Mlp Group Sa · GPW:MLG
Mlp Group Sa — FY2024 Earnings Presentation
55 slides from Mlp Group Sa's earnings presentation, March 2025
Slide 1: YE 2024 Results Investor Presentation
Conservative approach to growth in industrial assets in core urban areas in Europe YE 2024 Results Investor Presentation March 2025
Slide 2: Agenda and Team
AGENDA AND TEAM 1 MLP GROUP AT A GLANCE 3 2 YE 2024 EXECTIVE SUMMARY 12 3 FUND RAISING IN 2024 20 4 SOLAR PANELS 23 5 LEASING RESULTS IN 2024 25 6 YIELDS IN 2024 36 Radosław T.Radosław Krochta T. Krochta 7 FINANCIAL ACTIVITY IN YE 2024 38 Agnieszka Góźdź Chief Executive ChiefOfficer Executive Office
Slide 3: 1. MLP Group at a Glance
1. MLP GROUP AT A GLANCE Investor presentation 1Q 2024 results, May 2024
Slide 4: MLP Group at a Glance: Overview
1. MLP GROUP AT A GLANCE MLP GROUP GROSS INVESTMENT PROPERTIES VALUE SPLIT OVERVIEW (AS OF 31 December 2024) • Leading European logistics platform listed on the Warsaw Stock Exchange since PER ASSET TYPE 2013 with a current market capitalisation of €379 mn (PLN 1.6bn)(1). PER COUNTRY • Operating sin
Slide 5: MLP Group is active in 4 strong European countries
1. MLP GROUP AT A GLANCE MLP GROUP is active in 4 strong European countries 4 1.4 2.6 8.1 core mn sqm mn sqm MWp markets GLA landbank installed PV Assets located in close proximity Assets located just outside to large German cities, such as: Gorzów Wielkopolski Poland Poznań Berlin Dortmund, Essen,
Slide 6: Operational Excellence & Investment Strategy moving forward
1. MLP GROUP AT A GLANCE Operational Excellence & Investment Strategy moving forward STRONG OPERATING METRICS 1.4 mn sqm 95.0% 1) 99% 100% 99% 2) GLA Occupancy Retention rate Lease contracts Rent collection indexed with EURO (in 60 days) HICP without CAP 1) Occupancy excluding the areas in buildings
Slide 7: Strong increase in Net Asset Value since 2013
1. MLP GROUP AT A GLANCE Strong increase in Net Asset Value since 2013 NET ASSET VALUE (IN MN PLN) 2 746 2 498 2 396 1 825 1 212 815 939 647 676 727 509 558 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 NET ASSET VALUE (IN MN EUR) 643 533 551 397 263 190 220 152 153 174 123 131 2013 20
Slide 8: 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) 1 622 195 1 387 776 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 9: Pillars of MLP Group and its key strategic objectives
1. MLP GROUP AT A GLANCE Pillars of MLP Group and its key strategic objectives VERTICALLY MODERN AND STRATEGIC CONTINUOUS FOCUS ON KEY INTEGRATED SUSTAINABLE DEVELOPMENT SITES GROWTH MARKETS BUSINESS MODEL PORTFOLIO • Location Search: Provides an • Acquires development sites • Replenishes its landba
Slide 10: Accelerated Landbank Acquisitions
1. MLP GROUP AT A GLANCE ACCELERATED LANDBANK ACQUISITIONS Replenishing & growing development capacity 84% x2 ca. 84% 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 HA) TOT
Slide 11: Conservative approach to growth in industrial assets
1. MLP GROUP AT A GLANCE CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE 1.4 mln sqm GLA 195 clients 1.3 mln sqm 99% client retention potential space for expansion 27% of new leases signed within existing and planned with existing clients locations GREEN INDUSTRIAL
