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MERLIN Properties SOCIMI SA (ES:MRL)
BME:MRL
Earnings Data
Report Date
May 15, 2026TBA (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.15Last Year’s EPS
0.15Same Quarter Last Year
Strong Buy
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call showed a strong operational and execution year driven by data centers and robust performance across traditional assets: FFO and like-for-like income growth, high occupancies, significant valuation uplift (largely from data centers), and record CapEx commitments underpin a positive growth runway. Offsetting factors include higher financial expenses from aggressive data center investment leading to flat 2026 EPS/DPS guidance, a rising net debt-to-EBITDA ratio, localized office softness in Barcelona, and timing/conditionality risks (EU Gigafactory, large logistics vacancy, and complex hyperscaler negotiations). Overall, achievements and growth catalysts notably outweigh the challenges, but execution and funding risks merit monitoring in the near term.Company Guidance
Strong FFO and GRI Growth
FFO of EUR 326.7M, up +5.1% year-on-year; GRI EUR 541.9M with +3.5% like-for-like growth, demonstrating solid operating cash generation across portfolio.
Data Center Execution and Revaluation
Data centers fully contracted Phase 1 (64 MW) and Phase 2 capacity increased to 254 MW (from 246 MW). Data centers contributed ~EUR 360M to portfolio revaluation; Phase 1 gross yield on cost rose from 14.5% to 15.8% and stabilized GRI for Phase 1 is EUR 97M (previously EUR 88M).
High Occupancy Across Key Asset Classes
Excellent occupancy metrics: Data centers Phase 1 at 100% (operational), offices at an all-time high 94.2%, logistics finished year at 96.4% (after prior 99%), and shopping centers performing strongly.
Total Portfolio Valuation and Total Shareholder Return
GAV like-for-like increased by 4.7% for the year; Total Shareholder Return (TSR) of 10.2% for the year, indicating strong market recognition of operating momentum.
Record CapEx Commitments for Data Center Rollout
Phase 2 CapEx commitments reached EUR 987M (up from EUR 836M previously reported), supporting an expected stabilized Phase 2 GRI of ~EUR 397M and a target stabilized gross yield on cost of 14.4%.
Sound Balance Sheet Metrics
Low loan-to-value of 28.9% (100% fixed rate) and NTA per share EUR 15.36; management maintained S&P and Moody’s ratings; non-core divestments of EUR 129M completed with ~EUR 130M additional signed for '26/'27.
Retail and Shopping Centers Outperformance
Shopping centers GRI EUR 133M, +4.7% like-for-like with implied gross yield ~6.4% and net initial yield 5.7%; occupancy cost ratio remains low at c.11.0%, and Marineda extension successfully pre-let (~26,000 sqm).
Shareholder Returns and Payout
Proposed dividend per share of EUR 0.44 and reported EPS per share achieved EUR 0.58 (noting this beat earlier guidance), highlighting distribution to shareholders alongside growth investments.
ES:MRL 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
ES:MRL Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 27, 2026 | €14.29 | €15.01 | +5.04% |
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% |
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 SOCIMI SA (ES:MRL) report earnings?
MERLIN Properties SOCIMI SA (ES:MRL) is schdueled to report earning on May 15, 2026, TBA (Confirmed).
What is MERLIN Properties SOCIMI SA (ES:MRL) earnings time?
MERLIN Properties SOCIMI SA (ES:MRL) earnings time is at May 15, 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 SOCIMI SA 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 2026 (Q1) is 0.15.