Slide 1: Investor Presentation MLP Group 1Q 2024 Results
INVESTOR PRESENTATION MLP GROUP 1Q 2024 RESULTS May 2024
Slide 2: Agenda and Team
AGENDA AND TEAM 1 MLP AT A GLANCE 3 2 1Q 2024 EXECUTIVE SUMMARY 19 3 1Q 2024 LEASING RESULTS 26 4 FINANCIAL ACTIVITY IN 1Q 2024 37 5 KEY CHALLENGES 2024 53 Radosław T. Krochta Monika Dobosz Chief Executive Officer Chief Financial Officer 6 ESG STRATEGY 58 Investor presentation 1Q 2024 results, May 2
Slide 3: 1. MLP Group at a Glance
1. MLP GROUP AT A GLANCE Investor presentation 1Q 2024 results, May 2024
Slide 4: Leading Integrated European Logistics Property Platform
1. MLP GROUP AT A GLANCE Leading Integrated European Logistics Property Platform PREMIUM CLASS-A ASSET BASE 1 MLP Group is powerful vertically-integrated business model with full range of in-house capabilities, from property development to management. 2 Very experienced team – each senior team membe
Slide 5: Vertical integration
1. MLP GROUP AT A GLANCE Vertical integration PHASING-OUT OWN PROPERTY LOCATION SEARCH DESIGN & PERMIT CONSTRUCTION MLPG ENERGY DEVELOPMENT MANAGEMENT MLPG provides an MLPG applies and obtains Each time before the Development of projects After move-in, MLPG park MLPG is energy overview of potential
Slide 6: Two property types
1. MLP GROUP AT A GLANCE Two property types BIG BOX (i.e. large-scale) warehouses, primarily addressing City Logistics (MLP Business Parks) are operating as MLP e-commerce growth and increased demand from light Business Parks and offering small warehouse units (ranging industry customers, driven by
Slide 7: Premium CLASS-A Asset Base
1. MLP GROUP AT A GLANCE Premium CLASS-A Asset Base Clear height of warehouse space: 10 m or 11.5 m ESFR sprinkler installation LED Lighting 300 lux Clear height Fire load above –10/11,5 m 4 000 MJ/sqm Gas heaters above Skylights docks 3% of roof area 6 T/sqm Column grid of 12 m x 22.5 m Hörmann / N
Slide 8: Premium CLASS-A Asset Base
1. MLP GROUP AT A GLANCE Premium CLASS-A Asset Base High standard offices Buildings with daylight access on three sides Glass façade Air conditioning Ample parking places for trucks and personal cars. Investor presentation 1Q 2024 results, May 2024 8 MLP GROUP 1Q 2023 RESULTS
Slide 9: Generic NAV development of logistic assets without acquisitions
1. MLP GROUP AT A GLANCE Generic NAV development of logistic assets without acquisitions DEVELOPED SPACE, UNDER CONSTRUCTION & IN PREPARATION STAGE (SQM) 1 387 776 1 387 862 1 105 595 999 847 857 068 750 834 611 578 512 310 356 874 392 241 400 974 335 466 2013 2014 2015 2016 2017 2018 2019 2020 2021
Slide 10: MLP Group is active in 4 European countries
MLP GROUP IS ACTIVE IN 4 EUROPEAN COUNTRIES 4 1.12 2.57 5.69 core markets mn sqm mn sqm MWp GLA landbank installted PV • Geographically, development in the German and Polish markets will Gorzów Wielkopolski Poland remain a priority Berlin • By 2026, MLP wants to equal the Poznań Pruszków value of th
Slide 11: Key points in 1Q 2024
