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MERLIN Properties SOCIMI, S.A. is one of the largest real estate and infrastructure companies listed on the Spanish Stock Exchange. It specializes in the development, acquisition and management of commercial property in the Iberian Peninsula, mainly investing in offices, shopping centers, logistics facilities and data centers within the Core and Core Plus segments. MERLIN Properties SOCIMI, S.A. was incorporated in 2014 in Spain.
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| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | 813.25M | 295.95M | -74.99M | 48.16M | 518.80M |
| Net income | 786.13M | 283.76M | -83.50M | 263.09M | 512.22M |
| Selling general administrative | 13.19M | 13.61M | 12.01M | 12.62M | 10.92M |
| Selling and marketing expenses | - | - | 23.31M | - | - |
| Gross profit | 467.65M | 494.57M | 420.96M | 389.94M | 421.88M |
| Reconciled depreciation | 5.04M | 4.35M | 2.08M | 1.89M | 1.86M |
| Ebit | 949.19M | 426.17M | 34.52M | 101.66M | 580.74M |
| Ebitda | 954.23M | 430.52M | 36.60M | 103.54M | 582.60M |
| Depreciation and amortization | 5.04M | 4.35M | 2.08M | 1.89M | 1.86M |
| Operating income | 397.99M | 375.54M | 8.91M | 88.44M | 543.50M |
| Other operating expenses | 140.97M | 119.04M | 495.80M | 110.26M | 101.00M |
| Interest expense | 135.94M | 130.21M | 109.52M | 103.38M | 132.95M |
| Tax provision | 27.12M | 12.20M | 8.51M | 6.80M | 6.58M |
| Interest income | 32.69M | 39.26M | 10.11M | 3.94M | 5.42M |
| Net interest income | -105.55M | -92.60M | -117.68M | -105.26M | -130.98M |
| Income tax expense | 27.12M | 12.20M | 8.51M | 6.80M | 6.58M |
| Total revenue | 549.62M | 494.57M | 464.78M | 439.04M | 468.20M |
| Total operating expenses | 80.24M | 119.04M | 412.05M | 61.17M | 54.68M |
| Cost of revenue | 81.97M | 83.00M | 43.82M | 49.10M | 46.32M |
| Total other income expense net | 415.26M | -79.58M | -83.90M | -40.28M | -24.70M |
| Discontinued operations | - | - | - | 221.73M | 116.86M |
| Net income from continuing ops | 786.13M | 283.76M | -83.50M | 41.36M | 512.22M |
| Net income applicable to common shares | - | - | - | 263.09M | 512.22M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 14268.72M | 13459.19M | 12065.41M | 12051.48M | 14272.84M |
| Intangible assets | 4.49M | 1.02M | 1.57M | 1.75M | 1.59M |
| Other current assets | 32.53M | 24.57M | 46.72M | 12.46M | 10.48M |
| Total liab | 6194.29M | 5958.22M | 5526.37M | 5202.26M | 7245.91M |
| Total stockholder equity | 8074.43M | 7500.98M | 6539.04M | 6849.22M | 7026.92M |
| Other current liab | 120.26M | 90.60M | 182.02M | 16.80M | 14.16M |
| Common stock | 563.73M | 563.73M | 469.77M | 469.77M | 469.77M |
| Capital stock | 563.73M | 563.73M | 469.77M | 469.77M | 469.77M |
| Retained earnings | 779.96M | 283.76M | -83.50M | 263.09M | 512.22M |
| Other liab | - | - | - | 780.30M | 850.58M |
| Other assets | - | - | -4.75M | 261.62M | 436.80M |
| Cash | 1209.81M | 1550.46M | 455.70M | 424.73M | 860.19M |
| Total current liabilities | 1175.87M | 840.25M | 214.67M | 950.51M | 736.63M |
| Current deferred revenue | - | - | 86.81M | 79.27M | 74.99M |
| Net debt | 3852.45M | 3372.00M | 4068.22M | 3824.55M | 5325.83M |
| Short term debt | 866.25M | 625.77M | -61.32M | 777.83M | 601.72M |
| Short long term debt | 866.25M | 625.77M | 25.87M | 777.83M | 601.72M |
| Short long term debt total | 5062.26M | 4922.46M | 4523.91M | 4249.28M | 6186.01M |
| Other stockholder equity | 4136.57M | 4245.22M | 3609.47M | 6116.37M | 6044.93M |
| Property plant equipment | - | - | - | 10720.52M | 12306.42M |
| Total current assets | 1388.54M | 1700.79M | 599.97M | 539.22M | 1038.44M |
| Net tangible assets | - | - | - | 6847.48M | 7025.33M |
| Short term investments | 5.72M | 11.42M | 4.75M | 2.72M | 82.68M |
| Net receivables | 84.85M | 60.34M | 41.05M | 54.80M | 46.40M |
| Long term debt | 4196.01M | 4296.69M | 4498.04M | 3471.45M | 5584.29M |
| Inventory | 55.63M | 54.01M | 50.98M | 44.51M | 38.70M |