Slide 12: 2. YE 2024 Executive Summary
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Slide 13: Main 2024 highlights
2. YE 2024 EXECUTIVE SUMMARY Main 2024 highlights YE 2024 YE 2023 % YE 2024 YE 2023 % PLN mn PLN mn change EUR mn EUR mn change Revenues 372.4 360.8 3% 86.5 79.7 9% Rental Income 214.8 200.9 7% 49.9 44.4 13% Gross Assets Value (GAV) 5 519.4 4 507.7 22% 1 291.7 1 036.7 25% Net Assets Value (NAV) 2 74
Slide 14: Main 2024 highlights
2. YE 2024 EXECUTIVE SUMMARY Main 2024 highlights YE 2024 YE 2023 % YE 2024 YE 2023 % PLN mn PLN mn change EUR mn EUR mn change EPRA NRV 2 737.4 2 365.1 16% 640.6 544.0 18% Company adjusted EPRA earnings 62.4 83.5 -25% 14.5 18.4 -21% EPRA NRA per share [PLN/EUR] 114.1 98.6 16% 26.7 23.2 15% Net Debt
Slide 15: Main 2024 highlights
2. YE 2024 EXECUTIVE SUMMARY Main 2024 highlights YE 2024 YE 2023 PLN mn PLN mn Signed leases in sqm 307 194 262 356 Vacancy rate 5% 5% Like-for-like** 10% 9% WAULT (years) 8.0 7.4 Volume of leased area 13.6% 5.2% **Based on re-leased agreement Investor presentation YE 2024 results MLP Group - conse
Slide 16: Future secured with ongoing development projects
2. YE 2024 EXECUTIVE SUMMARY Future secured with ongoing development projects 235 857 11.5% 80-90% sqm under development Expected YoC Expected pre-let at delivery 84% 160 808 17.0 mn EUR in existing parks sqm signed Potential rental income for projects under construction and in preparation STRONG DE
Slide 17: Major milestones achieved in 2024
2. YE 2024 EXECUTIVE SUMMARY Major milestones achieved in 2024 1 MLP Group’s Investment Properties represent one of the most modern portfolios in the European logistic market, with 90% of the buildings developed within the last 10 years and over 60% in the last 5 years. 2 In 2024, MLP Group leased 3
Slide 18: Major milestones achieved in 2024 / 2025 plans
2. YE 2024 EXECUTIVE SUMMARY / 2025 PLANS Major milestones achieved in 2024/ 2025 plans 7 In Q4 2024, MLP Group successfully placed its first Eurobond offering in the international capital markets. All offered senior green notes were fully subscribed, with a total nominal value of EUR 300 million. W
Slide 19: New plots acquisition in 2024
2. YE 2024 EXECUTIVE SUMMARY New plots acquisition in 2024 14.5 ha Castrop Germany Poland 11.7 ha MLP Business Park MLP Rzeszów Castrop approx. 51 103 sqm approx. 72 838 sqm Rzeszów Austria Romania Investor presentation YE 2024 results MLP Group - conservative approach to growth in industrial assets
Slide 20: 3. Fund Raising in 2024
3. FUND RAISING IN 2024
Slide 21: Funds sources
3. FUND RAISING IN 2024 Funds sources MLP GROUP RAISED FUNDS IN TOTAL AMOUNT OF EUR 155 MN Proceeds: EUR 116.4 mn Proceeds: EUR 341.0 mn BANK LOANS EUROBONDS ISSUE In Poland: EUR 48.4 mn • Investment loans: – EUR 36.7 mn • local bonds series G in the amount of EUR 41 mn • Construction loans: - EUR 1
Slide 22: Eurobonds issue
3. FUND RAISING IN 2024 Eurobonds issue NEW BOND ISSUE IN THE AMOUNT OF EUR 300 MN • Maturity: 5 years • Interest coupon: 6,125% per annum • Unsecured THE BONDS ARE LISTED ON THE LUXEMBOURG STOCK EXCHANGE Ratings Size Bond Issue date M S&P F Mty Cy (mm) Cpn MLP MLP 09.10.2024 Sr Unsecured Ba2 -- BB+
