Merlin Properties SOCIMI SA (XMAD:MRL)

Half Year 2025 MERLIN Properties SOCIMI SA Earnings Call Transcript

Jul 31, 2025 / 01:00 PM GMT

Release Date Price: €12.18 (+2.27%)

Transcript

Key Points

Positve

Merlin Properties SOCIMI SA (MRPRF) reported a strong financial performance with a rental growth of 3.4% like-for-like and high occupancy rates across its portfolio.
The company achieved a total shareholder return of 6.6% in the first half of 2025, indicating a positive outlook for the year.
Merlin Properties SOCIMI SA (MRPRF) maintained a healthy financial position with a low loan-to-value (LTV) ratio of 28.6% and a liquidity position of 1.6 billion euros.
The company successfully pre-let significant portions of its logistics and shopping center developments, with notable deals including a 73,000 square meter lease with Mercedes-Benz.
Merlin Properties SOCIMI SA (MRPRF) is on track with its disposal program, having executed and signed deals worth 183.2 million euros, supporting its capital recycling strategy.

Negative

Occupancy in logistics decreased to 96.2% due to the departure of a major tenant, highlighting potential volatility in tenant retention.
The company faces challenges in the Barcelona office market due to regulatory issues and oversupply, impacting potential growth in that region.
Merlin Properties SOCIMI SA (MRPRF) anticipates a relatively flat financial performance in 2026, with significant growth expected only in 2027.
The company is heavily reliant on the successful commercialization of its data centers to drive future growth, which carries inherent risks.
Merlin Properties SOCIMI SA (MRPRF) needs to raise significant debt over the next 24 months to fund its data center CapEx, which could impact its financial flexibility.

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

MRL.MC - Merlin Properties SOCIMI SA
Half Year 2025 MERLIN Properties SOCIMI SA Earnings Call
Jul 31, 2025 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Welcome to Merlin Properties. I have the results presentation and usually it's Mario Clemente, our CEO, and Frank Rivas and Sao, both directors of the company.

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Unidentified_2 [2]
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Will walk you through the.

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Unidentified_1 [3]
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Presentation that you are seeing on the screen, and it will be followed by a QNA session, so without further delay, let's start

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