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MERLIN Properties SOCIMI, S.A. (MRPRF) Q4 2025 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

MERLIN Properties SOCIMI, S.A. (MRPRF) Q4 2025 Earnings Call February 27, 2026 9:00 AM EST

Company Participants

Teresa Urquijo
Ismael Orrego – Executive Vice-Chairman & CEO
Inés Arellano – Director
Francisco Gonzalez – Director

Conference Call Participants

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Marios Pastou – Bernstein Institutional Services LLC, Research Division
Florent Laroche-Joubert – ODDO BHF Corporate & Markets, Research Division
Celine Huynh – Barclays Bank PLC, Research Division
Fernando Abril-Martorell – Alantra Equities Sociedad de Valores, S.A., Research Division
Stephanie Dossmann – Jefferies LLC, Research Division

Presentation

Teresa Urquijo

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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 on 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 [Operator Instructions]. With no further delay, I pass on the floor to Ismael.

Ismael Orrego
Executive Vice-Chairman & CEO

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 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.

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So 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 nontraditional, 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

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No Flights In or Out

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Kuwait International Airport

Bahrain International Airport (BAH) continues to suspend all flight operations today, March 22, 2026, due to the prolonged closure of Bahraini airspace ordered by the Bahrain Civil Aviation Affairs (CAA), leaving travelers stranded and airlines rerouting services amid heightened regional security concerns.

Bahrain International Airport
Bahrain International Airport

The official Bahrain International Airport website states clearly: “Flight operations at Bahrain International Airport are suspended due to the Bahraini airspace closure, mandated by the Bahrain Civil Aviation Authority.” Identical notices appear on the arrivals and departures pages, confirming the temporary halt remains in effect “to ensure the highest level of safety for our passengers and employees.” As of the latest updates posted Sunday morning local time, no reopening timeline has been announced, with operations set to resume only once the CAA deems the airspace safe.

The suspension, which began in early March, stems from escalating geopolitical tensions in the Middle East, including reported U.S.-Israel military actions against Iran and related threats that prompted precautionary airspace closures across several Gulf states. A Reuters analysis highlighted a separate incident involving a U.S. Patriot missile malfunction that allegedly struck a civilian area near Manama, injuring 10 people and raising further questions about regional air defense reliability. While not directly linked to the airport closure, the event underscores the volatile environment contributing to the decision.

Flight tracking platforms reflect the shutdown. FlightStats, Flightradar24 and Trip.com show no active arrivals or departures at BAH today, with many scheduled flights marked as canceled. Earlier in the day, some trackers listed hypothetical or pre-suspension entries, but real-time data confirms zero movements. Gulf Air, the national carrier, has extended special operations through March 22 via King Fahd International Airport in Dammam, Saudi Arabia, allowing limited connectivity for routes like London Heathrow and Mumbai as a workaround.

Passengers face significant disruptions. Airlines advise checking directly for updates, as cancellations, diversions and rescheduling continue without a fixed end date. The King Fahd Causeway linking Bahrain to Saudi Arabia operates normally, providing a ground alternative for some regional travel. However, international flyers report challenges rebooking, with many stuck in nearby hubs or delaying trips.

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Authorities emphasize the measure is precautionary. The CAA and airport operator Bahrain Airport Company (BAC) have reiterated that technical systems at the facility remain fully operational — the issue is external airspace restrictions, not infrastructure problems. Updates from social media accounts tied to local news outlets, including NewsofBahrain and airport-related pages, confirm the status as of March 22: “Flight operations continue to remain temporarily suspended as the closure of Bahraini airspace is still in effect.”

The closure has ripple effects across the Gulf aviation network. Neighboring airports in Dubai, Doha and Riyadh have seen increased traffic from rerouted flights, while carriers adjust schedules to minimize passenger impact. Gulf Air, in particular, has focused on repatriation and essential travel via Dammam since mid-March, with booking windows extended to accommodate affected passengers.

