Mlp Group Sa · GPW:MLG
Mlp Group Sa — H1 2025 Earnings Presentation
56 slides from Mlp Group Sa's earnings presentation, Aug 26, 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 1H 2025 Results Investor Presentation August 2025
Slide 2: Agenda
AGENDA 1 MLP GROUP AT A GLANCE 3 2 1H 2025 EXECTIVE SUMMARY 13 3 LEASING RESULTS IN 1H 2025 21 FINANCIAL ACTIVITY IN 1H 4 38 2025 5 SOLAR PANELS 51 Investor presentation 1H 2025 results MLP GROUP - CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE 2
Slide 3: MLP Group at a Glance
01. MLP GROUP AT A GLANCE Investor presentation 1Q 2024 results, May 2024
Slide 4: MLP Group at a Glance
01. MLP GROUP AT A GLANCE GROSS INVESTMENT PROPERTIES VALUE SPLIT (AS OF 30 JUNE 2025) MLP GROUP OVERVIEW PER ASSET TYPE PER COUNTRY 2% • Leading European logistics platform listed on the Warsaw Stock Exchange 8% 8% since 2013 with a current market capitalisation of €473 mn (PLN 2.0 bn)(1) 10% 16% •
Slide 5: MLP Group is active in strong European countries
01. MLP GROUP AT A GLANCE MLP GROUP is active in 4 strong European countries 4 1.5 2.5 8.7 core MWp mn sqm mn sqm markets installed GLA landbank PV Assets located in close Assets located just outside proximity to large German Poland Gorzów Poznań cities, such as: Dortmund, Berlin Wielkopolski (5th l
Slide 6: Operational Excellence & Investment Strategy moving forward
01. MLP GROUP AT A GLANCE Operational Excellence & Investment Strategy moving forward STRONG OPERATING METRICS 1.5 mn sqm 94.2% 1) 99% 100% 99% 2) Lease contracts GLA Occupancy Retention rate indexed with Rent collection EURO HICP (in 60 days) without CAP 1) Occupancy excluding the areas in building
Slide 7: Strong increase in Net Asset Value since 2013 (PLN)
01. MLP GROUP AT A GLANCE Strong increase in Net Asset Value since 2013 NET ASSET VALUE & EBITDA (IN MN PLN) EBITDA 3 500,0 200 3 000,0 2 818 2 746 2 498 2 500,0 2 396 150 2 000,0 1 825 100 1 500,0 1 212 1 000,0 939 815 50 500,0 0,0 0 2018 2019 2020 2021 2022 2023 2024 1H 2025 EBITDA for 1H2025 has
Slide 8: Strong increase in Net Asset Value since 2013 (EUR)
01. MLP GROUP AT A GLANCE Strong increase in Net Asset Value since 2013 EBITDA NET ASSET VALUE & EBITDA (IN MN EUR) 50 664 643 40 551 533 500,0 30 397 20 263 220 190 10 0,0 0 2018 2019 2020 2021 2022 2023 2024 1H 2025 NAV EBITDA EBITDA for 1H2025 has been annualized. Investor presentation 1H 2025 re
Slide 9: Generic NAV development of logistic assets without acquisitions
01. MLP GROUP AT A GLANCE Generic NAV development of logistic assets without acquisitions DEVELOPED SPACE, UNDER CONSTRUCTION & IN PREPARATION STAGE (SQM) 1 622 195 1 636 226 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 201
Slide 10: Pillars of MLP Group and its key strategic objectives
01. MLP GROUP AT A GLANCE Pillars of MLP Group and its key strategic objectives VERTICALLY STRATEGIC MODERN AND CONTINUOUS FOCUS ON KEY INTEGRATED DEVELOPMENT SUSTAINABLE GROWTH MARKETS BUSINESS MODEL SITES PORTFOLIO • Location Search: Provides • Acquires development • Replenishes its • Focuses on C
Slide 11: Accelerated landbank acquisitions
MLP GROUP AT A GLANCE 01. ACCELERATED LANDBANK ACQUISITIONS Replenishing & growing development capacity 87% x2 ca. 87% situated Potential development adjacent of the landbank is 1.2 mn to our existing sqm which doubles or new parks the portfolio’s size POTENTIAL FOR DEVELOPMENT TOTAL LANDBANK BY COU
