Slide 1: MLP Group YE 2025 Results Investor Presentation
MLP GROUP CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE YE 2025 Results Investor Presentation March 2026 MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE
Slide 2: Agenda
AGENDA 1 MLP GROUP AT A GLANCE Pg 03 2 YE 2025 LEASING RESULTS Pg 16 3 FINANCIAL ACTIVITY Pg 27 PIVOTING TO EUROPEAN 4 Pg 36 FINANCIAL MARKET 5 GUIDANCE FOR 2026 Pg 40 A APPENDIX Pg 43 YE 2025 Investor Presentation MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS
Slide 3: 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 4: Growth and strategic role of warehouses
01. MLP GROUP AT A GLANCE Growth and strategic role of warehouses SCALING THE PLATFORM: WAREHOUSES ARE BECOMING CRITICAL APPROX. 4X EBITDA | 4x NAV INFRASTRUCTURE OF MODERN ECONOMIES 756 • Modern logistics facilities ensure continuity and resilience of supply chains • They support the uninterrupted
Slide 5: Robust balance sheet, stable cash flows, conservative financial policies
01. MLP GROUP AT A GLANCE 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% 43.3% ● Net LTV increased at a CAGR of ~ 2.2% 50 (2019– 2025), broadly tracking EBITDA’s 24% CAGR and NAV expansion 4
Slide 6: MLG share price performance since IPO
01. MLP GROUP AT A GLANCE MLG Shares price performance since IPO 120 +284% 120 Share price PLN Total number of shares (million pcs.) 100 Share price growth 100 80 80 60 60 40 +32% 40 Increase in share capital 20 Series D Series E Series F 20 Series A+B+C (+8.87% shares) (+8.38% shares) (+12,26% shar
Slide 7: MLG Group past and future
01. MLP GROUP AT A GLANCE MLG Group past and future LEASED SPACE (IN SQM) • Leasing: 370,941 sqm (+21% YoY) • Leasing: 53,535 sqm (+135% YoY) • Annualized rent: EUR 20.8 mn (+5% YoY) • Annualized rent: EUR 3.7 mn (+178% YoY) EUR 20.8 mn EUR 3.7 mn EUR 19.9 mn 370 941 EUR 1.3 mn 53 535 307 194 sqm sq
Slide 8: Conservatism, risk management and 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 9: Operational excellence and disciplined investment strategy
01. MLP GROUP AT A GLANCE Operational excellence & disciplined investment strategy STRONG OPERATING METRICS (AS OF DECEMBER 31, 2025) 1.6 mn sqm 95.5% 99% GLA Occupancy Retention rate 100% 99% 7.9 Years Lease contracts indexed with Rent collection WAULT EURO HICP (in 60 days) c. 80% 32% 2.3 mn sqm o
Slide 10: Operational Matrix Update
01. MLP GROUP AT A GLANCE Operational Matrix Update KEY OPERATIONAL RESULTS YE 2024 YE 2025 Run-Rate Adjusted EBITDA 56.2 mn EUR 67.6 mn EUR EBITDA as of FY24, adjusted for the run-rate contribution of EBITDA as of FY25, adjusted for the run-rate contribution of certain lease agreements * entered in
Slide 11: Tenant Spotlight
01. MLP GROUP AT A GLANCE Tenant Spotlight A Global champion in mobility innovation At MLP Gorzów Wielkopolski, Sunrise Medical operates as part of its global network delivering advanced mobility solutions that improve the quality of life for millions of people worldwide. • Global leader in mobility
Slide 12: Project Spotlight – MLP Business Park Schalke
01. MLP GROUP AT A GLANCE Project Spotlight – MLP Business Park Schalke MLP BUSINESS PARK SCHALKE - PROJECT SUCCESS • Successful revitalization of a former brownfield site in Gelsenkirchen (Schalke district). • Transformation of an unused industrial area into a modern, high-quality logistics and bus
