- Revenue: PLN 420.5 million (+13% y/y), EUR 99.2 million (+15% y/y)
- EBITDA (excluding revaluation): PLN 210.9 million (+14% y/y), EUR 49.8 million (+15% y/y)
- Fair value of investment properties: PLN 6,608.6 million (+28% vs. December 31, 2024), EUR 1,563.5 million (+29% vs. December 31, 2024)
- Net Asset Value (NAV): PLN 3,197.0 million (+16% vs. December 31, 2024), EUR 756.4 million (+18% vs. December 31, 2024)
- NAV per share: PLN 133.2 (+16% vs. December 31, 2024), EUR 31.5 (+18% vs. December 31, 2024)
- Net profit: PLN 459.0 million (+23% y/y), EUR 108.3 million (+25% y/y)
- Lease agreements: record result of 370,941 sqm of new and renewed leases signed in 2025
In 2025, MLP Group achieved a record level of signed lease agreements, totaling 370,941 sqm of space, which translated into historic financial results both in terms of revenue and net profit, the latter reaching PLN 459 million. Lease agreements signed last year already provide a foundation for approximately 21% revenue growth at the beginning of 2026, increasing earnings predictability and reducing the Group’s business risk. The growing importance of warehouses as a component of critical economic infrastructure further strengthens demand for modern logistics space in Europe.
The record leasing performance resulted from strong interest from both new and existing tenants. New lease agreements covered 223,487 sqm, and MLP Group attracted 39 new tenants. Existing clients accounted for 40% of the total demand for space. The highest level of activity was recorded in the fourth quarter, when agreements covering 51% of the total leased area in 2025 were signed.
Strong tenant activity translated into very solid operational results. Net asset value increased by 18% year-on-year, while revenue and EBITDA rose by 15%.
“Warehouses are increasingly perceived as a key element of critical economic infrastructure. In 2025, the record number of lease agreements translated into the highest financial results in our history in terms of both revenue and net profit, which reached PLN 459 million. The leases signed in 2025 provide us with a secured revenue growth base of 21% as we enter 2026. Last year we maintained our portfolio vacancy rate below 5%, allowing us to almost fully utilize the revenue potential of all assets and ensuring high income stability. A positive signal for the coming quarters is also the strong tenant activity in the first quarter of 2026. At the beginning of the year we leased 53,535 sqm, representing an increase of 135%, which translates into EUR 3.7 million in annualized rent, up 178%,” emphasized Radosław T. Krochta, President of the Management Board of MLP Group S.A.
At the end of 2025, 324,051 sqm of space was under construction, including 151,471 sqm in Poland, 24,353 sqm in Austria, 41,533 sqm in Romania, and 106,694 sqm in Germany. Lease agreements covering 53% of this space have already been signed at the construction stage, once again confirming the favorable conditions in the tenant market. The total gross leasable area (GLA) of the Group’s portfolio reached 1.6 million sqm at the end of last year. At the same time, the Group holds a land bank of 231 hectares.
In 2026, MLP Group plans to complete approximately 250,000–300,000 sqm of new space.
MLP Group maintains a strong liquidity position, enabling it to finance its development goals while maintaining a fixed cost of debt and a conservative repayment profile. Considering the current geopolitical situation and the high volatility of the economic environment, the Group is well prepared for current challenges and intends to maintain strict discipline in investment execution, reflecting its long-term approach to risk management.
Poland remains the main growth driver and the Group’s key operating market. At the same time, expansion in Germany and Austria represents an important element of the company’s long-term growth strategy.
“In just the past seven years, we have achieved exceptional growth dynamics. EBITDA increased approximately fourfold and NAV also quadrupled (from EUR 15 million to EUR 50 million and from EUR 190 million to EUR 756 million respectively between 2018 and 2025), reflecting the unprecedented scale of our development. Our long-term strategy focuses on expansion in key locations, positioning MLP Group’s assets and investments to benefit from the structural growth of major European cities. In 2026, we will continue to develop in key European metropolitan areas, where we see sustained strong demand for new warehouse space,” said Radosław T. Krochta.
MLP Group will focus particularly on urban logistics projects (MLP Business Park), which offer strong growth potential and above-average profitability. The Group’s goal is for these projects to account for 30% of the total gross asset value (GAV) of the portfolio by 2028.
MLP Group’s investment property portfolio is among the most modern in the European logistics sector: 85% of the buildings have been constructed within the last 10 years, and more than 60% within the last five years.
