Interim report
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Conservative approach to growth in industrial assets in core urban areas in Europe Consolidated quarterly report for the three monthsended 31 March 2025 MLP Group S.A. Group
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2 5 7 8 9 10 11 12 14 14 14 14 17 17 17 18 19 19 19 19 19 19 20 20 20 24 25 25 26 19 27 28 32 34 30 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) Contents: I. II. 1. 1.1 1.2 1.3 1.4 1.4. 1 1.4. 2 2. 2.1 2.2 2.2. 1 2.3 2.4 2.4. 1 2.4. 2 2.5 3. 4. 5. 6. 7. Other expenses Other income Operating expenses Segment reporting The Parent The Group Changes in the Group Shareholding structure of the Parent Shareholders holding, directly or through subsidiaries, 5% or more of total voting rights in the Company; holdings of Company shares by members of the Management Board and Supervisory Board Authorisation of the condensed consolidated financial statements for issue Condensed consolidated statement of profit or loss and other comprehensive income Condensed consolidated statement of financial position Condensed consolidated financial statements of the MLP Group S.A. Group for the three months ended 31 March 2025 General information Condensed consolidated statement of cash flows Condensed consolidated statement of changes in equity Notes to the condensed consolidated financial statements Selected financial data of the MLP Group S.A. Group Shares and rights to shares of the Parent held by members of management and supervisory bodies Statement of compliance Status of standards approval in the European Union Basis of accounting used in preparing the condensed consolidated financial statements Basis of accounting used in preparing the condensed consolidated financial statements Functional currency and presentation currency of the financial statements; rules applied to translate financial data Use of estimates and judgements Issued standards and interpretations which are not yet effective and have not been adopted early by the Group Functional currency and presentation currency Rules applied to translate financial data Revenue 8. 9. 10. 11. 11.1 Finance income and costs Investment property Fair value of the Group's investment property Income tax Property, plant and equipment
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3 35 37 37 38 38 39 40 40 41 41 41 41 42 43 43 43 44 46 50 50 51 51 52 53 53 54 54 55 55 56 56 46 46 47 48 47 49 54 57 58 59 57 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 12. 13. 13.1 14. 15. 16. 17. 17.1 17.2 17.3 18. 18.1 19. 20. 20.1 20.2 20.3 20.4 20.4.1 20.4.2 20.5 20.5.1 20.5.2 20.6 21. 22. 23. 23.1 23.1. 1 23.1. 2 23.2 24. 25. 25.1 25.2 25.3 26. 26.1 Pruszków District Governor (starosta) Financial instruments Other disclosures relating to financial instruments Financial assets Financial liabilities Employee benefit obligations Liabilities under borrowings and other debt instruments, and other liabilities Share capital Non-current liabilities Current liabilities Earnings and dividend per share Liabilities under bonds as at 31 March 2025 Change in financial liabilities attributable to financing activities Bank borrowings secured by the Group’s assets As at 31 March 2025 As at 31 December 2024 Non-bank borrowings secured with the Group's assets Change in receivables Change in current and other liabilities Trade and other receivables Cash flows from borrowings Notes to the condensed consolidated statement of cash flows Liabilities under bonds as at 31 December 2024 Liabilities under bonds Investments and other investments Cash and cash equivalents Deferred tax Change in financial assets attributable to financing and other activities Other non-current assets Significant litigation and disputes Related-party transactions Trade and other receivables and payables Loans and borrowings Income and expenses Equity Contingent liabilities and security instruments Trade and other payables Measurement of financial instruments 27. 27.1 28. 29. Impact of the political and economic situation in Ukraine on the operations of the MLP Group S.A. Group Significant events during and subsequent to the reporting period Remuneration paid or due to members of management and supervisory bodies Employees
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4 60 1. 60 2. 61 3. 63 4. 63 5. 63 8. 71 72 72 73 74 75 76 76 76 78 78 79 79 79 79 79 80 80 81 82 82 84 88 93 94 Selected data for Q1 2025 – Investment property MLP Group's financial position Issue, redemption, cancellation and repayment of non-equity and equity securities Management Board’s position on published earnings forecasts Material achievements and failures in the three months ended 31 March 2025 Factors which in the Management Board's opinion will affect the Group's performance in the next quarter or in a longer term 7. 64Information material for the assessment of the human resources, assets, financial condition and financial results of the Group, or changes in any of the foregoing, and information material for the assessment of the Group's ability to meet its liabilities and fulfil its obligations MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) III. Notes to the condensed consolidated quarterly report of the MLP Group S.A. Group IV. 1. 1.1 2. 3. 4. 5. 5.1 5.2 6. 7. 8. 9. 10. 10.1 10.2 10.3 11. 