Travelers planning to use BAH should monitor official sources closely. The airport’s website (bahrainairport.bh) provides the most authoritative information, supplemented by airline apps and the CAA. No incidents at the airport itself have been reported, and ground facilities remain open for limited services like ticketing support or baggage handling where applicable.

The situation highlights vulnerabilities in Middle East air travel during periods of conflict. Past similar closures — often tied to missile threats or military exercises — have lasted days to weeks before gradual reopenings. For now, experts advise against non-essential travel through Bahrain until official notices confirm resumption.

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As regional diplomacy and security assessments continue, Bahrain International Airport stands idle, a stark reminder of how quickly geopolitical events can ground an entire aviation hub. Passengers affected by the suspension are urged to contact airlines for rebooking options, refunds or alternative routing. Further updates are expected from the CAA and airport authorities as conditions evolve.

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Cuba begins recovery efforts after second grid collapse in a week

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Cuba begins recovery efforts after second grid collapse in a week


Cuba begins recovery efforts after second grid collapse in a week

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Mcap of five of top-10 most valued firms erodes by Rs 1 lakh cr; HDFC Bank biggest laggard

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Mcap of five of top-10 most valued firms erodes by Rs 1 lakh cr; HDFC Bank biggest laggard
The combined market valuation of five of the top-10 most-valued firms eroded by Rs 1 lakh crore last week, with HDFC Bank taking the biggest hit.

Last week, the BSE benchmark Sensex dipped 30.96 points, or 0.04 per cent, and the NSE Nifty slipped 36.6 points, or 0.15 per cent.

“Markets ended the week on a largely flat note with a negative bias, reflecting underlying caution among participants. The tone remained positive during the first three sessions; however, a sharp decline on Thursday erased the gains, followed by a volatile final session,” Ajit Mishra, SVP, Research, Religare Broking Ltd, said.

While HDFC Bank, ICICI Bank, Tata Consultancy Services (TCS), Bajaj Finance and Hindustan Unilever were the laggards, Reliance Industries, Bharti Airtel, State Bank of India, Infosys, and Life Insurance Corporation of India (LIC) emerged as the winners.

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The combined market valuation of the five firms eroded by Rs 1,02,771.87 crore.


HDFC Bank’s valuation tumbled Rs 56,124.48 crore to Rs 12,01,267.28 crore.
The market valuation of Hindustan Unilever dropped Rs 18,009.62 crore to Rs 4,89,631.32 crore.Bajaj Finance lost Rs 15,338.42 crore to Rs 5,16,715.12 crore.

The market capitalisation (mcap) of TCS declined Rs 7,127.63 crore to Rs 8,64,940 crore and that of ICICI Bank edged lower by Rs 6,171.72 crore to Rs 8,91,673.06 crore.

However, the valuation Reliance Industries jumped Rs 45,942.75 crore to Rs 19,14,235.92 crore.

The mcap of Bharti Airtel surged Rs 24,462.03 crore to Rs 10,52,893.75 crore and that of State Bank of India climbed Rs 10,707.52 crore to Rs 9,76,968.57 crore.

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The market valuation of LIC edged higher by Rs 2,624.88 crore to Rs 4,91,610.45 crore and Infosys added Rs 2,473.79 crore taking its mcap to Rs 5,08,789.37 crore.

Reliance Industries remained the most-valued firm, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, TCS, Bajaj Finance, Infosys, LIC and Hindustan Unilever Ltd.

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No Winner in March 21 Drawing as Prize Rolls to $133 Million for Next

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Powerball tickets rest on a 7-Eleven store register January 9, 2016 in Chicago, Illinois.

The most recent Powerball drawing on Saturday, March 21, 2026, produced no jackpot winner, allowing the top prize to roll over to an estimated $133 million for the next draw on Monday, March 23, with a cash option of approximately $60.3 million.

Powerball tickets rest on a 7-Eleven store register January 9, 2016 in Chicago, Illinois.

The official winning numbers, as confirmed by powerball.com and multiple state lottery sites, were **12-28-36-41-59**, with the red Powerball **2**. The Power Play multiplier was **2x**, doubling non-jackpot prizes for players who added the option for an extra $1 per play.