Slide 13: Project Spotlight – MLP Business Park Munich
01. MLP GROUP AT A GLANCE Project Spotlight – MLP Business Park Munich MLP Business Park Munich 2-LEVEL-MULTI-URBAN-PARK YE 2025 Investor Presentation MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE 13
Slide 14: MLP is active in strong European countries
01. MLP GROUP AT A GLANCE MLP is active in 4 strong European countries 24% Hamburg ● Focus on acquiring €1.57 bn Gorzów Berlin Wielkopolski PL€1.15bn development sites adjacent to existing parks, or in sought- Berlin / Poznań Pruszków/Warsaw PORTFOLIO Dortmund / Castrop-Rauxel Spreenhagen VALUE afte
Slide 15: AI in the Organization: Today and Tomorrow
01. MLP GROUP AT A GLANCE AI in the Organization: Today and Tomorrow We use AI where it delivers quick operational impact: automating work, shortening access to information, and improving decision quality. Already in Use • WEBCON and Singu FM - AI supports document workflows and facility management
Slide 16: YE 2025 Leasing Results
02. YE 2025 LEASING RESULTS MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE
Slide 17: European industrial and logistics market figures
02. LEASING RESULTS YE 2025 European industrial & logistics market figures TOTAL A-CLASS STOCK IN EUROPE TAKE-UP BY GEOGRAPHY IN 2025 (IN MILLION SQM) (IN MILLION SQM) 6.6 Germany 126 6.1 UK 91 France 65 Italy 45 3.2 2.8 2.7 Netherlands 42 2.4 Poland 36,6 Spain - Central Zone 35,7 Total in CEE 70 Po
Slide 18: Global Supply Chain Disruptions
02. LEASING RESULTS YE 2025 Global Supply Chain Disruptions US Banking Crisis Baltimore Bridge (2023) Collapse (2024) Massive Flooding Nord Stream (2021) European Gas Pipeline 1 & 2 Crisis (2022) Trade Wars (2021) US Rail Labour Dispute (2022) (2018–2019) China Domestic Slowdown (2021) Japan 7.3 Bre
Slide 19: Lease agreements 2025 vs 2024
02. LEASING RESULTS YE 2025 Lease agreements 2025 vs 2024 RECORD LEASING PERFORMANCE IN 2025 DRIVEN BY STRONG Q4 ACTIVITY (IN SQM) 370 941 Average new leased area: 2025: 5 730 sqm 307 194 2024: 6 825 sqm 191 814 176 926 104 447 47 589 51 871 40 826 41 852 22 809 1Q 2Q 3Q 4Q TOTAL 2024 2025 YE 2025 I
Slide 20: Lease agreements in 1Q
02. LEASING RESULTS Lease agreements in 1Q LEASED SPACE (IN SQM) • Leasing: 53,535 sqm (+135% YoY) • Annualized rent: EUR 3.7 mn (+178% YoY) EUR 3.7 mn EUR 1.3 mn 53 535 sqm 22 809 sqm 1Q 2025 1Q 2026* xx Annualized rents from new contracts and renewals *Data as of reporting date YE 2025 Investor Pr
Slide 21: Re-letting
02. LEASING RESULTS YE 2025 Re-letting RENTAL INCOME EXPIRY DATES 61% 11% 11% 8% 7% 2% 2026 2027 2028 2029 2030 >2031 2026 2027 2028 2029 2030 >2031 IN 2025 MLPG RE-LET SPACE OF 147 454 SQM 40% of the total demand came from existing tenants. YE 2025 Investor Presentation MLP GROUP – CONSERVATIVE APP
Slide 22: Attractive blue-chip tenant base with exceptional KPIs
02. LEASING RESULTS YE 2025 Attractive blue-chip tenant base with exceptional KPIs GLA BY TYPE OF CUSTOMER (SQM) – % E- commerce Light Industrial 10% 36% WAULT Logistics 7.9 years 54% 1 Lease Structure – Inflation Protection ● 100% of rents indexed to CPI income rises with inflation ● Utility reimbu
Slide 23: Two types of warehouse space formats: big box and city logistics