Slide 23: 4. Solar Panels
4. SOLAR PANELS
Slide 24: Renewable Energy & PV Expansion
4. SOLAR PANELS MLP GROUP – RENEWABLE ENERGY & PV EXPANSION • Current PV Capacity: 8.1 MWp installed on rooftops. • Planned Expansion: Additional 1.9 MWp to be installed by end of 2025. • Profit Growth: 9% increase in energy sales profits in 2024 o Driven by PV adoption and the end of max energy pri
Slide 25: 5. Leasing Results YE 2024
5. LEASING RESULTS YE 2024
Slide 26: Market Outlook: Poland & Germany
5. LEASING RESULTS YE 2024 Market Outlook: Poland & Germany POLAND GERMANY Market Growth: Poland is one of Europe’s fastest-growing Take-Up: Germany’s Top 8 markets posted around 2.1m sq m in industrial/logistics markets. take-up at the end of 2024, which is slightly above with previous- year; deman
Slide 27: Market Outlook: Austria & Romania
5. LEASING RESULTS YE 2024 Market Outlook: Austria & Romania AUSTRIA ROMANIA New Completions: 474,000 sqm in Austria, with 90% (426,600 Take-Up: 7.58 million sqm in Romania's modern logistics property sqm) in Vienna region. market. 2025 Forecast: Expected lower volume in newly completed logistics De
Slide 28: Our tenants – diversified tenants' portfolio
5. LEASING RESULTS YE 2024 Our tenants – diversified tenants’ portfolio TOP 10 TENANTS IN SQM 61 933 57 195 47 337 44 088 43 817 41 762 Top 10 Tenants provide 32 977 28 530 29% 26 407 of annual rental income 25 196 Investor presentation YE 2024 results MLP Group - conservative approach to growth in
Slide 29: Long-term contracts and diversification of tenants
5. LEASING RESULTS YE 2024 LONG-TERM CONTRACTS AND DIVERSIFICATION OF TENANTS FROM A VARIETY OF INDUSTRIES CREATES A BALANCED AND STABLE YIELDING PORTFOLIO E-commerce Retail E- commerce 9% Retail 26% Average duration 28% of lease contracts approx. Logistics 8 years Manufacturing Logistics 37% Manufa
Slide 30: Our tenants – diversified tenants' portfolio
5. LEASING RESULTS YE 2024 Our tenants – diversified tenants’ portfolio Investor presentation YE 2024 results MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe 30
Slide 31: Asset Management
5. LEASING RESULTS YE 2024 Asset Management 1 The performance of our existing portfolio relies on our strong relationship with our tenants. 2 The MLPG portfolio consist of almost 1.4 mn sqm and is built on the basis of stable tenants and its core are international concerns with strong foundations. 3
Slide 32: Re-letting
5. LEASING RESULTS YE 2024 Re-letting RENTAL INCOME EXPIRY DATES 59% 13% 9% 8% 7% 5% 1% 2025 2026 2027 2028 2029 2030 >2031 2025 2026 2027 2028 2029 2030 >2031 IN 2024 MLPG RE-LET AREA OF 81 973 SQM Investor presentation YE 2024 results MLP Group - conservative approach to growth in industrial asset
Slide 33: Urban and big box warehouses – complementary assets
5. LEASING RESULTS YE 2024 Urban and big box warehouses* – complementary assets Big Box Warehouses City Logistics Austria City Logistics / Urban Logistics 6% (Large-scale warehouses): City Logistics Germany facilities (MLP Business Park): 16% 84% 7% • Smaller modular warehouse • Spaces ranging from
Slide 34: Leasing contracts in 2024
