Spain · Delayed Price · Currency is EUR MERLIN Properties SOCIMI Earnings Call Transcripts
Fiscal Year 2026
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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 FY2025 results driven by data center growth and solid traditional assets, with high occupancy, strong FFO, and robust shareholder returns. Outlook for 2026 is stable, with continued investment in data centers and prudent financial 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 results with strong rental growth, high occupancy, and robust data center valuation uplift. Guidance for FFO and dividends is maintained, with prudent outlook due to expected higher overhead in H2. Data center expansion and asset rotation remain key strategic focuses.