European Property: Upcoming results previews

Research evidence excerpt

European Property: Upcoming results previews

underappreciative of this embedded value creation, with DC progress and

associated revaluation likely to be the key share price drivers on results day.

Table 1: Results schedule, estimates and analyst commentary

Key

Date CW Company, Analyst, Sector Event JPMe Analyst Commentary

Metrics

20-Jul Big Yellow (OW) Sales Adj. EPS 58.1 Focus will be on occupancy and pricing trends, and whether revenue

growth remains sufficient to offset ongoing cost inflation (management

Neil Green, CFA Adj. NAV 1,398

guided for 2-3% cost inflation in the coming years). We will also look for

Property any change in management’s cautious stance from the FY26 results,

where the group highlighted that the current operating environment

remains "challenging."

22-Jul Gecina (N) S1 Adj. EPS 6.72 Focus will be on office leasing, occupancy and the portfolio valuation,

given management’s comments that decision-making cycles remain

Neil Green, CFA Adj. NAV 146.9

elongated in certain markets despite sustained interest for high-quality

Property space. We will also look for updates on the Southern Loop/Boulogne

vacancy situation. We will look for any update on T1 leasing and the

occupier interest on the developments going live in the coming years.

27-Jul Merlin Properties (OW) S1 Adj. EPS 0.58 Focus will be on data centre execution, leasing progress and portfolio

revaluation. Management is also expected to provide an update on FY26

Neil Green, CFA Adj. NAV 16.9

FFO guidance and the “substantial” DC-driven revaluation flagged at

Property 1Q26. With Lisbon now moving towards 340MW of capacity and Phase I

largely de-risked, investors will be looking for evidence of further value

+ CW crystallisation within the DC platform. Phase I has already demonstrated