Operator

Good afternoon, everyone. Thank you for joining MERLIN's 3M '26 trading update. As we always do on quarterly results, our CEO, Ismael Clemente, will briefly walk you through the main highlights of the period, and we will then open the line for Q&A.

Without further delay, I pass the word on to Ismael.

Ismael Orrego
Executive Vice-Chairman & CEO

Thank you, Teresa. Well, MERLIN is off to a very good start of the year with total revenues up 11.2%, owing to basically a 3.5% increase in gross rents like-for-like and the additional revenue brought by data centers as compared to the same period last year.

The FFO, however, is only up 3.9%, still better than what we predicted. It was slightly lower than last year, but it's only 3.9%. And as warned already at the full year results, it's a combination of more financial expense, a 10% increase, and much less financial income because in the same period last year, we were still enjoying a significant amount of cash in our bank, so 40% less income, financial income. That puts the company at 8.8% total shareholder return per share year-on-year comparing the same periods. We have seen a very strong activity in all of our divisions, but particularly in traditional asset classes.

Of course, Spain continues enjoying good macro, but I would not take out importance