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 new data center contributions.

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

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

• Net asset value (NTA) per share reached €15.32, up 5.9% year-over-year.

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

• AFFO per share was €0.14, down from €0.15 in the prior year.

• Shopping centers saw a 6.1% like-for-like rent increase and a 7.4% release spread.

Outlook and guidance

• Guidance for FFO per share is €0.53 post-capital increase, with potential for upward revision in Q2.

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

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

• Phase II and III of the MEGA plan are progressing, with significant pre-leasing and construction milestones achieved.

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