Merlin Properties Socimi SA (MRL.MC): 1H26 results: FFO/sh 4% above; 1% NTA beat; DC leasing momentum and Lisbon acceleration

Research evidence excerpt

Merlin Properties Socimi SA (MRL.MC): 1H26 results: FFO/sh 4% above; 1% NTA beat; DC leasing momentum and Lisbon acceleration

Equity Research

28 July 2026 | 6:55AM BST

Merlin Properties Socimi SA (MRL.MC): 1H26 results: FFO/sh 4% above;

1% NTA beat; DC leasing momentum and Lisbon acceleration

Merlin released its 1H26 results, with FFO/sh 4% above GSe and company-compiled Jonathan Kownator

+44(20)7051-2974 |

consensus on FFO/sh and 1% below GSe but 1% above company-compiled jonathan.kownator@gs.com

Goldman Sachs International

consensus on NTA/sh.

Kuber Sood, CFA

+1(332)245-7812 | kuber.sood@gs.com

Operationally, gross lfl rent growth was +3.3%, lower vs. +3.5% at 1Q26. Occupancy Goldman Sachs India SPL

levels fell c.30bp over the quarter to 94.7%, driven by lower occupancy in logistics, Rebecca Parker

with flat occupancy in offices, and higher occupancy in shopping centres. +44(20)7051-6646rebecca.x.parker@gs.com|

From a balance sheet perspective, LTV increased 10bp to 24.5% (from 24.4% at

1Q26) and cost of debt increased 2bp qoq to 2.71%. 1H26 overall lfl portfolio

revaluations were +3.7%, vs. +4.7% at FY25. The standing portfolio witnessed a 2bp

yield expansion over 1H26, with property valuations +0.9% in logistics, +0.3% in

shopping centres, +1.1% in offices, and +27.9% in data centres).

The company highlighted continued positive progress across its data centre

platform, with DC Phase 1 GRI estimate for 2026 raised to €68m (from €66m in the

3M26 report), BIO-ARA 01 (48MW) now fully let 18 months ahead of delivery, while

leasing discussions continue to advance across the Lisbon projects. Management

also noted that construction is now underway on all five LIS-VFX buildings, with RFS

for LIS-VFX 03-05 brought forward to 1H29, further accelerating the roll-out of