MLP Group reports revenue and EBITDA growth in first quarter of 2025

MLP Group recorded revenue of PLN 109.2 million in the first quarter of 2025, representing a 13% year-on-year increase. EBITDA, excluding revaluation effects, rose by 7% to PLN 53.9 million. The company maintained strong operational stability, with 99% of rents collected on time, and signed lease agreements for approximately 45,000 square metres of space since the beginning of the year. The occupancy rate of the portfolio stood at 92.15%, with some temporary decline attributed to new developments nearing completion.

Gross asset value amounted to PLN 5.49 billion at the end of March 2025, down 1% compared to December 2024, while the net asset value declined by 2% to PLN 2.69 billion. In euro terms, however, the asset value increased slightly, reflecting currency movements. The company’s financial position remains stable, supported by a conservative approach to debt and liquidity management. The net debt to EBITDA ratio improved to 11.0x from 13.6x at the end of 2024, a 20% decrease.

MLP Group continues to focus on urban locations and long-term partnerships with high-quality tenants. The average lease term across the portfolio rose to 7.7 years. The group’s logistics properties are among the most modern in Europe, with 90% built in the past decade. Despite reporting a net loss of PLN 42.7 million in Q1 2025, compared to a profit of PLN 16.2 million in the same period last year, the company expects continued improvement in EPRA earnings and FFO as rental demand and investment activity remain strong. MLP also anticipates lower interest rates later in 2025, which may lead to a decline in yields and increased property valuations.

“From the beginning of this year until the issue date of the report, we signed contracts for a total of about 45,000 sq m of space. Effective relationship building with customers helps us develop long-term partnerships, which in some cases have lasted over 20 years, with a tenant retention rate reaching nearly 99%. The weighted average unexpired lease term (WAULT) for our portfolio rose to about 7.7 years, up from 7.1 years in the last quarter of the previous year.

“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 ten years and over 60% in the last five years,” said Radosław T. Krochta, CEO of MLP Group S.A.