Merlin Pptys Socimi Ord (MRPRF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, everyone. Thank you for joining Merlin's 3M26 trading update. As we always do on quarterly results, our CEO, Ismael Clemente, will briefly walk you through the main highlights of the period, and we will then open the line for Q&A. Without further delay, I pass the word on to Ismael. Thank you, Teresa. Well, Merlin is off to a very good start of the year with total revenues up 11.2%, owing to basically three and a half percent increase in growth rents like for like and the additional revenue brought by data centers as compared to the same period of last last year the ffo however is only up 3.9 percent still better than what we predicted it was slightly lower than last year but uh only 3.9 percent uh and as warned already at the full year uh results um it's a combination of more financial expense, 10% increase, and much less financial income, because in the same period last year, we were still enjoying significant amount of cash in our bank, so 40% less income, financial income. That puts the company at 8.8% total shareholder return per share year-on-year, comparing the same periods. We have seen a very strong activity in all of our divisions, but particularly in traditional asset classes. Of course, Spain continues enjoying good macro, but I would not take out importance to the asset management effort carried out by my colleagues. The occupancy remains very high at 95%, quite stable, despite the fact that in the first quarter, about 60% of renewals can view these Spanish idiosyncratics. Everything is done either in January or February. So most of our renewals can view in the first two months of the year. But, you know, the erosion occupancy of close to 60 weeks I believe is quite acceptable. We will discuss the guidance for next year, probably in the n...