Montepino Logística SOCIMI (MLMTP) Q1 2026 earnings summary

Executive summary

• Gross asset value (GAV) reached €1,552M at Q1 2026, reflecting a stable portfolio after the divestment of Zaragoza 1 in March.

• Portfolio comprises 54 assets with 100% occupancy in operative assets and a weighted average unexpired lease term of 6/19 years.

• Annualised rent from operative assets stands at €64.4M, with new builds in progress expected to increase this figure above €70M between 2026 and 2027.

• Strategy focuses on consolidating the current portfolio, completing developments, and selective asset rotation to maximise returns.

Financial highlights

• Q1 2026 revenue was €16.2M, up 18% year-over-year; NOI reached €14.7M, also up 18%.

• EBITDA for Q1 2026 was €11.1M, compared to €9.3M in Q1 2025.

• Operating expenses remained stable at €3.6M in Q1 2026.

• Aggregate distributions to investors reached €59M.

Outlook and guidance

• Focus on completing current developments and resuming new projects with yield on cost above 6%.

• Stabilisation of recurrent income targeted, with annual rents expected to exceed €70M as new assets come online.

• Ongoing asset rotation and optimisation of financial structure to enhance investor returns.