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MERLIN Properties SOCIMI, S.A.

MERLIN Properties SOCIMI, S.A.

MRL.LS
MERLIN Properties SOCIMI, S.A.undefined flagEuronext Lisbon
11.99
EUR
+0.03
- -
7.42BMarket Cap
MERLIN Properties SOCIMI, S.A.
MRL.LS
(Euronext Lisbon)

Recent

price

11.99

P/E

ratio

- -

div

yld

- -

ROIC.AI

2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
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
0.92
Revenue per Share
-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
1.14
Basic EPS, GAAP
- -
0.28
0.3
-0.24
1.47
0.54
0.61
0.28
0.34
0.47
0.48
0.58
0.72
- -
Free Cash Flow per Basic Share
- -
- -
0.11
0.28
0.4
0.46
0.5
0.15
0.15
0.97
0.44
0.21
0.22
- -
Dividend 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
14.16
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
14.15
Tangible Book Value per Share
170
97
223
360
468
468
464
465
466
468
468
510
563
564
Basic Weighted Avg Shares
93
57
214
352
463
590
515
446
383
439
465
495
539
519
Sales/Revenue/Turnover
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
77.23
Operating Margin (%)
47
- -
- -
5
10
2
2
2
2
2
2
4
5
5
Depreciation Expense
-26
50
49
583
1,100
855
564
56
512
263
-83
284
786
642
Net Income, GAAP
- -
2.05
14.53
1.66
1.16
6.37
4.58
- -
1.94
14.12
- -
4.12
3.34
3.38
Effective Tax Rate (%)
-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
123.58
Profit Margin (%)
- -
121
-1,338
631
340
182
99
237
302
-411
385
861
213
1,264
Working Capital
- -
974
1,413
5,105
5,220
5,118
5,446
5,636
5,584
3,471
4,498
4,297
4,196
5,081
LT Debt
- -
1,309
2,926
4,841
5,724
6,402
6,709
6,696
7,027
6,849
6,539
7,501
8,074
7,971
Total Equity
- -
3.29
3.32
3.41
3.14
3.99
3.04
- -
2.16
2.32
- -
3.08
3.01
3
Return on Invested Capital (%)
- -
5.92
2.32
8.37
11.55
8.46
5.62
- -
4.87
2.89
- -
3.48
7.18
6.03
Return on Capital (%)
- -
7.59
2.32
15.05
20.89
14.11
8.6
0.84
7.46
3.79
-1.25
4.04
10.09
8.27
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Mar'25
Jun'25
Sep'25
ST Debt
651
101
109
LT Borrowings
4,583
4,337
5,081
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
562
563
563
Market Capitalization
5,866
6,168
7,052

Working Capital

FRC

•

in mil. unless spec.
Mar'25
Jun'25
Sep'25
Total Current Assets
1,745
999
1,544
Cash, Cash Equivalents & STI
1,598
849
1,380
Accounts Receivable, Net
73
81
90
Inventories
- -
56
- -
Total Current Liabilities
813
283
280
Payables & Accruals
- -
- -
- -
ST Debt
651
101
109
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

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

FRC

•

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

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.14
- -
- -
- -
0.56
2025
0.15
- -
- -
- -
1.4
2026
0.12
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.21
2025
- -
- -
- -
- -
0.22
2026
- -
- -
- -
- -
- -
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Business
MERLIN Properties SOCIMI, S.A. (MRL.LS) operates as Spain's largest real estate investment trust, specializing in the acquisition, active management, operation, and selective rotation of core and core-plus commercial real estate assets across the Iberian Peninsula, primarily in Spain and to a lesser extent in Portugal; the company owns and manages over 4 million square meters of leasable space, encompassing 105 office buildings, 95 logistics warehouses, 12 shopping centers, and 3 operational data centers, with additional high-street retail assets and property management services for third parties. Founded in 2014 and headquartered in Madrid, Spain, MERLIN Properties focuses on high-quality segments including offices in key urban markets like Madrid and Barcelona, logistics platforms optimized for e-commerce last-mile delivery, dominant shopping centers, and an expanding data center portfolio tailored for AI and hyperscale computing with features such as waterless cooling, PUE of 1.15, and 100% renewable energy. In recent developments, the company raised €921 million in equity in 2024 to fund its data center expansion through the Merlin Edged joint venture with Edged Energy, securing construction licenses and power for projects like a 130MW Bilbao campus, 100MW AI campus in Lisbon, and additional capacity in Barcelona and Extremadura via a public-private partnership with the Extremadura regional government; it listed on Euronext Lisbon in January 2025 as its first dual listing, reported solid nine-month 2025 financials with FFO up 6.4% to €245 million and like-for-like rental growth, and continues divesting non-core assets at premiums while committing €2.4 billion through 2029 for 274MW total data center capacity.