- Revenue: 109.2 million PLN (+13% y/y), 26.1 million EUR (+17% y/y)
- EBITDA (excluding revaluation): 53.9 million PLN (+7% y/y), 12.9 million EUR (+11% y/y)
- Fair value of investment properties: 5,490.7 million PLN (-1% vs. December 31, 2024), 1,312.3 million EUR (+2% vs. December 31, 2024)
- Net Asset Value (NAV): 2,694.2 million PLN (-2% vs. December 31, 2024), 644.0 million EUR (unchanged)
- NAV per share: 112.3 PLN (-2%), 26.8 EUR (unchanged)
- Net result: -42.7 million PLN (vs. 16.2 million PLN in Q1 2024), -10.2 million EUR (vs. 3.8 million EUR in Q1 2024)
- Lease agreements signed since the start of the year: approx. 45,000 sqm
Solid Revenue and EBITDA Growth
In the first quarter of this year, MLP Group recorded strong revenue and EBITDA growth. The Group maintained high operational stability, with 99% of rent due paid on time and a favorable payment profile. MLP Group continues to build its position as the fastest-growing logistics platform in Europe, combining dynamic growth with a thoughtful tenant selection strategy and effective risk management.
In Q1 2025, MLP Group achieved consolidated revenue of 109.2 million PLN, up 13% year-on-year. EBITDA (excluding revaluation) reached 53.9 million PLN, improving by 7% compared to the same period last year.
“At MLP Group, we combine growth with moderate risk, focusing primarily on projects in key urban areas and acquiring top-quality tenants. We are seeing an increasing influx of investments from Asia to Europe, and tenant demand remains strong, which translates into further rent growth. Since Q1 2025, we have observed a significant upward trend in EPRA earnings and FFO, which will greatly enhance MLP Group’s growth prospects in the coming periods. We have maintained high operational stability—around 99% of due rents were paid on time, and our payment profile remained consistently favorable,” said Radosław T. Krochta, President of the Management Board of MLP Group S.A.
Financial Prudence and Strong Liquidity
A cautious approach to finance ensures MLP Group maintains a strong liquidity position, enabling the financing of development goals while keeping debt costs steady and maintaining a conservative repayment profile. The net debt to EBITDA ratio dropped to 11.0x at the end of Q1 2025 from 13.6x in Q4 2024, a 20% decrease. The very positive trend in EBITDA growth should, in the coming periods, further reduce the net debt to EBITDA ratio as well as the forward-looking (net debt to Run Rate EBITDA) ratio.
Portfolio and Asset Valuation
As of the end of March 2025, gross asset value was 5,490.7 million PLN, down 1% compared to December 31, 2024. Net asset value (NAV) in Q1 decreased by 2% to 2,694.2 million PLN. This change was influenced by the strengthening of the zloty against the euro, partially offset by higher operating results. Capitalization rates for the portfolio remained unchanged in Q1. Further interest rate cuts are expected in 2025, which should lead to lower capitalization rates and consequently higher property valuations. At the end of Q1, construction was underway on 224,000 sqm of space.
High Portfolio Occupancy and Retention
MLP Group’s property portfolio maintained a stable occupancy rate of 92.15% in Q1. A slight, temporary decline was due to the customary completion of a large share of new developments in the first part of the year. The Group aims to keep vacancy rates below 5%.
“Since the beginning of the year through the date of this report, we have signed lease agreements for a total of approximately 45,000 sqm. Building effective client relationships enables us to develop long-term partnerships, some of which have lasted over 20 years, with a tenant retention rate of nearly 99%. The average weighted lease term (WAULT) for our portfolio has increased to about 7.7 years, up from 7.1 years in the previous quarter,” added Radosław T. Krochta.
MLP Group boasts one of the most modern portfolios in the European logistics market—90% of buildings have been developed in the past 10 years, and over 60% in the last 5 years.
Source: CEO.com.pl
