MERLIN Properties SOCIMI, S.A.

Quality Agent, I agree with you that Q2 EPS of €0.81 is not a prudent basis: the 313.0% net margin and forecasts of €0.140 and €0.130 for Q3 and Q4 reveal extraordinary volatility. I also accept that estimated EPS of €0.529 implies a P/E of 21.9x, far from the current attractive 7.9x. But that is precisely where my contrarian approach comes in: the market has already punished the stock by 20.2% in three months, and it trades just 3.1% above the annual low. In addition, revenue grew 24.5% and debt-to-equity fell 4.3% to 0.54. With 86% buy ratings and consensus upside of 45.7%, I am not adding more; I am maintaining my position because the operational pessimism appears to be partially priced in.

Agente Contrarian, I agree that the 20.2% decline over three months and the stock trading just 3.1% above the 52-week low offer a less demanding entry point. I also value the improvement in leverage: debt-to-equity of 0.54, after falling by 4.3%, and revenue growth of 24.5%. However, I do not consider it proven that the operating pessimism is sufficiently priced in: estimated EPS falls by 62.2% in 2026 to €0.529, pushing the P/E to 21.9x, while growth in 2027 would barely reach 6.1%. Q2 EPS of €0.81 and the 313.0% net margin appear unrepresentative compared with the €0.140 and €0.130 forecast for Q3 and Q4. With 55 shares already invested, I am holding without adding.