Montepino Logística SOCIMI (MLMTP) Q1 2025 earnings summary

Executive summary

• Gross Asset Value (GAV) reached €1.45 billion as of March 2025, up 80% since June 2021, reflecting continued portfolio expansion and asset revaluation.

• Annualised rent increased by 27.5% year-over-year to €63.3 million, with turnover up 30% to €13.7 million in Q1 2025.

• EBITDA rose 52% year-over-year to €9.3 million, driven by higher income and a 66% reduction in operating expenses.

Financial highlights

• Turnover for Q1 2025 was €13.7 million, up from €10.5 million in Q1 2024.

• Net Operating Income (NOI) increased 14% year-over-year to €10.4 million.

• Operating expenses dropped from €3 million to €1 million year-over-year.

• Financial costs increased due to higher debt and rising interest rates.

• LTV ratio rose to 45% from 38% year-over-year.

Outlook and guidance

• Several projects under construction are on schedule, with major deliveries expected between Q2 2025 and Q2 2026.

• Market trends indicate stable or slightly declining yields and rising rents in both Spain and Portugal, supporting continued growth.