EarningsQ2 2026 Earnings Report
MX:MRLN Q2 2026 EPS Results
Actual EPS$2.86
Consensus EPS$2.66
Beat/MissBeat by +$0.20
One Year Ago EPS$2.86
MX:MRLN Q2 2026 Revenue Results
Actual Revenue$3.15B
Expected Revenue$3.09B
Beat/MissBeat by +$67.25M
YoY Revenue Growth+21.20%
Earnings Announcement Details
QuarterQ2 2026
Date07/27/2026
TimeAfter Close
Conference CallMonday, July 27, 2026
MX:MRLN Upcoming Earnings
MERLIN Properties SOCIMI SA's next earnings date is estimated for November 13, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:MRLN Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
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.Company Guidance
Strong Top-Line and FFO Growth
Double-digit revenue growth (+11.7%) with gross rental income of EUR 292m (+10% like-for-like). Total income EUR 307m and FFO EUR 180m, up +8% year‑on‑year. Company raised full-year FFO guidance from EUR 327m to EUR 340m (~EUR 0.55 per share from EUR 0.53).
Data Center Commercialization Momentum
Data center leasing accelerated from 112MW to 160MW commercialized in the quarter; company expects to exceed prior 2026 guidance of 200MW and said it could reach ~340MW by year-end. Phase 1 (64MW) fully fitted and fully let; Phase 1 2026 GRI estimated at EUR 68m. Total platform now 724MW (operational + development).
High Occupancy and LFL Rental Growth in Traditional Assets
Overall portfolio occupancy at 94.7% (pre data-center consolidation). Like‑for‑like rental growth across traditional asset classes 3.3%; shopping centers led with +6.4% LFL rental growth.
Outstanding Shopping Center Performance
Shopping centers (EUR 2.2bn portfolio) achieved tenant sales +8.4% YoY and footfall +~2%, occupancy 96.9%, release spread >5.5% and occupancy costs only 10.8%, supporting sustainable retail rent growth.
Logistics & Office Operational Resilience
Logistics portfolio (EUR 1.4bn) with 95% occupancy and ~4% release spread; 39,000 sqm leased during the semester. Office portfolio (EUR 6.7bn) shows strong demand in Madrid with all-time high occupancy and high-quality redevelopment pipeline.
Balance Sheet Strength and Liquidity
Completed EUR 768m capital increase; loan-to-value reduced to 24.5%; liquidity of EUR 2.6bn to cover near maturities; maintained investment-grade ratings from S&P and Moody's.
Value Creation and NAV Metrics
GAV increased +3.7% like‑for‑like (bulk from data centers). NTA at EUR 15.99 per share, implying only ~4–5% discount to NAV; total shareholder return +9.1% YoY. Recognized promote accrued of EUR 101m (Phase 1).
Active Capital Recycling
Disciplined divestment program: EUR 75m sold as of July and EUR 90m additional disposals signed to convert between year end and start of next year to help fund development phases.
MX:MRLN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed