MERLIN Properties SOCIMI
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MERLIN Properties SOCIMI (MRL) investor relations material

MERLIN Properties SOCIMI CMD 2026 summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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CMD 2026 summary10 Mar, 2026

Data center market opportunity

  • Global data center demand is projected to grow 3.5x from 2025 to 2030, with 70% driven by advanced AI workloads.

  • Iberia is positioned as a key European data center hub due to abundant renewable energy, low costs, and strong connectivity.

  • Iberia offers advantages over other European regions, including land availability, lower energy costs, and extensive submarine cable connections.

Strategic positioning and operational strengths

  • Focus on hyperscale and wholesale co-location, balancing risk and return across long-term leases and high-density deployments.

  • Strong relationships with Tier-1 hyperscalers and AI players, with infrastructure optimized for ultra-high-density and AI workloads.

  • In-house expertise across energy, design, construction, and operations, with a proven track record in sustainable, high-density data center delivery.

  • Competitive advantage through proprietary cooling technology, supply chain management, and strategic partnerships.

  • Secures competitive and sustainable power via PPAs and direct renewable sourcing, acting as an energy solutions partner.

Financial performance and capital deployment

  • Phase I delivered 64 MW on time and on budget, achieving a 15.8% gross yield on cost and a potential 2x valuation uplift.

  • Phase II and III expand total IT capacity to 730 MW by 2032, with €7.8bn total investment and stabilized GRI of €1.15bn.

  • Maintains low leverage (28.9% LTV), strong liquidity (€1.2bn cash, €740m RCF), and solid credit ratings (BBB+/Baa1).

  • Phase III funding plan targets 50% equity and 50% debt, with green bonds as the preferred debt instrument.

How will the 1.4GW Navalmoral project be funded?
How do shorter RFS timelines impact market share?
What are the risks of the AI-centric DC strategy?
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Next MERLIN Properties SOCIMI earnings date

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Q1 202614 May, 2026
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Q1 202614 May, 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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