Slide 12: Green Industrial Real Estate Platform
01. MLP GROUP AT A GLANCE Green Industrial Real Estate Platform CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE 1.5 mln sqm GLA 195 clients 1.2 mln sqm 99% client retention potential space for 45% of new leases signed expansion within with existing clients existing
Slide 13: 1H 2025 Executive Summary
02. 1H 2025 EXECUTIVE SUMMARY
Slide 14: Main 1H 2025 highlights in PLN
02. 1H 2025 EXECUTIVE SUMMARY Main 1H 2025 highlights in PLN 1H 2025 1H 2024 2H 2024 % % change mn PLN mn PLN change mn PLN Revenues 207.1 187.7 10% 184.7 12% Net profit /loss 79.2 281.6 -72% 90.5 -13% EBITDA 106.2 99.1 7% 86.4 23% EPRA earnings 30.2 58.3 -48% 22.4 35% FFO 31.5 40.9 -23% 6.4 389% Ne
Slide 15: Main 1H 2025 highlights in EUR
02. 1H 2025 EXECUTIVE SUMMARY Main 1H 2025 highlights in EUR 1H 2025 1H 2024 2H 2024 % % change mn EUR mn EUR change mn EUR Revenues 49.1 43.5 13% 43.0 14% Net profit /loss 18.8 65.3 -71% 21.1 -11% EBITDA 25.2 23.0 9% 20.1 25% EPRA earnings 7.2 13.5 -47% 5.2 38% FFO 7.5 9.5 -21% 1.5 399% Net Debt/EB
Slide 16: Main 1H 2025 highlights in PLN and EUR
02. 1H 2025 EXECUTIVE SUMMARY Main 1H 2025 highlights in PLN and EUR 1H 2025 YE 2024 1H 2025 YE 2024 % % change mn PLN mn PLN change mn EUR mn EUR Gross Assets Value (GAV) 5 832.4 5 519.4 6% 1 374.9 1 291.7 6% Net Assets Value (NAV) 2 817.8 2 746.2 3% 664.3 642.7 3% NAV per share [PLN/EUR] 117.4 114
Slide 17: Future secured with ongoing development projects
02. 1H 2025 EXECUTIVE SUMMARY Future secured with ongoing development projects 275 447 11.5% 80-90% sqm under development Expected YoC Expected pre-let at delivery 84% 93 591 25.7 mn EUR in existing parks sqm signed Potential rental income for projects under construction and in preparation STRONG DE
Slide 18: Main 1H 2025 highlights
02. 1H 2025 EXECUTIVE SUMMARY Main 1H 2025 highlights 1 Dynamic portfolio growth – the total standing portfolio reached 1.5 million sqm of GLA. 2 Robust leasing activity – 159,353 sqm of space leased, including 101,784 sqm of new contracts. Strong development pipeline – 275,000 sqm of projects under
Slide 19: Main 1H 2025 highlights
02. 1H 2025 EXECUTIVE SUMMARY Main 1H 2025 highlights International expansion – strengthening the position in Germany and Austria, where projects are expected 8 to account for over 50% of leasing results in 2025. 9 Asset value growth – Gross Asset Value reached PLN 5.83 billion / EUR 1.38 billion (+
Slide 20: Buildings under construction with pre-let contracts
02. 1H 2025 EXECUTIVE SUMMARY Buildings under construction with pre-let contracts CONSTRUCTION WITH PRE-LET CONTRACTS 93% 88% 85% 82% 83% 76% 65% 2019 2020 2021 2022 2023 2024 1H 2025 Pre let contracts =lease agreement has been signed before or during construction (before completion) Investor presen
Slide 21: 1H 2025 Leasing Results
03. 1H 2025 LEASING RESULTS Investor presentation 1Q 2024 results, May 2024
Slide 22: Market Outlook: Poland & Germany
03. LEASING RESULTS 1H 2025 Market Outlook: Poland & Germany POLAND GERMANY Market Growth: Poland is one of Europe’s fastest-growing Take-Up: The top 8 industrial and logistics real estate markets industrial/logistics markets. achieved take-up of around 1.3m m² in the 1st half of 2025. The result co
Slide 23: Market Outlook: Austria & Romania