| Accounts payable | 182.25M | 117.03M | 86.39M | 76.61M | 45.76M |
| Accumulated other comprehensive income | 2594.17M | 2415.56M | 2543.30M | - | - |
| Non currrent assets other | 262.76M | 11095.69M | 10841.47M | 10918.78M | 12732.93M |
| Non current assets total | 12880.18M | 11758.41M | 11470.20M | 11512.26M | 13234.39M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | - | -294.38M | -274.75M | 1184.25M | 84.26M |
| Change to liabilities | - | - | - | 19.61M | -28.03M |
| Total cashflows from investing activities | -576.31M | -294.38M | -274.75M | 1184.25M | 110.23M |
| Net borrowings | 47.19M | 377.26M | 277.22M | -1318.29M | 484.11M |
| Total cash from financing activities | -177.02M | 1069.05M | 78.56M | -1700.44M | 274.00M |
| Change to operating activities | - | - | - | -21.76M | 17.55M |
| Net income | 813.25M | 295.95M | -74.99M | 48.16M | 518.80M |
| Change in cash | -337.73M | 1091.45M | 31.77M | -294.03M | 614.70M |
| Begin period cash flow | 1552.68M | 461.22M | 429.45M | 723.48M | 252.02M |
| End period cash flow | 1214.94M | 1552.68M | 461.22M | 429.45M | 866.72M |
| Total cash from operating activities | 415.60M | 316.78M | 227.97M | 222.16M | 230.47M |
| Issuance of capital stock | 0.01M | 899.54M | 0.42M | 0.00M | - |
| Depreciation | 5.04M | 4.35M | 2.08M | 1.89M | 1.86M |
| Other cashflows from investing activities | -550.13M | -222.15M | -267.39M | 1452.32M | 75.56M |
| Dividends paid | 123.32M | 105.17M | 207.02M | -455.43M | -70.03M |
| Change to inventory | -1.62M | -3.03M | -6.47M | -5.81M | -5.26M |
| Change to account receivables | -24.52M | 2.50M | -12.76M | -1.68M | -6.26M |
| Sale purchase of stock | - | - | 1021.62M | -0.14M | -0.01M |
| Other cashflows from financing activities | -100.91M | -102.58M | 7.95M | 73.42M | -140.07M |
| Change to netincome | - | - | - | -33.18M | -261.61M |
| Capital expenditures | 10.57M | 19.48M | 2.01M | 1.72M | 3.67M |
| Change in working capital | 113.52M | 31.82M | -35.08M | -9.64M | -22.00M |
| Stock based compensation | - | - | 2.80M | - | - |
| Other non cash items | -516.21M | -15.35M | 335.96M | 181.75M | -268.19M |
| Free cash flow | 405.03M | 297.30M | 225.96M | 220.44M | 226.79M |
Sector: Real Estate Industry: REIT - Office
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| MRPRF MERLIN Properties SOCIMI S.A |
- -% |
13.00 | 8.76 | 22.52 | 15.33 | 0.86 | 18.99 | 10.44 |
| BXP BXP, Inc. |
-0.23 0.35% |
65.01 | 33.62 | 28.25 | 3.28 | 1.80 | 7.23 | 12.91 |
| VNO-PM Vornado Realty Trust |
0.23 1.43% |
16.58 | 26.09 | - | 5.25 | - | - | - |
| ARE Alexandria Real Estate Equities Inc |
- -% |
44.80 | - | 16.69 | 3.21 | 0.57 | 7.84 | 31.46 |
| VNO Vornado Realty Trust |
-0.05 0.14% |
35.82 | 1151.00 | 57.14 | 3.77 | 1.42 | 8.30 | 16.47 |
MERLIN Properties SOCIMI, S.A. is one of the largest real estate and infrastructure companies listed on the Spanish Stock Exchange. It specializes in the development, acquisition and management of commercial property in the Iberian Peninsula, mainly investing in offices, shopping centers, logistics facilities and data centers within the Core and Core Plus segments. MERLIN Properties SOCIMI, S.A. was incorporated in 2014 in Spain.
Paseo de la Castellana, 257, Madrid, Spain, 28046
34 91 769 19 00
296
| Name | Title | Year Born |
|---|---|---|
| Mr. Ismael Clemente Orrego | Exec. Vice-Chairman & CEO | 1970 |
| Mr. Miguel Ollero Barrera | Corp. MD, Corp. GM, COO, CFO & Exec. Director | 1969 |
| Ms. Mónica Eloisa Martín de Vidales Godino | Sec. | NA |
| Mr. Jon Ander Navarro Mendizabal | Director of Internal Audit | NA |
| Mr. Ildefonso Polo Del Mármol | Vice-Sec. | NA |
| Mr. Ismael Clemente Orrego | Executive Vice-Chairman & CEO | 1970 |
| Mr. Miguel Oñate | Chief Corporate Officer, COO & Director | NA |
| Ms. Ines Arellano | Director | NA |
| Ms. Mónica Eloisa Martín de Vidales Godino | Secretary | NA |
| Mr. Jon Ander Navarro Mendizabal | Director of Internal Audit | NA |
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