MLP Group (MLG) Q4 2024 earnings summary

Executive summary

• Achieved 22% YoY growth in gross asset value to €1.29bn and 17% YoY increase in NAV to €643mn.

• Net profit reached €86.5mn, a significant turnaround from a €11.5mn loss in 2023.

• Signed 307,194 sqm of leases (+17% YoY), with 225,221 sqm new contracts (+106% YoY).

• Inaugural €300mn Eurobond issued, shifting debt structure toward unsecured financing.

• Landbank expanded to 257 ha, securing future growth in core urban areas.

Financial highlights

• Revenues up 9% YoY to €86.5mn; rental income up 13% YoY to €49.9mn.

• EBITDA (excl. revaluation) up 9% YoY to €43.1mn; operating profit at €126.2mn vs. €-17.6mn in 2023.

• Net profit margin improved sharply, with net profit of €86.5mn vs. €-11.5mn in 2023.

• Cash and cash equivalents nearly doubled to €156.3mn.

• LTV at 42.9%, equity ratio at 42.4%, and weighted average interest rate on debt at 4.0%.

Outlook and guidance

• 2025 pipeline targets delivery of 250–300k sqm, with Germany and Austria expected to contribute over 50% of results.

• New and renewed leases from 2024 to drive PLN 85.6mn (+40%) rental income growth in 2025.

• High single-digit rental growth expected due to strong demand and limited supply.

• Focus on expanding city logistics to 30% of portfolio GAV by 2028.