Montepino Logística SOCIMI (MLMTP) Q2 2026 earnings summary

Executive summary

• The portfolio consists of 54 assets, with 33 operational and fully occupied, generating stable rental income under long-term CPI-linked contracts with top-tier tenants.

• Since launch in 2021, cash generation has been below initial expectations due to macroeconomic headwinds, but a new strategy from 2025 focuses on operational consolidation and selective growth.

• The company has adopted a prudent approach, temporarily halting new developments during adverse market conditions and resuming select projects as the market stabilizes.

Financial highlights

• Gross Asset Value (GAV) rose to €1,606M at June 2026, up from €1,557M at end-2025 and €741M at acquisition in 2021.

• Revenue increased 13% year-over-year in 2026, reaching €33M for Q2 2026 (annualized €68M), with EBITDA up 11% to €21.6M for Q2 2026.

• Net Tangible Assets (NTA) reached €929M at June 2026, with a TVPI of 1.12x, recovering from a low of 0.90 in 2023.

• Aggregate distributions to date total €59.3M, representing 6.7% of paid-up capital.

Outlook and guidance

• Strategy focuses on maximizing cash generation, completing developments, and selective asset rotation to enhance returns.

• Expected annual rent to exceed €70M once all developments are operational by 2027.

• Potential extraordinary distribution of up to €45M from reserves/share premium, subject to asset rotation outcomes in H2 2026.