MERLIN Properties SOCIMI, S.A.

MERLIN Properties SOCIMI, S.A.

11.31
EUR
-0.29
(-2.50%)
1.82EPS
8.41P/E
9.50BMarket Cap
Nov 13Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
0.55
0.58
0.96
0.98
0.99
1.26
1.11
0.96
0.82
0.94
0.99
0.97
0.96
0.97
Basic EPS, GAAP
-0.15
0.51
0.22
1.62
2.35
1.83
1.21
0.12
1.1
0.56
-0.18
0.56
1.4
1.82
Free Cash Flow per Basic Share
- -
0.28
0.3
-0.24
1.47
0.54
0.61
0.28
0.34
0.47
0.48
0.58
0.72
- -
Dividend per Share
- -
- -
0.11
0.28
0.4
0.46
0.5
0.15
0.15
0.97
0.44
0.21
0.22
- -
Book Value per Share
- -
8.92
9.06
10.26
12.23
13.81
14.44
14.4
15.05
14.63
13.96
13.34
14.35
15
Tangible Book Value per Share
- -
8.92
8.46
10.23
12.23
13.81
14.44
14.4
15.05
14.62
13.96
13.34
14.34
14.99
Basic Weighted Avg Shares
170
97
223
360
468
468
464
465
466
468
468
510
563
591
Sales/Revenue/Turnover
93
57
214
352
463
590
515
446
383
439
465
495
539
572
Operating Margin (%)
39.45
68.08
75.53
79.19
72.44
82.04
73.66
77.58
73.61
74.89
76.18
76.33
73.84
73.73
Depreciation Expense
47
- -
- -
5
10
2
2
2
2
2
2
4
5
6
Net Income, GAAP
-26
50
49
583
1,100
855
564
56
512
263
-83
284
786
1,078
Effective Tax Rate (%)
- -
2.05
14.53
1.66
1.16
6.37
4.58
- -
1.94
14.12
- -
4.12
3.34
5.48
Profit Margin (%)
-27.55
87.73
22.89
165.69
237.52
144.79
109.48
12.63
133.8
59.92
-17.96
57.37
145.86
188.37
Working Capital
- -
121
-1,338
631
340
182
99
237
302
-411
385
861
213
649
LT Debt
- -
974
1,413
5,105
5,220
5,118
5,446
5,636
5,584
3,471
4,498
4,297
4,196
4,143
Total Equity
- -
1,309
2,926
4,841
5,724
6,402
6,709
6,696
7,027
6,849
6,539
7,501
8,074
9,287
Return on Invested Capital (%)
- -
- -
3.65
7.35
11.37
9.03
2.83
- -
3.61
0.63
- -
3.07
6.79
2.92
Return on Capital (%)
- -
- -
2.32
8.37
11.55
8.46
5.62
- -
4.87
2.89
- -
3.48
7.18
8.84
Return on Common Equity (%)
- -
- -
2.32
15.05
20.89
14.11
8.6
0.84
7.46
3.79
-1.25
4.04
10.09
12.77

Capital Structure

EUR

•

in mil. unless spec.
Sep'25
Mar'26
Jun'26
ST Debt
109
900
856
LT Borrowings
5,081
4,398
4,143
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
563
619
619
Market Capitalization
7,227
8,618
9,498

Working Capital

EUR

•

in mil. unless spec.
Sep'25
Mar'26
Jun'26
Total Current Assets
1,544
1,935
1,743
Cash, Cash Equivalents & STI
1,380
1,753
1,571
Accounts Receivable, Net
90
106
86
Inventories
- -
- -
56
Total Current Liabilities
280
1,122
1,094
Payables & Accruals
- -
- -
- -
ST Debt
109
900
856
Deferred Revenue
- -
- -
- -

Growth Rates

EUR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
12.04%
4.05%
7.65%
Free Cash Flow
-111.1%
25.87%
36.23%
Net Income, GAAP
139.54%
73.14%
177.04%
Sales/Revenue/Turnover
11.88%
4.35%
8.98%
Total Cash Common Dividend
80.78%
93.21%
17.25%

Quarterly Revenue

EUR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
124
118
131
121
495
2025
133
129
137
- -
539
2026
146
160
- -
- -
- -

Quarterly Earnings Per Share

EUR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.14
0.15
0.16
0.1
0.56
2025
0.15
0.76
0.12
- -
1.4
2026
0.12
0.81
- -
- -
- -

