In H1 2025, MLP Group increased all financial indicators by double digits compared to H1 2024 and 2H 2024, confirming the linear, long-term double-digit growth in EUR of its business (revenues, EBITDA, EPRA earnings), while keeping vacancy rate at approx. 5%. MLP Group is consistently strengthening its position as the fastest-growing logistics platform in Europe, combining dynamic growth with a well-considered tenant selection strategy and effective risk management.
In H1 2025, MLP Group generated consolidated revenue of PLN 207.1 million, up 10% year on year and 12% compared with 2H 2024. EBITDA excluding the effect of revaluation amounted to PLN 106.2 million, representing growth of 7% versus 1H 2024 and as much as 23% versus 2H 2024. EPRA earnings came in at PLN 30.2 million, an increase of 35% compared with the second half of last year.
In the first half of 2025, MLP Group initiated new developments and continued ongoing construction, launching a total of 275,000 sqm of new projects. Commercialisation levels remained very high. For example, the leasable space of MLP Pruszków II (40,000 sqm) and MLP Bucharest West (20,300 sqm) has already been fully pre-leased. At MLP Poznań West, 94% of its 34,000 sqm has been pre-leased, while for MLP Business Park Vienna the commercialisation level reached 50% of its 54,000 sqm.
“The industrial and logistics sector is an unflashy business – steady, predictable and, for some, perhaps even dull. But it is precisely this ‘dullness’ that underpins MLP Group’s strength. By staying disciplined and consistent in our efforts, we achieve double-digit growth and record commercialisation levels. This ‘dull’ business that delivers stable profits is the foundation on which we build long-term value for our shareholders. The first half of 2025 was a stable time for us. Since the beginning of the year, we have leased over 159,000 sqm, delivering approx. 93,000 sqm at a Yield on Cost of 11.5 %, with 83% of the leased area already completed, bringing the Group’s standing portfolio to 1.5 million sqm of GLA,” says Radosław T. Krochta, President of the MLP Group Management Board.
MLP Group’s landbank amounts to 248 ha, of which 96 ha are owned and 152 ha are under pre-contract agreements. This land is set to secure substantial future growth potential for the Group based on plots around its existing business parks in the core urban areas.
MLP Group’s investment properties represent one of the most modern portfolios in the European logistics market, with 90% of the buildings developed within the last 10 years and over 60% in the last 5 years. The portfolio generates strong cash flow, and its WAULT stands at about 8.0 years. With approximately 195 tenants, MLP Group has a wide and diversified international tenant base, consisting of blue-chip companies with strong credit ratings.
Anticipated yield compression did not materialise in 1H 2025 as expected at the beginning of the year. Looking ahead, as investor confidence gradually returns and activity picks up, a slow and selective compression of prime yields is expected to emerge in the second half of the year, progressively extending across asset classes and European markets (including Poland and Germany).
In line with its conservative financial approach, MLP Group benefits from a solid liquidity position to fund its growth ambitions, with a fixed cost of debt and conservative repayment profile. “In the coming years, we will pivot to corporate debt vs bank financing, increasing the portfolio of unencumbered assets vs those financed by banks,” adds President of the MLP Group Management Board.
MLP Group’s growth strategy is focused on the development of City Logistics projects across Europe as economically resilient assets. Germany and Austria are the main expansion markets. In 2025, MLP Group’s projects in those countries will contribute over 50% of its total leasing results for the first time.
“We plan to further strengthen our presence in the regions where we are already present, i.e. Vienna, North Rhine-Westphalia, Brandenburg and Hessen, and gain a foothold in the Munich market, where we intend to acquire our first plot in 4Q 2025, and the Hamburg area. We are following the same strategy in Poland: reinforcing our presence in the core markets where we already operate. This approach reduces the operational risk of our business. At the same time, Poland remains our key market, and in 2H 2025 we will launch new projects, including MLP Bieruń West, MLP Rzeszów, MLP Pruszków II, MLP Business Park Poznań and MLP Łódź. Importantly, 75% of their leasable space has already been pre-leased. We plan to acquire an additional plot in Warsaw to further increase our position in the Warsaw market,” stresses Radosław T. Krochta, President of the MLP Group Management Board.
In 2025, MLP Group plans to deliver approx. 250–300,000 sqm.
MLP Group is consistently developing the renewable energy segment, strengthening its green transformation strategy. As at the end of 1H 2025, the total capacity of its PV/solar installations reached 8.7 MWp, including 5.9 MWp in Poland and 2.8 MWp in Germany, Austria, and Romania. In 2H 2025, 4.49 MWp of new PV/solar installations are planned to be commissioned. Further projects will be completed in 2026, including MLP Pruszków II (1.5 MW of the target 6 MW), as well as smaller installations in MLP Poznań, MLP Czeladź, MLP Gliwice, MLP Łódź, and MLP Zgorzelec. By 2028, all investments included in the development plan will be fully operational.
- Revenue: PLN 207.1 million (+10% y/y), or EUR 49.1 million (+13% y/y)
- EBITDA excluding the effect of revaluation: PLN 106.2 million (+7% y/y), or EUR 25.2 million (+9% y/y)
- Fair value of investment property: PLN 5,832.4 million (+6% vs 31 December 2024), or EUR 1,374.9 million (+6% vs 31 December 2024)
- Net Asset Value (NAV): PLN 2,817.8 million (+3% vs 31 December 2024),
or EUR 664.3 million (+3% vs 31 December 2024) - NAV per share: PLN 117.4 (+3% vs 31 December 2024), or EUR 27.7 (+3% vs 31 December 2024)
- Net profit: PLN 79.2 million (vs PLN 281.6 million in H1 2024), or EUR 18.8 million (vs EUR 65.3 million in H1 2024)
- Lease contracts signed since the beginning of this year for about 159,000 square meters of space