12. Trade and other receivables and payables Current liabilities Finance income and costs Operating expenses Non-current liabilities Quarterly financial information of MLP Group S.A., with notes Condensed separate statement of profit or loss and other comprehensive income Condensed separate statement of financial position Condensed separate statement of cash flows Condensed separate statement of changes in equity Notes to the condensed separate financial statements of MLP Group S.A. Non-current financial assets in related entities Shares Long-term financial investments Cash and cash equivalents Borrowings, other debt instruments and other liabilities Trade and other payables Revenue Trade and other receivables Variable remuneration and remuneration paid to members of management and supervisory bodies Employees Related-party transactions Loans and borrowings Income and expenses 6. 63Seasonality and cyclicality
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5 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) I. Selected financial data of the MLP Group S.A. Group 31 March 31 December 31 March 2025 2024 2024 EUR average exchange rate during the reporting period* 4,1848 4,3042 4,3211 EUR average exchange rate on the last day of the reporting period 4,1839 4,2730 4,3009 as at PLN thousand PLN thousand EUR thousand (unaudited) (unaudited) Non-current assets 5 629 998 1 345 635 5 663 646 1 325 449 Current assets 533 206 127 442 806 351 188 708 Total assets 6 163 204 1 473 077 6 469 997 1 514 157 Non-current liabilities 3 293 925 787 286 3 365 501 787 620 Current liabilities 175 032 41 835 358 310 83 854 Equity, including: 2 694 247 643 956 2 746 186 642 683 Share capital 5 999 1 434 5 999 1 404 Total equity and liabilities 6 163 204 1 473 077 6 469 997 1 514 157 Number of shares 23 994 982 23 994 982 23 994 982 23 994 982 112,28 26,84 114,45 26,78 for the three months ended 31 March PLN thousand PLN thousand EUR thousand (unaudited) (unaudited) Rental income 54 901 13 119 54 840 12 691 54 279 12 971 41 357 9 571 Net other operating income (1 704) (407) 2 497 578 (103 032) (24 621) (23 679) (5 480) (42 982) (10 271) (38 430) (8 894) Selling, general and administrative expenses (11 292) (2 698) (10 291) (2 382) Operating profit/(loss) (49 830) (11 907) 26 294 6 085 Profit/(loss) before tax (49 196) (11 756) 22 836 5 285 Net profit/(loss) (42 709) (10 206) 16 225 3 755 Total comprehensive income (51 939) (12 411) 16 996 3 933 Costs of self-provided property management services 2025 2024 Average exchange rates of the Polish złoty against the euro during the reporting period: * Arithmetic mean of the average exchange rates effective on the last day of each month in the reporting period. Key items of the condensed consolidated statement of financial position translated into the euro: 31 March 2025 31 December 2024 Book value per share and diluted book value per share attributable to owners of the parent (PLN) The data in the condensed consolidated statement of financial position was translated at the average exchange rate quoted by the National Bank of Poland for the last day of the reporting period. Key items of the condensed consolidated statement of profit or loss and other comprehensive income translated into the euro: Gain/(loss) on revaluation of investment property Revenue from property management services EUR thousand EUR thousand (unaudited) (unaudited)
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6 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) (42 709) (10 206) 16 225 3 755 (1,78) (0,41) 0,68 0,16 for the three months ended 31 March PLN thousand EUR thousand PLN thousand EUR thousand (unaudited) (unaudited) (unaudited) (unaudited) 71 823 17 163 47 267 10 939 (99 656) (23 814) (72 820) (16 852) (213 852) (51 102) 95 444 22 088 (241 685) (57 753) 69 891 16 175 (237 069) (56 650) 73 176 16 935 as at PLN thousand EUR thousand PLN thousand EUR thousand (unaudited) (unaudited) 668 055 156 343 344 247 79 174 430 986 103 011 668 055 156 343 31 March 2025 31 December 2024 2025 2024 The data in the condensed consolidated statement of cash flows was translated at the average exchange rate of the euro calculated as the arithmetic mean of the average exchange rates quoted by the National Bank of Poland for the last day of each month in the reporting period. Total cash flows, net of exchange differences Net profit/ (loss) attributable to owners of the parent Earnings per share and diluted earnings per share attributable to owners of the parent (PLN) The data in the condensed consolidated statement of profit or loss and other comprehensive income was translated at the average exchange rate of the euro calculated as the arithmetic mean of the average exchange rates quoted by the National Bank of Poland for the last day of each month in the reporting period. Key items of the condensed consolidated statement of cash flows translated into the euro: Net cash from operating activities Cash from investing activities Cash from financing activities Total cash flows Cash at beginning of period Cash at end of period The following exchange rates were used to translate the data from the condensed consolidated statement of cash flows: Cash at end of period – the average exchange rate quoted by the National Bank of Poland (NBP) for the last day in the reporting period, Cash at beginning of period – the average exchange rate quoted by the National Bank of Poland (NBP) for the last day of the period preceding the reporting period.