No ticket matched all five white balls plus the Powerball to claim the estimated $123 million jackpot (cash value $55.8 million) advertised ahead of the drawing. The absence of a winner continues a streak of rollovers, building excitement as the prize grows amid steady ticket sales nationwide.

Lower-tier prizes distributed millions in winnings. While no tickets hit the Match 5 + Power Play for the $2 million second prize, several claimed $1 million Match 5 awards in the base game. Prize breakdowns showed:

– Match 5 + Powerball: 0 winners (jackpot rollover)
– Match 5: Multiple winners at $1 million each (exact count varies by state reports)
– Match 4 + Powerball: Winners at $50,000 base, boosted to $100,000 with Power Play in qualifying cases
– Match 4: Hundreds of tickets at $100
– Smaller prizes from $4 to $50 for partial matches, with Power Play enhancing many

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The Double Play add-on drawing, available in participating jurisdictions, featured numbers **9-29-34-48-58** with Powerball **4**, offering secondary prizes up to $10 million, though no top Double Play jackpot was reported in initial summaries.

Powerball drawings occur every Monday, Wednesday and Saturday at 10:59 p.m. ET from the Florida Lottery draw studio. The March 21 results followed the Wednesday, March 18 drawing (14-18-19-21-69, Powerball 1, Power Play 3x), where one ticket in New York matched five numbers for $1 million but no jackpot hit. Earlier draws in March, including March 16 (7-10-20-47-52, Powerball 20, Power Play 2x) and March 14 (9-30-42-50-52, Powerball 21, Power Play 3x), also rolled over.

The ongoing buildup reflects Powerball’s structure: the jackpot starts at $20 million and increases with each rollover until claimed. Odds of winning the grand prize remain 1 in 292.2 million, while overall odds of any prize are about 1 in 24.9. Tickets cost $2, with Power Play ($1 extra) multiplying non-jackpot wins up to 10x (capped at lower levels for certain prizes) and Double Play ($1 extra in select states) providing a second draw.

Players who purchased tickets for the March 21 draw are urged to check them immediately via powerball.com, state lottery apps or retailers. Smaller prizes (typically up to $600-$1,000 depending on jurisdiction) can be claimed at authorized outlets, while larger amounts require submission to state lottery headquarters. Jackpot winners can select annuity payments over 30 graduated years or a lump-sum cash option (before taxes).

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The lottery continues captivating millions, with stories of past winners — including the record $2.04 billion prize in 2022 — fueling participation. No mega-winner has emerged in recent weeks, but the escalating prize keeps “Powerball fever” alive, especially as economic pressures prompt dreams of financial windfalls.

Officials emphasize responsible gaming: purchase only from licensed retailers, sign tickets immediately, and treat the game as entertainment rather than investment. With the next drawing set for Monday evening, the jackpot’s climb to $133 million positions it as one of the larger prizes of early 2026, drawing increased attention from casual and dedicated players alike.

As always, results are final once verified by the Multi-State Lottery Association. For the latest updates, official sources like powerball.com provide real-time confirmations, prize details and winner stories. The next chance to win arrives soon — check those tickets and prepare for what could be the next life-changing draw.

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(VIDEO) Sunderland Stuns Newcastle with Late Winner in Tyne-Wear Derby: Black Cats Triumph 2-1

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Everton 3-0 Chelsea Premier League Highlights: Beto Brace Powers Toffees

Sunderland delivered a dramatic comeback victory in the 144th Tyne-Wear derby, defeating Newcastle United 2-1 on Sunday at St James’ Park in the first Premier League meeting between the fierce North East rivals at the venue in over a decade.

Brian Brobbey scored a 90th-minute winner to hand Sunderland the three points after Chemsdine Talbi leveled the score in the 57th minute, overturning Anthony Gordon’s early opener for Newcastle. The result lifted Sunderland to 11th in the Premier League table while leaving Newcastle in 12th, deepening frustration for the Magpies amid a challenging season.

