The earnings call highlights strong financial performance and stable occupancy rates across asset classes, with significant progress in Data Center expansion. However, there are challenges with logistics occupancy, environmental assessment delays, and uncertainties around the EU Gigafactory program. The sentiment is balanced with both positive and negative aspects.

Company Guidance

During MERLIN Properties' 9M25 trading update call, the company reported a 3.4% increase in like-for-like gross rents and a stable occupancy rate at 95.5%, despite a slight 10 basis point decrease. The financial performance was bolstered by a 6.4% year-on-year rise in FFO per share, driven by strong contributions from the data center division, and a 5.7% increase in NTA per share, leading to a theoretical TSR of 8.4%. The company executed over 700,000 square meters in transactions across Offices, Logistics, and Shopping Centers. However, challenges included higher financial expenses due to an earlier-than-anticipated bond issuance and delays in the EU Gigafactory program, impacting the competitive advantage in the data center sector. Despite these challenges, MERLIN remains proactive in commercialization efforts and anticipates exceeding its 2025 CapEx commitments.

Strong Financial Performance

Gross rents increased by 3.4% like-for-like, and FFO per share grew by 6.4% year-on-year, despite higher financial expenses. The NTA per share increased by 5.7% year-on-year, contributing to a theoretical TSR of 8.4% for the period.

High Occupancy Rates

The company's occupancy rate remains very stable at 95.5%, with strong activity in Offices, Logistics, and Shopping Centers, totaling over 700,000 square meters in transactions.

Data Center Expansion

The Mega Plan for Data Centers is progressing successfully, with preparations for Phase 3 underway. The company is targeting to pre-commercialize 48 megawatts by April for Phase 2, with advanced documentation for 20 megawatts.

Shopping Centers Performance

Shopping Centers saw a like-for-like growth of 3.5%, with a lease spread of 4.2%, supported by the extension of Marineda in La Coruna.

MERLIN Properties SOCIMI SA (ES:MRL) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

ES:MRL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 26, 2026	2025 (Q4)	0.12 / -	0.14	―	―	―
Nov 14, 2025	2025 (Q3)	0.14 / 0.14	0.15	-6.67% (>-0.01)	―
Jul 31, 2025	2025 (Q2)	0.14 / 0.14	0.18	-22.22% (-0.04)
May 13, 2025	2025 (Q1)	0.14 / 0.15	0.15	0.00% (0.00)
Feb 28, 2025	2024 (Q4)	0.13 / 0.14	0.15	-6.67% (>-0.01)
Nov 15, 2024	2024 (Q3)	0.14 / 0.15	0.15	0.00% (0.00)	―
Jul 19, 2024	2024 (Q2)	0.15 / 0.18	0.15	20.00% (+0.03)
May 17, 2024	2024 (Q1)	0.14 / 0.15	0.15	0.00% (0.00)	―
Feb 29, 2024	2023 (Q4)	0.15 / 0.15	0.14	7.14% (<+0.01)
Nov 16, 2023	2023 (Q3)	0.14 / 0.15	0.14	7.14% (<+0.01)	―

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

ES:MRL Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 14, 2025	€13.17	€12.49	-5.17%
Jul 31, 2025	€11.76	€12.02	+2.27%
May 13, 2025	€10.09	€10.41	+3.23%
Feb 28, 2025	€10.24	€10.10	-1.42%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Merlin Properties (OTC) (ES:MRL) report earnings?

Merlin Properties (OTC) (ES:MRL) is schdueled to report earning on Feb 26, 2026, TBA (Confirmed).

What is Merlin Properties (OTC) (ES:MRL) earnings time?

Merlin Properties (OTC) (ES:MRL) earnings time is at Feb 26, 2026, TBA (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is the P/E ratio of Merlin Properties (OTC) stock?

The P/E ratio of MERLIN Properties SOCIMI SA is N/A.

What is ES:MRL EPS forecast?

ES:MRL EPS forecast for the fiscal quarter 2025 (Q4) is 0.12.

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