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Merlin Properties plans to increase its data center revenue share from 5% to 75% by 2033, with Phase II expected to double cash flow from €300 million to €600 million. The company will finance Phase III through debt and capital measures, targeting development locations in the Basque Country, Lisbon, Madrid, and Extremadura. Key milestones for the project will be outlined during the Investor Day in the first half of 2026.