MLP Group (MLG) Corporate Presentation summary

Company overview

• Leading European logistics platform with €457mn market cap, operating in Poland, Germany, Austria, and Romania, specializing in Class A, multi-tenant warehouses with 1.2mn sqm GLA and a 2.7mn sqm landbank.

• 87% of assets are Big Box, 13% City Logistics; focus on core markets and cities, with 90% of buildings developed in the last 10 years.

• Diversified tenant base of around 200, including multinationals, with high credit quality and retention rates near 100%.

• Gross asset value exceeds €1.17bn as of June 2024, up from €729mn in 2021, with a 58% run-rate adjusted EBITDA margin.

• Since IPO in 2013, NAV grew 426%, developed space 271%, revenues 308%, and share price 243%.

Portfolio and operations

• Assets are strategically located near major cities and logistics hubs, with a focus on expansion in Germany and Poland, supplemented by Austria and Romania.

• 91% occupancy, 7.8-year WAULT, and 100% of lease contracts indexed to inflation (EURO HICP) with no cap.

• 80% of the portfolio is BREEAM/DGNB certified; 77% of construction is pre-let, ensuring cashflow visibility.

• Standardized, modern assets with an average building age of 6.2 years and average size of 8k sqm.

• Development pipeline includes 171k sqm ongoing, with 47% already leased; new leases are trending toward longer terms.

Financial performance

• H1 2024 GAV at €1,166mn, NAV at €621mn (+12% vs. Dec 2023), rental income €25.2mn (+16% YoY), and FFO €9.5mn (-25% YoY).

• Net LTV at 37%, robust balance sheet, and no dividend planned until at least 2028 due to ongoing investments.

• LTM revenue €84.1mn, run-rate adjusted EBITDA €48.8mn, and recurring EBITDA margin above 50%.

• Historical revenue CAGR (2021–H1 2024) of 20.4%, GAV CAGR of 20.6%, and consistent growth in NAV and NOI.

• 80% of bank loans hedged against interest rate risk for the next 4 years; strong access to domestic bond markets.