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MERLIN Properties SOCIMI (MRL) investor relations material
MERLIN Properties SOCIMI Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Delivered strong operational and financial performance in H1, with improved margins, high occupancy, and robust rental growth across asset classes, especially in offices and shopping centers.
Data center segment showed significant progress, with major pre-lettings, value creation, and expansion pipeline underway.
Net profit surged to €512.9m from €132.8m, mainly due to revaluation gains.
Completed €183.2m in non-core divestments at a premium to GAV, supporting capital recycling and data center funding.
Maintained a healthy financial position with LTV at 28.6%, 100% fixed-rate debt, and €1.6bn liquidity.
Financial highlights
Total revenues rose 8.5% year-over-year to €275.3m; rental income reached €264.7m, up 6.7%.
EBITDA increased 9% to €205m; FFO up 12.8% to €166.6m; AFFO up 12.2% to €159.8m.
IFRS net profit surged to €512.9m from €132.8m, mainly due to revaluation gains.
EPRA NTA per share at €15.04, down 0.5% year-over-year.
Shareholder return for H1 was 6.6%.
Outlook and guidance
FFO guidance for 2025 raised to €0.56 per share, reflecting strong H1 and expected market conditions.
Dividend proposal increased to €0.42 per share, up from €0.40.
2026 FFO per share expected to be relatively flat versus 2025, with significant growth anticipated from 2027 as new logistics and data center projects come online.
Strong momentum in Madrid offices expected to offset Barcelona weakness; high occupancy levels anticipated to persist.
Analyst consensus target price is €13.08, with most recommendations at buy or overweight.
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Next MERLIN Properties SOCIMI earnings date
Q3 202514 Nov, 2025
Next MERLIN Properties SOCIMI earnings date
Q3 202514 Nov, 2025
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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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