MERLIN Properties SOCIMI (MRL) H2 2025 earnings summary

Executive summary

• Achieved record results for FY2025, driven by exceptional data center performance, high occupancy (95.6%), and solid growth across all asset classes, resulting in a 5.1% YoY FFO increase and 10.2% total shareholder return.

• Offices, logistics, shopping centers, and data centers all contributed to growth, with significant pre-letting activity and value creation projects underway.

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

• Share price rose 22.2% YoY, outperforming reference indexes.

Financial highlights

• Gross rental income reached €541.9m (+3.5% like-for-like), FFO was €326.7m (+5.1% YoY), and net profit rose to €786.1m, driven by significant revaluation gains.

• EPRA NTA per share grew to €15.36 (+7.3% YoY), with share price nearing NTA for the first time.

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

• GAV increased 4.7% like-for-like, with EPRA net income yield of 4.6%.

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

Outlook and guidance

• 2026 guidance indicates flat FFO and dividend per share due to higher financial expenses offsetting 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.