Slide 1: 1Q 2025 Results Investor Presentation
Conservative approach to growth in industrial assets in core urban areas in Europe 1Q 2025 Results Investor Presentation May 2025
Slide 2: Agenda and Team
AGENDA AND TEAM 1 MLP GROUP AT A GLANCE 3 2 1Q 2025 EXECTIVE SUMMARY 11 4 SOLAR PANELS 18 5 LEASING RESULTS IN 1Q 2025 20 Radosław T.Radosław Krochta T. Krochta Agnieszka Góźdź Chief Executive ChiefOfficer Executive Officer Chief Development Officer 6 FINANCIAL ACTIVITY IN 1Q 2025 32 Investor presen
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 March 2025) Leading European logistics platform listed on the Warsaw Stock Exchange since PER ASSET TYPE 2013 with a current market capitalisation of €493 mn (PLN 2.0 bn)(1). PER COUNTRY 2% Operating si
Slide 5: MLP Group is active in 4 strong European core markets
1. MLP GROUP AT A GLANCE MLP GROUP is active in 4 strong European countries 4 1.5 2.5 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 1.5 mn sqm 92.1% 1) 99% 100% 98% 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 2 694 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 1Q 2025 NET ASSET VALUE (IN MN EUR) 643 644 533 551 397 263 190 220 152 153 1
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 1 619 650 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
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 92% x2 ca. 92% 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: 2. 1Q 2025 Executive Summary
2. 1Q 2025 EXECUTIVE SUMMARY
Slide 12: Main 1Q 2025 highlights in PLN
2. 1Q 2025 EXECUTIVE SUMMARY Main 1Q 2025 highlights in PLN Q1 2025 Q4 2024 % Q1 2024 % PLN million PLN million change PLN million change Revenue 109.2 94.1 16% 96.2 13% Net profit/(loss) -42.7 107.1 -140% 16.2 -363% EBITDA excluding the effect of revaluation 53.9 44.1 22% 50.2 7% Adjusted EPRA earn
Slide 13: Main 1Q 2025 highlights in EUR
2. 1Q 2025 EXECUTIVE SUMMARY Main 1Q 2025 highlights in EUR Q1 2025 Q4 2024 % Q1 2024 % EUR million EUR million change EUR million change Revenue 26.1 21.8 20% 22.3 17% Net profit/(loss) -10.2 24.9 -141% 3.8 -372% EBITDA excluding the effect of revaluation 12.9 10.2 26% 11.6 11% Adjusted EPRA earnin
Slide 14: Main 1Q 2025 highlights
2. 1Q 2025 EXECUTIVE SUMMARY Main 1Q 2025 highlights 31 31 31 March 31 March December % December % 2025 2025 2024 change 2024 change PLN million PLN million PLN million PLN million Fair value of investment property (GAV) 5 490.7 5 519.4 -1% 1 312.3 1 291.7 2% Equity (NAV) 2 694.2 2 746.2 -2% 644.0 6
Slide 15: Main 1Q 2025 highlights
2. 1Q 2025 EXECUTIVE SUMMARY Main 1Q 2025 highlights 224 222 92% 80-90% sqm under development in existing parks Expected pre-let at delivery STRONG DEVELOPMENT PIPELINE DRIVING HIGH OCCUPANCY, SOLID RETURNS AND FUTURE GROWTH Investor presentation 1Q 2025 results MLP Group - conservative approach to
Slide 16: Main 1Q 2025 highlights
2. 1Q 2025 EXECUTIVE SUMMARY Main 1Q 2025 highlights 1 Consolidated revenue reaching PLN 109.2 million, +13% 1Q/1Q, in EUR 26.1, +17% 1Q/1Q 2 EBITDA (before revaluation effects) amounted to PLN 53.9 million, +7% 1Q/1Q, in EUR 12.9, +11% 1Q/1Q 3 Operating Cash Flow at PLN 72 mn, +52% 1Q/1Q 4 As of th
Slide 17: Main 1Q 2025 highlights
2. 1Q 2025 EXECUTIVE SUMMARY Main 1Q 2025 highlights 8 As at Q1 2025, MLP Group had 224,222 sqm of space under construction. Strong leasing activity and robust demand continue to support the expansion of the portfolio. 9 The net debt to EBITDA ratio improved significantly, falling from 13.6x in Q4 2
Slide 18: 4. Solar Panels