02. LEASING RESULTS YE 2025 Two types of warehouse space formats: big box and city logistics BIG BOX CITY LOGISTICS/BUSINESS PARK BIG BOX (i.e. large-scale) warehouses, primarily addressing City Logistics (MLP Business Parks) are operating as MLP logistics, e-commerce growth and increased demand fro
Slide 24: City Logistics projects
02. LEASING RESULTS YE 2025 City Logistics projects MLP Business Park Poznań MLP Business Park Berlin MLP Business Park Poznań MLP Business Park Berlin YE 2025 Investor Presentation MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE 24
Slide 25: Target core urban logistics in key resilient markets
02. LEASING RESULTS YE 2025 Target core urban logistics in key resilient markets MLP LOCATIONS VS. MLP’S COMPETITORS YE 2025 Investor Presentation MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE 25
Slide 26: MLP Group's key strategic goals
02. LEASING RESULTS YE 2025 MLP Group’s key strategic goals Continued sustainable growth Asset base diversification through expansion 1. 5. of the portfolio in the core in Germany (focus on Ruhr area, Munich, cities in the core markets, Frankfurt) and Vienna; target of Germany only generic products.
Slide 27: YE 2025 Financial Activity
03. YE 2025 FINANCIAL ACTIVITY MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE
Slide 28: Vertically integrated business model
03. YE 2025 FINANCIAL ACTIVITY Vertically integrated business model VALUE UPLIFT ESTIMATION CONSTRUCTION COSTS VS. CAPITAL VALUE(2) PER BUILDINGS IN € PER SQM POLAND GERMANY VALUE CREATION MODEL Value 1 472 862 507 457 112 196 Land acquisition Development Construction Leasing Management Total Cost C
Slide 29: Main YE 2025 highlights in EUR
03. YE 2025 FINANCIAL ACTIVITY Main YE 2025 highlights in EUR EURm 2025 2024 Change TOTAL REVENUE 99 87 +15% Thereof RENTAL INCOME 56 50 +13% Thereof SCH & Utility* 43 37 +17% EBITDA 50 43 +15% NET PROFIT /LOSS 108 87 +25% * Service charge (SCH = property management) and utility revenue is predomina
Slide 30: Annualized future rental income
03. YE 2025 FINANCIAL ACTIVITY Main YE 2025 highlights in EUR ANNUALIZED FUTURE RENTAL INCOME (IN MN EUR) Annualized rents Annualized rents Total annualized Annualized rents Total annualized from contracts from new contracts rental income from new rental income signed and renewals as at 31.12.2025 c
Slide 31: Run-rate Adjusted EBITDA bridge
03. YE 2025 FINANCIAL ACTIVITY Run-rate Adjusted EBITDA bridge (until reporting date) RUN-RATE ADJUSTED EBITDA (IN MN EUR) 16.3 66.1 1.5 67.6 49.8 EBITDA YE 25 New Lease Contribution Run-rate Adjusted EBITDA New leases concluded in Run - rate Adjusted EUR with contracts 2026 EBITDA total concluded t
Slide 32: Historical Financials (1/3)
03. HISTORICAL FINANCIALS (1/3) Dynamic growth and robust cash flow generation over the years TOTAL REVENUE (€MN) RECURRING EBITDA (€MN) 33% 9% 15% 55% 53% 50% 50% 99 €67.6m Run-Rate 87 Adjusted EBITDA 80 60 44 43 48 33 2022 2023 2024 2025 2022 2023 2024 2025 % YoY Growth 18% CAGR 2022-2025 % EBITDA
Slide 33: Historical Financials (2/3)
03. HISTORICAL FINANCIALS (2/3) Dynamic growth and robust cash flow generation over the years GAV (€MN) NAV (€MN) 29% 11% 17% 29% 34% 3% 17% 18% 1564 643 756 1211 551 1037 533 938 2022 2023 2024 2025 2022 2023 2024 2025 % YoY Growth % YoY Growth TOTAL DEBT (€MN) SENIOR SECURED DEBT (€MN) 13x 11x 17x
