Montepino Logística SOCIMI (MLMTP) Q4 2024 earnings summary

Executive summary

• Gross Asset Value (GAV) reached €1.44 billion at December 2024, up 15% year-over-year, reflecting portfolio expansion and asset development completion.

• Turnover increased 30% year-over-year to €47.6 million, with Net Operating Income (NOI) up 28% to €40.3 million.

• EBITDA rose 42% year-over-year to €27.6 million, driven by higher rents and improved operating efficiency.

• Portfolio comprises 31 operative assets, 9 under construction, and 14 land plots, with a total operative GLA of 1,196,331 m² and 97.8% occupancy.

Financial highlights

• Annualised rent from operative assets increased 39.6% to €62.4 million.

• Operating expenses rose 6% year-over-year to €12.7 million.

• Financial profit declined to -€21.0 million due to higher debt and increased interest rates.

• LTV ratio increased to 42% from 39% year-over-year.

• Financing obtained totals €671 million, with €607 million currently borrowed.

Outlook and guidance

• Prime yields in Spain and Portugal are expected to compress in the short to medium term, potentially increasing asset valuations.

• Market demand remains robust, with logistics take-up and rents rising in key regions.

• New contracts and developments are expected to support further growth in 2025 and 2026.