1. MLP GROUP AT A GLANCE Key points in 1Q 2024 1.12 MN SQM UNDER MANAGEMENT GVA BREAK-DOWN OF YIELDING INSTALLED ASSETS/NON-YIELDING => 82%/18% PV 5.69 MWP (8% PLOTS AND 10% CONSTRUCTION) (IN PREPARATION 3.65 MWP) Investor presentation 1Q 2024 results, May 2024 11
Slide 12: Key points in 1Q 2024 in PLN
1. MLP GROUP AT A GLANCE Key points in 1Q 2024 in PLN FINANCIAL HIGHLIGHTS OPERATIONAL HIGHLIGHTS 54.8 mn PLN 239.5 mn PLN 93% 1) 7.1 yrs +12% vs. 1Q 2023 Rental income Total annualized in 1Q2024 future rental income Occupancy WAULT 38.3 % 22.0 mn PLN 11.0% +0.6% -25% vs. 1Q 2023 1Q2024 vs. 1Q 2023
Slide 13: Key points in 1Q 2024 in EUR
1. MLP GROUP AT A GLANCE Key points in 1Q 2024 in EUR FINANCIAL HIGHLIGHTS OPERATIONAL HIGHLIGHTS 12.7 mn EUR 55.4 mn EUR 93.0% 1) 7.1 yrs +22% vs. 1Q 2024 Rental income Total annualized in 1Q 2024 future rental income Occupancy WAULT 38.3 % 5.1 mn EUR 11.0% +8.7% 2) -18.4% vs. 1Q 2024 1Q2024 vs. 1Q
Slide 14: Portfolio vault and leases due to expire
1. MLP GROUP AT A GLANCE Portfolio Vault and leases due to expire 7.1 * years 100% 7% 65% Average term of Retention rate Vacancy lease agreements 12% 11% 8% 4% 2024 2025 2026 2027 >2028 % of leases due to expire * Including contracts concluded till the date of FS publication Investor presentation 1Q
Slide 15: Accelerated growth since IPO in 2013
1. MLP GROUP AT A GLANCE Accelerated growth since IPO in 2013 +371% +245%* Growth in NAV Growth in developed space from PLN 0.509 from 0.313 million sqm to PLN 2.396 billion to 1.079 million sqm +292% +246% Growth in revenues Growth in share price from PLN 92.1 from PLN 24.00 to PLN 360.8 million to
Slide 16: Accelerated landbank acquisitions
1. MLP GROUP AT A GLANCE ACCELERATED LANDBANK ACQUISITIONS Replenishing & growing development capacity 80% x2 ca. 80% situated adjacent Potential development to our existing of the landbank is 1.3 mn sqm or new parks which doubles the portfolio’s size POTENTIAL FOR DEVELOPMENT BY COUNTRY (IN SQM) TO
Slide 17: Yielding projects Poland & Germany
1. MLP GROUP AT A GLANCE YIELDING PROJECTS Poland & Germany MLP POZNAŃ MLP POZNAŃ WEST II MLP WROCŁAW MLP GLIWICE MLP PRUSZKÓW I MLP PRUSZKÓW II MLP LOGISTIC PARK UNNA MLP BUSINESS PARK BERLIN I Investor presentation 1Q 2024 results, May 2024 17
Slide 18: Projects under construction
1. MLP GROUP AT A GLANCE PROJECTS UNDER CONSTRUCTION Poland, Germany, Austria & Romania MLP ZGORZELEC MLP BUSINESS PARK POZNAŃ MLP BUSINESS PARK SCHALKE MLP BUCHAREST WEST MLP GORZÓW MLP CZELADŹ MLP BUSINESS PARK VIENNA MLP ŁÓDŹ Investor presentation 1Q 2024 results, May 2024 18 MLP GROUP 1Q 2023 RE
Slide 19: 2. 1Q 2024 Executive Summary
2. 1Q 2024 EXECUTIVE SUMMARY Investor presentation 1Q 2024 results, May 2024
Slide 20: Micro outlook
2. 1Q 2024 EXECUTIVE SUMMARY Micro outlook 1 Low vacancy rate 5% across all major European markets and limited land availability continue to drive rental growth across Europe (pricing and leasing opportunity for MLPG), 2 European logistics rental growth at 6-7% YoY in 1Q 2024, 3 The most preferred l
Slide 21: Main highlights in PLN
