Mlp Group Sa · GPW:MLG
Mlp Group Sa — Debt Investor Presentation (November 2025)
35 slides from Mlp Group Sa's debt investor presentation, November 2025
Slide 1: Conservative approach to growth in industrial assets in core urban areas in Europe
Conservative approach to growth in industrial assets in core urban areas in Europe Investor Presentation November 2025 MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE
Slide 2: Disclaimer
DISCLAIMER IMPORTANT: This presentation (the “Presentation”) contains financial, operational, legal and other information (collectively, the “Information”) concerning MLP Group S.A. (the “Company”) and its business. This Presentation is strictly confidential to the recipient and is being communicate
Slide 3: Today's Presenters
TODAY’S PRESENTERS Radosław T. Krochta Maciej Müldner CEO & President of the CFO & Member of the Management Board Management Board ● Radosław joined MLP Group in 2010 as CFO, he then was ● Maciej joined MLP Group in July 2025 named CEO and President in 2016 ● Prior to MLP he has held key positions a
Slide 4: Agenda
AGENDA 1 MLP GROUP AT A GLANCE Pg 5 2 KEY CREDIT HIGHLIGHTS Pg 15 3 FINANCIAL ACTIVITY Pg 26 A APPENDIX Pg 31 Investor Presentation MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE 4
Slide 5: MLP Group at a Glance
01. MLP GROUP AT A GLANCE MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE
Slide 6: Conservatism, risk management & diversification
01. MLP GROUP AT A GLANCE Conservatism, risk management & diversification MLP Group is a leading European logistics platform with a vertically integrated business model, specializing in the development, ownership, and management of Class A, modern, multi-tenant, generic warehouse and industrial prop
Slide 7: Operational excellence & disciplined investment strategy
01. MLP GROUP AT A GLANCE Operational excellence & disciplined investment strategy STRONG OPERATING METRICS (AS OF SEPTEMBER 30, 2025) 1.6 mn sqm 95%(1) 99% GLA Long-term Occupancy Retention rate 100% 99% 7.3 Years Lease contracts indexed with Rent collection WAULT EURO HICP without CAP (in 60 days)
Slide 8: Compelling story of sustainable growth
01. MLP GROUP AT A GLANCE Compelling story of sustainable growth GAV HAS MULTIPLIED BY 4.2X IN 7 YEARS DEVELOPED SPACE, UNDER CONSTRUCTION GAV (EURm) Recurring EBITDA & IN PREPARATION STAGE (SQM) 1,644k 1,622k 612k 751k 857k 1,000k 1,106k 1,388k 47 43 15 14 19 21 33 44 1 413 1 292 938 1 037 729 420
Slide 9: MLP is active in strong European countries
01. MLP GROUP AT A GLANCE MLP is active in 4 strong European countries 25% Hamburg ● Focus on acquiring €1.41 bn Gorzów Berlin Wielkopolski PL€1.03bn development sites adjacent to existing parks, or in sought- Berlin / Poznań Pruszków/Warsaw PORTFOLIO Dortmund / Castrop-Rauxel Spreenhagen VALUE afte
Slide 10: Key updates in the last months
01. MLP GROUP AT A GLANCE Key updates in the last 12 months1 1.74 MWP INSTALLED STABLE CAPITAL 12% REVENUE 188K SQM OF SPACE 327K SQM OF NEW SOLAR CAPACITY STRUCTURE WITH GROWTH(1) IN Q3’25 LEASED PROJECTS LAUNCHED LAUNCHED LONG TERM YTD IN Q3’25 YTD IN Q3’25 YTD IN Q3'25 YTD MATURITIES ● Key financ
Slide 11: MLP Group's key strategic objectives
01. MLP GROUP AT A GLANCE MLP Group’s key strategic objectives Asset base diversification through Continued sustainable growth of the expansion in Germany (focus on Ruhr area, 1. portfolio in the core cities in the core markets, only generic products. 4. Munich, Frankfurt) and Vienna; target of Germ
Slide 12: Summary of MLP Group's ESG Strategy
