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Conservative approach to growth in industrial assets in core urban areas in Europe 1Q 2025 ResultsInvestor PresentationMay 2025
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MLP Group - conservative approach to growth in industrial assets in core urban areas in EuropeRadosław T. Krochta Chief Executive Officer3MLP GROUP AT A GLANCE1 111Q 2025 EXECTIVE SUMMARY2 18SOLAR PANELS4 20LEASING RESULTS IN 1Q 20255 32FINANCIAL ACTIVITY IN 1Q 20256Investor presentation 1Q 2025 results2 AGENDAAND TEAMAgnieszka GóźdźChief Development Officer Radosław T. Krochta Chief Executive Officer
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Investor presentation 1Q 2024 results, May 2024 1. MLP GROUPAT A GLANCE
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Leading European logistics platform listed on the Warsaw Stock Exchange since 2013 with a current market capitalisation of €493 mn (PLN 2.0 bn)(1).Operating since 1998 mainly in 4 markets: Poland, Germany, Austria and Romania.Specialises in the development, holding and management of warehouse / logistics parks with 84% focus on Big Box and 16% on City Logistics(2).c.1.5mn sqm of Gross Leasable Area (“GLA”) including under development and a strategic landbank reserve of 2.5 mn sqm(3).Diversified tenant base (ca. 195 tenants), including leading multinational and local companies.Developed at 12% yield-on-cost. MLP GROUPOVERVIEWGROSS ASSET VALUE(4)(5) EVOLUTION (IN EUR MN)Notes: (1) As of March 31, 2025. EUR / PLN at: 4.1839. (2) The split is based on existing and under construction space. (3) Includes owned and optional land bank as of March 31, 2025. (4) Gross Asset Value represents the value of our investment properties and Property, plant and equipment as recognized in thsPLNGroup’s accounting records and financial statements in accordance with IFRS, not including residential properties and perpetual usufruct. (5) PLN / EUR strengthening had the greatest impact on the value of investment property. Due to the strengthening of in the reporting period as at 2024 December 31, €1 = PLN 4,2730 as at the reporting date of 2025 March 31, EUR 1 = PLN 4,1839, a decrease of PLN 0,09. (-2%). As a consequence, the value of our investment properties decreased by PLN 115 056 thousand. GROSS INVESTMENT PROPERTIES VALUE SPLIT (AS OF 31 March 2025)75%12%13%Existing SpacePlotsConstructionPER ASSET TYPE76%16%6%2%PolandGermanyAustriaRomaniac.€1.3bn PER COUNTRYc.€1.3bn 4204977299381 0371 2921 3122019 2020 2021 2022 2023 2024 1Q 2025EUR: 4.2585EUR: 4.6148EUR: 4.5994EUR: 4.6899EUR: 4.3480EUR: 4.2730 1. MLP GROUP AT A GLANCE MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe4Investor presentation 1Q 2025 resultsEUR: 4.1839
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MLP Group is active in 4 European countries and focuses on acquiring development sites that are adjacent to existing parks, or in sought-after locations with proximity to strong logistics hubs and transport corridors and large, densely populated citiesŁódźPruszkówWrocławPoznańGorzów WielkopolskiZgorzelecBerlinUnnaSpreehagenGelsenkirchenIdsteinLublinCzeladźViennaBucharestPolandGermanyAustriaRomaniaGliwiceTeresinBieruń Geographically, development in the German and Polish markets expected to remain a priorityThe above will be supplemented by operations in Romania and AustriaAdditionally, MLP wants to maintain its ongoing expansion in new attractive locations 4core markets 1.5mn sqm GLA 2.5mn sqm landbank 8.1MWpinstalled PVAssets located just outside Poznań(5th largest city in Poland)Assets located just outside Warsaw (Capital of Poland)Assets located within Silesian Industrial District. Largest industrial district in PolandAssets located in close proximity to large German cities, such as: Dortmund, Essen, Dusseldorf and Cologne MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe5 Castrop-RauxelRzeszów 1. MLP GROUP AT A GLANCEMLP GROUP is active in 4 strong European countries Investor presentation 1Q 2025 results