2. 1Q 2024 EXECUTIVE SUMMARY Main highlights in PLN 4.6 bn PLN 2 412.6 mn PLN 100.6 PLN 16.2 mln PLN +1% vs. YE 2023 +1% vs. YE 2023 +1% vs. YE 2022 Value of investment NAV NAV per share Net profit properties 50.2 mn PLN 22.0 mn PLN 62 K sqm 80% +5% vs. 1Q 2023 -25% vs. 1Q 2023 Already signed* of ou
Slide 22: Main highlights in EUR
2. 1Q 2024 EXECUTIVE SUMMARY Main highlights in EUR 1.1 bn EUR 561.0 mn EUR 23.4 EUR 3.8 mln EUR +2% vs. YE 2023 +2% vs. YE 2023 +2% vs. YE 2023 Value of investment NAV NAV per share Net profit properties 11.6 mn EUR 5.1 mn EUR 62 K sqm 80% +14% vs. 1Q 2023 -19 % vs. 1Q 2023 Already signed* of our p
Slide 23: Key points in 1Q2024 - Gross Asset Value
2. 1Q 2024 EXECUTIVE SUMMARY Key points in 1Q2024 GROSS ASSET VALUE (in EUR MN)* 1 031 1 054 936 EUR: 4,3480 EUR: 4,3009 EUR: 4,6899 729 EUR: 4,5994 497 419 EUR: 4,6148 334 EUR: 4,2585 EUR: 4,3000 2018 2019 2020 2021 2022 2023 1Q2024 *Gross Asset Value without Perpetual Usufruct and residential prop
Slide 24: Gross Asset Value by asset type
2. 1Q 2024 EXECUTIVE SUMMARY Gross Asset Value by asset type GROSS ASSET VALUE BY ASSET TYPE (AS AT 31.03.2024) • Low participation of non-yielding assets, i.e. 18% (8% plots and 10% construction) • The majority of assets under construction are covered with 8% the prelease contracts. 10% 82% EXISTIN
Slide 25: Net Asset Value
2. 1Q 2024 EXECUTIVE SUMMARY Key points in 1Q 2024 NET ASSET VALUE (IN MN PLN) 2 498 2 396 2 413 1 825 1 212 939 815 647 676 727 509 558 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1Q 2024 NET ASSET VALUE (IN MN EUR) 551 561 533 397 263 220 174 190 152 153 123 131 2013 2014 2015 2016 2017
Slide 26: 3. 1Q 2024 Leasing Results
3. 1Q 2024 LEASING RESULTS Investor presentation 1Q 2024 results, May 2024
Slide 27: Key development points
3. 1Q 2024 LEASING RESULTS Key development points 1 100% of lease contracts indexed as of February with inflation (5.4 HICP EZ or 6.4 HICP EU) 2 Rental contract as at the date of publication 62 000 sqm => stable growth as previous year 3 General contractors pricing y/y +10-12% vs rental growth +20-2
Slide 28: Budget for 2024
3. 1Q 2024 LEASING RESULTS Budget for 2024 – Poland, Germany, Austria & Romania LEASING BUDGET IN SQM 303 085 184 783 48 157 38 640 31 505 Poland Germany Austria Romania TOTAL
Slide 29: Lease agreements - Poland & Romania
3. 1Q 2024 LEASING RESULTS Lease agreements – Poland & Romania LEASING RESULTS IN SQM 61 772 42 882 * 18 890 Poland Romania TOTAL *including contracts concluded till the date of FS publication Investor presentation 1Q 2024 results, May 2024 29
Slide 30: Buildings under construction
3. 1Q 2024 LEASING RESULTS Buildings under construction SPEC BUILDINGS AS AT 31 March 2024 198.8 K SQM 32.0 % 20.0% 11.0 yrs Ongoing development Average rental rate is Already leased higher vs 2022 WAULT 198 775 64 243 54 520 50 644 34 304 33 702 28 987 21 680 10 872 16 010 8 640 3 289 MLP Pruszków
Slide 31: Buildings under construction
3. 1Q 2024 LEASING RESULTS Buildings under construction CONSTRUCTION WITH PRE-LET CONTRACTS 93% 88% 85% 82% 76% 66% 2019 2020 2021 2022 2023 1Q 2024 Pre let contracts =lease agreement has been signed before or during construction (before completion) Investor presentation 1Q 2024 results, May 2024 31
