MRL FINANCIAL STATEMENTS

Merlin Properties SOCIMI SA — balance sheet, income statement and cash flow trends

MRLMerlin Properties SOCIMI SA

🇪🇸 Spain · MC · Real Estate · REIT - Office

Value itDuel

Income Statement

Quarterly progression — trailing-twelve-month values
RevenueNet Income
0500 M202120222023202420252026

Profit Funnel

Q1 2026 · TTM
Revenue552.7 M €Gross Profit495.5 M € · 90%Operating Income901.5 M € · 163%Pre-tax Income806.2 M € · 146%Net Income778.9 M € · 141%

Percentages are relative to revenue.

Key Figures

YoY change
Revenue552.7 M €+8.0%
Gross Profit495.5 M €+12.8%
Operating Income901.5 M €+137.3%
EBITDA530.9 M €+21.1%
Net Income778.9 M €+156.9%

Peer Comparison· REIT - Office

CompanyRev. GrowthGross MarginEBITDA MarginNet Margin
MRL8.0%89.7%96.1%140.9%
BXP1.6%60.2%53.8%9.1%
ARE-4.6%68.2%14.0%-35.3%
VNO-0.3%73.2%90.7%44.0%
CUZ12.1%57.6%53.9%-0.5%
KRC-1.4%49.9%70.3%19.6%
Industry median1.0%56.5%53.9%-0.5%

Balance Sheet

Quarterly period-end values
Total AssetsTotal LiabilitiesEquity
05 B10 B15 B202120222023202420252026

Capital Structure

Q1 2026
Total Assets15.1 B
  • Equity8.9 B €59%
  • Current Liabilities900 M €6%
  • Long-term Liabilities5.3 B €35%

Key Figures

YoY change
Total Assets15.1 B €+10.9%
Total Liabilities6.2 B €+2.4%
Total Equity8.9 B €+17.5%
Cash & ST Investments1.8 B €+9.7%
Total Debt5.3 B €+1.2%
Net Debt3.6 B €-2.5%

Peer Comparison· REIT - Office

CompanyCurrent RatioDebt/EquityNetDebt/EBITDAEquity/Assets
MRL2.0759.4%6.6859.2%
BXP0.59310.0%8.2120.5%
ARE0.2981.9%30.7246.1%
VNO2.08139.8%4.4737.8%
CUZ0.5584.7%7.0449.6%
KRC1.0689.6%5.7548.9%
Industry median0.84128.6%6.6040.4%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values
Operating Cash FlowCapital ExpendituresFree Cash Flow
050 M100 M202120222023202420252026

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change
Operating Cash Flow——
Capital Expenditures0 €—
Free Cash Flow——
Dividends Paid——

Peer Comparison· REIT - Office

CompanyCF MarginFCF MarginCapEx RatioCF/Net Income
MRL——0.0%—
BXP34.2%13.3%20.8%375.5%
ARE48.4%48.4%154.9%-137.1%
VNO69.4%69.4%85.2%157.7%
CUZ39.5%-12.2%51.7%-7,580.5%
KRC52.2%-3.2%69.1%266.3%
Industry median38.3%13.6%21.6%-15.2%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 3, 26. This content is for informational purposes only and is not investment advice.