03. LEASING RESULTS 1H 2025 Market Outlook: Austria & Romania AUSTRIA ROMANIA Around 155,000 sqm of new logistics space was completed in Take-Up: 7.9 million sqm in Romania's modern logistics property Austria during the first half of the year, with roughly half of that market (+9% y/y) located in th
Slide 24: Budget for 2025 – Poland, Germany, Austria & Romania
03. LEASING RESULTS 1H 2025 Budget for 2025 – Poland, Germany, Austria & Romania LEASING BUDGET IN SQM 321 234 159 770 92 269 39 195 30 000 Poland Germany Austria Romania TOTAL Investor presentation 1H 2025 results MLP GROUP - CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS
Slide 25: Our tenants – diversified tenants' portfolio
03. LEASING RESULTS 1H 2025 Our tenants – diversified tenants’ portfolio LEASE AGREEMENTS – POLAND, ROMANIA, GERMANY & AUSTRIA 101 784 25 627 57 569 76 157 New agreements Re-letting signed in singing process *Inclunding contracts in signing process (to be signed till the end of August) Investor pres
Slide 26: Partnership that deliver robust & growing income streams
03. LEASING RESULTS 1H 2025 Partnership that deliver robust & growing income streams STRONG OPERATING METRICS 1.5 mn sqm 94.2% 1) 99% 100% 99% 2) Leased area Occupancy Retention rate Lease contracts Rent collection indexed with EURO (in 60 days) HICP without CAP 1) Occupancy excluding the areas in b
Slide 27: Phasing of current projects under construction
03. LEASING RESULTS 1H 2025 Projects timing do zmiany PHASING OF THE CURRENT PROJECTS UNDER CONSTRUCTION LOGISTIC PROJECT MLP PRUSZKÓW II 70 880 sqm MLP Łódź II 38 355 sqm MLP Wrocław West 67 450 sqm MLP Business Park 14 889 sqm Poznań MLP Poznań West 32 267 sqm MLP Bieruń 33 800 sqm MLP Rzeszów 19
Slide 28: Re-letting in 1H 2025
03. LEASING RESULTS 1H 2025 Re-letting in 1H 2025 RE-LET AREA IN SQM 148 225 101 332 92 577 85 411 84 854 79 523 60 400 57 569 48 792 32 731 28 587 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H2025 RETENTION RATE 99% Investor presentation 1H 2025 results MLP GROUP - CONSERVATIVE APPROACH TO G
Slide 29: Re-letting: rental income expiry dates
03. LEASING RESULTS 1H 2025 Re-letting RENTAL INCOME EXPIRY DATES 54% 12% 10% 8% 9% 6% 1% 2025 2026 2027 2028 2029 2030 >2031 2025 2026 2027 2028 2029 2030 >2031 IN 1H 2025 MLPG RE-LET AREA OF 57 569 SQM Investor presentation 1H 2025 results MLP GROUP - CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL
Slide 30: Why re-letting is important?
03. LEASING RESULTS 1H 2025 Why re-letting is important? VACANT SPACE „STOLEN TENANTS FROM MAJOR COMPETITIVE PARK ŁODŹ” 57 665 THS SQM Major competitive Park Łódź CONFIDENTIAL TENANT MLP Łódź Investor presentation 1H 2025 results MLP GROUP - CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CO
Slide 31: Top 10 tenants
03. LEASING RESULTS 1H 2025 Our tenants – diversified tenants’ portfolio TOP 10 TENANTS (BASED ON ANNUALIZED RENTAL INCOME) 5.4% 4.1% 3.3% 3.1% 3.0 Top 10 2.9% Tenants provide 30% 2.4% 2.1% of annual 1.9% rental 1.8% income Investor presentation 1H 2025 results MLP GROUP - CONSERVATIVE APPROACH TO G
Slide 32: Long-term contracts and diversification of tenants
03. LEASING RESULTS 1H 2025 Our tenants – diversified tenants’ portfolio 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. Logist
Slide 33: Our tenants – diversified tenants' portfolio
03. LEASING RESULTS 1H 2025 Our tenants – diversified tenants’ portfolio Investor presentation 1H 2025 results MLP GROUP - CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE 33
Slide 34: New category of tenants
