Q3 2025 MERLIN Properties SOCIMI SA Earnings Call Transcript
Key Points
- Merlin Properties SOCIMI SA (MRPRF) reported a 3.4% increase in gross rents like-for-like, indicating strong performance in traditional asset classes.
- The company's Funds From Operations (FFO) increased by 6.4% year-on-year, despite higher financial expenses.
- Occupancy rates remain high and stable at 95.5%, showcasing the company's ability to maintain tenant retention.
- The MEGA Plan for Data Centers is progressing successfully, with significant pre-commercialization efforts underway.
- Merlin Properties SOCIMI SA (MRPRF) achieved a 5.7% increase in Net Tangible Assets (NTA) per share year-on-year, contributing to a theoretical Total Shareholder Return (TSR) of 8.4% for the period.
- The European Union's Gigafactory program has experienced delays, impacting the competitive advantage of Merlin Properties SOCIMI SA (MRPRF) in Phase III execution.
- Higher financial costs due to early bond issuance have eroded part of the company's margins.
- Logistics occupancy has decreased by 200 basis points, affecting the like-for-like growth in this segment.
- The requirement for double environmental assessments in Madrid projects has caused potential delays of six months to a year.
- The European Union program restricts commercialization to European names, narrowing the scope of potential clients for the company's data centers.
Good evening, everyone. Thank you for joining MERLIN's 9M '25 trading update. As we always do on quarterly results, our CEO, Ismael Clemente, will briefly walk you through the main highlights of the period, and we will then open the line for Q&A.
(Operator Instructions) With no further delay, I pass the floor to Ismael. Thank you.
Thank you, Ines. Welcome to the nine months 2025 results presentation by MERLIN Properties. The quarter from June 30 to September 30 has been pretty productive for the company. Company has performed like a Swiss clock, particularly in the traditional asset classes.
The evolution of gross rents like for like has been plus 3.4% with relatively neutral variation in occupancy. In fact, we have lost approximately 10 basis points. 6.4% FFO per share year on year as a result of a better contribution to the margins of the Data
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