MERLIN Properties SOCIMI, S.A. (MRL) Earnings Call Transcripts

MERLIN Properties SOCIMI, S.A.'s Latest Earnings Call - Q1 FY2026

In the first quarter of fiscal year 2026, MERLIN Properties reported total revenues of €123 million, reflecting an 11.2% increase year-over-year, driven by a 3.5% rise in gross rents and contributions from data centers. However, Funds From Operations (FFO) grew only 3.9%, impacted by a 10% rise in financial expenses and a 40% decline in financial income. Management maintained guidance for occupancy rates in offices between 93% and 94%, signaling a cautious outlook amid rising costs and potential leasing challenges, particularly in Barcelona.

Reported metrics

Guidance from management

Management maintained FFO guidance at €0.53 per share, indicating potential for upward revisions in future quarters if financial conditions improve. They expect occupancy rates to stabilize in the 93%-94% range for offices and around 96.5% for shopping centers.

What management said

Marios, you are breaking off, your voice is metallic. Can you check your line or eventually, if you want, if you send us in writing the questions, I will read in loud voice your question and reply to it. Do you agree with that method?

Well, in principle, we couldn't agree on pricing. So we are technically out. And that's it. I mean they are running an investment banking process with long list, short list and et cetera, and we are not participating.

What analysts pressed on

Analysts expressed concerns over the potential impact of rising financial expenses on FFO growth and the challenges posed by tenant departures, particularly in the logistics and office segments. There are worries about the ability to maintain occupancy levels amid these pressures.

Main topics on the call

• Revenue Growth — MERLIN Properties achieved total revenues of €123 million, an 11.2% increase year-over-year. CEO Ismael Clemente noted that this growth was primarily due to a '3.5% increase in gross rents like-for-like' and additional r...
• FFO Performance — The FFO increased by only 3.9%, which was below expectations. Management attributed this to 'more financial expense' and a significant drop in financial income, which was '40% less' than the previous year.
• Occupancy Rates — Occupancy rates remained high at 95%, with management indicating that a '60% of renewals come due' in the first quarter, leading to a slight erosion of occupancy. They expect stability in shopping centers around 96.5%.
• Data Center Valuation — Management anticipates a 'substantial revaluation of data centers' due to increased capacity and reduced leasing risk, with expectations for a significant jump in values in the first half of 2026.

Read the full MERLIN Properties SOCIMI, S.A. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 23 MERLIN Properties SOCIMI, S.A. earnings call transcripts on record, spanning February 28, 2020 to July 28, 2026. Based on this history, MERLIN Properties SOCIMI, S.A. reports quarterly. The most recent call on file is dated July 28, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

MRL

Exchange

BME

Country

ES

Sector

Real Estate

Industry

Diversified REITs

Calls on record

23

First call

February 28, 2020

Most recent

July 28, 2026

Reporting cadence

quarterly