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1. MLP GROUP AT A GLANCEOperational Excellence & Investment Strategy moving forwardSTRONG OPERATING METRICS99%Retention rate92.1%1)Occupancy1.5mn sqm GLA 98%2)Rent collection(in 60 days)100%Lease contracts indexed with EURO HICP without CAP 6 1)Occupancy excluding the areas in buildings planned for demolition, under renovation, and spaces reserved for tenant expansion 2)Rent collection for period of 60 days Investor presentation 1Q 2025 results
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1231311521531741902202633975335516436442013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q 2025 5095586476767278159391 2121 8252 4982 3962 7462 6942013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q 2025NET ASSET VALUE (IN MN EUR)NET ASSET VALUE (IN MN PLN)1. MLP GROUP AT A GLANCEStrong increase in Net Asset Value since 2013 MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe7Investor presentation 1Q 2025 results
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1. MLP GROUP AT A GLANCEGeneric NAV development of logistic assets without acquisitions MLP Group determines the quality and the location of the productMLP Group plans the infrastructure of the logistics park in the long term - which helps/facilitates subsequent scaling/expansion of the logistic parkMLP Group has standardized documentation of constructed facilitiesMLP Group develops standardized warehouses => making suitable for subsequent re-lettingOwn/generic development of logistics parks makes it easier to build long-term relationships with tenantsAll additional investments (TI – tenants’ improvements) made by MLPG for a specific tenant, are paid back by tenants during the initial lease periodLong term impact on the local community, projects align with local society expectations (local bike station, eco-friendly and energy efficient buildings)MLP Group affects the choice of each tenant (strong financial results- D&B verification, type of business)100% of lease contracts indexed as of February with inflation 356 874392 241335 466400 974512 310611 578750 834857 068999 8471 105 5951 387 7761 622 1951 619 650-123 4422013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q 2025DEVELOPED SPACE, UNDER CONSTRUCTION & IN PREPARATION STAGE (SQM)Developed space, under construction & to be built (sqm)Assets soldMLP Group - conservative approach to growth in industrial assets in core urban areas in Europe8Investor presentation 1Q 2025 results
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•Over 60% of buildings developed within last 5 years•c.80% of the portfolio BREEAM or DGNB certified.•Offers modern office facilities including ample parking spaces, air conditioning and glass façade.•Location Search:Provides an overview of potential locations in core European market that matches the requirements/permits.•Design & Permit: Applies and obtains all required permits and works closely with the tenants on building specifications.•Development (General Contract Tendering): Selects general contractor through tender before project commencement. •Own Property Management: Keeps close contact with tenants assisting system operation and provides service contracts on yearly basis.•Feniks Obrót: Offers energy management and sells energy and gas to its tenants as the wholesaler. VERTICALLY INTEGRATED BUSINESS MODEL•Acquires development sites that are adjacent to existing parks. •Key locations for development in 2024 include(1):•Replenishes its landbank on a rolling basis with a potential development of up to c.1.3mnsqm(2). •Focuses on City Logistics with a target on increasing shares from current 16% to 30% by 2028.•Ambition to increase share of Germany and Austria from current 22% to 33% of our total GAV in the medium term.STRATEGIC DEVELOPMENT SITESCONTINUOUS GROWTHFOCUS ON KEY MARKETS MODERN AND SUSTAINABLE PORTFOLIORomaniaAustriaGermanyPoland Bucharest Vienna Idstein Unna Berlin Wrocław Łódź PruszkówPoznań Zgorzelec Notes: (1) Apart from above projects, MLP also aims to obtain building permit for MLP Wrocław West, MLP Łódź and MLP Poznań West III. (2) As of September 30, 2024. Gelsenkirchen Spreenhagen Gorzów Wielkopolski CzeladźGliwice Bieruń Teresin Lubin 1. MLP GROUP AT A GLANCEPillars of MLP Group and its key strategic objectives MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe9Investor presentation 1Q 2025 results
