MERLIN Properties closed the first half with an operating profit (FFO) of €180 million, an 8% increase, and raised its forecast for the entire year to €340 million. Data centres drive 80% of the revaluation of its portfolio.
MERLIN Properties presented its accounts for the first half of 2026 on Thursday, reporting an operating profit (FFO) of €180 million, an 8% increase compared to the same period last year. The company, listed on the Continuous Market, informed the CNMV that it is raising its FFO forecast for the entire year to €340 million, equivalent to €0.55 per share.
The net accounting profit reached €579 million, a 13% year-on-year increase, driven by asset revaluation, which grew by 3.7%, bringing the total value of all its properties to €13.508 billion. According to the company, the data centre business has been the main driver, responsible for approximately 80% of value creation during the semester.
Total revenues amounted to €308 million, while the gross operating profit (Ebitda) stood at €229 million, an 11.7% increase compared to last year. Rents from all its assets —offices, logistics, shopping centres, and data centres— increased by 10%, reaching €292 million.
Regarding financial structure, the debt level (LTV) was reduced to 24.5%, down from 28.9% at the end of 2025, thanks to the capital increase carried out in March to finance phase III of the data centre plan. Liquidity stands at €2.571 billion, and the average debt maturity is 4 years.
The company highlighted that it “will continue to focus on value creation through the disciplined execution of its data centre development plan, maintaining solid operational management of traditional assets and a conservative financial structure.”
By segments, offices recorded a growth in comparable rents of 2.4% and 1.7% in renewals. Occupancy remained at 93.6%, and leasing reached 85,540 square metres in the semester. In logistics, rents rose by 1.2% (3.9% in renewals), with an occupancy rate of 95%, affected by specific movements in Sevilla ZAL.
Shopping centres saw their rents increase by 6.4%, supported by an 8.4% rise in retail sales and a 1.9% increase in visitor traffic. The effort rate was limited to 10.8%, and occupancy reached 96.9%.
For data centres, MERLIN expects to generate €68 million in 2026 from its rentals, while continuing to advance in the construction and marketing of the ongoing phases. The company, which has raised its annual guidance, is confident that the demand for data centre space will remain a growth pillar.
The market has positively welcomed the figures. Investors value the debt reduction and the focus on data centres, a sector that is expanding rapidly in Spain. The FFO forecast of €340 million for 2026 represents an increase from previous estimates, reinforcing confidence in the company's strategy.
For investors, the key lies in the dividend: with an FFO per share of €0.55, and applying the company's usual pay-out (around 80%), the estimated dividend for 2026 could be around €0.44 per share, which at current prices offers a yield close to 5%.
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