4. SOLAR PANELS
Slide 19: 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 20: 5. Leasing Results in 1Q 2025
5. LEASING RESULTS IN 1Q 2025
Slide 21: Market Outlook: Poland & Germany
5. LEASING RESULTS Q1 2025 Market Outlook: Poland & Germany POLAND GERMANY Market Growth: Poland is one of Europe’s fastest-growing Take-Up: The German industrial and logistics real estate market industrial/logistics markets. recorded a take-up of 1.26 million sq m in the first quarter of 2025. Comp
Slide 22: Market Outlook: Austria & Romania
5. LEASING RESULTS Q1 2025 Market Outlook: Austria & Romania AUSTRIA ROMANIA New Completions: 474,000 sqm in Austria, with 90% (426,600 Take-Up: 7.9 million sqm in Romania's modern logistics property market (+9% y/y) sqm) in Vienna region. Development activity: 2024 modern stock growth was in line w
Slide 23: Our tenants – diversified tenants' portfolio
5. LEASING RESULTS 1Q 2025 Our tenants – diversified tenants’ portfolio TOP 10 TENANTS IN SQM 61 961 57 195 47 337 44 088 43 675 32 977 Top 10 Tenants provide 29% 28 690 26 989 26 407 of annual rental income 25 196 Investor presentation 1Q 2025 results MLP Group - conservative approach to growth in
Slide 24: Long-term contracts and diversification of tenants
5. LEASING RESULTS 1Q 2025 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 7.7 years Manufacturing Logistics 37% Manu
Slide 25: Our tenants – diversified tenants' portfolio
5. LEASING RESULTS 1Q 2025 Our tenants – diversified tenants’ portfolio Investor presentation 1Q 2025 results MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe 25
Slide 26: New category of tenants - services
5. LEASING RESULTS Q1 2025 New category of tenants - services MLP BUSINESS PARK POZNAŃ MLP BUSINESS PARK VIENNA Investor presentation 1Q 2025 results MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe 26
Slide 27: Re-letting
5. LEASING RESULTS 1Q 2025 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 48 052 SQM Investor presentation 1Q 2025 results MLP Group - conservative approach to growth in industrial asset
Slide 28: Urban and big box warehouses – complementary assets
5. LEASING RESULTS 1Q 2025 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 29: Budget for 2025 – Poland, Germany, Austria & Romania
5. LEASING RESULTS Q1 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 1Q 2025 results MLP Group - conservative approach to growth in industrial assets in core urban areas i
Slide 30: Leasing contracts in 1Q 2025
5. LEASING RESULTS 1Q 2025 LEASING CONTRACTS IN 1Q 2025 (POLAND, GERMANY, AUSTRIA & ROMANIA IN SQM) 67 129* 62 000 48 052* 19 000 1Q 2024 1Q 2025 New contracts Re-letting *To be signed by the end of May Total in 1Q 2025: 115,181 sqm Investor presentation 1Q 2025 results MLP Group - conservative appr
Slide 31: MLP Group locations vs. MLP competitor
5. LEASING RESULTS 1Q 2025 MLP Group locations vs. MLP competitor MLP competitor MLP competitor MLP MLP competitor competitor MLP MLP competitor MLP competitor competitor Investor presentation 1Q 2025 results MLP Group - conservative approach to growth in industrial assets in core urban areas in Eur
Slide 32: 6. Financial Activity in 1Q 2025
6. FINANCIAL ACTIVITY IN 1Q 2025 Investor presentation 1Q 2024 results, May 2024
Slide 33: Key points in 1Q 2025 – Balance sheet in EUR ths
7. FINANCIAL ACTIVITY Key points in 1Q 2025 – Balance sheet in EUR ths As at in ths EUR 31.03.2025 31.12.2024 in ths EUR 31.03.2025 31.12.2024 Non-current assets Equity Property, plant and equipment 6 436 6 176 Share capital 1 307 1 307 Intangible assets 10 13 Share premium 105 071 105 071 1 298 Int