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1. MLP GROUP AT A GLANCEACCELERATED LANDBANK ACQUISITIONSReplenishing & growing development capacityPOTENTIAL FOR DEVELOPMENT BY COUNTRY (IN HA)Poland91Germany23Austria2Romania9Total: 125Owned102Option143TOTAL LANDBANK(IN HA)ca. 92% situated adjacent to our existing or new parks Potential development of the landbank is 1.3 mn sqm which doubles the portfolio’s size 92%x2Total: 245MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe10Investor presentation 1Q 2025 results
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2. 1Q 2025EXECUTIVE SUMMARY
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2. 1Q 2025 EXECUTIVE SUMMARYMain 1Q 2025 highlights in PLN MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe12Investor presentation 1Q 2025 results % changeQ1 2024% changeQ4 2024Q1 2025PLN millionPLN millionPLN million13%96.2 16%94.1 109.2 Revenue-363%16.2 -140%107.1 -42.7Net profit/(loss)7%50.2 22%44.1 53.9 EBITDA excluding the effect of revaluation -26%19.5 100%0.3 14.4 Adjusted EPRA earnings of the company26%8.7 -19%13.5 11.0 Net debt/EBITDAn/a n/a -2%9.9 9.7 Net Debt/Run Rate EBITDA*8.9%5%7.9%Vacancy rate
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2. 1Q 2025 EXECUTIVE SUMMARYMain 1Q 2025 highlights in EUR MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe13Investor presentation 1Q 2025 results % changeQ1 2024% changeQ4 2024Q1 2025EUR millionEUR millionEUR million17%22.320%21.826.1Revenue-372%3.8-141%24.9-10.2Net profit/(loss)11%11.626%10.212.9EBITDA excluding the effect of revaluation -24%4.5100%0.13.4Adjusted EPRA earnings of the company25%8.8-20%13.611.0Net debt/EBITDAn/a n/a-2%9.99.7Net Debt/Run Rate EBITDA*8.9%5%7.9%Vacancy rate*Annual Run Rate EBITDA was first counted on the basis of data as at 31 December 2024
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2. 1Q 2025 EXECUTIVE SUMMARYMain 1Q 2025 highlights MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe14 Investor presentation 1Q 2025 results % change31 December 202431 March 2025% change31 December 202431 March 2025PLN millionPLN millionPLN millionPLN million2%1 291.7 1 312.3 -1%5 519.4 5 490.7 Fair value of investment property (GAV) 0%642.7 644.0 -2%2 746.2 2 694.2 Equity (NAV) 0%26.8 26.8 -2%114.4 112.3 NAV per share [PLN/EUR]0%640.6 642.5 -2%2 737.4 2 688.2 EPRA NRV 0%26.7 26.8 -2%114.1 112.0 EPRA NTA per share [PLN/EUR]42.9%42.6%LTV
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MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe15 2. 1Q 2025 EXECUTIVE SUMMARYMain 1Q 2025 highlights80-90%Expected pre-letat delivery224 222sqm under development92%in existing parksSTRONG DEVELOPMENT PIPELINE DRIVING HIGH OCCUPANCY , SOLID RETURNS AND FUTURE GROWTH Investor presentation 1Q 2025 results
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Consolidated revenue reaching PLN 109.2 million, +13% 1Q/1Q, in EUR 26.1, +17% 1Q/1QEBITDA (before revaluation effects) amounted to PLN 53.9 million, +7% 1Q/1Q,in EUR 12.9, +11% 1Q/1QOperating Cash Flow at PLN 72 mn, +52% 1Q/1QAs of the end of March 2025, theoccupancy rate across MLP Group’s portfolio stood at 92.1%.The temporary declinewas due to the completion of new projects, which is typical for the early part of the year. The Group aims tokeepvacancy rates below 5%.MLP Group signed lease agreements for a total of approximately 45,000 sqm.The tenant retention rate remainedexceptionally high, close to 99%, reflecting the Group’s effectiveness in building long-term relationships.The weighted average unexpired lease term(WAULT) increased to 7.7 years, up from 7.1 years at the end of 2024(increaase by 6 months).Global alternative funds, close-end funds => potential acquisition targets12342. 1Q 2025 EXECUTIVE SUMMARYMain 1Q 2025 highlights5 MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe16Investor presentation 1Q 2025 results67
