MERLIN Properties SOCIMI (MRL) Q1 2026 earnings summary

Executive summary

• Total revenues increased by 11.2% year-over-year to €153.4 million, driven by a 3.5% like-for-like rise in gross rents and additional revenue from data centers.

• FFO rose 3.9% year-over-year to €87.4 million, but per share FFO declined 5.6% due to share count increase from a capital raise.

• Occupancy remains high at 95%, with shopping centers at 96.6% and logistics at 95.8%.

• Net asset value (NTA) per share reached €15.32, up 5.9% year-over-year, with no revaluation/appraisal in the quarter.

• Data centers are a major growth vector, with significant progress in construction, leasing, and future capacity.

Financial highlights

• Total shareholder return per share reached 8.8% year-over-year.

• Net earnings for the quarter were €77.0 million, down 8.6% year-over-year.

• FFO per share declined 5.6% due to dilution from capital increase, but adjusted FFO would have grown 3.5% using average shares.

• Financial expenses increased by 10%, and financial income dropped 40% year-over-year.

• Liquidity position strengthened to €2,495 million.

Outlook and guidance

• Guidance for FFO per share is €0.53 post-capital increase, to be reviewed in Q2.

• Expectation of substantial portfolio revaluation in 1H due to expanded data center scope and reduced leasing risk.

• Top-line growth expected to outpace rising financial expenses, especially from data centers.

• Data center expansion continues, with Phase I expected to contribute €97 million in stabilized rents by 2027.

• The company is well positioned to meet capex commitments and execute its growth strategy.