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MLP Group S.A. Group CONSOLIDATED QUARTERLY REPORT for the three months ended 31 March 2025 prepared in accordance with EU IFRS
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8 II. 1. 2. 3. 4. 5. Signed by the Management Board with qualified digital signatures. MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) These condensed consolidated financial statements have been prepared in thousands of PLN, unless stated otherwise. On 20 May 2025, the Management Board of the Parent, i.e., MLP Group S.A., authorised for issue the condensed consolidated financial statements (the “consolidated financial statements”) of the MLP Group S.A. Group (the “Group”) for the period from 1 January 2025 to 31 March 2025. Condensed consolidated statement of profit or loss and other comprehensive income for the period from 1 January 2025 to 31 March 2025, showing a net loss of PLN 42,709 thousand; Condensed consolidated statement of financial position as at 31 March 2025, showing total assets and total equity and liabilities of PLN 6,163,204 thousand; Condensed consolidated statement of cash flows for the period from 1 January 2025 to 31 March 2025, showing a net decrease in cash of PLN 237,069 thousand; Authorisation of the condensed consolidated financial statements for issue The condensed consolidated financial statements for the period from 1 January 2025 to 31 March 2025 have been prepared in accordance with International Financial Reporting Standards approved by the EU. In this report, information is presented in the following sequence: Condensed consolidated statement of changes in equity for the period from 1 January 2025 to 31 March 2025, showing a decrease in consolidated equity of PLN 51,939 thousand; Notes to the condensed consolidated financial statements. Condensed consolidated financial statements of the MLP Group S.A. Group for the three months ended 31 March 2025
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9 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) for the three months ended 31 March Note 2025 2024 (unaudited) (unaudited) Rental income 4 54 901 54 840 Revenue from property management services 4 54 279 41 357 7 (42 982) (38 430) Gross operating profit/(loss) 66 198 57 767 Selling, general and administrative expenses 7 (11 292) (10 291) 11 (103 032) (23 679) Other income 5 974 4 101 Other expenses 6 (2 678) (1 604) Operating profit/(loss) (49 830) 26 294 Finance income 8 38 114 21 383 Finance costs 8 (37 480) (24 841) Net finance income/(costs) 634 (3 458) Profit/(loss) before tax (49 196) 22 836 Income tax 9 6 487 (6 611) Net profit/(loss) (42 709) 16 225 (7 383) (1 613) (2 420) 2 876 (9 803) 1 263 (9 803) 1 263 573 (492) Other comprehensive income, net (9 230) 771 Total comprehensive income (51 939) 16 996 Condensed consolidated statement of profit or loss and other comprehensive income Other comprehensive income that will be reclassified to profit or loss Costs of self-provided property management services Gain/(loss) on revaluation of investment property Exchange differences on translation of foreign operations Effective portion of changes in fair value of cash flow hedges Other comprehensive income that will be reclassified to profit or loss, before tax Other comprehensive income, gross Income tax on other comprehensive income that will be reclassified to profit or loss Owners of the parent (51 939) 16 996 Earnings (loss) per share 19 Earnings (loss) per ordinary share: – (1,78) 0,68 – (1,78) 0,68 Basic earnings (loss) per share from continuing operations Earnings (loss) per ordinary share Comprehensive income attributable to:
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10 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) Condensed consolidated statement of financial position as at 31 March 31 December Note 2025 2024 (unaudited) Non-current assets Property, plant and equipment 10 26 926 26 391 Intangible assets 40 54 Investment property 11 5 520 146 5 549 613 Other long-term financial investments 13 67 866 62 921 Other non-current assets 14 12 012 20 959 Deferred tax asset 12 3 008 3 708 Total non-current assets 5 629 998 5 663 646 Current assets Short-term investments 13 556 2 789 Income tax receivable 15 11 202 10 289 Trade and other receivables 15 89 385 124 321 Other short-term investments 13 1 077 897 Cash and cash equivalents 16 430 986 668 055 533 206 806 351 Total current assets 533 206 806 351 TOTAL ASSETS 6 163 204 6 469 997 Equity 18 Share capital 5 999 5 999 Share premium 485 312 485 312 Cash flow hedge reserve 4 985 6 832 Translation reserve (20 319) (12 936) Retained earnings, including: 2 218 270 2 260 979 Capital reserve 83 542 83 542 Statutory reserve funds 168 129 168 129 Profit/(loss) brought forward 2 009 308 1 637 121 Net profit/(loss) (42 709) 372 187 Equity attributable to owners of the parent 2 694 247 2 746 186 Total equity 2 694 247 2 746 186 Non-current liabilities 20.1 2 797 163 2 864 362 Deferred tax liability 12 411 670 423 951 Other non-current liabilities 20.1 85 092 77 188 Total non-current liabilities 3 293 925 3 365 501 Current assets other than held for sale or distribution to owners Borrowings and other debt instruments Current liabilities 20.2 64 533 244 563 Employee benefit obligations 21 5 866 5 240 Income tax payable 22 1 152 6 010 Trade and other payables 22 103 481 102 497 175 032 358 310 Total current liabilities 175 032 358 310 Total liabilities 3 468 957 3 723 811 TOTAL EQUITY AND LIABILITIES 6 163 204 6 469 997 Current liabilities other than held for sale Borrowings and other debt instruments
