Merlin Pptys Socimi Ord (MRPRF) Q1 2026 Earnings Call

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WEBVTT 00:00:00.908 -- 00:00:04.932 Good afternoon, everyone. Thank you for joining Merlin's 3M26 trading update. 00:00:04.932 -- 00:00:09.536 As we always do on quarterly results, our CEO, Ismael Clemente, will briefly walk you 00:00:09.536 -- 00:00:12.919 through the main highlights of the period, and we will then open the line for Q&A. 00:00:12.919 -- 00:00:16.701 Without further delay, I pass the word on to Ismael. 00:00:17.504 -- 00:00:19.606 Thank you, Teresa. 00:00:19.606 -- 00:00:25.651 Well, Merlin is off to a very good start of the year with total revenues 00:00:25.651 -- 00:00:27.333 up 11.2%, 00:00:27.333 -- 00:00:32.623 owing to basically three and a half percent increase in growth rents like for like 00:00:32.623 -- 00:00:37.429 and the additional revenue brought by data centers as compared to the same period of 00:00:37.429 -- 00:00:42.574 last last year the ffo however is only up 3.9 percent 00:00:42.574 -- 00:00:48.061 still better than what we predicted it was slightly lower than last year but uh 00:00:48.061 -- 00:00:53.727 only 3.9 percent uh and as warned already at the full year 00:00:53.727 -- 00:00:55.589 uh results 00:00:55.589 -- 00:01:00.825 um it's a combination of more financial expense, 10% increase, 00:01:00.825 -- 00:01:06.091 and much less financial income, because in the same period last year, we were still enjoying 00:01:06.091 -- 00:01:12.598 significant amount of cash in our bank, so 40% less income, financial income. 00:01:12.598 -- 00:01:17.062 That puts the company at 8.8% 00:01:17.062 -- 00:01:21.025 total shareholder return per share year-on-year, 00:01:21.587 -- 00:01:26.850 comparing the same periods. We have seen a very strong 00:01:26.850 -- 00:01:29.132 activity in 00:01:29.132 -- 00:01:33.898 all of our divisions, but p...