Stability pays off – MLP Group records further growth in the first half of 2025

• Revenue: EUR 49.1 million (+ 13 % compared to the previous year)
• Earnings before interest, taxes, depreciation and amortization (EBITDA) without revaluation: EUR 25.2 million (+9% year-on-year)
• Value of investment property: €1.37 billion (+6% compared to 31 December 2024)
• Net asset value (NAV): EUR 664.3 million (+ 3% compared to 31 December 2024)
• Net asset value (NAV) per share: EUR 27.7 (+3% compared to December 31, 2024)
• Net profit: EUR 18.8 million (compared to EUR 65.3 million in the first half of 2024)
• Leases  signed since the beginning of the year for approx. 159,000 m² of space

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 specializing in brownfield sites, increased all financial key figures in the double-digit range in the first half of 2025 compared to both the first half of 2024 and the second half of 2024. It is thus continuing the long-term, linear growth of its business (revenue; earnings before interest, taxes, depreciation and amortisation (EBITDA); EPRA surplus), while maintaining a vacancy rate of around 5%. MLP Group is continuously strengthening its position as one of Europe's fastest-growing developers, combining dynamic growth with a well-thought-out tenant selection strategy and effective risk management.

In the first half of 2025, the MLP Group generated consolidated revenue of EUR 49.1 million, which corresponds to an increase of 13% compared to the previous year. Earnings before interest, taxes, depreciation and amortization (EBITDA) excluding revaluation amounted to EUR 25.2 million, a growth of 9% compared to the first half of 2024. The EPRA surplus amounted to EUR 7.2 million. This represents an increase of 38% compared to the second half of the previous year.

The MLP Group initiated new projects in the first half of 2025, while at the same time continuing ongoing developments. A total of 275,000 m² of new projects were launched. Marketing rates remained very high. For example, the MLP Pruszków II (40,000 m²) and MLP Bucharest West (20,300 m²) parks have already been fully pre-let. In MLP Poznań West, 94% of the 34,000 m² is pre-let, while MLP Business Park Vienna has a marketing quota of 50% of the 54,000 m².

"The industrial and logistics sector is an unagitated business area – consistent, predictable and perhaps even boring for some. But it is precisely this consistency that provides the basis of the MLP Group's strength. Through disciplined and consistent action, we achieve double-digit growth and record sales. With this 'boring' business area, which yields robust profits, we create long-term value for our shareholders. The first half of 2025 was a stable phase for us. Since the beginning of the year, we have let over 159,000 m² and handed over approx. 93,000 m² with a yield on cost (YoC) of 11.5%, of which 83% of the leased space has already been completed. This brings the existing portfolio of the MLP Group to 1.5 million m² of gross leasable area," says Radosław T. Krochta, CEO of the MLP Group.

MLP Group's land portfolio still to be developed totals 248 ha, of which 96 ha are owned by the developer and 152 ha under pre-contract agreements. This space secures the company significant future growth potential, with locations around its existing business parks in central urban locations.

The investment properties of the MLP Group form one of the most modern portfolios on the European logistics market. Around 90% of the buildings were developed in the last 10 years, over 60% in the last 5 years. The portfolio generates strong cash flow and its weighted average unexpired lease term (WAULT) is around eight years. With around 195 tenants, the MLP Group has a broad and diversified international tenant base of companies with high revenues and strong credit ratings.

The yield compression expected at the beginning of the year failed to materialise in the first half of 2025. Looking ahead, investor confidence is expected to gradually return and market activity to pick up again, leading to a slow and selective compression of prime yields in the second half of the year, which will gradually spread to all asset classes and European markets (including Poland and Germany).

Thanks to its conservative financial strategy, MLP Group benefits from a solid liquidity position to finance its growth ambitions, with fixed borrowing costs and a conservative repayment profile. "In the coming years, we will move away from bank financing to corporate bonds and expand the portfolio with unencumbered assets instead of bank-financed assets," Krochta continued.

The MLP Group's growth strategy focuses on the development of city logistics projects throughout Europe as economically robust assets. Germany and Austria are the most important expansion markets. In 2025, MLP Group's projects in these countries will account for more than 50% of the total rental result for the first time.

"We are further expanding our presence in the regions where we are already represented, i.e. Vienna, North Rhine-Westphalia, Brandenburg and Hesse. In addition, we are expanding into the Munich area, where we expect to acquire our first property in the fourth quarter of 2025, as well as into the Hamburg region. In Poland, we are pursuing the same strategy: we are strengthening our presence in the core markets in which we are already active. This approach reduces the operational risk of our business. Poland remains our central market: In the second half of 2025, we will launch a number of new projects there, including MLP Bieruń West, MLP Rzeszów, MLP Pruszków II, MLP Business Park Poznań and MLP Łódź. 75% of the usable space has already been pre-let. In addition, we are planning to acquire another plot of land in Warsaw to further strengthen our position in the regional market," concludes Krochta.

In 2025, the MLP Group plans to hand over approx. 250,000 m² to 300,000 m².

As part of its strategy for the green transformation, the MLP Group continuously invests in the field of renewable energies. At the end of the first half of 2025, the total output of its PV systems reached 8.7 MWp, of which 5.9 MWp in Poland and 2.8 MWp in Germany, Austria and Romania. In the second half of 2025, it will commission new PV systems with a capacity of 4.49 MWp. Further projects will be completed in 2026, including the MLP Pruszków II (1.5 MW of the targeted 6 MW) as well as smaller plants in the MLP Poznań, MLP Czeladź, MLP Gliwice, MLP Łódź and MLP Zgorzelec parks. By 2028, all planned assets will be fully operational.