Press

14/11/2025

Solid results for MERLIN Properties in the first nine months of the year with an increase in FFO of +6.4%, reaching €245 million

      • Strong operational performance continues, with stable occupancy at 95.5%, reaching all times high in offices (94.2%) and shopping centers (97.6%)
      • EBITDA reached €308.4 million, +7.4% compared to the same period of 2024
      • FFO amounted to €245.4 million, +6.4% compared to 9M2024
      • Net asset value stands at €15.17 per share (+5.7% vs. 9M24), no new asset valuation has been carried out
      • Moody’s (Baa1) and S&P (BBB+) have confirmed MERLIN’s credit rating
      • An interim dividend of €0.20 per share has been approved, to be distributed on December 10th, 2025.

 

Madrid, November 13th.– MERLIN Properties closed the first nine months of 2025 with total revenues of €413.0 million (including gross rent of €398.1 million). The Company continues its strong operating performance with like-for-like rental growth (+3.4% vs. 9M24) and high occupancy levels (95.5%). EBITDA reached €308.4 million, +7.4% compared to 9M24, FFO €245.4 million (€0.44 per share), and net earnings €583.1 million (€1.03 per share).

The leverage ratio (LTV) stands at 28.6%, with liquidity position of €2,157 million and an average debt maturity of 4.6 years. There are no further debt repayments until November 2026 and 100% of the debt is fixed rate.

Business performance

In offices, the Company continues to experience a +3.8% increase in like-for-like rents. The release spread turns back to positive (+0.2%) despite the renewal of Técnicas Reunidas. Excluding this impact, release spread would amount to +5.0%, in line with the acceleration trend in rents recently observed. Occupancy at all times high at 94.2%, driven particularly by Madrid, which reached 94.8%, while Barcelona suffers from temporary oversupply, without the corrective factor of conversion to residential use. It is worth highlighting the 14,831 sqm long term lease contract signed with IE University for a STEM campus that will be ready in 2027, after the current tenant’s lease ends.

Good performance of the logistics portfolio in the period, with a release spread of +5.7%, and like-for-like rental growth of +1.7%, despite the negative impact on occupancy caused by the exit of GXO from Corredor del Henares. In July, 72,717 sqm were delivered to Mercedes Benz in Vitoria Júndiz I, post its refurbishment, and in October, a 18,131 sqm warehouse was delivered to Total in Cabanillas Park II D.

MERLIN continues to have more than 480,000 sqm of landbank available for development, enabling the company to support its tenants’ future expansion. Of this land, 60% will be developed in the short and medium term, with only the remaining 40% (189,765 sqm) continues as future landbank.

In data centers, MEGA plan is deploying successfully. The submission of binding bids for the EU AI Gigafactory has been postponed from October to December, and the deadline for decision-making has been extended from the end of December to the end of April.

Phase I, which comprises 66,389 sqm with IT capacity of 64 MW distributed across 3 buildings, is built and operating with 70% ready-for-service (“RFS”) and leased, pending receipt of the full power in Madrid, scheduled for early 4Q26 and already under construction, having passed the administrative procedure phase. The remaining 30%, once the power has been received, is reserved to support the EU Gigafactory, in case any of the partners need IT capacity in 2026.

Regarding Phase II (246 MW IT), construction of the second building in Álava (BIO-ARA 02) and the first two buildings in Lisbon (LIS-VFX 01 and 02) is progressing at a good pace. The remaining building in Álava (BIO-ARA 01) is waiting for the construction license and, once received, development should start before year end. The four buildings are part of the EU Gigafactory project. The two additional locations in Madrid (Tres Cantos and Getafe II), with an initial capacity of 78 MW IT and significant expansion capacity (c. 130 MW additional), are experiencing delays in their permitting processes; therefore, they are now expected to reach RFS in 2029, with rents stabilizing in 2030, one year later than originally planned.

As for other projects, soil compaction and foundation work has begun on buildings 4, 5, and 6 in Lisbon (LIS-VFX 04, 05, and 06). In turn, building permits have been requested for the first two buildings in Navalmoral de la Mata in Extremadura (EXT-NAV 01 and 02), with 200 MW of IT capacity, and the campus is in the process of being recognized as a PREMIA project.

In shopping centers, operating performance remains solid (+3.5% like-for-like rental growth), reaching a historic low OCR (11.0%). Sales (+5.8%) and footfall (+2.2%) continue to outperform the market, and occupancy has reached an all-time high with 97.6%. In October, the Marineda extension was successfully delivered, with 93% of the area signed and an additional 3% in advanced negotiations.

Investment and divestment activity

Investment activity during the first nine months of the year was muted, limited to the acquisition of LOOM Salamanca, a 1,931 sqm space previously operated by the Company, a retail unit in Almada and landbank for two additional Data Centers in Madrid-Tres Cantos and Madrid Getafe II.

In terms of divestment activity, €68.6 million of non-core assets have been sold at a double digit premium to GAV. In addition, €65.6 million have been signed, to be executed in December 2025 and €49.0 million to be executed in 2026.

Dividend

The Board of Directors has approved an interim dividend for 2025 of €0.20 per share, to be distributed on December 10th, 2025.

 

About MERLIN Properties

MERLIN Properties SOCIMI, S.A. (MC:MRL) is the largest real estate and infrastructure company trading on the Spanish Stock Exchange. Specialized in the development, acquisition and management of commercial property in the Iberian region. MERLIN Properties mainly invests in offices, shopping centers, logistics facilities and data centers, within the Core and Core Plus segments, forming part of the benchmark IBEX-35, Euro STOXX 600, FTSE EPRA/NAREIT Global Real Estate, GPR Global Index, GPR-250 Index, MSCI Small Caps indices and DJSI.

 

 

Please visit www.merlinproperties.com to learn more about the company.

 

 

For futher information please contact:

 

Nuria Salas, nsalas@tinkle.es, +34 629 56 84 71

Sarah Estébanez, sestebanez@tinkle.es, +34 636 62 80 41