Annual financial statements 2024: MLP Group achieves outstanding financial and rental results and sets the course for record earnings in 2025

 
- Revenue: EUR 86.5 million (+ 9 % compared to the previous year) - Value of investment property: EUR 1.29 billion (+ 25 % compared to 31 December 2023) (+ 9 % compared to the previous year)
- Value of investment properties: EUR 1.29 billion (+ 25 % compared to 31 December 2023)
- Net asset value (NAV): EUR 642.7 million (+ 17 % compared to 31 December 2023) (+ 17% compared to 31 December 2023)
- Net asset value (NAV) per share: EUR 26.8 (+ 17% compared to 31 December 2023)
- Earnings before interest, taxes, depreciation and amortisation (EBITDA) excluding revaluation: EUR 43.1 million (+ 9% compared to 31 December 2023)
- Net profit: EUR 86.5 million (+ 852% compared to 31 December 2023) EUR 86.5 million (+ 852 % compared to EUR -11.5 million in 2023)
- Signed rental agreements in 2024 for 307,200 m² of space, of which 225,200 m² as part of new lettings
(+ 106 % compared to the previous year)
 
 

Caption: Radosław T. Krochta, Chairman of the Executive Board of MLP Group S.A. Copyright: MLP Group.

The MLP Group, a developer, owner and manager of high-quality commercial, industrial and logistics parks specialising in brownfield sites, achieved excellent financial and operating results in 2024. These are attributable to a strong performance in the letting of commercial and logistics space in all markets. This makes the MLP Group one of the fastest growing developers in Europe, combining conservative tenant acceptance criteria with rapid business growth.

Last year, the MLP Group increased its consolidated turnover by 9 % to EUR 86.5 million. The reason for this is higher utilisation of the properties in conjunction with increased rental prices. Rental income increased by 13 % and totalled EUR 49.9 million. All rental agreements are stated in euros or are expressed directly in euros. The value of investment property also increased by 25% to 1.29 billion euros. In addition, earnings before interest, taxes, depreciation and amortisation (EBITDA) excluding revaluation of investment properties rose by 9 % to EUR 43.1 million. The MLP Group thus continues to enjoy a good financial position, enabling the realisation of its long-term strategic goals.

"2024 was a remarkable year for the MLP Group: We let a record 307,194 m² of space, 225,221 m² of which was newly let. This corresponds to an increase of 106 % compared to the previous year. Like-for-like rental growth for the entire portfolio was 10%, while the occupancy rate remained stable at 95%. The majority of the rental agreements were signed in the fourth quarter of 2024, paving the way for a significant increase in sales and EBITDA in 2025. Our portfolio is one of the most modern in the European logistics market. 90% of our properties were let in 2025.  Our portfolio is one of the most modern in the European logistics market. 90% of our properties have been developed within the last ten years and over 60% in the last five years," says Radosław T. Krochta, CEO of the MLP Group S.A.

Strong letting performance

The MLP Group is currently represented with 25 parks in Poland, Germany, Austria and Romania. Its strategic goal remains to expand its portfolio through the continuous development of logistics and urban commercial parks.

In 2024, the developer signed rental agreements for 307,200 m², including 225,200 m² as part of new lettings (+ 106 % compared to the previous year). A total of 22 new tenants were acquired, with existing customers accounting for 20% of total demand. The significant increase of 73% in space let between the third and fourth quarter illustrates increased demand in the final quarter.

"It can be assumed that the portfolio yields, which remained constant in 2024, and the increase in net asset value due to the newly concluded rental agreements will be reflected in revenue and EBITDA growth in 2025. Market conditions are currently extremely favourable, as developers are realising fewer logistics property projects than they have for over four years. This will lead to lower vacancy rates on the European market and encourage further rent increases in new projects. In addition, demand on the market is being driven by the continuous influx of Asian investors into Europe," emphasises the CEO. 

At the end of 2024, the total area of projects under construction amounted to 235,900 m², of which 142,500 m² was in Poland, 54,500 m² in Austria and 38,900 m² in Germany. 40% of the space has already been pre-let. The projects are expected to generate additional rental income of EUR 17 million when fully let, with an expected minimum return of 11.5 % on costs.

In total, the MLP Group handed over around 93,000 m² of space last year. The total lettable area of the current portfolio amounts to 1.4 million m². The property portfolio has grown to
257 ha, of which 115 ha are owned and recognised in the balance sheet. These sites provide the developer with considerable growth potential in the vicinity of its existing commercial parks in urban locations.

Ambitious plans for 2025

The MLP Group plans to hand over around 250,000 to 300,000 m² of space by 2025. Poland remains the most important market in which the developer is aiming for continued dynamic growth. The plans include new projects on a plot of land in Rzeszów acquired in 2024, which will offer settlement opportunities, especially for companies seeking business opportunities after the war in Ukraine as well as on the international market. In addition, the presence on the Warsaw market is to be strengthened. Further expansion of activities is also planned in Romania and above all in Germany and Austria.

About MLP Group S.A.:

The MLP Group is a developer, owner and manager of high-quality commercial, industrial and logistics parks in Poland, Germany, Austria and Romania, specialising in brownfield sites. The company currently owns and manages a property portfolio of 25 parks in four countries with a total size of approx. 2 million m² of existing and approved rental space ready for construction. The net asset value amounts to approx. EUR 642.7 million (Q4/2024). The MLP Group has been listed on the Warsaw Stock Exchange WSE since 2013 (ISIN: PLMLPGR00017). 

With offices in Warsaw, Munich, Frankfurt am Main, Cologne, Vienna and Bucharest, the company offers customised and sustainable real estate solutions for users from various sectors such as retail, e-commerce, production, automotive and logistics.

The MLP Group was founded in Warsaw, Poland, in 1998. The company has been represented on the German market since 2017 and on the Austrian market since 2022. It currently has seven properties in Berlin, Castrop-Rauxel, Gelsenkirchen, Idstein, Unna and Vienna.

Further details about the MLP Group can be found at www.mlpgroup.com

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