Slide 34: Key points in 1Q 2025 – Profit & loss statement in EUR ths
7. FINANCIAL ACTIVITY Key points in 1Q 2025 – Profit & loss statement in EUR ths in ths EUR 1Q 2025 1Q 2024 Rental income 13 119 12 691 Revenue from property management services 12 971 9 571 Costs of self-provided property management services (10 271) (8 894) Gross operating profit/(loss) 15 819 13
Slide 35: Key points in 1Q 2025 - Financial position in EUR mn
7. FINANCIAL ACTIVITY Key points in 1Q 2025 - Financial position in EUR mn 1Q 2025 1Q 2024 1Q 2023 1Q 2025 YE 2024 YE 2023 CHANGE 1Q 2025 1Q 2024 CHANGE 1Q 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 1 319.4 1 298
Slide 36: Key points in 1Q 2025 - Financial position in PLN mn
7. FINANCIAL ACTIVITY Key points in 1Q 2025 - Financial position in PLN mn 1Q 2025 1Q 2024 1Q 2023 1Q 2025 YE 2024 YE 20223 CHANGE 1Q 2025 1Q 2024 CHANGE 1Q 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 5 520.1 5 54
Slide 37: Key points in 1Q 2025 – EPRA ratios
7. FINANCIAL ACTIVITY Key points in 1Q 2025 – EPRA ratios 1Q 2025 YE 2024 CHANGE (IN PLN MN) (IN PLN MN) (%) EPRA NRV 2 688 2 737 -2% EPRA NTA 2 688 2 737 -2% EPRA NDV 2 694 2 746 -2% 1Q 2025 1Q 2024 CHANGE (IN PLN MN) (IN PLN MN) EPRA Earnings 41.0 35.5 16% Company adjusted EPRA earnings* 14.4 19.5
Slide 38: Key points in 1Q 2025 - Financial position
7. FINANCIAL ACTIVITY Key points in 1Q 2025 - Financial position AS AT 31.03.2025 LTV1) 42.6% ICR 1.6x NAV in EUR mn 644 Financial debts in EUR mn (all-in) 668 among which: – Bank loans (secured on MLP's assets) in EUR mn 327 – Bonds (unsecured on MLP's assets) in EUR mn 341 Weighted Avarage Interes
Slide 39: Key points in 1Q 2025 - Revenues and costs
7. FINANCIAL ACTIVITY Key points in 1Q 2025 - Financial position REVENUES (IN PLN MN) COSTS (IN PLN MN) +13% Developed space Developed space as at 31.03.2024 as at 31.03.2025 Recharge of utility costs 27.6 1 117 612 sqm 1 251 947 sqm +25% 22.0 Recharge of service charges +11% +38% 26.7 19.4 Utilitie
Slide 40: Net Asset Value Growth
7. FINANCIAL ACTIVITY Net Asset Value Growth NAV CONTRIBUTION (IN MN PLN) 2 746 2 694 -103 7 -9 53 Equity as at 31.12.2024 Gain (loss) on revaluation of Exchange differences on EBIT (without revaluationon Net finance income & income Equity as at 31.03.2025 investment property translation of foreign
Slide 41: Run-Rate Adjusted EBITDA Bridge
7. FINANCIAL ACTIVITY Run-Rate Adjusted EBITDA Bridge RUN-RATE ADJUSTED EBITDA (IN MN EUR) 13,0 58,3 51,5 -6,2 EBITDA 1Q 2025 - ANNUALISED Non recurring items Lease contributions Run-Rate Adjusted EBITDA EUR Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 PLN million PLN million PLN million PLN million PLN
Slide 42: Loans and bonds
7. FINANCIAL ACTIVITY Loans and bonds EXISTING BANK LOANS BY MATURITY (as at 31 March 2025) IN EUR MN MLP Group is a reliable financing partner, with a solid 161 financial position. Undrawn credit line for EUR 85.1 mn. Aprox. 85% of Bank loans are hedged against interest rate 61 46 40 risk for
Slide 43: Change in property valuation in 1Q
7. FINANCIAL ACTIVITY CHANGE IN PROPERTY VALUATION IN 1Q 2025 (IN MN PLN) 5 493 5 464 -115 86 YE 2024 FX CAPEX & other adjustments 1Q 2025 The chart above does not include value of Perpetual Usufruct. Investor presentation 1Q 2025 results MLP Group - conservative approach to growth in industrial ass
Slide 44: MLP Group S.A. contact details
MLP GROUP S.A. ul. 3 Maja 8, 05-800 Pruszków, tel. +48 22 738 30 10 ir@mlpgroup.com