Slide 34: Historical Financials (3/3)
03. HISTORICAL FINANCIALS (3/3) Dynamic growth and robust cash flow generation over the years NET LTV (%) GROSS SECURED LTV (%) 43% 43% 29% 26% 24% 38% 13% 34% 2022 2023 2024 2025 2022 2023 2024 2025 SENIOR SECURED DEBT / TOTAL DEBT (%) EBITDA TO NET INTEREST COVER (X) 79% 80% 3,3x 52% 46% 2,3x 1,6x
Slide 35: Net Asset Value Growth
03. YE 2025 FINANCIAL ACTIVITY Net Asset Value Growth CHANGE IN PROPERTY VALUATION IN 2025 (IN MN EUR) 127 144 1 557 1 286 YE 2024 Valuation change covering Increase in valuation above YE 2025 CAPEX and other adjustments incurred expenditures The chart above does not include value of Perpetual Usufr
Slide 36: Pivoting to European Financial Market
04. PIVOTING TO EUROPEAN FINANCIAL MARKET MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE
Slide 37: Strong debt metrics and staggered maturity profile
04. EUROPEAN FINACIAL MARKET Strong debt metrics and staggered maturity profile PF as of 31-Dec-25 INTEREST COVERAGE RATIO (ICR) (As of 31-Dec-25) Net Total LTV 43% 2.0x 1.5x NAV in EUR mn 756 ICR Run Rate ICR 2025* Total debt in EUR mn (all-in) 711 BANK LOANS BY MATURITY (PF among which: TRANSACTIO
Slide 38: Strong debt metrics and staggered maturity profile (pro forma)
04. EUROPEAN FINACIAL MARKET Strong debt metrics and staggered maturity profile PF as of reporting day: 16-March-2026 INTEREST COVERAGE RATIO (ICR) Net Total LTV 45%* (As of 31-Dec-25) 2.0x NAV in EUR mn* 756** 1.5x Total debt in EUR mn (all-in) 835 ICR Run Rate ICR 2025* among which: BANK LOANS BY
Slide 39: Eurobonds – transaction details
04. EUROPEAN FINACIAL MARKET Eurobonds – transaction details Summary ● Deal priced significantly tight of talk, pricing at 4.750%, 50 bps inside of initial price talk (low 5%s) following multiple price moves as transaction generated significant interest across the board ● Well-received issuance in a
Slide 40: Guidance for 2026
05. GUIDANCE FOR 2026 MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE
Slide 41: Comparison to actuals and long-term strategic goals
05. GUIDANCE FOR 2026 Comparison to actuals and l/t strategic goals Starting point for L/T goal EUR mn 2024 2025 20262 FY 2026 (contracted) REVENUES 87 99 120 131 Change YoY +9% +15% +21% +34% Equal or better than in EBITDA(1) Margin 49% 50% 59% 2025 FFO improvement FFO 11 13 should be at a level 35
Slide 42: Detailed breakdown of secured part of revenue in 2026
05. GUIDANCE FOR 2026 Detailed breakdown of (already) secured part of revenue in 2026 Revenue guidance Long term goal % of Long Term TBG (to be EUR mn 2025 actuals (min. level) secured Goal secured generated) Total 99 131 120 92% 11 Thereof rental income 56 80 72 90% 8 Thereof SCH & Utility.* 43 51
Slide 43: Appendix and Glossary
06. APPENDIX AND GLOSSARY MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE
Slide 44: 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 45: Vertically integrated business model
06. APPENDIX Vertically integrated business model STRATEGIC ACQUISITIONS STRONG DEVELOPMENT 1. FOR GROWTH CAPABILITIES 2. ● Targeting value-add opportunities ● Dedicated teams, capital, and landbank for continued project delivery ● Leveraging local, market-savvy teams ● Risk-managed approach driven
Slide 46: 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