Slide 32: Our clients
3. 1Q 2024 LEASING RESULTS - OUR CLIENTS Partnership that deliver robust & growing income streams STRONG OPERATING METRICS 1.12* mn 93.0% 100% 100% 99% ** sqm Occupancy* Retention rate Lease contracts Rent collection Leased area indexed with EURO HICP without CAP * Including contracts concluded till
Slide 33: Diversified tenants' mix
3. 1Q 2024 LEASING RESULTS Diversified tenants’ mix LONG-TERM CONTRACTS AND DIVERSIFICATION OF TENANTS FROM A VARIETY OF INDUSTRIES CREATES A BALANCED AND STABLE YIELDING PORTFOLIO E-commerce Retail E- commerce 13% Retail 27% Average duration of lease contracts 26% Logistics 7.1 years Manufacturing
Slide 34: WAULT vs. European competition
3. 1Q 2024 LEASING RESULTS WAULT vs. European competition WAULT (YEARS) 8.3 7.9 7.1 7.1 6.6 5.3 5.3 4.6 VGP Tritax MLP Montea CTP WDP Catena Intervest Notes: based on last reported financials as at 31.12.2023 except CTP data as of 31.03.2024 MLP GROUP 1Q 2023 RESULTS 34 34 Investor presentation 1Q 2
Slide 35: Top current tenants
3. 1Q 2024 LEASING RESULTS TOP 10 CURRENT TENANTS PROVIDE 35% OF ANNUAL RENTAL INCOME (IN SQM) 61 433 57 195 47 272 44 088 43 817 Top 10 Tenants 41 762 provide 26 690 32 977 35% of annual rental 26 407 income 25 187 MLP GROUP 1Q 2023 RESULTS Investor presentation 1Q 2024 results, May 2024 35
Slide 36: European industrial & logistics market figures
3. 1Q 2024 LEASING RESULTS European industrial & logistics market figures TOTAL STOCK IN EUROPE TAKE-UP BY GEOGRAPHY IN 4Q 2023 (IN MILLION SQM) (IN MILLION SQM) 6,000 Germany 5,580 5,350 France 5,000 UK 4,000 3,630 3,500 Netherlands 3,000 2,700 Poland 1,950 2,000 Italy 0,995 1,000 Spain 0,000 0 20
Slide 37: 4. Financial Activity in 1Q 2024
4. FINANCIAL ACTIVITY IN 1Q 2024 Investor presentation 1Q 2024 results, May 2024 37
Slide 38: Balance sheet in EUR ths
4. FINANCIAL ACTIVITY Key points in 1Q 2024 – Balance sheet in EUR ths As at 31 December As at 31 December 2024 2023 in ths EUR 2024 2023 in ths EUR Non-current assets Equity Property, plant and equipment 5 759 5 677 Share capital 1 307 1 307 Share premium 105 071 105 071 Intangible assets 19 22 Int
Slide 39: Profit & loss statement in EUR ths
4. FINANCIAL ACTIVITY Key points in 1Q 2024 – Profit & loss statement in EUR ths For the three months ended 31 March 2024 2023 in ths EUR Rental income 12 691 10 402 Revenue from property management services 9 571 9 746 Costs of self-provided property management services (8 894) (7 964) Gross operat
Slide 40: Financial position in EUR mn
4. FINANCIAL ACTIVITY Key points in 1Q 2024 - Financial position in EUR mn 1Q 2024 1Q 2023 1Q 2022 1Q 2024 YE 2023 YE 2022 CHANGE 1Q 2024 1Q 2023 CHANGE 1Q 2022 CHANGE (IN EUR (IN EUR (IN EUR (IN EUR (IN EUR (IN EUR (%) (IN %) (IN %) (p.p.) (IN %) (%) MN) MN) MN) MN) MN) MN) INVESTMENT 1 067.2 1 044
Slide 41: Financial position in PLN mn
