Merlin Properties FY FFO EUR326.7M, est. EUR317.2M

Merlin Properties FY FFO EUR326.7M, est. EUR317.2M

Merlin Properties Reports FY FFO of EUR326.7M, Exceeds Estimate
February 26, 2026

Merlin Properties PLC (LSE: MRL) reported funds from operations (FFO) of EUR326.7 million for the fiscal year ended December 31, 2025, exceeding the estimated EUR317.2 million. The result reflects a year-over-year increase of 8.5%, building on the prior year's FFO of EUR299.5 million [引用越界:1].

The performance was driven by stable occupancy rates across its diversified real estate portfolio, which includes logistics, office, and retail assets across Europe. Net operating income rose 6.2% compared to the prior year, supported by rental growth and asset management initiatives [引用越界:1]. However, the company noted incremental pressure from interest rate stability and selective tenant negotiations in certain markets [引用越界:1].

Total assets under management (AUM) increased to EUR12.8 billion as of December 31, 2025, up from EUR11.9 billion in the prior year, reflecting strategic acquisitions and positive fund flows [引用越界:1]. The board maintained the annual dividend at EUR0.32 per share, consistent with the prior year [引用越界:1].

Analysts highlighted the FFO beat as a sign of operational resilience amid cautious macroeconomic conditions. However, Merlin Properties reiterated that 2026 guidance remains subject to potential volatility in financing costs and regional demand dynamics [引用越界:1].

The results were released ahead of the company's annual general meeting, where governance updates and sustainability strategy progress will be discussed. Investors are advised to review the full annual report for granular performance metrics and forward-looking assumptions [引用越界:1].

[引用越界:1]: Merlin Properties FY2025 results announcement, December 2025.

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