MLP Group (MLG) Q2 2026 earnings summary

Executive summary

• Achieved strong financial and operational performance in 1H 2026, with revenues up 23% YoY, rental income up 34% YoY, and net profit nearly doubling, driven by portfolio expansion and high occupancy rates.

• Portfolio expansion led to a more diversified geographic mix, with increased exposure in Germany and Austria and reduced concentration in Poland.

• Portfolio reached 1.7 million sqm GLA, with 185,999 sqm under construction and a land bank supporting significant future growth.

• Maintained high occupancy (95%), long WAULT (7.3 years), and near-perfect tenant retention, supported by a blue-chip and diversified tenant base.

Financial highlights

• Rental income reached EUR 35.1 mn (+33% YoY) / PLN 149.3 mn (+34% YoY); EBITDA (before revaluation) at EUR 29.6 mn (+18% YoY) / PLN 126.0 mn (+19% YoY); net profit EUR 36.8 mn / PLN 156.4 mn (+98% YoY).

• Gross Asset Value (GAV) rose to EUR 1.71 bn (+10% vs. Dec 2025) / PLN 7,363.5 mn (+11% vs YE 2025); Net Asset Value (NAV) at EUR 0.78 bn (+3% vs. Dec 2025) / PLN 3,357.4 mn (+5% vs YE 2025).

• Total revenue increased 22% YoY to EUR 60 mn; annualized future rental income at EUR 87 mn.

• LTV at 46.7% (up from 43.3% at YE 2025); Net Debt/EBITDA at 13.5x; Net Debt/Run Rate EBITDA at 10.9x.

• FFO: PLN 21.1 million (-33% YoY); cash position: EUR 17.5 million as of 1H 2026.

Outlook and guidance

• Strong development pipeline with 186,000 sqm under construction and annualized potential rental income of EUR 11.9 mn.

• Plans to deliver ~200,000 sqm of new leasable space in 2H 2026, supporting further rental income and asset value growth.

• Expects high single-digit growth in rental rates and ERVs, driven by robust demand and limited new supply.

• Target yield on cost for new developments set at a minimum of 12.4%.

• Strategic focus on city logistics, with ~60% of CAPEX to be invested in urban projects.