Merlin Pptys Socimi Ord (MRPRF) Q2 2025 Earnings Call

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WEBVTT 00:00:00.368 -- 00:00:05.195 Good afternoon, ladies and gentlemen. Welcome to Merlin Properties, a half-year results 00:00:05.195 -- 00:00:08.760 presentation. And usually, Ismael 00:00:08.760 -- 00:00:13.727 Perente, our CEO, and Fran Ribas and Inés Arellano, both directors of the company, will 00:00:13.727 -- 00:00:17.132 walk you through the presentation that you are seeing on the screen. 00:00:17.132 -- 00:00:20.197 And it will be followed by a Q&A session. 00:00:20.197 -- 00:00:24.984 So without further delay, let's start. Ismael, the floor is yours. 00:00:24.984 -- 00:00:30.201 Thank you, Fernando. Hello. Welcome to Merlin Properties' first half 00:00:30.201 -- 00:00:33.824 financial results presentation. It's 00:00:33.824 -- 00:00:39.049 been a very solid quarter of performance for the company 00:00:39.049 -- 00:00:41.952 that follows also a very good first quarter. 00:00:41.952 -- 00:00:46.936 So the whole semester has been excellent from an operating standpoint. 00:00:46.936 -- 00:00:52.401 I mean, beyond the print in net results, which at the end is 00:00:52.401 -- 00:00:57.608 asset revaluation, which is paper money, The reality is that from a cash flow standpoint, 00:00:57.608 -- 00:01:02.714 we have improved margins and we have gone one extra inch in 00:01:02.714 -- 00:01:08.201 every asset class of the company and we are starting to see a little bit of merit 00:01:08.201 -- 00:01:12.406 behind the debt on the data centers. 00:01:12.406 -- 00:01:17.592 From an operating standpoint, the rental growth came up 3.4% like 00:01:17.592 -- 00:01:22.658 for like and the occupancy was also very high 00:01:22.658 -- 00:01:24.608 at 95.4. 00:01:24.608 -- 00:01:29.713 You might argue that in the first quarter it was 96.7, but I told you that 00:01:29.713 -- 0...