Montepino Logística SOCIMI (MLMTP) Q4 2025 earnings summary

Executive summary

• Portfolio expanded from 23 to 55 assets since May 2021, with GAV rising 110% to €1,557M by Dec 2025.

• Operative assets reached 1.2M m² GLA with 100% occupancy and annualised rent of €63.9M.

• Strategic focus on completing developments, stabilising income, and selective asset rotation to maximise returns.

Financial highlights

• Revenue increased to €62M in 2025, up from €47M in 2024 and €36M in 2023.

• Net profit for 2025 was €84M, rebounding from €34M in 2024 and a loss of €157M in 2023.

• GAV rose from €1,442M in 2024 to €1,557M in 2025; NTA increased to €882M.

• TVPI improved to 1.07x in 2025, up from 0.96x in 2024.

• Aggregate distributions reached €59M by 2025.

Outlook and guidance

• Strategy targets completion of current developments and new high-yield projects (YoC >6%).

• Expected annual rents to exceed €70M after full delivery of assets under development (2026–2027).

• Refinancing of €400M syndicated loan due in June 2026 is underway, with a binding offer secured.