MERLIN Properties SOCIMI (MRL) Q2 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance in H1 2026, with double-digit revenue growth (+11.7% YoY), robust FFO, and high occupancy at 94.7%.

• Data centers are the main growth driver, with Phase I fully let and operational, accelerated commercialization, and significant pre-letting activity.

• Shopping centers led like-for-like rental growth at 6.4%, with strong tenant sales and high occupancy.

• Strengthened balance sheet via €768 million capital increase, reducing loan-to-value to 24.5% and increasing liquidity to €2.6 billion.

• Net profit attributable for the period was €578.9 million, up from €512.9 million in 6M25.

Financial highlights

• Revenue grew by 11.7% year-over-year in H1 2026, reaching €307.7 million.

• Gross rental income reached €292 million (+10% like-for-like), FFO was €180 million (+8% YoY), and NTA at €15.99 per share.

• EBITDA rose 11.7% YoY to €229.4 million; IFRS net profit increased 12.9% YoY to €578.9 million.

• Total shareholder return year-over-year at +9.1%; share price rose 23.4% to €15.34 as of June 30, 2026.

• GAV increased by €878 million to €13,508 million, with a 3.7% like-for-like growth, mainly from data centers.

Outlook and guidance

• FY26 FFO guidance raised to €340 million (€0.55 per share), with potential to exceed 200 MW IT leasing guidance, possibly reaching 340 MW.

• Confident in funding growth pipeline with current liquidity and low leverage; no major debt maturities until late 2026.

• Expect to exceed €600 million in total income for the first time in company history.

• Logistics and data center development programs progressing, with significant pre-letting and expansion plans.

• Consensus target price from 27 analysts is €17.51, with most recommendations as 'Buy'.