MERLIN Properties SOCIMI SA (MRPRF) Q2 2026 Earnings Report

The call conveyed a strong operational and commercial performance with double‑digit revenue growth, meaningful data‑center commercialization progress (Phase 1 fully let, rapid conversion of bookings, materially higher MW commercialized), robust shopping center and logistics metrics, low LTV and strong liquidity. Key risks highlighted were rising financing and construction costs, grid/permitting timing for certain data center sites, and the need for additional funding for Phase 3 (with potential dilution). Overall the positives—substantial data‑center traction, solid traditional asset performance and a conservative balance sheet—outweigh the near‑term funding, cost and permitting challenges.

MERLIN raised full‑year FFO guidance to EUR 340m (from EUR 327m), implying roughly EUR 0.55 per share versus the prior EUR 0.53 (H1 FFO was EUR 180m, +8% y/y), after H1 total income of EUR 307m and gross rental income of EUR 292m (+10% LFL); management reiterated like‑for‑like rental growth of 3.3% (shopping centers +6.4%), overall occupancy ~94.7% (shopping centers 96.9%, logistics 95%), GAV +3.7% LFL and NTA of EUR 15.99/share (shares trading at a ~4–5% NAV discount). On data centers they said commercialization has accelerated (160 MW let so far, previously 112 MW; 2026 target 200 MW now expected to be far exceeded and company said year‑end commercialization could reach ~340 MW), CapEx deployment is brought forward into 2026–28, balance sheet liquidity is EUR 2.6bn after a EUR 768m capital increase, LTV is 24.5% (management unwilling to exceed ~32–35%), investment‑grade ratings are maintained, and additional funding is planned via capital markets (likely including a convertible bond) to support Phase 3.