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As at Q1 2025,MLP Group had 224,222 sqm of space under construction. Strong leasing activity and robust demandcontinue to support the expansion of the portfolio.The net debt to EBITDAratio improved significantly,falling from 13.6x in Q4 2024 to 11.0x in Q1 2025representinga20% reduction. The Group maintains a conservative financial approach, with secured liquidity, fixed debt costs, anda well-managed repayment schedule.GAVat the end of March 2025 amounted toPLN 5.49 billion, down 1%compared to December 2024.NAV decreasedby 2%quarter-on-quarter, primarily due to the appreciation of the PLN against the EUR, partially offset by strongoperating results.MLP Group has not revalue yielding assets as at 1Q25. Portfolio yields remained unchanged.MLP Group maintained strong operational stability –98% of due rents were paid on time. The overall payment profileremained favourable and consistent with previous quarters.Sustained strong tenant demand and a growing influx of investments from Asia to Europe.Anticipated interest ratecutsin 2025 may support adecline in yields and contribute to further growthin property valuations.8910112. 1Q 2025 EXECUTIVE SUMMARYMain 1Q 2025 highlights 12 MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe17Investor presentation 1Q 2025 results
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4. SOLAR PANELS
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4. SOLAR PANELSCurrent 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 2024oDriven by PV adoption andthe end of max energy price regulations.Yield on Cost (YoC): 11%, highlighting strong financial returns on PV investments. MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe19 MLP GROUP – RENEWABLE ENERGY & PV EXPANSION Investor presentation 1Q 2025 results
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5. LEASING RESULTSIN 1Q 2025
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5. LEASING RESULTS Q1 2025Market Outlook: Poland & GermanyTake-Up: The German industrial and logistics real estate market recorded a take-up of 1.26 million sq m in the first quarter of 2025. Compared to the first quarter of 2024, this represents a decline of 6%. Prime Yields: Stable at 4.40% (↑+0.1 YoY)Transaction Volume:Investment volume €1.2 billion in Q1 2025(↓ 29% YoY).Rent Growth: Moderate growth; average rent up 4% (average prime rents)Outlook: Decline in take-up, prime as average rents expected to remain stable. Market activity is expected to continue with a similar momentum as in 2024. Vacancy rates are anticipated to peak around mid-year before stabilizing.Market Growth: Poland is one of Europe’s fastest-growing industrial/logistics markets.Total Supply: 35.3 million sqm (↑ 8% YoY).New Construction: 1.40 million sqm under construction (↓ 41% YoY).Net Demand: 0,48 million sqm (↓ 19% YoY).Rents:In the course of Q1 2025, headline rents remained relatively unchanged from Q4 2024POLANDGERMANY Source: CBRE MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe21Investor presentation 1Q 2025 results
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5. LEASING RESULTS Q1 2025Market Outlook: Austria & RomaniaTake-Up: 7.9 million sqm in Romania's modern logistics property market (+9% y/y)Development activity: 2024 modern stock growth was in line with last 5 years’ average – at around 700,000 sqm per year, for 2025, a pipeline of ~ 600,000 sqm is planned Vacancy Rate: increased to a level of 5.1% for industrial and logistics properties as of Q1 2025, but a downward movement is expected. Prime Rent: 4.5-4.9 Eur/sqm/month in Bucharest. Outlook: 2025 had a reasonably good start, with total demand in Q1 2025 23% above Q1 2024. Net take-up increased by 16% during the same period (152,000 sqm), reflecting that the market remains attractive, especially for the logistics sector. Major infrastructure improvements are underway. Election uncertainties may impact decisions and leasing. However, Romania remains attractive for companies seeking a regional foothold and competitive edge due to the productivity-labor cost gap in key EU sectors like transportation and storageNew Completions: 474,000 sqm in Austria, with 90% (426,600 sqm) in Vienna region.2025 Forecast: Expected lower volume in newly completed logistics space of appr. 145,000 sqm.Vacancy Rate: appr. 5 % as of Q4 2024.Rents: Slight increase to 7.10 - 8.50 EUR/sqm/month due to technical upgradesAUSTRIAROMANIA Source: CBRE MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe22Investor presentation 1Q 2025 results
