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MERLIN Properties SOCIMI
MERLIN Properties SOCIMI (MRL) investor relations material
MERLIN Properties SOCIMI H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary27 Feb, 2026
Executive summary
Achieved record operational and financial results for FY2025, driven by exceptional data center performance, high occupancy (95.6%), and solid growth across traditional asset classes.
Data center division fully de-risked for phase one, with significant progress and pre-letting in phase two, and expansion plans for phase three, contributing to a €359m uplift in asset value.
Total revenues reached €565m, EBITDA €416m (+9.7% YoY), net profit €786.1m (from €283.8m), supported by asset revaluations and strong rental growth.
Maintained strong financial position with low leverage (LTV 28.9%), €2bn liquidity, and 100% fixed-rate debt with no major maturities until late 2026.
Delivered double-digit total shareholder return (+10.2% YoY) and a 22.2% YoY share price increase, outperforming sector indexes.
Financial highlights
FFO increased by 5.1% YoY to €326.7m, surpassing pre-BBVA sale levels and exceeding guidance.
Gross rental income (GRI) reached €541.9m (+3.5% LfL), with all asset classes contributing to growth.
Net profit rose to €786.1m, driven by significant data center revaluation gains.
EPRA NTA per share at €15.36 (+7.3% YoY), with share price nearing NTA.
Dividend per share proposed at €0.44, slightly above the 80% payout threshold.
Outlook and guidance
2026 guidance indicates flat FFO and dividend per share (€0.58 and €0.44, respectively) as higher financial expenses offset topline growth.
Expectation for continued strong data center leasing, targeting over 200 MW let or pre-let by FY26.
Office and shopping center occupancy expected to remain stable; logistics may improve if key assets are leased.
No change in share count assumed for 2026 guidance.
Status of Phase II Data Center pre-lets?
What drives the flat 2026 FFO guidance?
Explain the Logistics occupancy rate change
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Next MERLIN Properties SOCIMI earnings date
CMD 202610 Mar, 2026
MERLIN Properties SOCIMI
Next MERLIN Properties SOCIMI earnings date
CMD 202610 Mar, 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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