MLP Group (MLG) Q4 2025 earnings summary

Executive summary

• Achieved record growth in 2025, with EBITDA up more than 7-fold and NAV up 4-fold since 2018, reflecting strong expansion in the European industrial and warehouse market.

• Signed a historic 370,941 sqm of new and renewed leases in 2025, increasing annualized committed leases by 34% to EUR 20.8 million.

• Maintained portfolio vacancy below 5% and achieved a 15% average like-for-like rental price increase.

• Portfolio WAULT at about 8 years, with a diversified tenant base and 99% rent collection.

Financial highlights

• Revenues increased by 13% year-over-year to PLN 420.5 million (EUR 99.2 million).

• Net profit rose 23% year-over-year to PLN 459.0 million (EUR 108.3 million).

• EBITDA grew 14% to PLN 210.9 million (EUR 49.8 million).

• Gross Asset Value (GAV) increased 28% to EUR 1,563.5 million; Net Asset Value (NAV) up 18% to EUR 756.4 million.

• LTV at 43.3%, with a liquidity position of EUR 34 million at year-end.

Outlook and guidance

• Lease agreements signed in 2025 secure a 22% revenue growth base for 2026.

• Plans to deliver 250,000–300,000 sqm of new leasable area in 2026, with high single-digit rental rate growth expected.

• Expansion in Poland, Romania, Germany, and Austria, with a focus on urban/city logistics projects aiming for 30% of portfolio GAV by 2028.