Merlin Properties stock falls 1.04 percent as FFO rises 8 percent on growth plans

Published on 10/07/2026 at 13:39 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Merlin Properties stock traded at EUR 12.42 on October 7, 2026, while first-half FFO rose 8 percent to EUR 180 million. Analysts see a EUR 17.36 average target.

Merlin Properties, ES0105025003, Illustration mit AI erstellt.

Merlin Properties stock (ISIN ES0105025003) was trading at EUR 12.42 on the Madrid Stock Exchange on October 7, 2026 at 1:23 p.m. CEST, down 1.04 percent from EUR 12.55. The latest first-half figures show revenue of EUR 308 million, EBITDA of EUR 229 million and FFO of EUR 180 million, according to Bolsamania on October 7, 2026.

FFO guidance reaches EUR 340 million

Merlin increased its annual FFO guidance to EUR 340 million, equivalent to EUR 0.55 per share, after first-half FFO rose 8 percent to EUR 180 million. The comparison matters because operating cash generation is advancing while the share price remains below the latest EPRA NTA of EUR 15.99 per share.

The same company update puts the first-half EBITDA at EUR 229 million, up 11.7 percent year over year, and revenue at EUR 308 million, also 11.7 percent higher. The figures give the data center strategy a financial base, but they do not remove the need for timely power connections and project delivery.

Analysts see EUR 17.36 target

The analyst consensus is rated Buy, with 17 Buy recommendations and four Holds among 21 analysts. Investing.com lists an average 12-month target of EUR 17.36, while Bolsamania gives a target range of EUR 13.90 to EUR 20.85. The average target lies 39.7 percent above the current price.

That spread is a valuation comparison, not a guaranteed return. The same analyst material identifies higher regulation, delays in electricity connections, further capital increases and weaker-than-planned MEGA returns as risks to the data center expansion.

Regulation tests the data center plan

OCU reported that data centers represented 9.6 percent of rents in the first half and that two facilities had been leased 18 and 12 months before delivery. OCU also reduced its 2027 EPS forecast from EUR 0.60 to EUR 0.56 while keeping its 2026 estimate at EUR 0.55.

For investors, the central question is whether higher FFO and contracted digital infrastructure can offset regulatory and funding demands. The current price is EUR 3.50 below the consensus average target and EUR 3.57 below the EPRA NTA figure cited in the October 7 analysis.

Merlin Properties stock trades near EUR 12

Merlin Properties stock was last at EUR 12.42 on the Madrid Stock Exchange on October 7, 2026 at 1:23 p.m. CEST. Its 52-week range was EUR 11.72 to EUR 15.92, and market capitalization stood at EUR 7.7 billion.