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11 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) Condensed consolidated statement of cash flows for the three months ended 31 March Note 2025 2024 (unaudited) (unaudited) Cash flows from operating activities Profit/(loss) before tax (49 196) 22 836 Total adjustments 132 350 29 410 Depreciation and amortisation 671 206 103 032 23 679 Net interest 35 136 23 164 Exchange differences (51 348) (25 122) Gain/loss on disposal of fixed assets 73 - Other 8 947 2 608 Change in inventories - (342) Change in receivables 17.2 34 936 13 819 Change in current and other liabilities 17.3 903 (8 602) Cash from operating activities 83 154 52 246 Income tax paid (11 331) (4 979) Net cash from operating activities 71 823 47 267 Cash flows from investing activities (92 581) (68 444) Payments for acquisition of property, plant and equipment (969) (242) Other cash provided by (used in) investing activities (6 078) (4 134) Cash from investing activities (99 628) (72 820) Cash flows from financing activities Increase in borrowings 17.1 209 866 17.1 (6 657) (7 029) 3 224 7 784 Redemption of bonds (187 082) (54 625) Issue of debt securities - 177 235 (22 921) (28 696) Finance lease payments (653) (91) Cash from financing activities (213 880) 95 444 Total cash flows, net of exchange differences (241 685) 69 891 4 616 3 285 Total cash flows (237 069) 73 176 Cash and cash equivalents at beginning of period 16 668 055 344 247 Cash and cash equivalents at end of period 16 430 986 417 423 Change in fair value of investment property Effect of exchange differences on cash and cash equivalents Proceeds from fixed-rate hedging derivatives Repayment of borrowings, including refinanced bank borrowings Payments for construction of investment property and purchase of land for development Interest paid on bank borrowings and bonds
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1212 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) Condensed consolidated statement of changes in equity Share capital Share premium Cash flow hedge reserve* Translation reserve Retained earnings including capital reserve including statutory reserve funds including profit brought forward including net profit Total equity attributable to owners of the parent Total equity As at 1 January 2025 5 999 485 312 6 832 (12 936) 2 260 979 83 542 168 129 1 637 121 372 187 2 746 186 2 746 186 Comprehensive income: Net profit/(loss) - - - - (42 709) - - - (42 709) (42 709) (42 709) Total other comprehensive income* - - (1 847) (7 383) - - - - - (9 230) (9 230) Comprehensive income for the period ended 31 March 2025* - - (1 847) (7 383) (42 709) - - - (42 709) (51 939) (51 939) Allocation from net profit - - - - - - - 372 187 (372 187) - - Changes in equity* - - (1 847) (7 383) (42 709) - - 372 187 (414 896) (51 939) (51 939) As at 31 March 2025* 5 999 485 312 4 985 (20 319) 2 218 270 83 542 168 129 2 009 308 (42 709) 2 694 247 2 694 247 * The cash flow hedge reserve consists of the effective portion of measurement gains and losses on hedging instruments.
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13 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) Share capital Share premium Cash flow hedge reserve* Translation reserve Retained earnings including capital reserve including statutory reserve funds including profit brought forward including net profit Total equity attributable to owners of the parent Total equity As at 1 January 2024 5 999 485 312 24 639 (9 114) 1 888 792 83 542 168 129 1 689 179 (52 058) 2 395 628 2 395 628 Comprehensive income: Net profit/(loss) - - - - 16 225 - - - 16 225 16 225 16 225 Total other comprehensive income* - - 2 384 (1 613) - - - - - 771 771 Comprehensive income for the three months ended 31 March 2024* - - 2 384 (1 613) 16 225 - - - 16 225 16 996 16 996 Allocation from net profit - - - - - - - (52 058) 52 058 - - Increase in equity due to share issue1) - - - - - - - - - (36) (36) Changes in equity* - - 2 384 (1 613) 16 225 - - (52 058) 68 283 16 996 16 996 As at 31 March 2024* 5 999 485 312 27 023 (10 727) 1 905 017 83 542 168 129 1 637 121 16 225 2 412 624 2 412 624 * The cash flow hedge reserve consists of the effective portion of measurement gains and losses on hedging instruments.
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14 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 1. General information 1. 1 The Parent Management Board: Radosław T. Krochta – President of the Management Board Michael Shapiro – Vice-President of the Management Board Agnieszka Góźdź – Member of the Management Board Supervisory Board: Shimshon Marfogel – Chair of the Supervisory Board Eytan Levy – Deputy Chair of the Supervisory Board Oded Setter – Member of the Supervisory Board Guy Shapira – Member of the Supervisory Board Piotr Chajderowski – Member of the Supervisory Board Maciej Matusiak – Member of the Supervisory Board 1. 2 The Group The Parent of the Group is MLP Group S.A. (the “Company”, the “Parent”, or the “Issuer”), a listed joint- stock company registered in Poland. The Company's registered office is located at ul. 3-go Maja 8 in Pruszków, Poland. Notes to the condensed consolidated financial statements As at the reporting date, the MLP Group S.A. Group (the “Group”) consisted of MLP Group S.A., i.e. the Parent, and 59 subsidiaries. The majority shareholder MLP Group S.A. is CAJAMARCA HOLLAND B.V. of the Netherlands, registered address: Locatellikade 1, 1076 AZ Amsterdam. The Group’s ultimate parent is Israel Land Development Company Ltd. of Tel Aviv, Israel. On 1 April 2025, the Company changed its name to Land Development of Nimrodi Group Ltd. Its shares are listed on the Tel Aviv Stock Exchange. The Parent was established as a result of transformation of the state-owned enterprise Zakłady Naprawcze Taboru Kolejowego im. Bohaterów Warszawy into a state-owned joint-stock company. The deed of transformation was drawn up before a notary public on 18 February 1995. Pursuant to a resolution of the General Meeting of 27 June 2007, the Company trades as MLP Group S.A. As at the date of issue of these consolidated financial statements, the Company continued to trade under this business name. At present, the Company is registered with the National Court Register maintained by the District Court for the Capital City of Warsaw, 14th Commercial Division, under No. KRS 0000053299. As at the date of preparation of these consolidated financial statements, the composition of the Parent’s Management and Supervisory Boards is as follows: The Parent’s and its subsidiaries’ principal business activities comprise development, purchase and sale of own real estate, lease of own real estate, management of residential and non-residential real estate, general activities involving construction of buildings, and construction. All subsidiaries listed below are fully consolidated. The financial year of the Parent and the Group companies is the same as the calendar year. The duration of the activities of all Group companies is not limited.
