MRL PEER ANALYSIS

Merlin Properties SOCIMI SA — metric-by-metric comparison with peers and the industry median

MRLMerlin Properties SOCIMI SA

🇪🇸 Spain · MC · Real Estate · REIT - Office

Value it Duel

Overall Profile & Returns

· REIT - Office

Position Within Industry

0 = weak quartile, 100 = strong quartile

MRLIndustry median

Scores normalize each metric against industry quartiles (p25–p75); direction is inverted for lower-is-better metrics.

Return Comparison

1-Year

Split-adjusted

Year-to-Date (YTD)

Key Metric Comparison

P/E

Lower is better

ROE

Higher is better

Net Margin

Higher is better

Revenue Growth

Higher is better

All Metrics

Valuation
Metric	MRL	BXP	ARE	VNO	CUZ	KRC	Ind. Median
P/E	12.28	34.67	—	10.28●	—	21.31	21.31
P/B	1.07	2.14	0.63●	1.28	1.15	0.88	0.88
EV/EBITDA	24.70	14.07	55.13	9.17●	16.57	11.66	16.27
P/S	17.31	3.15●	3.42	4.26	5.13	4.16	3.89

Financial Health
Metric	MRL	BXP	ARE	VNO	CUZ	KRC	Ind. Median
Current Ratio	2.07	0.59	0.29	2.08●	0.55	1.06	0.84
Debt/Equity	59.4%●	310.0%	81.9%	139.8%	84.7%	89.6%	128.6%
NetDebt/EBITDA	6.68	8.21	30.72	4.47●	7.04	5.75	6.60

Profitability
Metric	MRL	BXP	ARE	VNO	CUZ	KRC	Ind. Median
Net Margin	140.9%●	9.1%	-35.3%	44.0%	-0.5%	19.6%	-0.5%
ROE	9.4%	6.1%	-6.2%	14.0%●	-0.1%	4.1%	-0.0%
ROA	5.4%●	1.3%	-2.9%	5.0%	-0.1%	2.0%	-0.0%
EBITDA Margin	96.1%●	53.8%	14.0%	90.7%	53.9%	70.3%	53.9%

Growth + Dividend
Metric	MRL	BXP	ARE	VNO	CUZ	KRC	Ind. Median
Rev. Growth	8.0%	1.6%	-4.6%	-0.3%	12.1%●	-1.4%	1.0%
NI Growth	156.9%	—	—	378.3%●	—	9.0%	30.7%
Div. Yield	—	4.6%	7.7%●	1.9%	4.2%	5.5%	4.6%
Payout	—	187.2%	-78.7%	25.6%	-4,124.5%	118.5%	-0.1%

Valuation
Metric	MRL	COL	Ind. Median
P/E	12.28	9.15●	21.31
P/B	1.07	—	0.88
EV/EBITDA	24.70	—	16.27
P/S	17.31	6.90●	3.89

Financial Health
Metric	MRL	COL	Ind. Median
Current Ratio	2.07	—	0.84
Debt/Equity	59.4%	—	128.6%
NetDebt/EBITDA	6.68	—	6.60

Profitability
Metric	MRL	COL	Ind. Median
Net Margin	140.9%●	75.4%	-0.5%
ROE	9.4%●	5.8%	-0.0%
ROA	5.4%	—	-0.0%
EBITDA Margin	96.1%	103.9%●	53.9%

Growth + Dividend
Metric	MRL	COL	Ind. Median
Rev. Growth	8.0%●	2.7%	1.0%
NI Growth	156.9%●	30.7%	30.7%
Div. Yield	—	6.7%	4.6%
Payout	—	61.6%	-0.1%

The green dot marks the best value in the group given the metric direction (higher/lower is better). All metrics use trailing-twelve-month (TTM) data.

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Data on this page refreshes once per day. Price data as of Jul 3, 26. This content is for informational purposes only and is not investment advice.