
N/A
Moregal Hotels, S.L.
Real estate acquisition and development for leasing /
Alameda de Col\u00f3n,\u00a0 9, M\u00e1laga
7%
5,307
(46)
(16)
1,179
6,470
-
1,585
(3)
Equity method
N/A
Silicius Real Estate, SOCIMI,
S.A.
Performing all types of real estate activities / Calle
de Vel\u00e1zquez, 123, Madrid
18%
31,394
4,736
(10,329)
288,128
309,193
-
88,572
-
Equity method
PwC
Edged Spain, S.L.
Provision of Data Center services / Paseo de la
Castellana 257, Madrid
50%
3,000
-
-
(1,000)
2,000
-
1,500
-
Equity method
PwC
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:959800L8KD863DP30X04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }