MLP Group (MLG) Q1 2026 earnings summary

Executive summary

• Achieved strong financial and operational performance in 1Q 2026, with revenue up 20% YoY to PLN 130.6 mn, EBITDA before revaluation up 10% YoY to PLN 59.5 mn, and net profit at PLN 32.5 mn, reversing a prior loss.

• Maintains a structurally resilient business model focused on modern logistics and industrial assets in core European urban areas.

• Exceptional fundamentals include a young asset portfolio, high tenant retention near 99%, and a robust development pipeline.

• Gross Asset Value (GAV) increased to PLN 6.86 bn (+4% vs. Dec 2025), and Net Asset Value (NAV) rose to PLN 3,233.4 mn.

• Weighted average unexpired lease term (WAULT) stands at approximately 7.6 years.

Financial highlights

• Revenue reached PLN 130.6 mn (+20% YoY) and EUR 30.8 mn (+18% YoY), with rental income at PLN 71.6 mn (+30.4% YoY).

• EBITDA (before revaluation) was PLN 59.5 mn (+10% YoY) and EUR 14.0 mn (+9% YoY).

• Net profit improved to PLN 32.5 mn (from PLN -42.7 mn) and EUR 7.7 mn (from EUR -10.2 mn).

• Gross Asset Value (GAV) increased to PLN 6.86 bn (+4% vs. Dec 2025) and EUR 1.60 bn (+2% vs. Dec 2025).

• Earnings per share for Q1 2026 were PLN 1.35, compared to a loss per share of PLN 1.78 in Q1 2025.

Outlook and guidance

• FY 2026 revenue guidance set at EUR 131 mn (+9% YoY), with long-term goals of EUR 120 mn already 92% secured.

• EBITDA margin expected to remain at or above 50%.

• FFO improvement targeted to match or exceed revenue growth.

• Management expects macroeconomic factors, interest rates, exchange rates, and property valuation updates to impact results in the coming quarters.

• The Group maintains a conservative approach to growth, focusing on core urban markets and top-tier tenants.