- Revenues of PLN 307.3 million (+10% y/y), EUR 72.5 million (+12% y/y)
- EBITDA without revaluation: PLN 159.3 million (+13% y/y), EUR 37.6 million (+14% y/y)
- Fair value of investment properties: PLN 6,031.3 million (+9% vs. 31 December 2024), EUR 1,412.7 million (+9% vs. 31 December 2024)
- Net asset value (NAV): PLN 2,831.6 million (+3% vs. 31 December 2024), EUR 663.3 million (+3% vs. 31 December 2024)
- NAV per share: PLN 118.0 (+3% y/y), EUR 27.6 (+3% y/y)
- Net profit: PLN 89.8 million (vs. PLN 265.1 million in 1–3Q2024), EUR 21.2 million (vs. EUR 61.6 million in 1–3Q2024)
- Lease agreements signed since the beginning of the year: approx. 225,000 sqm
MLP Group, a leading European platform for logistics and industrial real estate, delivered strong financial results for the first three quarters of 2025. The company continues to pursue stable, balanced growth, combining a 12% increase in revenue and a 14% rise in EBITDA with a remarkable 28% surge in Funds From Operations (FFO).
Stable Growth and High Operational Efficiency
In the first three quarters of 2025, MLP Group recorded consolidated revenues of EUR 72.5 million, an increase of 12% year-on-year. EBITDA excluding revaluations rose by 14% to EUR 37.6 million, while FFO increased by 28%, confirming the company’s strong ability to generate stable cash flows from its assets.
“Efficiency, stability and consistent growth are the values that best describe our operations. The 28% increase in FFO confirms the strong fundamentals of our Group and the ability of our properties to generate stable and recurring cash flows. Our strategy is based on a high-quality asset portfolio, long-term tenant relationships and disciplined risk management. Our business is highly predictable, and we remain focused on what is constant – tenant satisfaction, growth in asset value and sustainably increasing cash flows, which form the foundation of MLP Group’s success. After an excellent third quarter, we expect record leasing volumes in the fourth quarter – the market looks very promising,” said Radosław T. Krochta, CEO of MLP Group S.A.
Strong Financial Position and a Safe Debt Profile
MLP Group’s prudent financial approach ensures a solid liquidity position, enabling the company to fund development goals while maintaining stable debt costs and a conservative repayment structure.
The net debt to EBITDA ratio stood at 12.7x at the end of Q3 2025, compared with 10.7x a year earlier (an increase of 19%). The company expects the strong growth trend in EBITDA to translate into a lower net debt to EBITDA ratio in the coming periods, including improvements to the forward-looking measure (net debt to run-rate EBITDA).
Property Portfolio and Investment Development
As of the end of September 2025, Gross Asset Value (GAV) reached EUR 1,417.7 million, 3% higher compared with 31 December 2024. Equity (NAV) increased by 3% year-to-date, reaching EUR 663.3 million.
Since the beginning of 2025, MLP Group has signed leases covering approximately 189,000 sqm. In total, the company now holds lease agreements for 1.3 million sqm, serving around 195 clients.
At the end of September, the total area under construction or preparation amounted to 326,800 sqm, with a total development potential exceeding 2.4 million sqm across the land bank (including options). More than 1.3 million sqm of modern logistics space has already been delivered. The portfolio remains one of the newest in Europe—90% of buildings were constructed in the past ten years, and over 60% in the past five.
Operational Stability and Long-Term Tenant Relationships
At the end of the third quarter, the occupancy rate stood at 91%, similar to the previous year. Rent collection remained exceptionally strong, with 98% of rents paid on time, and the tenant retention rate reached 99%, demonstrating the loyalty and stability of the tenant base.
Long-term partnerships—many spanning more than 20 years—form a core pillar of MLP Group’s strategy, built on trust, flexibility and joint development.
Source: ceo.com.pl — MLP Group with double-digit increases: revenue +12%, EBITDA +14%, FFO +28% after three quarters of 2025
