MLP Group (MLG) Q3 2025 earnings summary

Executive summary

• Leading European logistics platform with a vertically integrated, modern portfolio focused on Class A, multi-tenant warehouse and industrial properties in Poland, Germany, Austria, and Romania, emphasizing conservative growth in core urban areas.

• Portfolio of 1.6 mn sqm GLA, 2.4 mn sqm land bank, 95% occupancy, 99% rent collection, and 99% tenant retention as of September 30, 2025.

• Blue-chip tenant base, long WAULT (7.3 years), and 100% inflation-indexed leases.

• ESG strategy includes BREEAM/DGNB certifications, renewable energy, and a decarbonization plan.

• GAV increased by 9% to PLN 6,031.3 million as of September 30, 2025, with NAV up 3% to PLN 2,831.6 million.

Financial highlights

• 9M'25 revenues reached €72.5 mn (PLN 307.3 mn), up 12% (10%) year-over-year; rental revenue at €41 mn, up 9%.

• 9M'25 EBITDA (excl. revaluation) at €38 mn (PLN 159.3 mn), margin 52%, up 13% YoY.

• LTM Q3 2025 recurring EBITDA CAGR of 22% since 2021; run-rate adjusted EBITDA at €61.1 mn.

• Net profit for 9M'25 at €21 mn (PLN 89.8 mn), down 66% YoY.

• EPRA Earnings and FFO declined by 67% and 26% respectively, reflecting lower revaluation gains.

Outlook and guidance

• Targeting further expansion in Germany and Vienna, aiming for Germany to represent ~33% of portfolio by 2028.

• Urban logistics to reach ~30% of portfolio by 2028; focus on sustainable growth and consistent yield on cost (11.5%).

• 300,000 sqm leasing budget for 2025, with strong pre-letting rates (80-90%).

• Management expects continued positive EBITDA trends to reduce the Net Debt/EBITDA ratio.

• Key factors for future performance include macroeconomic conditions, interest rates, exchange rates, and property revaluation.