Sunderland Stuns Newcastle with Late Winner in Tyne-Wear Derby: Black
Sunderland Stuns Newcastle with Late Winner in Tyne-Wear Derby: Black Cats Triumph 2-1

The match, played before a raucous sell-out crowd of 52,253, kicked off at 12:00 p.m. GMT under referee Anthony Taylor. Newcastle struck first in the 10th minute when Anthony Gordon capitalized on a defensive error by Sunderland’s Nick Woltemade, slotting home from close range after a precise assist. The goal ignited St James’ Park, with Newcastle dominating possession and creating chances through Anthony Elanga and others.

Sunderland weathered the early storm and grew into the game. A disallowed header from Malick Thiaw for offside kept the deficit at one at halftime. The Black Cats equalized shortly after the restart when Chemsdine Talbi fired in a composed finish to make it 1-1, shifting momentum decisively.

The second half saw end-to-end action, with Newcastle pushing for a winner and Sunderland threatening on counters. Late drama unfolded in stoppage time as Brobbey pounced on a loose ball in the box, rifling a shot past the keeper for the 2-1 lead. Newcastle pressed desperately in the final minutes but could not find an equalizer, with yellow cards shown to Reinildo Mandava and others amid heated exchanges.

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Sunderland’s comeback marked a statement win in a fixture absent from the Premier League since 2016 due to Sunderland’s lower-league spells. The victory provided a boost for manager Regis Le Bris’s side, rewarding their resilience and tactical discipline. Brobbey, a summer signing, emerged as the hero with his clinical strike, while Talbi’s equalizer showcased the team’s growing confidence.

For Newcastle, the defeat stung deeply. Manager Eddie Howe faced questions about defensive lapses and inability to hold leads, with Gordon’s bright performance — earning praise as player of the match in some reports — unable to mask broader issues. Expected goals (xG) stats favored Sunderland at 2.45 to Newcastle’s 1.27, reflecting their second-half dominance.

The Tyne-Wear derby carries intense regional rivalry, with fans from both sides creating an electric atmosphere despite the long hiatus at St James’ Park. Sunday’s contest lived up to billing, blending skill, passion and late drama that kept viewers on edge until the final whistle.

Post-match reactions highlighted the significance. Sunderland players celebrated wildly with traveling supporters, while Newcastle’s camp expressed disappointment but resolve to rebound. Analysts noted the result could galvanize Sunderland’s push for mid-table security, while Newcastle must regroup quickly amid a congested fixture schedule.

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The match fit into Premier League Matchweek 31, with both teams entering in inconsistent form. Newcastle had shown flashes of quality but struggled for consistency; Sunderland arrived buoyed by recent results and a desire to upset their neighbors.

Highlights included Gordon’s clinical finish, Talbi’s cool equalizer and Brobbey’s decisive strike. Referee decisions, including the disallowed goal and late fouls, sparked debate but did not overshadow the action.

As the 2025-26 season progresses, this derby result adds another chapter to one of English football’s fiercest rivalries. Sunderland’s triumph — their first league win at St James’ Park in years — will fuel celebrations on Wearside, while Newcastle reflects on missed opportunities.

Fans can relive the action through official highlights on Premier League platforms, Sky Sports and club channels. With both sides eyeing European qualification or survival battles, the outcome reverberates beyond the North East.

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The Next Bear Market May Have Just Begun

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The Next Bear Market May Have Just Begun

This article was written by

Michael Kramer is the founder of Mott Capital, and is a long-only investor who focuses on macro themes and studies trends and options activities to identify and assess entry and exit points for investments in his long-term focused thematic growth strategy. He is a former buy-side trader, analyst, and portfolio manager with 30 years of experience tracking market technicals, fundamentals, and options.Michael Kramer leads the investing group Reading the Markets, where he helps a devoted following of members to better understand what is driving trading and where the market is likely heading, both the short and long-term. Features of the investing group include: daily written commentary and videos analyzing the driving factors behind price action; general macro trend education to help members make well-informed decisions based on market conditions, interest rates, currency movements and how they all interact; chat for questions and community dialogue; and regular Zoom videos sessions to discuss current ideas and answer questions. The level of access RTM subscribers and the expertise of the source are unprecedented given that the subscription price is a fraction of similar technical coaching and mentoring services. Learn more.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

