MERLIN Properties is a real estate company focused on the acquisition, development, and management of commercial real estate assets in the Iberian Peninsula. The company operates across four main business segments: offices, logistics, shopping centers, and data centers. Its portfolio includes office buildings, logistics warehouses, retail centers, and operational and under-development data centers. MERLIN Properties also holds equity interests in other real estate investment trusts and entities with similar corporate purposes. The company serves commercial tenants and investors in Spain and Portugal, with a specific focus on the Madrid Nuevo Norte development project. It engages in partnerships with technology providers such as NVIDIA regarding digital infrastructure. The firm manages a diversified portfolio of assets with a focus on innovation, sustainability, and service-oriented asset management.

Summarised from the company's own disclosures, fiscal year ended Dec 2025

Industry REIT - Diversified Homepage merlinproperties.com
Sector Real Estate IR page ir.merlinproperties.com
Tags
office space, logistics, shopping centers, data centers, commercial real estate, asset management, real estate development, Madrid Nuevo Norte, Ruiz Picasso 11, LOOM EVENTS
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Metrics

Valuation  
Market cap —
P/E —
P/BV —
P/S —
P/OCF —
P/FCF —
Dividend yield —
Turnover / mcap —
Returns  
ROE 10.1%
ROI 9.7%
ROIC 10.7%
Profit margin 145.9%
Growth  
Revenue growing Yes
Profits growing Yes
Revenue up 3y Yes
Revenue up 5y No
Quality  
Profitable Yes
Margin expanding Yes
Buying back stock No
Diluting (TTM) —
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Quality score 53.8%
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Figure FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 FY 2019
Revenue 538.963M 494.572M 464.779M 439.038M 468.203M 446.132M 514.853M
Free cash flow — — — — 228.134M 132.66M 285.915M

Figure FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 FY 2019
Share price 11.92 10.32 10.09 8.83 9.97 7.93 11.62
Price performance 12m 0.16 0.02 0.14 -0.11 0.26 -0.32 —

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MERLIN Properties SOCIMI, S.A. (ticker MRL), listed in Spain.

Securities

Ticker Type Class Market Exchange Last price Price date
MRL Common share — ES euronext 11.47 EUR 2026-10-15
MRL canonical Common share — ES bme 11.47 EUR 2026-10-15