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15 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 31 March 31 December 31 March 31 December Entity 2025 2024 2025 2024 MLP Pruszków I Sp. z o.o. Poland 100% 100% 100% 100% MLP Pruszków II Sp. z o.o. Poland 100% 100% 100% 100% MLP Pruszków III Sp. z o.o. Poland 100% 100% 100% 100% MLP Pruszków IV Sp. z o.o. Poland 100% 100% 100% 100% MLP Poznań Sp. z o.o. Poland 100% 100% 100% 100% MLP Lublin Sp. z o.o. Poland 100% 100% 100% 100% MLP Poznań II Sp. z o.o. Poland 100% 100% 100% 100% Poland 100% 100% 100% 100% Feniks Obrót Sp. z o.o. Poland 100% 100% 100% 100% MLP Property Sp. z o.o. Poland 100% 100% 100% 100% MLP Bieruń Sp. z o.o. Poland 100% 100% 100% 100% MLP Bieruń I Sp. z o.o. Poland 100% 100% 100% 100% MLP Sp. z o.o. Poland 100% 100% 100% 100% MLP Teresin Sp. z o.o. Poland 100% 100% 100% 100% Poland 100% 100% 100% 100% MLP FIN Sp. z o.o. Poland 100% 100% 100% 100% LOKAFOP 201 Sp. z o.o. Poland 100% 100% 100% 100% Poland 100% 100% 100% 100% MLP Wrocław Sp. z o.o. Poland 100% 100% 100% 100% MLP Gliwice Sp. z o.o. Poland 100% 100% 100% 100% Poland 100% 100% 100% 100% MLP Czeladź Sp. z o.o. Poland 100% 100% 100% 100% MLP Temp Sp. z o.o. Poland 100% 100% 100% 100% MLP Dortmund LP Sp. z o.o. Poland 100% 100% 100% 100% MLP Dortmund GP Sp. z o.o. Poland 100% 100% 100% 100% Germany 100% 100% 100% 100% MLP Poznań West II Sp. z o.o. Poland 100% 100% 100% 100% MLP Bucharest West Sp. z o.o. Poland 100% 100% 100% 100% MLP Bucharest West SRL Romania 100% 100% 100% 100% MLP Teresin II Sp. z o.o. Poland 100% 100% 100% 100% MLP Pruszków V Sp. z o.o. Poland 100% 100% 100% 100% Germany 100% 100% 100% 100% MLP Wrocław West Sp. z o.o. Poland 100% 100% 100% 100% MLP Business Park Berlin I LP Sp. z o.o. MLP Germany Management GmbH As at 31 March 2025, the Group comprised the following entities: Parent’s direct and indirect interest in voting rights Parent’s direct and indirect interest in share capitalCountry of registration LOKAFOP 201 Spółka z ograniczoną MLP Logistic Park Germany I Sp. z o.o. & Co. KG MLP Spółka z ograniczoną odpowiedzialnością SKA MLP Business Park Poznań Sp. z o.o.