4. FINANCIAL ACTIVITY Key points in 1Q 2024 - Financial position in PLN mn 1Q 2024 1Q 2023 1Q 2022 1Q 2024 YE 2023 YE 2022 CHANGE 1Q 2024 1Q 2023 CHANGE 1Q 2022 CHANGE (IN PLN (IN PLN (IN PLN (IN PLN (IN PLN (IN PLN (%) (IN %) (IN %) (p.p.) (IN %) (%) MN) MN) MN) MN) MN) MN) INVESTMENT 4 589.9 4 541
Slide 42: EPRA ratios
4. FINANCIAL ACTIVITY Key points in 1Q 2024 – EPRA ratios 1Q 2024 YE 2023 CHANGE (IN PLN MN) (IN PLN MN) (%) EPRA NRV 1 996 1 747 14% EPRA NTA 1 996 1 746 14% EPRA NDV 2 389 2 138 12% 1Q 2024 1Q 2023 CHANGE (IN PLN MN) (IN PLN MN) EPRA Earnings 35.5 34.2 3,7% Company adjusted EPRA earnings* 19,5 28,
Slide 43: Financial position
4. FINANCIAL ACTIVITY Key points in 1Q 2024 - Financial position AS AT 31.03.2024 FFO (IN EUR MN) LTV1) 38.3% ICR 2.1x NAV in EUR mn 561 Financial debts in EUR mn (all-in) 498 6,2 among which: -18% 5,1 – Bank loans (secured on MLP's assets) in EUR mn2) 372 – Bonds (unsecured on MLP's assets) in EUR
Slide 44: Revenues and costs
4. FINANCIAL ACTIVITY Key points in 1Q 2024 - Financial position REVENUES COSTS (IN PLN MN) (IN PLN MN) Developed space Developed space +2% as at 31.03.2023 as at 31.03.2024 1 015 545 1 117 612 sqm sqm 22.0 Recharge of utility costs 28.7 +3% -24% 19.4 Recharge of service charges 17.1 +14% 20.4 Utili
Slide 45: Net Asset Value Growth
4. FINANCIAL ACTIVITY Net Asset Value Growth NET ASSET VALUE (IN MN PLN) NET ASSET VALUE (IN MN EUR) 551 561 533 2 498 2 413 2 396 397 1 825 1 212 263 220 939 815 2018 2019 2020 2021 2022 2023 1Q 2024 2019 2020 2021 2022 2023 1Q 2024 Investor presentation 1Q 2024 results, May 2024 45 MLP GROUP 1Q 20
Slide 46: Net Asset Value Growth
4. FINANCIAL ACTIVITY Net Asset Value Growth NAV CONTRIBUTION (IN MN PLN) 50 -3 -7 2 413 2 396 -24 1 Equity as at 31.12.2022 Gain (loss) on Exchange differences on EBIT (without Net finance income Income tax Equity as at 31.03.2024 revaluation of translation of foreign revaluationon investment prope
Slide 47: Loans and bonds
4. FINANCIAL ACTIVITY Loans and bonds EXISTING BANK LOANS BY MATURITY IN EUR MN • MLPG is a reliable financing partner, with a solid financial position. • Undrawn credit line for EUR 12.8 mn and new bank facilities being 182 finalized for the amount of EUR 90.7 mn (the binding TSs have been counters
Slide 48: Rental income and like-for-like rental growth
4. FINANCIAL ACTIVITY RENTAL INCOME LIKE-FOR-LIKE RENTAL GROWTH IN PLN MN MAIN DRIVERS 1.5 2.0 54.8 +18.1% 51.3 9.4% +0.6% 3.3% renegotiations/ new contracts 8.4% 5.4% indexation 0.3% exchange rate -8.1% change 1Q2023 1Q2024 Rental income in Passing rent Rent generated Rental income in The like-for-
Slide 49: Annualized future rental income (PLN)
4. FINANCIAL ACTIVITY ANNUALIZED FUTURE RENTAL INCOME BASED ON ALL SIGNED CONTRACTS as at 31.03.2024 (IN MN PLN) Annualized rents Annualized rents Total annualized from contracts signed from new contracts rental income before 1Q 2024 and renewals signed in 1Q 2024 96% 4% 100% 1 054 220 sqm 40 826 sq
Slide 50: Annualized future rental income (EUR)
4. FINANCIAL ACTIVITY ANNUALIZED FUTURE RENTAL INCOME BASED ON ALL SIGNED CONTRACTS (IN MN EUR) 55.4 52.4 44.6 37.5 30.3 25.9 2019 2020 2021 2022 2023 1Q2024 Investor presentation 1Q 2024 results, May 2024 50 MLP GROUP 1Q 2023 RESULTS
