Merlin Pptys Socimi Ord (MRPRF) Q4 2025 Earnings Call

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WEBVTT 00:00:01.651 -- 00:00:06.258 Good afternoon, ladies and gentlemen. Thank you for joining Merlin's full year 25 results 00:00:06.258 -- 00:00:10.364 presentation. You can find all the materials that will be presented in today's call in 00:00:10.364 -- 00:00:14.150 our website. I will please ask you to abide by the disclaimer contained in it. 00:00:14.150 -- 00:00:18.837 Our CEO, Ismael Clemente, along with our two directors, Ines Arellano and Francisco Rivas, 00:00:18.837 -- 00:00:21.761 will walk you through the main highlights of 2025. 00:00:21.761 -- 00:00:25.387 We'll then open the line for Q&A where you have to press star five. 00:00:25.387 -- 00:00:29.192 With no further delay, I pass on the floor to Ismael. 00:00:29.192 -- 00:00:31.672 Thank you, Teresa. Good afternoon, everyone. 00:00:31.672 -- 00:00:33.374 We 00:00:33.374 -- 00:00:35.374 are 00:00:36.176 -- 00:00:40.040 in front of a very interesting set of results, 00:00:40.040 -- 00:00:45.085 certainly the best I have seen since we have been leading this company. 00:00:45.085 -- 00:00:48.988 It's been an almost perfect year because the 00:00:48.988 -- 00:00:54.033 fantastic performance of the data center division has been accompanied by very, 00:00:54.033 -- 00:00:58.975 very solid performance also on the traditional asset classes. 00:00:58.975 -- 00:01:03.321 And all that has been reinforced by an excellent behavior of the share. 00:01:03.321 -- 00:01:07.007 So, you know, frankly speaking, 00:01:07.007 -- 00:01:11.954 what can I say? I mean, the operating momentum is super strong. 00:01:11.954 -- 00:01:17.221 We are enjoying satisfactory rental growth in all asset classes, traditional and 00:01:17.221 -- 00:01:22.583 non-traditional, because in data centers we are also achieving better rents than un...