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16 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 31 March 31 December 31 March 31 December Entity 2025 2024 2025 2024 Poland 100% 100% 100% 100% MLP Łódź II Sp. z o.o. Poland 100% 100% 100% 100% MLP Zgorzelec Sp. z o.o. Poland 100% 100% 100% 100% MLP Schwalmtal LP Sp. z o.o. Poland 100% 100% 100% 100% MLP Schwalmtal GP Sp. z o.o. Poland 100% 100% 100% 100% MLP Pruszków VI Sp. z o.o. Poland 100% 100% 100% 100% Germany 100% 100% 100% 100% Germany 100% 100% 100% 100% Austria 100% 100% 100% 100% MLP Wrocław West I Sp. z o.o. Poland 100% 100% 100% 100% Poland 100% 100% 100% 100% Poland 100% 100% 100% 100% Germany 100% 100% 100% 100% MLP Gorzów Sp. z o.o. Poland 100% 100% 100% 100% MLP Idstein LP Sp. z o.o. Poland 100% 100% 100% 100% MLP Idstein GP Sp. z o.o. Poland 100% 100% 100% 100% Germany 100% 100% 100% 100% Poland 100% 100% 100% 100% Poland 100% 100% 100% 100% Germany 100% 100% 100% 100% Poland 100% 100% 100% 100% Poland 100% 100% 100% 100% Poland 100% 100% 100% 100% Poland 100% 100% 100% 100% Poland 100% 100% 100% 100% Poland 100% 100% 100% 100% MLP Business Park Trebur GP Sp. z o.o. MLP Business Park Trebur LP Sp. z o.o. Parent’s direct and indirect interest in share capital Parent’s direct and indirect interest in voting rights MLP Business Park Berlin I GP Sp. z o.o. MLP Business Park Berlin I Sp. z o.o. & Co. KG Country of registration MLP Bieruń II sp. z o.o. 1) Feniks PV Sp. z o.o. MLP Bieruń West Sp. z o.o. MLP Gelsenkirchen Sp. z o.o. & Co. KG MLP Łódź III Sp. z o.o. MLP Poznań West III Sp. z o.o. MLP Business Park Trebur Sp. z o.o. & Co. KG MLP Schwalmtal Sp. z o.o. & Co. KG MLP Business Park Wien GmbH MLP Gelsenkirchen GP Sp. z o.o. MLP Gelsenkirchen LP Sp. z o.o. MLP Idstein Sp. z o.o. & Co. KG MLP Wrocław South sp. z o.o.
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17 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 1. 3 Changes in the Group 1. 4 Shareholding structure of the Parent 1. 4. 1 Shareholder Number of shares and voting rights in the Company % direct interest in share capital and voting rights CAJAMARCA Holland BV 10 242 726 42,69% Other shareholders 4 249 015 17,72% The Israel Land Development Company Ltd.1) 3 016 229 12,57% THESINGER LIMITED 1 771 320 7,38% Allianz OFE 1 713 881 7,14% Generali Otwarty Fundusz Emerytalny 1 591 360 6,63% GRACECUP TRADING LIMITED 641 558 2,67% MIRO HOLDINGS LIMITED 617 658 2,57% Shimshon Marfogel 149 155 0,62% Oded Setter 2 080 0,01% Total 23 994 982 100,00% 1) On 1 April 2025, the Company’s name was changed to Land Development of Nimrodi Group Ltd. To the best of the Management Board’s knowledge, direct holdings of 5% or more of total voting rights in the Company and holdings of Company shares by members of the Management Board and Supervisory Board as at 31 March 2025 were as follows: These condensed consolidated financial statements for the three months ended 31 March 2025 include financial statements of the Parent and of the subsidiaries controlled by the Parent (the “Group”). Shareholders holding, directly or through subsidiaries, 5% or more of total voting rights in the Company; holdings of Company shares by members of the Management Board and Supervisory Board 1) On 23 April 2025, the change of the Company’s name to MLP Rzeszów Sp. z o.o. was registered.
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18 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) Shareholder Number of shares and voting rights in the Company % direct interest in share capital and voting rights CAJAMARCA Holland BV 10 242 726 42,69% Other shareholders 4 249 015 17,72% The Israel Land Development Company Ltd. 3 016 229 12,57% THESINGER LIMITED 1 771 320 7,38% Allianz OFE 1 713 881 7,14% OFE NNLife 1 591 360 6,63% GRACECUP TRADING LIMITED 641 558 2,67% MIRO LTD. 617 658 2,57% Shimshon Marfogel 149 155 0,62% Oded Setter 2 080 0,01% Total 23 994 982 100,00% 1. 4. 2 To the best of the Management Board’s knowledge and belief, direct holdings of 5% or more of total voting rights in the Company and holdings of Company shares by members of the Management Board and Supervisory Board as at 31 December 2024 were as follows: Shares and rights to shares of the Parent held by members of management and supervisory bodies The other members of the Supervisory Board and the Management Board have no direct holdings in the Company’s share capital. As at 31 March 2025 and as at 31 December 2024, Shimshon Marfogel, Chairman of the Supervisory Board, held directly a 0.62% interest in the Company's share capital, comprising Company shares purchased in September 2017. As at 31 March 2025 and 31 December 2024, Eytan Levy held indirectly a 13.34% interest in MLP Group S.A.’s share capital: Mr. Levy held a 100% interest in N Towards the Next Millennium Ltd. This company held a 33.31% interest in RRN Holdings Ltd., which in turn held a 75% interest in the share capital of Cajamarca Holland B.V., resulting in a 10.67% interest in MLP Group S.A.’s share capital, and 2.67% as the sole shareholder in GRACECUP TRADING LIMITED. As at 31 March 2025 and as at 31 December 2024, Michael Shapiro, Vice President of the Management Board, held indirectly, through his fully-controlled company MIRO HOLDINGS LIMITED, a 2.57% interest in MLP Group S.A.’s share capital, and, through a 25% interest in the share capital held by MIRO HOLDINGS LIMITED in Cajamarca Holland B.V., Mr Shapiro was the beneficial owner of 10.67% of the share capital of MLP Group S.A. Therefore, in aggregate, Mr Shapiro was the beneficial owner of a 13.24% interest in the share capital of MLP Group S.A. As at 31 March 2025 and as at 31 December 2024, Oded Setter, member of the Supervisory Board, held directly a 0.0087% interest in the Company's share capital, comprising Company shares acquired in September 2021, October 2021, January 2022, March 2022 and June 2022.
