Montepino Logística SOCIMI (MLMTP) Q2 2025 earnings summary

Executive summary

• Achieved 32% year-over-year turnover growth and 35% NOI increase in H1 2025, with EBITDA up 50% year-over-year, reflecting strong operational efficiency and portfolio expansion.

• Gross Asset Value (GAV) reached €1,538M as of June 2025, up from €1,442M at year-end 2024, driven by €28M in new investments and €68M in asset appreciation.

• Portfolio comprises 54 assets across Spain and Portugal, with 32 operational, 13 under construction, and 9 land plots, totaling 1.9M m² GLA and a 100% occupancy rate for operative assets.

• Annualized rental income from operative assets stands at €64.2M, with target rents expected to reach €70M by 2027 as developments complete.

Financial highlights

• H1 2025 turnover: €29.3M (up from €22.2M in H1 2024); NOI: €25.8M (up from €19.07M); EBITDA: €19.4M (up from €12.9M).

• Operating expenses increased to €6.4M in H1 2025 from €4.95M in H1 2024.

• Financial loss widened to €12.9M in H1 2025, reflecting higher debt and interest rates.

• LTV ratio at 43% as of June 2025, with €674M in drawdowns and €713M in total financing.

Outlook and guidance

• Strategy focuses on completing assets under construction, stabilizing recurrent income, selective asset rotation, and optimizing financial structure.

• Market conditions are improving, with moderating construction costs, lower interest rates, and rising asset valuations supporting a positive outlook.

• Expected rental income to grow sharply as new developments are completed by 2027.