03. LEASING RESULTS 1H 2025 New category of tenants MLP BUSINESS PARK POZNAŃ MLP BUSINESS PARK VIENNA Investor presentation 1H 2025 results MLP GROUP - CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE 34
Slide 35: Urban and big box warehouses – complementary assets
03. LEASING RESULTS 1H 2025 Urban and big box warehouses* – complementary assets Big Box Warehouses City Logistics Austria City Logistics / Urban Logistics (Large-scale 8% facilities (MLP Business Park): City Logistics warehouses): 81% Germany 19% • Spaces ranging 7% • Smaller modular from 2,500 to
Slide 36: MLP Group locations vs. MLP's competitor
03. LEASING RESULTS 1H 2025 MLP Group locations vs. MLP’s competitor MLP competitor MLP competitor MLP MLP competitor competitor MLP MLP competitor MLP competitor competitor *The split is based on existing and under construction space Investor presentation 1H 2025 results MLP GROUP - CONSERVATIVE AP
Slide 37: Pace of development: MLP Group vs. MLP's competitor
03. LEASING RESULTS 1H 2025 Pace of development: MLP Group vs. MLP’s competitor NEW CONTRACTS SIGNED IN 1H 2025 AS A PERCENTAGE OF THE TOTAL PORTFOLIO 7% 6% 4% The financial report for 1H 2025 contains misleading data, as it only presents the groos take-up of 1 mn sqm 1% no accurate data/split betwe
Slide 38: Pace of development MLP Group vs. Competitors
03. LEASING RESULTS 1H 2025 Pace of development MLP Group vs. Competitors VACANT SPACE IN % 46.0% 35.0% 12% 5.8% 0% 0% Poland Austria Germany MLP Group Competitor Investor presentation 1H 2025 results MLP GROUP - CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE 38
Slide 39: Financial Activity in 1H 2025
04. FINACIAL ACTIVITY IN 1H 2025
Slide 40: Key points in 1H 2025 – Balance sheet in EUR ths
04. FINANCIAL ACTIVITY Key points in 1H 2025 – Balance sheet in EUR ths As at in ths EUR 30.06.2025 31.12.2024 30.06.2025 31.12.2024 in ths EUR Non-current assets Equity Property, plant and equipment 6 296 6 176 Share capital 1 307 1 307 Share premium 105 071 105 071 Intangible assets 7 13 Interest
Slide 41: Key points in 1H 2025 – Profit & loss statement in EUR ths
04. FINANCIAL ACTIVITY Key points in 1H 2025 – Profit & loss statement in EUR ths in ths EUR 1H 2025 1H 2024 Rental income 26 428 25 179 Revenue from property management services 22 627 18 355 Costs of self-provided property management services (18 280) (16 312) Gross operating profit/(loss) 30 775
Slide 42: Key points in 1H 2025 - Financial position in EUR mn
04. FINANCIAL ACTIVITY Key points in 1H 2025 - Financial position in EUR mn 1H 2025 1H 2024 1H 2023 1H 2025 YE 2024 YE 2023 CHANGE 1H 2025 1H 2024 CHANGE 1H 2023 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 1 381.9 1 29
Slide 43: Key points in 1H 2025 – Financial position in PLN mn
04. FINANCIAL ACTIVITY Key points in 1H 2025 – EPRA ratios 1H 2025 1H 2024 1H 2023 1H 2025 YE 2024 YE 20223 CHANGE 1H 2025 1H 2024 CHANGE 1H 2023 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 5 861.8 5 549.6 6% 4 541.5 R
Slide 44: Key points in 1H 2025 – EPRA measures
04. FINANCIAL ACTIVITY Key points in 1H 2025 – Balance sheet in EUR ths 1H 2025 YE 2024 CHANGE (IN PLN MN) (IN PLN MN) (%) EPRA NRV 2 816 2 737 3% EPRA NTA 2 816 2 737 3% EPRA NDV 2 818 2 746 3% 1H 2025 1H 2024 CHANGE (IN PLN MN) (IN PLN MN) EPRA Earnings 30.2 58.3 -48% Company adjusted EPRA earning
Slide 45: Key points in 1H 2025 - Financial position
