Merlin has registered an operating profit (FFO) of 274.5 million euros in the first nine months of 2026, which implies an increase of 11.9% compared with the same period of the previous financial year, as it has notified this Thursday to the Comisión Nacional del Mercado de Valores (CNMV).
The FFO per share stood at 0.44 euros, 1.7% higher on a year-on-year basis, thereby offsetting the dilution derived from the capital increase carried out in March. Net accounting profit advanced 14.8%, to reach 669.7 million euros.
The company has revised upward its operating profit forecast for 2026, which moves to 0.58 euros per share, from the 0.55 euros per share communicated in July, an adjustment that it attributes to the “solid” performance of its traditional assets and to the “growing” contribution from data centers.
Along the same lines, and also supported by the “data centers,” revenues increased by 12.9%, to 466.2 million, while EBITDA advanced 12.5%, to stand at 346.9 million.
The socimi led by Ismael Clemente says it maintains strong operating performance, with a 3.4% increase in comparable rents (“like-for-like”) and an occupancy rate of 95.0%. It also highlights that the MEGA Plan reached the 160 MW IT already leased, with 206 MW IT in advanced negotiation phase and 68 MW IT reserved.
The gross value of the assets stood at 13,657 million euros, while the net value was placed at 10,003 million, equivalent to 16.13 euros per share, with no new valuation of the portfolio having been carried out in the quarter.
As for leverage, the debt level (LTV) fell to 24.9% —from 28.9% at the close of 2025— and, as of September 30, the liquidity position totaled 2,484 million euros, with an average debt maturity of 3.7 years.
The socimi recalls that, after the close of the period, it completed a sustainable corporate refinancing without mortgage guarantee for 3,750 million, structured in a 2,250 million loan maturing in April 2032 and a 1,500 million “revolving” credit line maturing in 2034. The transaction, signed with a margin of 100 basis points, extends the average life of the debt to 5.3 years and eliminates maturities during the next three years.
In addition, on November 2, the 800 million bond was repaid with available cash and the pro forma LTV was set at 25.1%.
Offices, logistics and shopping centers
In the office area, Merlin contracted 136,071 square meters during the first nine months of the year, with an advance in comparable rents of 2.3% and a 'release spread' of 1.0%. Occupancy stood at 93.7%, with Lisbon and Madrid above 95%, and the company expects to close the year with office occupancy higher than 94%.
In the logistics division, the portfolio totaled 181,516 m2 contracted, an increase in comparable rents of 1.6% and a 'release spread' of 4.3%. Occupancy reached 95.7%, improving by 63 basis points compared to June. During the quarter, Valencia-Bétera A (25,375 m2), Sevilla ZAL 4.5 (6,397 m2) and Lisboa Park E (1,709 m2) were fully delivered to tenants.
Finally, in shopping centers, the company defines operating performance as "brilliant", with an increase in comparable rents of 7.1% and of 5.1% in the 'release spread'. Tenants’ sales rebounded by 9.7% and footfall by 2.8% compared with the same period of the previous year. Occupancy rose to 97.2% and the effort rate was maintained at levels "very low" (10.7%), which, according to the socimi, allows capturing rent growth "in a sustainable way".