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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
MERLIN Properties SOCIMI
MERLIN Properties SOCIMI (MRL) investor relations material
MERLIN Properties SOCIMI Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 TU earnings summary13 Nov, 2026
Executive summary
9M26 revenue rose 12.9% to €466.2m, EBITDA increased 12.5% to €346.9m and FFO rose 11.9% to €274.5m.
Traditional assets delivered 3.4% like-for-like rental growth and 95.0% occupancy; data-center deliveries drove income growth.
FY26 FFO guidance rose to €0.58/share from €0.55; a €0.20/share interim dividend was approved, payable Dec. 10, 2026.
Financial highlights
Gross rents rose to €442.1m from €398.1m, including €46.5m from data centers versus €19.1m; net rents rose 9.6% to €370.0m.
Net earnings were €669.7m versus €583.1m; EPS was €1.08 versus €1.03, including a €469.4m investment-property fair-value gain.
FFO per share was €0.44, up 1.7%, absorbing March capital-increase dilution; AFFO per share rose 3.4% to €0.43.
Net tangible assets were €16.13/share; data-center signed rents rose from €126/kW in phase I to €132/kW in phase II and €135/kW in phase III.
Outlook and guidance
FY26 FFO guidance increased to €0.58/share from €0.55; phase I data centers are estimated to generate €97m GRI in 2027 at stabilization.
Office occupancy is expected to finish 2026 above 94%.
Worst-case Spanish decree scenario: €863m battery-storage CapEx, ~35% recoverable and €553m non-recoverable, or 7% of the MEGA Plan; yield on cost would be 7% lower.
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Latest events from MERLIN Properties SOCIMI
- A 704 MW contingency plan addresses decree risk as rental growth supports 5.0x 2030 coverage.MRL
Investor presentation - Data center expansion and ESG leadership drive growth, with Iberia as a strategic hub.MRLCompany presentation
- Double-digit revenue and FFO growth, with net profit at €578.9m and LTV at 24.5%.MRLQ2 2026
- Major data center expansion and strong ESG focus drive growth and value creation.MRLCompany presentation
- Double-digit revenue growth, high occupancy, and data center expansion drive future value.MRLQ1 2026
- Strong rental growth and data center expansion drive robust financial and operational results.MRLAGM 2026 presentation
- Phase III adds 412 MW, tripling revenue and boosting capacity to 730 MW by 2032.MRLCMD 2026
- Record results with high occupancy, rental growth, and data center expansion fueled value and returns.MRLH2 2025
- Strong rental growth, high occupancy, and S&P credit upgrade highlight robust H1/6M24 results.MRLH1 2024
Next MERLIN Properties SOCIMI earnings date
Q4 202627 Feb, 2027
MERLIN Properties SOCIMI
Next MERLIN Properties SOCIMI earnings date
Q4 202627 Feb, 2027
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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.