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TOP 10 TENANTS IN SQMTOP 10 TENANTS IN SQM5. LEASING RESULTS 1Q 2025Our tenants – diversified tenants’ portfolio Top 10 Tenantsprovide29%of annual rentalincome 25 19626 40726 98928 69032 97743 67544 08847 33757 19561 961 MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe23Investor presentation 1Q 2025 results
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E-commerce5. LEASING RESULTS 1Q 2025 26% 37%28%9% LogisticsRetailManufacturingE- commerceLogisticsManufacturing RetailAverage duration of lease contractsapprox.7.7 years LONG-TERM CONTRACTS AND DIVERSIFICATION OF TENANTS FROM A VARIETY OF INDUSTRIES CREATES A BALANCED AND STABLE YIELDING PORTFOLIO MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe24Investor presentation 1Q 2025 results
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5. LEASING RESULTS 1Q 2025Our tenants – diversified tenants’ portfolio MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe25Investor presentation 1Q 2025 results
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5. LEASING RESULTS Q1 2025New category of tenants - servicesMLP BUSINESS PARK POZNAŃMLP BUSINESS PARK VIENNA MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe26Investor presentation 1Q 2025 results
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2025 2026 2027 2028 2029 2030 >2031202520262027202820292030>2031 59%1%9%8%5%13%7% RENTAL INCOME EXPIRY DATES5. LEASING RESULTS 1Q 2025Re-letting IN 2024 MLPG RE-LET AREA OF 48 052 SQMMLP Group - conservative approach to growth in industrial assets in core urban areas in Europe27Investor presentation 1Q 2025 results
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Big Box Poland73%Big Box Germany9%Big Box Romania2%City Logistics Poland3%City Logistics Germany7%City Logistics Austria6%5. LEASING RESULTS 1Q 2025Urban and big box warehouses* – complementary assets MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe2884%16%Big Box Warehouses (Large-scale warehouses):84%Spaces ranging from 2,500 to 30,000 sqm.Located near major cities with direct access to expressways and highways.Main tenants include logistics companies, distributors, retail chains, and companies engaged in light manufacturing.City Logistics / Urban Logistics facilities (MLP Business Park):16%Smaller modular warehouse spaces ranging from 700 to 2,500 sqm.Located within city boundaries, providing good access to public transportation and the local labor market.High-quality office spaces directly connected to warehouse areas, with the possibility of creating exhibition or showroom areas.Primary tenants include service sector companies and firms from the IT, pharmaceutical, retail, and local distribution industries.*The split is based on existing and under construction spaceInvestor presentation 1Q 2025 results
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5. LEASING RESULTS Q1 2025Budget for 2025 – Poland, Germany, Austria & RomaniaLEASING BUDGET IN SQM Investor presentation 1Q 2025 results 159 77092 26939 19530 000321 234Poland Germany Austria Romania TOTAL29MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe
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*To be signed by the end of May 5. LEASING RESULTS 1Q 2025LEASING CONTRACTS IN 1Q 2025(POLAND, GERMANY , AUSTRIA & ROMANIA IN SQM) Total in 1Q 2025: 115,181 sqmMLP Group - conservative approach to growth in industrial assets in core urban areas in Europe30Investor presentation 1Q 2025 results 62 000 67 129*19 000 48 052*1Q 2024 1Q 2025New contractsRe-letting
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MLP competitor MLP competitorMLP competitorMLP competitorMLP competitorMLP competitorMLP competitorMLP Group - conservative approach to growth in industrial assets in core urban areas in Europe31 5. LEASING RESULTS 1Q 2025MLP Group locations vs. MLP competitor Investor presentation 1Q 2025 results
