MERLIN Properties SOCIMI (MRL) H2 2025 earnings summary

Executive summary

• Achieved record operational and financial results for FY2025, driven by exceptional data center performance, high occupancy (95.6%), and solid growth in traditional asset classes.

• Data center division fully de-risked for phase I, significant progress in phase II (254 MW), and groundwork for phase III underway, contributing to a €359m uplift in asset value.

• Total shareholder return reached 10.2%, supported by portfolio revaluation, sustainable financial position, and a 22.2% YoY share price increase.

• Maintained low leverage (LTV 28.9%), €2bn liquidity, and 100% fixed-rate debt with no maturities until late 2026.

Financial highlights

• FFO increased by 5.1% YoY to €326.7m, surpassing pre-BBVA portfolio sale levels and exceeding guidance.

• Gross rents reached €541.9m (+3.5% LfL), EBITDA €415.8m (+9.7% YoY), and net profit €786.1m, driven by data center revaluation.

• Dividend per share proposed at €0.44, with €0.20 already paid and €0.24 pending approval.

• EPRA NTA per share at €15.36 (+7.3% YoY), with share price nearing NTA for the first time.

• GAV increased 4.7% like-for-like to €12,630m, with EPRA net income yield of 4.6%.

Outlook and guidance

• 2026 guidance indicates flat EPS and DPS due to higher financial expenses offsetting topline growth; FFO per share guidance is €0.58.

• Expectation for continued strong data center leasing, targeting over 200 MW let or pre-let by FY26.

• Office and shopping center occupancy expected to remain stable; logistics may improve if key assets are leased.