Merlin Properties closed the first nine months of 2025 with a net profit of €583.1 million, representing growth of 158.8% compared to the same period in 2024. Total revenue reached €413.0 million, driven by gross rental income of €398.1 million. EBITDA stood at €308.4 million, up 7.4% on a year earlier, while operating profit amounted to €245.4 million (€0.44 per share). Portfolio occupancy remained high at 95.5%.
The loan-to-value (LTV) ratio stood at 28.6%, with a liquidity position of €2,157 million and an average debt maturity of 4.6 years. The company will not face any new repayments until November 2026 and maintains 100% of its debt at a fixed rate.
In offices, the SOCIMI recorded a 3.8% increase in comparable rents and a release spread of 0.2%, conditioned by the renewal of the Técnicas Reunidas contract. Without this effect, the release spread would amount to 5.0%. Occupancy reached 94.2%, with Madrid at 94.8%, while Barcelona continues to be affected by temporary oversupply. In Madrid, a long-term contract was signed in October with IE University for the Castellana 278 building (14,831 sqm), which plans to launch a STEM campus in 2027 after the current tenant moves out.
In logistics, the portfolio recorded a 5.7% increase in renewal rents and like-for-like growth of 1.7%. Occupancy was affected by the departure of GXO in the Corredor del Henares. During the period, 72,717 sqm were delivered to Mercedes Benz in Vitoria Júndiz I following its refurbishment and an 18,131 sqm warehouse to Total in Cabanillas Park II D. The company maintains more than 480,000 sqm of land for development, of which 60% will be developed in the short and medium term, while the remaining 40% (189,765 sqm) remains as a future reserve.
In data centres, the MEGA plan continues to move forward. The submission of applications for the EU AI Gigafactory has been postponed from October to December, and the final decision will be extended until the end of April.
Phase I, with 66,389 sqm and a capacity of 64 MW IT, is operational with 70% available for service and already leased. The remaining 30% is reserved for the Gigafactory, once Madrid receives the necessary power, which is expected in early Q4 2026.
In Phase II (246 MW IT), construction is progressing on the second building in Álava (BIO-ARA 02) and the first two buildings in Lisbon (LIS-VFX 01 and 02). The BIO-ARA 01 building is awaiting licensing, with construction scheduled to begin before the end of the year. The additional locations in Madrid (Tres Cantos and Getafe II), with an initial 78 MW IT and an expansion capacity of around 130 MW, are experiencing administrative delays and are expected to reach RFS status in 2029, with income stabilising in 2030.
Merlin has also begun preliminary work on buildings 4, 5 and 6 in Lisbon (LIS-VFX 04, 05 and 06). Building permits have also been requested for the first two buildings in Navalmoral de la Mata (EXT-NAV 01 and 02), with 200 MW IT, and their recognition as a PREMIA project is being processed.
In shopping centres, comparable rents increased by 3.5% and the effort rate stood at 11.0%, historic lows. Sales grew by 5.8% and footfall by 2.2%, exceeding the market average. Occupancy reached a record 97.6%. In October, the delivery of the Marineda extension was completed, with 93% of the space signed and an additional 3% in advanced negotiations.
Investment and divestment activity
Investment activity was moderate, with the acquisition of LOOM Salamanca (1,931 sqm), a commercial unit in Almada and land for two new data centre developments in Madrid-Tres Cantos and Madrid-Getafe II.
In terms of divestments, the company sold non-strategic assets for €68.6 million, with a double-digit premium on valuation. In addition, it signed transactions worth €65.6 million, scheduled for completion in December 2025, and others worth €49.0 million, which will be completed in 2026.
The board of directors approved an interim dividend for 2025 of €0.20 per share, to be distributed on 10 December 2025.