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Investor presentation 1Q 2024 results, May 2024 6. FINANCIAL ACTIVITYIN 1Q 2025
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* 7. FINANCIAL ACTIVITYKey points in 1Q 2025 – Balance sheet in EUR ths31.12.202431.03.2025in ths EURNon-current assets6 1766 436Property, plant and equipment1310Intangible assets1 298 7631 319 378Investment property14 72516 221Other long-term financial investments4 9042 871Other non-current assets868719Deferred tax assets1 325 4491 345 634Total non-current assetsCurrent assets--Inventories653133Short-term investments2 4082 677Income tax receivable29 09521 364Trade and other receivables210257Other short-term investments156 343103 011Cash and cash equivalents188 708127 442 Total current assets1 514 1571 473 076TOTAL ASSETS 31.12.202431.03.2025As atin ths EUREquity1 3071 307Share capital105 071105 071Share premium(1 454)(3 660)Interest hedge reserve & Translation reserve18 25118 251Capital reserve38 668 38 668Statutory reserve funds355 310441 780Profit/(loss) brought forward86 470(10 206)Net profit39 06052 743Exchange differences on translation of foreign operations642 683643 955 Total equityNon-current liabilities670 340668 554Borrowings and other debt instruments99 21698 394Deferred tax liabilities18 06420 338Other non-current liabilities787 620787 286Total non-current liabilitiesCurrent liabilities57 23415 424Borrowings and other debt instruments1 2261 402Employee benefit obligations1 407 275Income tax payable23 987 24 733Trade and other payables83 85441 835Total current liabilities871 474 829 120Total liabilities1 514 1571 473 076TOTAL EQUITY AND LIABILITIESMLP Group - conservative approach to growth in industrial assets in core urban areas in Europe33Investor presentation 1Q 2025 results
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* 7. FINANCIAL ACTIVITYKey points in 1Q 2025 – Profit & loss statement in EUR ths1Q 2025 in ths EUR 13 119Rental income12 971 Revenue from property management services(10 271)Costs of self-provided property management services15 819 Gross operating profit/(loss)(2 698) General and administrative expenses(24 621) Gain/(loss) on revaluation of investment property233 Other income(640)Other expenses(11 907) Operating profit/(loss)9 108 Finance income(8 956)Finance costs152Net finance costs(11 756) Profit/(loss) before tax1 550Income tax(10 206)Net profit/(Net loss) 1Q 2024 12 6919 571(8 894)13 369(2 382)(5 480)949(371)6 0854 949(5 749)(800)5 285(1 530)3 755Investor presentation 1Q 2025 results
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1Q 2023(IN %)CHANGE(p.p.)1Q 2024(IN %)1Q 2025(IN %)5.312.03.3-8.7ROE4) 57.0-3.813.79.9EBITDA BEFORE REVALUATION GROWTH5) -36.5319.4-23.7295.7EBITDA GROWTH6) 49.4-2.746.443.7EQUITY RATIO7) 4)ROE = Net income / Adjusted Shareholder's Equity (weighted average of the sum of share capital and share premium) 5) EBITDA before revaluation growth = [ΔY-Y(Operating profit - Revaluation)]/ (Operating profitPY-RevaluationPY) 6)EBITDA growth = [ΔY-YOperating profit] / Operating profitPY7)EQUITY RATIO = Total equity/ total assets ≥ 35% YE 2023(IN EUR MN)CHANGE(%)YE 2024(IN EUR MN)1Q 2025(IN EUR MN)1 044.52%1 298.81 319.4INVESTMENTPROPERTY79.2-34%156.3103.0Cash and cash equivalents43.0-15%55.146.6Other assets *1 166.7-3%1 510.21 469.0TOTAL ASSETS551.00%642.7644.0NAV383.5-1%333.1330.8Financial liabilities -bank loans and IRS99.6-11%391.4349.9Financial liabilities –bonds13.42%13.213.4Other financial liabilities119.21%129.8130.9Other liabilities1 166.7-3%1 510.21 469.0TOTAL EQUITY AND LIABILITIES* Net presentation of granted and received intercompany loans. 1Q 2023(IN EUR MN)CHANGE(%)1Q 2024(IN EUR MN)1Q 2025(IN EUR MN)20.117%22.326.1REVENUES8.0-296%6.1-11.9OPERATING PROFIT5.5-322%5.3-11.8PROFIT BEFORE TAX5.6-372%3.8-10.2NET PROFIT6.1-24%4.53.4Company adjustedEPRA EARNINGS3) 8.0-292%6.1-11.7EBITDA1) 10.211%11.612.9EBITDA BEFORE REVALUATION 2) 1) EBITDA= EBIT+ Depreciation 2) EBITDA before revaluation = EBIT + Depreciation- Revaluation 3) EPRA EARNINGS adjusted by FX differences and Depreciation 7. FINANCIAL ACTIVITYKey points in 1Q 2025 - Financial position in EUR mn MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe35Investor presentation 1Q 2025 results
