MERLIN Properties SOCIMI (MRL) Q3 2026 TU earnings summary

Executive summary

• 9M26 revenue rose 12.9% to €466.2m, EBITDA increased 12.5% to €346.9m and FFO rose 11.9% to €274.5m.

• Traditional assets delivered 3.4% like-for-like rental growth and 95.0% occupancy; data-center deliveries drove income growth.

• FY26 FFO guidance rose to €0.58/share from €0.55; a €0.20/share interim dividend was approved, payable Dec. 10, 2026.

Financial highlights

• Gross rents rose to €442.1m from €398.1m, including €46.5m from data centers versus €19.1m; net rents rose 9.6% to €370.0m.

• Net earnings were €669.7m versus €583.1m; EPS was €1.08 versus €1.03, including a €469.4m investment-property fair-value gain.

• FFO per share was €0.44, up 1.7%, absorbing March capital-increase dilution; AFFO per share rose 3.4% to €0.43.

• Net tangible assets were €16.13/share; data-center signed rents rose from €126/kW in phase I to €132/kW in phase II and €135/kW in phase III.

Outlook and guidance

• FY26 FFO guidance increased to €0.58/share from €0.55; phase I data centers are estimated to generate €97m GRI in 2027 at stabilization.

• Office occupancy is expected to finish 2026 above 94%.

• Worst-case Spanish decree scenario: €863m battery-storage CapEx, ~35% recoverable and €553m non-recoverable, or 7% of the MEGA Plan; yield on cost would be 7% lower.