Merlin Properties SOCIMI SA (OTCPK:MRPRF)

Q1 2026 MERLIN Properties SOCIMI SA Earnings Call Transcript

May 14, 2026 / 01:00 PM GMT

Release Date Price: $18.43

Transcript

Key Points

Positve

Merlin Properties SOCIMI SA (MRPRF) reported a strong start to the year with total revenues up 11.2%, driven by a 3.5% increase in growth rents and additional revenue from data centers.
The company achieved an 8.8% total shareholder return per share year-on-year, indicating strong performance.
Occupancy rates remain high at 95%, showcasing stability in their asset management.
Merlin Properties is successfully executing its Mega Plan, with all assets under construction on track to meet delivery dates.
The company has secured $123 million in non-core sales for execution in 2026 and 2027, providing optionality for future cash flows.

Negative

The FFO growth was only 3.9%, which, although better than predicted, was impacted by a 10% increase in financial expenses and a 40% decrease in financial income.
Occupancy in offices decreased to 93.6%, with further declines expected due to scheduled exits, such as Meta's exit in Barcelona.
Logistics occupancy fell by 60 basis points to 95.8%, with concerns about underperformance in the portfolio.
The company faces challenges in the Barcelona office market due to oversupply, which may take time to recover.
There are ongoing delays and uncertainties in the EU's Gigafactory program, affecting the company's Portuguese data center projects.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MRL.MC - Merlin Properties SOCIMI SA
Q1 2026 MERLIN Properties SOCIMI SA Earnings Call
May 14, 2026 / 01:00PM GMT

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Conference Call Participants
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* Marios Pastou
Sanford C Bernstein & Co LLC - Equity Analyst
* Celine Huynh
Barclays - Analyst
* Anna Escalante
Morgan Stanley - Analyst
* Stephanie Dossmann
Jefferies LLC - Analyst

=====================
Presentation
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Operator [1]
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Your line is muted. Press *6 to unmute your line.

Good afternoon, everyone.

Thank you for joining Merlin's 3M26 Trading Update. As we always do on quarterly results, our CEO is Mike Clemente. We'll briefly walk you through the main highlights of the period, and we will then open the line for a Q&A. Without for the delay, I'll pass the word on to you, Mike.

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