Montepino Logística SOCIMI (MLMTP) Q3 2024 earnings summary

Executive summary

• Operative assets generated annualised rent of €50.8M in Q3 2024, up 48.8% year-over-year, with turnover rising 30% to €34.8M and NOI up 30% to €29.8M.

• EBITDA increased 42% year-over-year to €20.3M, reflecting improved operating efficiency despite a 6.3% rise in operating expenses.

• Gross asset value (GAV) reached €1.378B at June 2024, up 71% since June 2021, with a portfolio spanning Spain and Portugal.

Financial highlights

• Turnover rose from €26.7M in Q3 2023 to €34.8M in Q3 2024.

• NOI increased from €22.9M to €29.8M year-over-year.

• EBITDA grew from €14.3M to €20.3M, a 42% increase.

• Operating expenses rose from €8.9M to €9.5M.

• Financial profit declined from -€9.6M to -€15.1M due to higher debt and interest rates.

Outlook and guidance

• Several assets under construction are scheduled for delivery in Q4 2024 and Q1 2025, including major developments in Valencia, Malaga, and Lisbon.

• Rent increases and new contracts are expected to support further revenue growth.