01. MLP GROUP AT A GLANCE Summary of MLP Group’s ESG Strategy STRATEGIC GOALS TASKS TO ACHIEVE GOALS ● Renewable Energy from photovoltaic + energy efficiency Reducing the company’s negative impact on the ● Reducing water consumption environment ● Waste management ● MLP Group’s approach to sustainabl
Slide 13: Select assets from a quality portfolio of Class A modern assets
01. MLP GROUP AT A GLANCE Select assets from a quality portfolio of Class A modern assets Market value Market value Market value (EUR) (EUR) (EUR) 279.7 mn 124.4 mn 95.9 mn Vacancy rate Vacancy rate Vacancy rate MLP PRUSZKÓW II 0% MLP POZNAŃ WEST 5% MLP PRUSZKÓW I 2% (near Warsaw) 355.2k sqm 142.6 k
Slide 14: Client testimonials
01. MLP GROUP AT A GLANCE Client testimonials GROWTH IN INDUSTRIAL ASSETS BACKED BY CLIENT EXPERIENCES AND TESTIMONIALS Robert Ciechociński – Lear Corporation Jakub Wróblewski – DACHSER Sp. z o.o. “Our cooperation with MLP Group is based on trust and "As DACHSER, we have been cooperating with MLP Gr
Slide 15: Key Credit Highlights
02. KEY CREDIT HIGHLIGHTS MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE
Slide 16: MLP's exceptional credit fundamentals
02. KEY CREDIT HIGHLIGHTS MLP’s boasts exceptional credit fundamentals MLP Group is a leading European logistics platform with a vertically integrated Attractive blue-chip tenant base (Dun & business model, specializing in the Bradstreet rated 1 or 2) achieving like-for- like rental growth (10% as o
Slide 17: Vertically integrated business model
02. KEY CREDIT HIGHLIGHTS Vertically integrated business model STRATEGIC ACQUISITIONS STRONG DEVELOPMENT VALUE UPLIFT FOR GROWTH CAPABILITIES ● Targeting value-add ● Dedicated teams, capital, and opportunities landbank for continued project VALUE CREATION MODEL delivery ● Leveraging local, market-sa
Slide 18: Industrial sector benefits from structural growth drivers
02. KEY CREDIT HIGHLIGHTS Industrial sector benefits from structural growth drivers ● Tech-powered logistics —automation and AI driving faster, smarter operations ● World-class infrastructure ensures seamless regional connectivity KEY DEMAND DRIVERS ● High leasing momentum and solid rent growth refl
Slide 19: Target core urban logistics in key resilient markets
02. KEY CREDIT HIGHLIGHTS Target core urban logistics in key resilient markets MLP LOCATIONS VS. MLP’S COMPETITORS Focus on prime locations in core markets: The Group emphasises sites in Poland (its 1. home market), Germany, Austria and Romania, in well-connected regions with strong accessibility, t
Slide 20: Quality portfolio of standardized, sustainable and modern assets
02. KEY CREDIT HIGHLIGHTS Quality portfolio of standardized, sustainable and modern assets LIKE-FOR-LIKE RENTAL GROWTH OF 10% BUILDING – CONSTRUCTION AGE ACHIEVED OVERALL (AS OF LTM 30-SEP) (% OF TOTAL GLA) RE-LETTING EXAMPLES 4% 5% Price/sqm 6% 5 23% 39% 61% 15% 4 22% 23% 6.6 years 32% Average Age
Slide 21: Attractive blue-chip tenant base with exceptional KPIs
02. KEY CREDIT HIGHLIGHTS Attractive blue-chip tenant base with exceptional KPIs 1 Lease Structure – Inflation Protection GLA BY TYPE OF CUSTOMER (SQM) – % ● 100% of rents indexed to CPI income rises with inflation ONLY TENANTS WITH D&B (DUN & BRADSTREET) ● Utility reimbursements adjust upward autom
Slide 22: Robust balance sheet, stable cash flows, conservative financial policies
02. KEY CREDIT HIGHLIGHTS Robust balance sheet, stable cash flows, and conservative financial policies NET ASSET VALUE & EBITDA (IN MN EUR) EBITDA 37.9% 40.8% 36.0% 34.1% 38.2% 43.4% 44.9% ● Net LTV increased at a CAGR of ~ 2.9% 50 (2019–Q3 2025), broadly tracking EBITDA’s 22% CAGR and NAV expansion
Slide 23: Strong debt metrics and staggered maturity profile
