MLP Group is accelerating its expansion in Europe. In the first quarter of 2026, the company increased revenue by 20% year on year and EBITDA by 10%. During the period, it leased a record 65,800 sqm of space, almost three times more than a year earlier.
Key financial and operating figures for Q1 2026 include:
Revenue reached PLN 130.6 million, up 20% year on year, or EUR 30.8 million, up 18% year on year. EBITDA excluding revaluation amounted to PLN 59.5 million, up 10% year on year, or EUR 14.0 million, up 9% year on year. The fair value of investment properties stood at PLN 6,856.7 million, up 4% compared with December 31, 2025, or EUR 1,598.5 million, up 2%. Net asset value stood at PLN 3,233.4 million, up 1%, or EUR 753.8 million, broadly unchanged from the end of 2025. NAV per share amounted to PLN 134.8, up 1%, or EUR 31.4, unchanged compared with December 31, 2025. Net profit reached PLN 32.5 million, compared with a loss of PLN 42.7 million in Q1 2025, or EUR 7.7 million compared with a loss of EUR 10.2 million a year earlier.
Since the beginning of the year, MLP Group has signed lease agreements covering 65,800 sqm of space, an increase of 189% year on year compared with 22,800 sqm in Q1 2025. New contracted annualized rent amounted to EUR 4.6 million, up 245% year on year from EUR 1.3 million in Q1 2025.
The European industrial and logistics real estate sector entered 2026 with clear signs of recovery, supported by improving investment sentiment and stabilizing financing conditions. Sustained strong demand for modern logistics space is focused primarily on the largest urban agglomerations and metropolitan regions, which remains fully aligned with MLP Group’s strategy of developing projects in key urban locations across the company’s main markets.
Since the start of the year, MLP Group has signed lease agreements for approximately 65,800 sqm of space, up 189% year on year, of which 58,500 sqm was leased to new clients. The new contracts will generate EUR 4.6 million in annualized rent, compared with EUR 1.3 million in the previous year, representing an increase of 245% year on year.
In the first quarter of 2026, MLP Group generated PLN 130.6 million in consolidated revenue, an increase of 20% year on year. At the same time, the Group recorded PLN 59.5 million in EBITDA excluding revaluation, improving its result by 10% compared with the corresponding period of the previous year.
“We are consistently implementing a strategy based on the development of modern logistics parks in the largest urban agglomerations and metropolitan regions of Europe. Our focus on key locations characterized by strong demand and limited land availability strengthens our competitive position and supports further growth in the scale of our operations. The record level of leased space, dynamic revenue growth of 20% and EBITDA growth of 10%, and, most importantly, the record value of contracted rent in the first quarter of 2026 — EUR 4.6 million, an increase of 245% year on year — will translate into even greater growth in the scale of our operations in the coming periods,” said Radosław T. Krochta, President of the Management Board and CEO of MLP Group S.A.
At the end of March 2026, the fair value of investment properties amounted to PLN 6,856.7 million, up 4% compared with December 31, 2025. Net asset value increased by 1% in the first quarter to PLN 3,233.4 million. Around 217,000 sqm of space is currently under construction, corresponding to potential rental revenue of EUR 14.2 million.
MLP Group’s cautious financial approach provides the company with a strong liquidity position, enabling it to finance development objectives while maintaining a fixed cost of debt and a conservative repayment profile.
At the same time, the Group maintains a very high-quality portfolio and strong operational stability. As much as 98% of rents were paid on time, while the tenant payment profile remains stable.
MLP Group has one of the most modern warehouse and industrial property portfolios in Europe. Around 85% of its buildings were developed over the past 10 years, and more than 60% over the past five years.
“We remain consistently focused on developing projects located in the largest urban agglomerations in Europe. Our strategy is increasingly based on modern, highly diversified logistics parks offering medium and small modules that respond to the growing needs of urban logistics and clients operating close to the end consumer. We are gradually moving away from classic big-box projects toward more flexible urban formats. Later this year, we will begin work on a two-level project in Munich and another investment in Vienna. A particularly important project will be MLP City Park Vienna — a new urban concept offering modules ranging from 200 to 800 sqm, located just 1,500 meters from Vienna’s main railway station. Ultimately, we want to develop this format in the largest cities in Europe,” added Radosław T. Krochta.
