MERLIN Properties SOCIMI, S.A. Q3 2025 Earnings Recap

MERLIN Properties delivered solid performance in Q3 2025, achieving a 6.4% year-on-year increase in FFO per share, driven by strong growth across its traditional asset segments despite challenges in the data center division.

Key Takeaways

• Gross rents increased 3.4% like-for-like, with overall occupancy remaining stable at 95.5%.
• The FFO per share rose 6.4%, reflecting better margins from the data center segment amid rising financial expenses.
• NTA per share grew 5.7% year-on-year, contributing to a theoretical total shareholder return of 8.4%.
• Continued strong activity in Offices, Logistics, and Shopping Centers resulted in over 700,000 square meters transacted so far this year.
• Data center expansion faces delays due to EU program setbacks, prompting the company to explore alternative commercialization avenues.