Quarterly Dividends Per Share

EUR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.21
2025
- -
- -
- -
- -
0.22
2026
- -
- -
- -
- -
- -

Company Description

CEO
Ismael Clemente Orrego
Full Time Employees
295
Sector
Finance
Industry
Real estate investment trusts
Address
Paseo de la Castellana, 257 Madrid MA Spain 28046
IPO Date
Jun 30, 2014
Business
MERLIN Properties SOCIMI, S.A. MERLIN Properties SOCIMI, S.A. is a leading Spanish real estate investment trust listed on the Spanish Stock Exchange (IBEX-35) that acquires, actively manages, operates and selectively rotates a diversified portfolio of prime commercial real estate assets in the Iberian Peninsula, primarily in Spain and to a lesser extent in Portugal. The company, founded in 2014 and headquartered in Madrid, owns and manages over 4 million square meters of leasable space across key segments including 105 office buildings concentrated in high-demand markets such as Madrid and Barcelona; 95 logistics warehouses and distribution centers; 12 shopping centers featuring dominant urban and regional formats; and 3 operational data centers with expansion underway, forming part of its MERLIN Edged joint venture focused on sustainable, AI-ready facilities with waterless cooling and 100% renewable energy. It targets core and core-plus opportunities serving corporate tenants, retailers, logistics operators and hyperscalers, while providing property management services to third parties and emphasizing operational efficiency through top-tier asset management. Recent developments include a July 2024 capital raise of €921 million via issuance of approximately 94 million new shares to fund data center growth toward 274 MW capacity by 2029 across Madrid, Barcelona, Bilbao and Lisbon; strategic partnerships such as the July 2025 agreement with EDP and Edged for clean energy supply to its Portuguese carbon-neutral data center campus, a January 2025 public-private project with Edged Energy and the Extremadura regional government for two state-of-the-art data centers, and Fortia Energía's contract for electricity to Madrid and Barcelona facilities; ongoing construction of a 48 MW second building at the Bilbao-Arasur MERLIN Edged campus; a dual listing on Euronext Lisbon in January 2025 to enhance liquidity; and signing of partnership agreements with 10 universities and 3 other entities in 2024 alongside solid nine-month 2025 results showing €413 million in total revenues including €398.1 million in gross rents.

Company News

  • MERLIN Properties SOCIMI, S.A. (MPTYY) Q1 2026 Earnings Call Transcript

  • MERLIN Properties SOCIMI, S.A. (MRPRF) Q4 2025 Earnings Call Transcript

  • MERLIN Properties SOCIMI, S.A. (OTCMKTS:MRPRF) Sees Significant Increase in Short Interest

  • MERLIN Properties SOCIMI, S.A. (MRPRF) Q3 2025 Earnings Call Transcript

  • Portugal Existing & Upcoming Data Center Portfolio Database 2025: Start Campus and Merlin Properties Drive Growth in Portugal's Data Center Market

  • Merlin Properties: Crudely Around 20% NAV Upside Before Tax Considerations

  • MERLIN Properties SOCIMI, S.A. (MRPRF) Q1 2025 Earnings Call Transcript

  • MERLIN Properties SOCIMI, S.A. (MRPRF) Q4 2024 Earnings Call Transcript

  • MERLIN Properties SOCIMI, S.A. (MRPRF) Q3 2024 Earnings Conference Call Transcript

  • Merlin: Positive Return, Might Be Time To Reconsider (Rating Downgrade)

  • Spain's Merlin Properties bets on AI boom to drive revenue growth

  • Merlin Properties: The Spanish REIT With Good Performance And Upside

  • MERLIN Properties SOCIMI, S.A. (MRPRF) Q1 2024 Earnings Call Transcript

  • MERLIN Properties SOCIMI, S.A. (MRPRF) Q4 2023 Earnings Call Transcript

  • MERLIN Properties and Edged Expand Global Reach of New Barcelona Data Center with Connections to Barcelona Cable Landing Station, EXA and Axent

  • MERLIN Properties SOCIMI, S.A. (MRPRF) Q3 2023 Earnings Call Transcript

  • Merlin Properties: Battling Against A Tough Environment For REITs

  • MERLIN Properties SOCIMI, S.A. (MRPRF) Q2 2023 Earnings Call Transcript

  • Merlin Properties: Low REIT Valuation And Relatively Low Risk

  • Merlin Properties: Idiosyncratic Office Exposure Pulls It Through