Merlin Pptys Socimi Ord (MRPRF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good evening, everyone. Thank you for joining Merlin's 9M25 Trading Update. As we always do on Quality 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. For those of you who want to raise questions, please press star, followed by number five. With no further delay, I pass the floor to Ismael. Thank you. Thank you, Ines. Welcome to the nine-month 2025 results presentation by Merlin Properties. The quarter from 30th of June to 30th of September has been pretty productive for the company. The company has performed like a Swiss clock, particularly in the traditional asset classes. The evolution of gross rents like for like has been plus 3.4%. with relatively neutral variation in occupancy. In fact, we have lost approximately 10 basis points. 6.4% FFO per share year-on-year as a result of a better contribution to the margins of the data center division, and a 5.7% increase in the MTA per share year-on-year, which together with the dividend takes the theoretical PSR to plus 8.4% in the period. The activity in offices, logistics, and shopping centers has been strong, as commented, with more than 700,000 per meters transactions during the first nine months of the year. You know, the FFO increased 6.4 despite higher financial expenses Please take into account that the bond issuance in our budget was forecast for the end of October, and we ended up doing it in the last week of August. That means an excess of cash, not so well remunerated in cash at banks, but slightly higher financial costs, which, of course, erode part of our margins. The occupancy remains very, very high, 95.5%. and what is important, remarkably stable. I mean, there are ups and downs, of course. Now logistics is going ...