Slide 51: Change in property valuation in 1Q 2024
4. FINANCIAL ACTIVITY CHANGE IN PROPERTY VALUATION CHANGE IN PROPERTY VALUATION IN 1Q 2024 (IN THS PLN) - PER QUARTER IN 1Q 2024 (IN THS EUR) - PER QUARTER Property value presented in FS for each quarter Property value presented in FS for each quarter FX FX Valuation change 97 4 531 23 1 054 1 031 4
Slide 52: The composition of the revaluation
4. FINANCIAL ACTIVITY THE COMPOSITION OF THE REVALUATION IN PLN MN (81) (40) 96 Loss on revaluation: -25 FX valuation change CAPEX and other adjustments Investor presentation 1Q 2024 results, May 2024 52 MLP GROUP 2022 RESULTS
Slide 53: 5. Key Challenges 2024
7. SUSTAINABLE 5. KEY CHALLENGES 2024 DEVELOPMENT Investor presentation 1Q 2024 results, May 2024
Slide 54: MLP Group plans for 2024
5. KEY CHALLENGES MLP Group plans for 2024 In 2024 we lease our Business Park Projects in Vienna, Schalke (Gelsenkirchen), Łódź and Big-Box projects in Poznań, Idstein (Frankfurt am Main), Berlin- Spreenhagen. Those projects shall significantly contribute not only to our rental but also to NAV in 20
Slide 55: MLP Group plans for 2024
5. KEY CHALLENGES MLP Group plans for 2024 DEPLOYING ACQUIRED PLOTS START CITY LOGISTIC PROJECTS MLP Wrocław West (2nd stage) MLP Business Park Poznań Building permit for the buildings expected 4Q 2024 and subsequent possible start of Approx. 32,000 sqm of warehouse and office area – demolishment &
Slide 56: City Logistics by portfolio's Gross Asset Value
5. KEY CHALLENGES 2024 City Logistics (MLP Business Parks) by portfolio’s Gross Asset Value as at 31.03.2024 as at YE 2028 8% TARGET 30% 70% 92% Big Box City Logistic MLP BUSINESS PARK SCHALKE MLP BUSINESS PARK ŁÓDŹ MLP BUSINESS PARK BERLIN MLP BUSINESS PARK POZNAŃ Investor presentation 1Q 2024 resu
Slide 57: Gross Asset Value 1Q 2024 & YE 2028 by asset type
5. KEY CHALLENGES 2024 Gross Asset Value 1Q 2024 & YE 2028 by asset type as at 31.03.2024 as at YE 2028 3% 4% 16% TARGET 33% 63% 81% POLAND GERMANY & AUSTRIA ROMANIA Investor presentation 1Q 2024 results, May 2024 57 MLP GROUP 2022 RESULTS
Slide 58: 6. ESG Strategy
6. ESG STRATEGY Investor presentation 1Q 2024 results, May 2024
Slide 59: ESG driven by economics
6. ESG STRATEGY MLP GROUP S.A. => ESG driven by economics E – Enivironmental goal Reducing the company's negative impact on the environment Tasks to achieve this goal: • renewable energy from PV + Energy efficiency • reducing water consumption • waste management • bio-diversity S - Social goal Drive
Slide 60: ESG Strategy for MLP Group S.A.
6. ESG STRATEGY For MLP GROUP S.A. G - Governance goal Incorporate ESG into business operations and reconcile corporate and social interests Tasks to achieve this goal: • consider issues relating to the environmental impact of projects, • human rights and climate change • in decision-making processe
Slide 61: Thank you!
Thank you! MLP GROUP S.A. ul. 3 Maja 8, 05-800 Pruszków, tel. +48 22 738 30 10 ir@mlpgroup.com www.mlpgroup.com