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MLP Group (MLG) investor relations material
MLP Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenues grew 13% year-over-year to €49.1mn (PLN 207.1mn, +10% YoY) in 1H 2025, with EBITDA up 9% (PLN 106.2mn, +7%) and net profit at €18.8mn (PLN 79.2mn), down sharply from 1H 2024 due to lower revaluation gains.
Gross Asset Value increased 6% to €1.38bn (PLN 5,832.4mn), and Net Asset Value rose 3% to €664mn (PLN 2,817.8mn) compared to year-end 2024.
Portfolio reached 1.5mn sqm GLA, with 275,000 sqm under construction and a landbank of 248 ha supporting future growth.
Occupancy rate held at 95%, rent collection at 99%, and WAULT at approximately 8 years, with a diversified tenant base.
Strategic expansion in Germany and Austria, with projects in these countries expected to account for over 50% of 2025 leasing results and a focus on city logistics and sustainable development, including 8.7 MWp of installed solar capacity.
Financial highlights
EPRA earnings fell 47% year-over-year to €7.2mn, while FFO dropped 21% to €7.5mn.
LTV stable at 43.3%, equity ratio at 44.3%, and Net Debt/EBITDA at 11.9x (PLN 12.0x); Net Debt/Run Rate EBITDA at 9.8x (PLN 9.9x).
Annualized rental income from new leases and renewals in 1H 2025 will add €7.2mn (+10%) to annual revenues.
100% of rental contracts indexed to CPI and denominated in EUR; 80–85% of loans and bonds hedged against interest rate risk.
Cash and cash equivalents: PLN 285.4mn as of June 30, 2025; current ratio: 2.15; cash ratio: 1.56.
Outlook and guidance
Development pipeline of 275,447 sqm under construction, with 80–90% expected pre-let at delivery and a minimum yield on cost of 11.5%.
Targeting delivery of 250–300k sqm in 2025, with over 50% of new leasing expected from Austria and Germany.
Focus on expanding city logistics projects, aiming for 30% of portfolio GAV by 2028.
Additional 4.5 MWp of solar capacity to be commissioned in 2H 2025, supporting ESG strategy.
Plans to enter the global debt market in early 2026 and increase unencumbered assets.
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