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MERLIN Properties SOCIMI (MRL) investor relations material
MERLIN Properties SOCIMI Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary14 Nov, 2025
Executive summary
Total revenues for 9M25 reached €413.0m, up 7.7% year-over-year, with gross rents increasing 6.6% to €398.1m.
FFO per share rose 6.4% year-over-year, supported by organic growth and work-in-progress contributions.
Net earnings surged 158.8% year-over-year to €583.1m, driven by a significant gain in fair value of investment property.
Occupancy rates remained high across all segments, with a consolidated rate of 95.5%.
The Mega Plan, including the EU AI Gigafactory, is progressing, with key decisions postponed to April and capex commitments on track.
Financial highlights
Gross rents after incentives were €374.9m, up 6.3% year-over-year.
EBITDA increased 7.4% to €308.4m, with a margin of 77.5%.
AFFO grew 6.9% to €234.3m.
NTA per share rose 5.7% to €15.17.
Earnings per share reached €1.03, up from €0.40 in 9M24.
Outlook and guidance
2025 capex commitments for Phase II of the Mega Plan are well on track.
Targeting 48 MW of IT capacity committed by end of April for the EU AI Gigafactory.
No new property valuations in the period; NTA per share stands at €15.17.
Data Center strategy without EU AI Gigafactory
How to mitigate rising net financial expenses?
What is the plan for Barcelona office occupancy?
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Next MERLIN Properties SOCIMI earnings date
CMD 202615 Jan, 2026
Next MERLIN Properties SOCIMI earnings date
CMD 202615 Jan, 2026
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Frequently asked questions
MERLIN Properties SOCIMI S.A. is a real estate investment trust focused on the acquisition and management of commercial real estate assets. Its portfolio includes office spaces, shopping centers, and logistics properties across Spain and Portugal. The company is headquartered in Madrid, Spain, and its shares are listed on the BME.
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