Montepino Logística SOCIMI (MLMTP) Q3 2025 earnings summary

Executive summary

• Achieved 31% year-over-year turnover growth and 33% NOI increase in Q3 2025, reflecting improved operating efficiency and portfolio expansion.

• EBITDA rose 46% year-over-year, driven by higher rental income and asset revaluation.

• Real estate investments increased by €81 million in the first nine months of 2025, with asset revaluations and new developments contributing to growth.

• Portfolio comprises 53 assets across Spain and Portugal, with 1.88 million m² GLA and 100% occupancy in operative assets.

Financial highlights

• Turnover reached €45.6M for Q3 2025 (accrued), up from €34.8M in Q3 2024.

• NOI for Q3 2025 was €39.4M, up from €29.7M in Q3 2024.

• EBITDA for Q3 2025 was €29.7M, compared to €20.3M in Q3 2024.

• Gross Asset Value (GAV) at 30 September 2025 was €1.523B, a 67% increase since December 2021.

• LTV ratio stood at 43% at Q3 2025.

Outlook and guidance

• Strategy focuses on consolidating the current portfolio, completing assets under construction, and stabilizing recurring income.

• Target annual rental income of €64M, potentially rising to €70M by 2027 as new developments are delivered.

• Plans to optimize financial structure and selectively rotate assets to maximize value.