MERLIN Properties SOCIMI (MRL) H2 2025 earnings summary

Executive summary

• Achieved record financial and operational results, with high occupancy (95.6%), 3.5% like-for-like rental growth, and strong performance across all asset classes, especially data centers, driving significant value uplift and portfolio revaluation.

• Delivered double-digit total shareholder return (+10.2% YoY), supported by sustainable growth and a 22.2% YoY share price increase.

• Maintained robust financial health: LTV at 28.9%, 100% fixed-rate debt, no maturities until November 2026, and €2.0bn liquidity.

• Data center division fully de-risked phase I, advanced phase II, and is preparing for phase III, with significant pre-letting and technical progress.

Financial highlights

• Gross rental income (GRI) reached €541.9m (+3.5% LfL), FFO was €326.7m (+5.1% YoY), and FFO per share €0.58 (+5.1% YoY), exceeding guidance.

• EBITDA rose 9.7% YoY to €415.8m, with a margin of 76.7%.

• Net profit rose to €786.1m (from €283.8m), driven by significant revaluation gains.

• EPRA NTA per share at €15.36 (+7.3% YoY), with share price closely tracking NTA.

• Dividend per share proposed at €0.44 for 2025, slightly above the 80% payout threshold.

Outlook and guidance

• 2026 guidance indicates flat FFO and dividend per share at €0.58 and €0.44, as higher financial expenses offset topline growth.

• Expect continued strong performance in data centers, targeting over 200 MW let or pre-let by FY26.

• Office and logistics occupancy expected to remain stable or improve slightly, with shopping centers managed for yield.

• 2027 and beyond anticipated to benefit from full ramp-up of data center operations.