Merlin Pptys Socimi Ord (MRPRF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, ladies and gentlemen. Thank you for joining Merlin's full year 25 results presentation. You can find all the materials that will be presented in today's call in our website. I will please ask you to abide by the disclaimer contained in it. Our CEO, Ismael Clemente, along with our two directors, Ines Arellano and Francisco Rivas, will walk you through the main highlights of 2025. We'll then open the line for Q&A where you have to press star five. With no further delay, I pass on the floor to Ismael. Thank you, Teresa. Good afternoon, everyone. We are in front of a very interesting set of results, certainly the best I have seen since we have been leading this company. It's been an almost perfect year because the fantastic performance of the data center division has been accompanied by very, very solid performance also on the traditional asset classes. And all that has been reinforced by an excellent behavior of the share. So, you know, frankly speaking, what can I say? I mean, the operating momentum is super strong. We are enjoying satisfactory rental growth in all asset classes, traditional and non-traditional, because in data centers we are also achieving better rents than underwritten. We have a high occupancy, 95.6%, and continue solidly generating FFO with a plus 5.1% print in the year. In offices, we have a very remarkable like-for-like of 3.5%, but more importantly, an interesting release spread of 4.8%, which is probably the highest Reflection of what we commented in past calls that, you know, the Madrid market particularly is now under a certain like, you know, short squeeze. I mean, there is a distraction on the offer side, which is causing, of course, an effect on the pricing of the demand. The occupancy stays at all times high, 94.2, and thi...