02. KEY CREDIT HIGHLIGHTS Strong debt metrics and staggered maturity profile RUN-RATE ICR 2025 Net Total LTV(1) 44.9% 1,5x 1,8x ICR Run Rate ICR 2025* NAV in EUR mn 663 *ICR based on Run-Rate EBITDA from committed leases starting in 2025 Total debt(1) in EUR mn (all-in) 677 EXISTING BANK LOANS BY MA
Slide 24: Run-rate adjusted EBITDA bridge
02. 3Q 2025 EBITDA Run-rate adjusted EBITDA bridge RUN-RATE ADJUSTED EBITDA (IN MN EUR) 13.2 61.1 50.1 (2.3) Annualised 3Q 2025 EBITDA Non recurring items Leases Contribution Run - Rate Adjusted EBITDA 3Q 2025 3Q 2024 EURm EURm Net Debt / EBITDA 12.6x 10.7x Net Debt / Run Rate EBITDA 10.4x n/a Run-R
Slide 25: Experienced management team and shareholder base
02. KEY CREDIT HIGHLIGHTS Experienced, long-standing management team and shareholder base CEO & President Vice President SHAREHOLDER STRUCTURE of the Management Board of the Management Board (AS OF SEP 30, 2025) Cajamarca Holland B.V. 23.6% 42.7% Radosław T. Michael The Land Development of Nimrodi G
Slide 26: Financial Activity
03. FINANCIAL ACTIVITY MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE
Slide 27: Historical Financials (1/3)
03. HISTORICAL FINANCIALS (1/3) Dynamic growth and robust cash flow generation over the years REVENUE (€MN) RECURRING EBITDA (€MN) 2% 36% 33% 4% 9% 49% 55% 53% 50% 50% 94 €61.1m 87 Run-Rate 80 Adj. EBITDA 60 47 44 44 43 33 21 2021 2022 2023 2024 LTM Q3 2025 2021 2022 2023 2024 LTM Q3 2025 % YoY Grow
Slide 28: Historical Financials (2/3)
03. HISTORICAL FINANCIALS (2/3) Dynamic growth and robust cash flow generation over the years GAV (€MN) NAV (€MN) 47% 29% 11% 25% 9% 51% 34% 3% 17% 3% 1 292 1,413 643 663 938 1 037 533 551 729 397 2021 2022 2023 2024 LTM Q3 2025 2021 2022 2023 2024 LTM Q3 2025 % YoY Growth % YoY Growth GROSS DEBT (€
Slide 29: Historical Financials (3/3)
03. HISTORICAL FINANCIALS (3/3) Dynamic growth and robust cash flow generation over the years NET LTV (%) NET SECURED LTV (%) 45% 43% 29% 26% 26% 38% 23% 36% 13% 34% 2021 2022 2023 2024 LTM Q3 2025 2021 2022 2023 2024 LTM Q3 2025 SECURED DEBT / GROSS DEBT (%) EBITDA TO NET INTEREST COVER (X) 3,3x 79
Slide 30: 3Q 2025 Results Summary
03. 3Q 2025 RESULTS SUMMARY Main 3Q 2025 highlights in EUR Q3 2025 Q3 2024 % Q3 2025 EURm Change 9M 9M LTM REVENUES 73 65 12% 94 NET PROFIT /LOSS 21 62 (66%) 46 EBITDA(1) 38 33 14% 48 NET DEBT/EBITDA(1) 12.6x 10.8x 18% 13.3x NET DEBT/ RUN RATE EBITDA(1) 10.4x - - 10.4x OCCUPANCY RATE 91% 92% - 91% N
Slide 31: Appendix
A. Appendix MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE
Slide 32: Simplified Structure Chart
A. SIMPLIFIED STRUCTURE CHART SIMPLIFIED STRUCTURE CHART Cajamarca Holland B.V. = Issuer Other shareholders and other investors(1) = Non - Guarantor = Restricted Group 42.69% 57.31% MLP Group S.A. Existing 2029 Notes (Issuer) Non – Guarantor Subsidiaries Other financing arrangements(2) Notes: (1) As
Slide 33: Pillars of MLP Group's Green Financing Framework
A. PILLARS OF MLP GROUP’S GREEN FINANCING FRAMEWORK ● Alignment with ICMA GPB (2021 version) ● Alignment with LMA GLP (2023 version) ● Eligibility criteria in line with the EU Taxonomy Technical Screening Criteria (TSC) 2. PROJECT 1. USE OF EVALUATION AND 3. MANAGEMENT 5. EXTERNAL 4. REPORTING PROCE
Slide 34: Glossary
Glossary Term Definition Big Box Large scale warehouse projects or distribution centers CAGR Compound Annual Growth Rate City or urban logistics projects, branded as our MLP Business Parks, offering tenants flexible, small-scale warehouse and light production units, ranging City Logistics from 700 t
Slide 35: Thank you!
Thank you! MLP GROUP S.A. ul. 3 Maja 8, 05-800 Pruszków, tel. +48 22 738 30 10 www.mlpgroup.com MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE
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