5. LEASING RESULTS YE 2024 LEASING CONTRACTS IN 2024 (POLAND, GERMANY, AUSTRIA & ROMANIA) LEASED SPACE IN SQM 1Q 2024 13% out of 2024 40 825 2Q 2024 14% out of 2024 41 853 73% of total leases signed in Q3 & Q4 3Q 2024 15% out of 2024 47 589 4Q 2024 58% out of 2024 176 927 0 20 000 40 000 60 000 80 0
Slide 35: MLP Group locations vs. MLP competitor
5. LEASING RESULTS YE 2024 MLP Group locations vs. MLP competitor MLP competitor MLP competitor MLP MLP competitor competitor MLP MLP competitor MLP competitor competitor Investor presentation YE 2024 results MLP Group - conservative approach to growth in industrial assets in core urban areas in Eur
Slide 36: 6. Yields in 2024
6. YIELDS IN 2024
Slide 37: Yield on existing portfolio (LFL projects)
6. YIELDS IN 2024 YIELD ON EXISTING PORTFOLIO (LFL PROJECTS) YE 2024 YE 2023 Change % Change in bps Reversionary Yield 6.40% 6.43% -0.02% -2 bps Poland 6.54% 6.61% -0.07% -7 bps Germany 5.22% 5.08% 0.14% 14 bps Romania 7.75% 7.75% 0,00% 0 bps Austria* n/a n/a n/a n/a *As at December 31,2024 the proj
Slide 38: 7. Financial Activity in YE 2024
7. FINANCIAL ACTIVITY IN YE 2024 Investor presentation 1Q 2024 results, May 2024
Slide 39: Key points in 2024 – Balance sheet in EUR ths
7. FINANCIAL ACTIVITY Key points in 2024 – Balance sheet in EUR ths As at As at in ths EUR 31.12.2024 31.12.2023 in ths EUR 31.12.2024 31.12.2023 Non-current assets Equity Property, plant and equipment 6 176 5 677 Share capital 1 307 1 307 Share premium 105 071 105 071 Intangible assets 13 22 Intere
Slide 40: Key points in 2024 – Profit & loss statement in EUR ths
7. FINANCIAL ACTIVITY Key points in 2024 – Profit & loss statement in EUR ths in ths EUR 2024 2023 Rental income 49 905 44 359 Revenue from property management services 36 620 35 307 Costs of self-provided property management services (33 416) (30 089) Gross operating profit/(loss) 53 109 49 577 Gen
Slide 41: Key points in 2024 - Financial position in EUR mn
7. FINANCIAL ACTIVITY Key points in 2024 - Financial position in EUR mn YE 2024 YE 2023 YE 2022 YE 2024 YE 2023 YE 2022 CHANGE YE 2024 YE 2023 CHANGE YE 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 1 298.8 1 044.5
Slide 42: Key points in 2024 - Financial position in PLN mn
7. FINANCIAL ACTIVITY Key points in 2024 - Financial position in PLN mn YE 2024 YE 2023 YE 2022 YE 2024 YE 2023 YE 2022 CHANGE YE 2024 YE 2023 CHANGE YE 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 5 549.6 4 541.5
Slide 43: Key points in 2024 – EPRA ratios
7. FINANCIAL ACTIVITY Key points in 2024 – EPRA ratios YE 2024 YE 2023 CHANGE (IN PLN MN) (IN PLN MN) (%) EPRA NRV 2 737 2 365 16% EPRA NTA 2 737 2 365 16% EPRA NDV 2 746 2 396 15% YE 2024 YE 2023 CHANGE (IN PLN MN) (IN PLN MN) EPRA Earnings 80.7 156.8 -49% Company adjusted EPRA earnings* 62.4 83.5
Slide 44: Key points in 2024 - Financial position
7. FINANCIAL ACTIVITY Key points in 2024 - Financial position AS AT 31.12.2024 LTV1) 42.9% ICR 1.6x NAV in EUR mn 643 Financial debts in EUR mn (all-in) 712 among which: – Bank loans (secured on MLP's assets) in EUR mn 326 – Bonds (unsecured on MLP's assets) in EUR mn 386 Weighted Avarage Interest R
Slide 45: Revenues and costs