04. FINANCIAL ACTIVITY Key points in 1H 2025 - Financial position AS AT 30.06.2025 RUN RATE ICR 2025 LTV1) 43.4% ICR 1.6x 1.8x NAV in EUR mn 664 Financial debts in EUR mn (all-in) 673 among which: 1.6x – Bank loans (secured on MLP's assets) in EUR mn 331 – Bonds (unsecured on MLP's assets) in EUR mn
Slide 46: Revenues and costs, 1H 2025 vs 1H 2024
04. FINANCIAL ACTIVITY Key points in 1H 2025 - Financial position REVENUES (IN PLN MN) COSTS (IN PLN MN) +10% Developed space Developed space as at 30.06.2024 as at 30.06.2025 1 160 830 sqm 1 267 188 sqm Recharge of utility 43.4 +11% costs 39.2 +8% Recharge of +30% 52.1 service charges 39.9 Utilitie
Slide 47: Net Asset Value Growth
04. FINANCIAL ACTIVITY Net Asset Value Growth NAV CONTRIBUTION (IN MN PLN) -57 2 818 105 -29 2 746 -8 61 Equity as at Gain (loss) on Exchange EBIT (without Net finance Income tax Equity as at 31.12.2024 revaluation of differences on revaluationon income 30.06.2025 investment translation of investmen
Slide 48: Run-Rate Adjusted EBITDA Bridge
04. FINANCIAL ACTIVITY Run-Rate Adjusted EBITDA Bridge RUN-RATE ADJUSTED EBITDA (IN MN EUR) 13.3 61.1 50.3 -2.5 EBITDA 1H 2025 - ANNUALISED Non recurring items Lease contributions Run-Rate Adjusted EBITDA EUR 1H 2025 1 H 2024 1H 2025 1H 2024 In PLN mn In PLN mn in EUR mn In EUR mn Net Debt/EBITDA 12
Slide 49: Annualized future rental income based on all signed contracts
04. FINANCIAL ACTIVITY Key points in 1H 2025 - Financial position 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 90% 10% 100% 1
Slide 50: Loans and bonds
04. FINANCIAL ACTIVITY Loans and bonds EXISTING BANK LOANS BY MATURITY (as at 30 June 2025) IN EUR MN • MLP Group is a reliable financing partner, with a 161 solid financial position. • Undrawn credit line for EUR 85.1 mn. • Aprox. 80% of Bank loans and bonds are hedged against interest rate risk fo
Slide 51: Net Asset Value Growth: change in property valuation
04. FINANCIAL ACTIVITY Net Asset Value Growth CHANGE IN PROPERTY VALUATION IN 1H 2025 (IN MN PLN) 353 5 806 5 493 -40 YE 2024 FX The change in property portfolio 1H 2025 valuation The chart above does not include value of Perpetual Usufruct. Investor presentation 1H 2025 results MLP GROUP - CONSERVA
Slide 52: Solar Panels
05. SOLAR PANELS Investor presentation 1Q 2024 results, May 2024
Slide 53: Installed vs. Connected PV Capacity
05. SOLAR PANELS Installed vs. Connected PV Capacity SOLAR PANELS INSTALLED VS. CONNECTED (kWp) 16480 16480 The variance between the installed and the connected capacity is caused by the time required to complete grid 14980 connection procedures, including permits from the 13480 power grid operator,
Slide 54: Cumulative Profit – PV Projects 2025–2035
05. SOLAR PANELS Cumulative Profit – PV Projects 2025–2035 KEY HIGHLIGHTS: CUMULATIVE PROFIT • Total Investment (CAPEX): 11 mn EUR • Total Revenue by 2035: 27.82 mn EUR • Cumulative Profit by 2035: 18.86 mn EUR • Payback year of all PV portfolio: 2030 2022 2023 2024 H1 2025 H2 2025 2026 2027 2028 20
Slide 55: Case study: PV Installation – MLP Gliwice (640 kWp)
05. SOLAR PANELS Case study: PV Installation – MLP Gliwice (640 kWp) TECHNICAL & FINANCIAL • Installed capacity: 640 kWp • Commissioning date: April 18, 2024 • CAPEX: 2.075.972 PLN • Business model: 98% on-site consumption • Electricity sale price: • to tenant (on-site): 0,88 PLN/kWh • to grid: 0,15
Slide 56: Thank you!
Thank you! MLP GROUP S.A. ul. 3 Maja 8, 05-800 Pruszków tel. +48 22 738 30 10 ir@mlpgroup.com