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MERLIN Properties SOCIMI, S.A.

MERLIN Properties SOCIMI, S.A.

MRL.MC
MERLIN Properties SOCIMI, S.A.ES flagMadrid Stock Exchange
15.20
EUR
-0.23
- -
9.41BMarket Cap
MERLIN Properties SOCIMI, S.A.
MRL.MC
(Madrid Stock Exchange)

Recent

price

15.20

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
- -
1.84
1.67
2.92
3.36
2.83
2.22
1.13
2.11
1.57
0.82
1.66
2.4
2.03
Book Value per Share
- -
13.48
12.23
13.42
12.23
13.68
14.44
14.4
15.06
14.63
13.96
14.71
14.34
14.13
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 (%)
- -
11.66
4.16
13.8
18.48
14.24
10.25
- -
9.31
5.79
- -
7.65
15.06
12.72
Return on Capital (%)
- -
55.53
17.81
81.8
83.92
59.06
47.81
7.23
67.93
30.68
-14.92
46
71.55
66.28
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
5,558
6,274
7,238

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
- -
- -
- -
- -

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. 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.