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1Q 2023(IN %)CHANGE(p.p.)1Q 2024(IN %)1Q 2025(IN %)5.312.03.3-8.7ROE4) 58.81.94.66.5EBITDA BEFORE REVALUATION GROWTH5) -35.8319.4-29.9289.5EBITDA GROWTH6) 49.4-2.746.443.7EQUITY RATIO7) 4)ROE = Net income / Adjusted Shareholder's Equity (weighted average of the sum of share capital and share premium) 5) EBITDA before revaluation growth = [ΔY-Y(Operating profit - Revaluation)]/ (Operating profitPY-RevaluationPY) 6)EBITDA growth = [ΔY-YOperating profit] / Operating profitPY7)EQUITY RATIO = Total equity/ total assets ≥ 35% YE 20223(IN PLN MN)CHANGE(%)YE 2024(IN PLN MN)1Q 2025(IN PLN MN)4 541.5-1%5 549.65 520.1INVESTMENTPROPERTY344.297%668.1431.0Cash and cash equivalents186.926%235.2195.0Other assets *5 072.727%6 452.96 146.1TOTAL ASSETS2 395.615%2 746.22 694.2NAV1 667.5-15%1 423.2 1 384.1 Financial liabilities -bank loans and IRS433.0286%1 672.61 463.9Financial liabilities –bonds58.4-4%56.256.0Other financial liabilities518.27%554.7547.8Other liabilities5 072.727%6 452.96 146.1TOTAL EQUITY AND LIABILITIES* Net presentation of granted and received intercompany loans. 1Q 2023(IN PLN MN)CHANGE(%)1Q 2024(IN PLN MN)1Q 2025(IN PLN MN)94.713%96.2109.2REVENUES37.5-290%26.3-49.8OPERATING PROFIT26.1-315%-22.8-49.2PROFIT BEFORE TAX26.1-363%16.2-42.7NET PROFIT28.6-26%19.514.4Company adjustedEPRA EARNINGS3) 37.6-286%26.5-49.2EBITDA1) 47.97%50.253.9EBITDA BEFORE REVALUATION 2) 1) EBITDA= EBIT+ Depreciation 2) EBITDA before revaluation = EBIT + Depreciation- Revaluation 3) EPRA EARNINGS adjusted by FX differences and Depreciation 7. FINANCIAL ACTIVITYKey points in 1Q 2025 - Financial position in PLN mn MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe36Investor presentation 1Q 2025 results
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* CHANGE(%)YE 2024(IN PLN MN)1Q 2025(IN PLN MN)-2%2 7372 688EPRA NRV-2%2 7372 688EPRA NTA-2%2 7462 694EPRA NDVCHANGE1Q 2024(IN PLN MN)1Q 2025(IN PLN MN)16%35.541.0EPRA Earnings-26%19.514.4Company adjusted EPRA earnings*+2p.p19%21%EPRA Cost Ratio -3p.p8%5%EPRA Vacancy RateEPRA NRV: The EPRA Net Reinstatement Value is a measure of net asset value aimed at reflecting the cost required to rebuild an entity, assuming the entity does not sell its assets.EPRA NTA: EPRA Net Tangible Assets is a measure of net asset value, assuming entities buy and sell assets, thereby crystallising certain levels of provisions related to deferred income tax. It is calculated as the total equity minus non-controlling interests, excluding derivatives valued at fair value, as well as deferred taxation on properties (unless such an item is related to assets held for sale).EPRA NDV: EPRA Net Disposal Value is a measure of net asset value under the assumption that the entity will sell its assetsEPRA Earnings is used to measure the operational performance, it excludes all components not relevant to the underlying net income performance of the portfolio, such as the change in value of the underlying investments and any gains or losses from the sales of properties. In effect, what is left as EPRA Earnings is the income return generated by the investment, rather than the change in value or capital return on investments.EPRA Cost Ratio– general and administrative costs/ rental income EPRA Vacancy Rate is calculated as a percentage being the estimated rental value of vacant space divided by estimates rental value of whole portfolio.* Including exchange rate differences, amortization with deferred tax consideration. 7. FINANCIAL ACTIVITYKey points in 1Q 2025 – EPRA ratios MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe37Investor presentation 1Q 2025 results
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LTV1)42.6%AS AT 31.03.2025 ICR1.6xFinancial debts in EUR mn (all-in)668among which:– Bank loans (secured on MLP's assets) in EUR mn– Bonds (unsecured on MLP's assets) in EUR mn 327341Weighted Avarage Interest Rate on financial liabilities (all-in)4.7%Weighted Average Unexpired Financial Debt Term (in years)3.51) LTV % represents Net Total Debt (total Debt less our cash and cash equivalents and amounts held in DSRAs) divided by GAV. 7. FINANCIAL ACTIVITYKey points in 1Q 2025 - Financial positionNAV in EUR mn644 MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe38 Investor presentation 1Q 2025 results