7. FINANCIAL ACTIVITY Key points in 2024 - Financial position REVENUES (IN PLN MN) COSTS (IN PLN MN) +3% Developed space Developed space Recharge of utility costs as at 31.12.2023 as at 31.12.2024 78.5 88.6 1 079 038 sqm 1 178 167 sqm -11% Recharge of service 79.1 charges +11% 71.3 +11% Rental incom
Slide 46: Annualized future rental income based on signed contracts (PLN)
7. FINANCIAL ACTIVITY ANNUALIZED FUTURE RENTAL INCOME BASED ON ALL SIGNED CONTRACTS (IN MN PLN) Annualized rents Annualized rents Total annualized from contracts signed from new contracts rental income* before 2024 and renewals already signed 76% 24% 100% 965 206 sqm 307 194 sqm 1 272 398 sqm 17.9 6
Slide 47: Annualized future rental income based on signed contracts (EUR)
7. FINANCIAL ACTIVITY ANNUALIZED FUTURE RENTAL INCOME BASED ON ALL SIGNED CONTRACTS (IN MN EUR) 69.8 52.4 44.6 37.5 30.3 25.9 2019 2020 2021 2022 2023 2024 Investor presentation YE 2024 results MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe 47
Slide 48: Run-Rate Adjusted EBITDA Bridge
7. FINANCIAL ACTIVITY Run-Rate Adjusted EBITDA Bridge RUN-RATE ADJUSTED EBITDA (IN MN EUR) 14.0 56.2 43.1 -0.9 EBITDA 2024 EBITDA 2024 Non Nonrecurring items recuring items Lease contributions New lease contributions Run-Rate Adjusted Run-Rate EBITDA Adjusted EBITDAEUR YE 2024 YE 2023 YE 2024 YE 202
Slide 49: Net Asset Value Growth
7. FINANCIAL ACTIVITY Net Asset Value Growth NAV CONTRIBUTION (IN MN PLN) -89 184 -82 2 746 -22 359 2 396 Equity as at 31.12.2023 Gain (loss) on revaluation of Exchange differences on EBIT (without revaluationon Net finance income Income tax Equity as at 31.12.2024 investment property translation of
Slide 50: Loans and bonds
7. FINANCIAL ACTIVITY Loans and bonds EXISTING BANK LOANS BY MATURITY (as at 31 December 2024) IN EUR MN • MLP Group is a reliable financing partner, with a solid 162 financial position. • Undrawn credit line for EUR 85.1 mn. • Aprox. 85% of Bank loans are hedged against interest rate 61 47 40 risk
Slide 51: Change in property valuation in 2024
7. FINANCIAL ACTIVITY CHANGE IN PROPERTY VALUATION IN 2024 (IN MN PLN) 1 088 5 493 -77 4 483 YE 2023 FX The change in property portfolio YE 2024 valuation The chart above does not include value of Perpetual Usufruct. Investor presentation YE 2024 results MLP Group - conservative approach to growth i
Slide 52: The composition of the revaluation
7. FINANCIAL ACTIVITY THE COMPOSITION OF THE REVALUATION (IN PLN MN) 4Q 2024 (435) (4) 564 GAIN ON REVALUATION: +125 3Q 2024 (8)(4) ( 28) LOSS ON REVALUATION: -40 2Q 2024 (224) 10 512 GAIN ON REVALUATION: +299 1Q 2024 (24) ( 40) 40 LOSS ON REVALUATION: -24 FX valuation change CAPEX and other adjustm
Slide 53: 8. Key Challenges 2025
8. KEY CHALLENGES 2025 Investor presentation 1Q 2024 results, May 2024
Slide 54: MLP Group plans for 2025
8. KEY CHALLENGES MLP Group plans for 2025 • Disciplined Capital Allocation: Focus on highly profitable pipeline • Poland Focus: with stable demand. o Key market: continued development. • Strong 2025 Pipeline: Plan to deliver approx. 250–300k sqm. o New Rzeszów plot to attract post-war • Revenue & E
Slide 55: Thank you!
Thank you! MLP GROUP S.A. ul. 3 Maja 8, 05-800 Pruszków, tel. +48 22 738 30 10 ir@mlpgroup.com