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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.
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Q2 2025 earnings summary25 Aug, 2025

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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