Spain · Delayed Price · Currency is EUR MERLIN Properties SOCIMI Earnings Call Transcripts
Fiscal Year 2026
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Revenue grew 11.2% year-over-year, driven by rent increases and data center expansion, while FFO per share declined due to dilution from a capital raise. Occupancy remains high across segments, and data centers are fueling future growth, with substantial revaluation expected in 1H.
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AI-driven demand is fueling rapid data center expansion in Iberia, with Phase III adding 412 MW and EUR 650 million in revenue, while a robust 5.1 GW pipeline supports long-term growth. The company leverages operational excellence, strong client relationships, and disciplined capital deployment.
Fiscal Year 2025
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Record results driven by data centers and strong traditional asset performance, with high occupancy, robust rental growth, and significant value uplift. Outlook for 2026 is stable, with continued focus on data center expansion and prudent capital management.
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Gross rents and FFO per share rose year-over-year, with strong performance across all asset classes and stable occupancy. Data center expansion is progressing, though EU program delays and administrative hurdles pose risks. Phase III scope and funding will be detailed in February.
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Strong H1 2025 performance with 12.8% FFO growth, high occupancy, and robust rental increases across all segments. Data center expansion and asset revaluation drove GAV to €12.1 billion. Raised FFO guidance to €0.56 per share and proposed a higher dividend.
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First quarter saw strong FFO growth, high occupancy, and robust data center expansion, with guidance maintained amid macro uncertainty. Dividend policy remains stable, and segment performance was solid across offices, logistics, and shopping centers.
Fiscal Year 2024
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Record occupancy and rental growth drove strong 2024 results, with robust performance across offices, logistics, and shopping centers. Data center expansion is a key growth driver, though rising financing costs and ongoing investments will keep 2025 FFO flat.
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Strong organic growth and high occupancy were achieved, with major lease signings and robust data center progress. Political uncertainty over the SOCIMI regime poses risk, but guidance remains solid and dividend policy is stable.
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Solid H1 2024 performance with strong rental growth and high occupancy across all segments. Data centers delivered significant valuation uplift, offsetting minor declines in traditional assets. Guidance for FFO and dividends remains prudent amid higher expected overhead and ongoing data center expansion.