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19 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 2. 2. 1 Statement of compliance 2. 2 Status of standards approval in the European Union 2. 2. 1 2. 3 2. 4 2. 4. 1 Basis of accounting used in preparing the condensed consolidated financial statements These condensed consolidated financial statements have been prepared on the assumption that the Group will continue as a going concern for the foreseeable future and in conviction that there are no circumstances which would pose a threat to the Group's continuing as a going concern. These condensed consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated full-year financial statements for 2024. In these condensed consolidated financial statements all amounts are presented in the Polish złoty (PLN), rounded to the nearest thousand. The Polish złoty is the functional currency of the Parent and the presentation currency of the condensed consolidated financial statements. The functional currencies of consolidated foreign entities are the euro (Germany and Austria) and the Romanian leu (Romania). Functional currency and presentation currency Functional currency and presentation currency of the financial statements; rules applied to translate financial data Basis of accounting used in preparing the condensed consolidated financial statements Issued standards and interpretations which are not yet effective and have not been adopted early by the Group The Group intends to adopt, as of respective effective dates, standards and amendments to the existing standards and interpretations which were published by the International Accounting Standards Board but were not yet effective as at the date of authorisation of these condensed consolidated financial statements. The impact of the amended and new standards on the Group’s future consolidated financial statements is discussed in Note 2.2 to the consolidated full-year financial statements for 2024. The MLP Group S.A. Group has prepared the condensed consolidated financial statements in accordance with the accounting standards issued by the International Accounting Standards Board approved by the European Union, referred to as the International Financial Reporting Standards (“EU IFRS”). The Group applied all standards and interpretations which are applicable in the European Union except those which are awaiting approval by the European Union and those standards and interpretations which have been approved by the European Union but are not yet effective.
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20 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 2. 4. 2 Rules applied to translate financial data Consolidated statement of financial position: 31 March 2025 31 March 2025 31 March 2024 31 March 2024 Average exchange rate at the reporting date Average exchange rate during the reporting period* Average exchange rate at the reporting date Average exchange rate during the reporting period* EUR 4,1839 4,1848 4,3009 4,3211 USD 3,8643 3,9737 3,9886 3,9941 RON 0,8405 0,8408 0,8655 0,8691 2. 5 Use of estimates and judgements 3. Segment reporting * Arithmetic mean of the average exchange rates effective on the last day of each month in the reporting period. In these condensed consolidated financial statements, material judgements made by the Management Board in applying the Group’s accounting policies and the key sources of estimation uncertainty are the same as those presented in Note 2 to the consolidated full-year financial statements for 2024. The following exchange rates (against PLN) were used to measure items of the consolidated statement of financial position denominated in foreign currencies: The preparation of condensed consolidated financial statements in accordance with IAS 34 requires that the Management Board makes judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Estimates and underlying assumptions are based on experience and other factors deemed reasonable under the circumstances, and their results provide a basis for judgement about carrying amounts of assets and liabilities that are not directly attributable to other sources. Actual results may differ from the estimates. The primary and sole business activity of the Group is construction and management of logistics space. The Group's revenue is derived from renting of own property and from property revaluation. None of the customers accounts for 10% or more of the Group's revenue. The Group operates in Poland, and abroad: since April 2017 in Germany, since October 2017 in Romania, and since October 2020 in Austria. Locations of the Group’s assets coincide with the location of its customers. Operating segments are the same as the Group’s geographical segments. Investment property comprises properties generating rental income (existing buildings), construction in progress, land for development, and perpetual usufruct of land. The Group’s focus is on the warehousing sector.
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21 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) Operating segments Poland Germany Romania Austria Intersegment eliminations Total Revenue 46 787 5 766 2 119 229 - 54 901 51 923 1 652 733 105 (134) 54 279 (99 501) 46 (2 283) (1 304) 10 (103 032) (49 156) (3 439) (1 223) (580) 124 (54 274) Segment's operating profit/(loss) (49 947) 4 025 (654) (1 550) - (48 126) (1 235) (410) (59) - - (1 704) (51 182) 3 615 (713) (1 550) - (49 830) 14 156 (5 396) (71) (4 554) (3 501) 634 (37 026) (1 781) (784) (6 104) (3 501) (49 196) Income tax 5 412 (211) (252) 1 538 - 6 487 Net profit/(loss) (31 614) (1 992) (1 036) (4 566) (3 501) (42 709) Profit/(loss) before tax and net finance costs Profit/(loss) before tax The above data includes reconciliation of the segments’ financial results with consolidated net loss for the three months ended 31 March 2025, which was PLN 42,709 thousand. Revenue from property management services Rental income 2025 Operating expenses Net finance income/(costs) Gain/(loss) on revaluation of investment property Segment’s other income/(expense) for the three months ended 31 March (unaudited)
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22 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) Poland Germany Romania Austria Intersegment eliminations Total Revenue 45 038 8 122 1 680 - - 54 840 39 215 2 093 94 20 (65) 41 357 (44 064) (2 698) (576) 23 650 9 (23 679) Segment's operating profit/(loss) (3 584) 3 527 443 23 410 1 23 797 (1 108) 3 622 (17) - - 2 497 (4 692) 7 149 426 23 410 1 26 294 2 953 (4 232) (316) - (1 863) (3 458) (1 739) 2 917 110 23 410 (1 862) 22 836 Income tax (1 264) 311 (135) (5 523) - (6 611) Net profit/(loss) (3 003) 3 228 (25) 17 887 (1 862) 16 225 The above data includes reconciliation of the segments' financial results with consolidated net profit for the three months ended 31 March 2024, which was PLN 16,225 thousand. Net finance income/(costs) Revenue from property management services Gain/(loss) on revaluation of investment property Rental income Profit/(loss) before tax and net finance costs Profit/(loss) before tax Segment’s other income/(expense) 2024for the three months ended 31 March (unaudited)
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23 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) as at Poland Germany Romania Austria Intersegment eliminations Total Assets and liabilities Segment’s assets 5 430 690 952 850 133 196 339 164 (692 696) 6 163 204 Total assets 5 430 690 952 850 133 196 339 164 (692 696) 6 163 204 Segment’s liabilities 3 063 281 669 811 113 217 311 625 (688 977) 3 468 957 Equity 2 367 409 283 039 19 979 27 539 (3 719) 2 694 247 5 430 690 952 850 133 196 339 164 (692 696) 6 163 204 Expenditure on property 101 191 11 671 3 815 10 525 - 127 202 as at Poland Germany Romania Austria Intersegment eliminations Total Assets and liabilities Segment’s assets 5 733 744 958 434 133 676 337 148 (693 005) 6 469 997 Total assets 5 733 744 958 434 133 676 337 148 (693 005) 6 469 997 Segment’s liabilities 3 311 653 668 009 114 072 314 301 (684 224) 3 723 811 Equity 2 422 091 290 425 19 604 22 847 (8 781) 2 746 186 5 733 744 958 434 133 676 337 148 (693 005) 6 469 997 Expenditure on property 348 912 39 423 12 294 185 222 - 585 851 * Unaudited. Intersegment eliminations concern intra-Group loans advanced by the Group’s Polish companies to the companies in Germany, Romania and Austria, as well as intra-Group services. 31 December 2024 Total equity and liabilities Total equity and liabilities 31 March 2025*
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24 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 4. Revenue for the three months ended 31 March 2025 2024 (unaudited) (unaudited) Rental income 54 901 54 840 Rental income 54 901 54 840 2025 2024 for the three months ended 31 March (unaudited) (unaudited) 20 464 17 872 Recharge of utility costs 27 564 21 964 Rental income from residential units 15 15 Services provided to tenants 6 149 1 162 Other revenue 87 344 Revenue from property management services 54 279 41 357 Rental income for the first quarter of 2025 was comparable to that generated in the first quarter of 2024. Rent in contracts entered into by the Group companies is either stated or denominated in euros. Therefore, excluding the effect of foreign exchange losses, rental income in the euro grew by 3% in the three months ended 31 March 2025 compared to the same period in 2024. Converted at a constant exchange rate (the same as for the three months ended 31 March 2024), rental income for the three months ended 31 March 2025 would amount to PLN 56,688.9 thousand. The Group companies’ rental income does not exhibit seasonal fluctuations. Recharge of service charges The Group’s principal business activity is leasing properties to tenants, with the Group acting as the lessor. The Group has entered into lease contracts for properties within its portfolio. Lease contracts under which the Group does not transfer substantially all risks and rewards of ownership of the leased assets are classified as operating leases. The Group recognises rental income on a straight-line basis over the lease term, in accordance with IFRS 16 Leases , reflecting the average rent over the lease duration. Commercial property lease contracts typically include clauses permitting periodic increases in rental charges based on the European Consumer Price Index.
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25 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 5. Other income for the three months ended 31 March 2025 2024 (unaudited) (unaudited) Reimbursement of court fees 1 - Reversal of allowances for receivables - 2 565 160 Other 314 81 21 3 812 Reversal of provision for future costs 73 46 Other income 974 4 101 6. Other expenses for the three months ended 31 March 2025 2024 (unaudited) (unaudited) Loss on disposal of non-current non-financial assets (73) - Costs covered by insurance policies (49) (13) Other (63) (147) (1 125) (1 278) Impairment losses on receivables (1 368) - - (166) Other expenses (2 678) (1 604) Gain on disposal of non-current non-financial assets Compensation received Investment site acquisition costs The Group also generates revenue from property management services. This revenue consists of charges paid by tenants of the Group's investment properties to cover the costs of services provided by the Group in connection with their leases. Service charges are invoiced monthly, based on a rate agreed upon in the contract, reflecting the best estimate for each project. Additionally, the Group earns income by recharging utility costs to tenants, which are recharged based on actual consumption. