Merlin Properties: Q1-26 results: teasing another pre-let in data centres

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Merlin Properties: Q1-26 results: teasing another pre-let in data centres

Equity Research

European Real Estate

14 May 2026

Merlin Properties

Q1-26 results: teasing another pre-

let in data centres First Look

Merlin continues to de-risk its data centre strategy with a MRL.MC/MRL SM OVERWEIGHT

€768m equity raise and further pre-letting visibility, European Real Estate NEUTRAL

strengthening confidence in Phases II–III while accelerating Price Target EUR 15.50

Price (12-May-26) EUR 14.56

permitting at Navalmoral. Annualised Q1 FFO p.s. is trending Potential Upside/Downside +6.5%

ahead of the guidance, implying a possible upgrade at H1-26. Source: Bloomberg, Barclays Research

European Real EstateMerlin seems to progress well with its data centre plans, having just raised €768m of new

Celine Soo-Huynh

equity in March. The pre-let announcement of the first data centre to be delivered in Bilbao

+44 (0)20 3134 1159

as part of Phase II was enough to convince the market of the merits of its data centre celine.soo-huynh@barclays.com

expansion, given Iberia had not seen such a large pre-let previously. It seems like another Barclays, UK

pre-let announcement could be announced by Q2-27, still in Bilbao, which could further

Kanad Mitra

de-risk Phase II as they start works on Phase III for which they recently raised. Navalmoral

+91 (0)22 6175 1793

(part of Phase IV) being declared Project of Regional Interest (PREMIA) by the EU could kanad.mitra@barclays.com

help accelerate obtaining the construction licence, submitted in September 2025. Barclays, UK

Annualised Q1 FFO p.s. is trending ahead of the guidance (€0.56 versus guidance at €0.53,

Paul May, CFA

both numbers on a spot number of shares), which could imply a guidance upgrade at H1

+44 (0)20 3134 1444

results.