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
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
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.
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