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MERLIN Properties SOCIMI
MERLIN Properties SOCIMI (MRL) investor relations material
MERLIN Properties SOCIMI Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary14 Nov, 2025
Executive summary
Total revenues for 9M25 reached €413.0m, up 7.7% year-over-year, with gross rents increasing 6.6% to €398.1m.
FFO per share rose 6.4% year-over-year, driven by improved margins in the data center division and organic growth.
Net earnings surged 158.8% year-over-year to €583.1m, mainly due to a significant gain in fair value of investment property.
Occupancy rates remained high and stable at 95.5% across all segments.
The Mega Plan, including the EU AI Gigafactory, is progressing, with key decisions postponed to April and capex commitments on track.
Financial highlights
Gross rents after incentives were €374.9m, up 6.3% year-over-year; like-for-like gross rents increased 3.4%.
FFO increased 6.4% year-over-year, despite higher financial costs from early bond issuance.
EBITDA increased 7.4% to €308.4m, with a margin of 77.5%.
NAV/NTA per share rose 5.7% year-over-year, reaching €15.17.
Theoretical total shareholder return (TSR) reached 8.4% for the period.
Outlook and guidance
CapEx commitments for 2025 are on track and likely to be exceeded, with phase II data center deployment progressing well.
Targeting 48 MW of IT capacity committed by end of April for the EU AI Gigafactory.
Phase III scope and funding plan to be presented in February, with potential for large-scale projects and external partnerships.
Company is preparing for both EU Gigafactory program participation and independent commercialization of data center capacity.
Data Center strategy without EU AI Gigafactory
How to mitigate rising net financial expenses?
What is the plan for Barcelona office occupancy?
Data center commercialization strategy
Phase 3 funding plan details
Address Madrid data center project delays
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Next MERLIN Properties SOCIMI earnings date
H2 202527 Feb, 2026
MERLIN Properties SOCIMI
Next MERLIN Properties SOCIMI earnings date
H2 202527 Feb, 2026
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Frequently asked questions
MERLIN Properties SOCIMI S.A. is a real estate investment trust focused on the acquisition and management of commercial real estate assets. Its portfolio includes office spaces, shopping centers, and logistics properties across Spain and Portugal. The company is headquartered in Madrid, Spain, and its shares are listed on the BME.
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