Update shared on11 Aug 2025
Summary of MERLIN Properties’ H1 2025 results:
🏢 Operational Performance
- Organic rental growth: +3.4% Like-for-Like (LfL).
- High occupancy: 95.4% overall.
- Offices: 94.2% (+3.9% LfL).
- Logistics: 96.2% (+2.2% LfL).
- Shopping centers: 96.5% (+3.2% LfL).
💰 Financial Results
- Total revenues: €275.3M (+8.5% YoY).
- FFO (Funds From Operations): €166.6M (+12.8% YoY).
- IFRS net profit: €512.9M (+286.3% YoY).
- Liquidity: €1.6B.
- LTV (Loan-to-Value): 28.6%, with no debt maturities until November 2026.
- Debt rating: S&P BBB+ reaffirmed.
🏗️ Value Creation
- Asset revaluation: +3.2% GAV LfL, driven by data centers.
- Total shareholder return: +6.6% TSR.
- Non-strategic disposals: €183.2M, sold at a premium to GAV.
- Key pre-lettings:
- Data centers: 39 MW IT in Barcelona and Bilbao.
- Offices: 41k m².
- Logistics: 73k m² + 55k m² turnkey project.
- Shopping centers: Marineda expansion (25k m², 92.9% pre-let).
🌐 Digital Infrastructure Plan (MEGA)
- Phase I: 64 MW IT, 100% leased, stabilized GRI of €92M by 2027.
- Phase II: 246 MW IT, expected GRI of €379M by 2029.
- Phase III (Upsizing): 426 MW IT under development.
- Total pipeline: 2.2 GW.
- Participation in EU initiative for AI Gigafactories.
🔮 Outlook
- 2025 FFO guidance: ~€0.56 per share.
- 2025 dividend guidance: ~€0.42 per share.
- Strong momentum in Madrid offices, offsetting weakness in Barcelona.
- Continued development and leasing of logistics, office, and data center assets
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