MERLIN Properties SOCIMI (MRL) Q3 2025 TU earnings summary

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.