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7. FINANCIAL ACTIVITYKey points in 1Q 2025 - Financial positionREVENUES (IN PLN MN)COSTS (IN PLN MN) MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe39Investor presentation 1Q 2025 results10.310.854.8 54.919.426.718.120.820.422.722.027.6+13%+11%+0,1%+38%Developed spaceas at 31.03.2025Developed spaceas at 31.03.20241 117 612 sqm1 251 947 sqm+25%+6%+11%+15%Recharge of utility costsRecharge of service chargesRental incomeMaintenance servicesUtilitiesGeneral & Administrativeexpenses and otherRevenues 1Q 2024 Revenues 1Q 2025 Costs 1Q 2024 Costs 1Q 2025
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7. FINANCIAL ACTIVITYNet Asset Value GrowthNAV CONTRIBUTION (IN MN PLN)2 746 2 694 -103- 9537Equity as at 31.12.2024 Gain (loss) on revaluation ofinvestment propertyExchange differences ontranslation of foreign operation& SWAP revaluationEBIT (without revaluationoninvestment property) Net finance income & incometaxEquity as at 31.03.2025MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe40Investor presentation 1Q 2025 results
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7. FINANCIAL ACTIVITYRun-Rate Adjusted EBITDA BridgeRUN-RATE ADJUSTED EBITDA (IN MN EUR) Run rate EBITDA is calculated as: (I) EBITDA before revaluation, plus (II) rental income and revenue from property management services less the cost of these services, generated from contracts entered into before 31March 2025, which began to generate revenue during the twelve months ended 31 March 2025, but whose impact was not fully reflected in the results for the twelve months ended 31 March 2025, plus (III) rental incomeand revenue from property management services less the cost of these services, calculated on the basis of new leases entered into prior to 31 March 2025, which did not start generating revenue during the twelve-monthperiod ended 31 March 2025, but are expected to start generating revenue after the reporting date.MLP Group - conservative approach to growth in industrial assets in core urban areas in EuropeInvestor presentation YE 2024 results41 51,5-6,213,058,3EBITDA 1Q 2025 -ANNUALISEDNon recurring items Lease contributionsRun-Rate Adjusted EBITDA EURQ4 2024Q3 2024Q2 2024Q1 2024Q1 2025PLN millionPLN millionPLN millionPLN millionPLN million44.1 42.3 48.9 50.2 53.9 EBITDA0.3 8.2 28.6 19.5 14.4 Adjusted EPRA earnings -6.713.1 18.9 22.0 20.3 FFO
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MLP Group is a reliable financing partner, with a solid financial position.Undrawn credit line for EUR 85.1 mn.Aprox. 85% of Bank loans are hedged against interest rate risk for next 4 years.80% of Bank loans and bonds are hedged by interest rate risk.On 9 October 2024, the MLP Group issued bonds with a total nominal value of EUR 300 mnn. MLP Group made full repayment in October 2024 of loans totalling EUR 67.4 mn originally maturing in the years: 2029, 2030 and 2031.On 19 February 2025, the Company redeemed at maturity Series C notes with a nominal value of EUR 45 mn. 7. FINANCIAL ACTIVITYLoans and bonds161612540462027 2028 2029 2030 2031EXISTING BANK LOANS BY MATURITY (as at 31 March 2025) IN EUR MN 413002026 2029BONDS BY MATURITY (as at 31 March 2025) IN EUR MNSeries GGreen BondsMLP Group - conservative approach to growth in industrial assets in core urban areas in Europe42Investor presentation 1Q 2025 results
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The chart above does not include value of Perpetual Usufruct. 7. FINANCIAL ACTIVITYCHANGE IN PROPERTY VALUATION IN 1Q 2025 (IN MN PLN) MLP Group - conservative approach to growth in industrial assets in core urban areas in Europe43Investor presentation 1Q 2025 results 5 4935 464-11586YE 2024 FX CAPEX & other adjustments 1Q 2025
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MLP GROUP S.A.ul. 3 Maja 8, 05-800 Pruszków, tel. +48 22 738 30 10ir@mlpgroup.com