This report contains independent commentary to be used for informational and educational purposes only. Michael Kramer is a member and investment adviser representative with Mott Capital Management. Mr. Kramer is not affiliated with this company and does not serve on the board of any related company that issued this stock. All opinions and analyses presented by Michael Kramer in this analysis or market report are solely Michael Kramer’s views. Readers should not treat any opinion, viewpoint, or prediction expressed by Michael Kramer as a specific solicitation or recommendation to buy or sell a particular security or follow a particular strategy. Michael Kramer’s analyses are based upon information and independent research that he considers reliable, but neither Michael Kramer nor Mott Capital Management guarantees its completeness or accuracy, and it should not be relied upon as such. Michael Kramer is not under any obligation to update or correct any information presented in his analyses. Mr. Kramer’s statements, guidance, and opinions are subject to change without notice. Past performance is not indicative of future results. Neither Michael Kramer nor Mott Capital Management guarantees any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment commentary presented in this analysis. Strategies or investments discussed may fluctuate in price or value. Investments or strategies mentioned in this analysis may not be suitable for you. This material does not consider your particular investment objectives, financial situation, or needs and is not intended as a recommendation appropriate for you. You must make an independent decision regarding investments or strategies in this analysis. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Before acting on information in this analysis, you should consider whether it is suitable for your circumstances and strongly consider seeking advice from your own financial or investment adviser to determine the suitability of any investment.

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Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Central Banks Spook The Market (NYSEARCA:SPY)

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Central Banks Spook The Market (NYSEARCA:SPY)

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Jonathan Weber holds an engineering degree and has been active in the stock market and as a freelance analyst for many years. He has been sharing his research on Seeking Alpha since 2014. Jonathan’s primary focus is on value and income stocks but he covers growth occasionally. He is a contributing author for the investing group Cash Flow Club where along with Darren McCammon, they focus on company cash flows and their access to capital. Core features include: access to the leader’s personal income portfolio targeting 6%+ yield, community chat, the “Best Opportunities” List, coverage of energy midstream, commercial mREITs, BDCs, and shipping sectors,, and transparency on performance. Learn More.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Nvidia: AI Is Here To Stay, And The Fear Is Misplaced (Rating Upgrade)

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Nvidia: AI Is Here To Stay, And The Fear Is Misplaced (Rating Upgrade)

Nvidia: AI Is Here To Stay, And The Fear Is Misplaced (Rating Upgrade)

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Challenges And Opportunities As A Seeking Alpha Analyst Overseas

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Challenges And Opportunities As A Seeking Alpha Analyst Overseas

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I’m a long-term investor focused on U.S. and European equities, with a dual emphasis on undervalued growth stocks and high-quality dividend growers. Through years of experience, I’ve learned that sustained profitability—evident in strong margins, stable and expanding free cash flow, and high returns on invested capital—is a more reliable driver of returns than valuation alone. I manage one of my portfolios publicly on eToro, where I qualified as a Popular Investor, allowing others to copy my real-time investment decisions. My background spans Economics, Classical Philology, Philosophy and Theology. This interdisciplinary foundation sharpens both my quantitative analysis and my ability to interpret market narratives through a broader, long-term lens. I started investing when I became a father. By managing wisely what I received and earn, I aim to ensure for me and my children that we don’t have so much that we don’t have to do anything, but that we have enough assets to be free to do what we want. The goal is not to free myself from work, but to make sure I can work in the place and in a way where I can fully express myself.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Zelenskiy urges allies to keep up pressure on Russia ahead of talks with US

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Zelenskiy urges allies to keep up pressure on Russia ahead of talks with US


Zelenskiy urges allies to keep up pressure on Russia ahead of talks with US

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