Real estate companies are heading off on vacation this summer satisfied after having definitively closed their accounts for the first half of the year. Overall, the major listed companies on the Continuous Market comfortably exceed 500 million euros in profits. Between January and June 2026, data centers and artificial intelligence (AI) have had more weight than ever in the figures presented, as companies that use them pay rents to these businesses, with special relevance to the two in the Ibex 35: Merlin Properties and Colonial SFL. In the case of the former, AI plays an essential role in the data centers it owns, while Colonial SFL has seen a notable increase in the weight of companies working in this area for its turnover.
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Merlin Properties has reported a recurring profit of 180 million euros, a figure that represents an 8% increase compared to twelve months earlier, mainly due to the boost in rents it obtains thanks to its data centers. The socimi led by Ismael Clemente pays close attention to this line of business through Mega, its medium-term investment plan which it will continue to work on over the coming years.
The socimi led by Ismael Clemente pays close attention to this business
According to the company, the first phase of this investment program, with properties reaching 64 MW, is “fully equipped and leased.” Thus, its data centers in Barcelona (Zona Franca) and Bilbao-Arasur already generate full cash flow, while Madrid-Getafe will do so once the planned electrical connections are completed before the end of the year. Revenues in this first phase are estimated at 68 million euros in 2026.
In its second phase (254 MW), Merlin assures that the marketing of the assets continues to exceed expectations: Bilbao-Arasur 2 has already been fully leased twelve months before its delivery, and Bilbao-Arasur 1 was leased 18 months before its start-up. In the third phase of the investment plan (406 MW), the socimi is advancing in the development of Bilbao-Arasur 4 and 5, Lisbon, and Zaragoza.
Colonial SFL also relies on technology, and more specifically on AI, to drive its growth. The company led by Juan José Brugera and Pere Viñolas, which has reported a net profit of 230 million euros (7.6% less, due to tax effects), explained in the presentation of its accounts that contracting activity remained strong in the semester, with new leases signed for a total area of 60,985 square meters, representing about 28 million euros in additional annualized rents.
The Catalan-origin socimi highlights that technology companies accounted for around 30% of its leasing activity in the first half of the year, “which highlights the growing demand from innovative and knowledge-intensive companies in locations situated in premium and well-connected Central Business Districts (CBD),” both in Barcelona and Madrid as well as in Paris.
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Realia has achieved a net profit of 71.27 million, thanks to its presence in various communities
Precisely, another key aspect in the results of listed real estate companies is their geographic diversification. In addition to the reach of the two Ibex companies, real estate companies on the Continuous Market also show dispersion in various parts of the country. Realia, spread between Madrid, Barcelona, and Santiago de Compostela, has earned 71.27 million euros, a 61.4% increase.
Metrovacesa mainly relies on the two main cities. Its portfolio has most of the weight in Madrid, with 28% of the total, followed by Barcelona and Málaga, with 14% each. Below them are Valencia and Seville. Thus, Metrovacesa has obtained a net profit of 17.8 million euros up to June, leaving behind the losses it recorded twelve months ago.
After absorbing Aedas, Neinor Homes has multiplied its net profit by more than four times
Neinor Homes, which has absorbed its competitor Aedas Homes and multiplied its net profit by more than four times, up to 14 million euros, works in multiple locations throughout Spain: in addition to the two capitals, it sells and rents homes in Málaga, Valencia, Seville, and the Basque Country, but also in Tarragona, Córdoba, and Alicante, among others.
For its part, Grupo Insur, with earnings of 12.1 million euros (26.5% more), has its operations spread between Andalusia, Madrid, and the Valencian Community.
On the other side of the scale is Renta Corporación, which has recorded losses of 4.4 million, compared to profits in the first half of 2025. This real estate group also has assets spread throughout Spain. In addition to having a presence in the main cities, it also has, for example, senior residences in Castilla y León, Navarra, Galicia, the Basque Country, Castilla-La Mancha, and the Valencian Community.
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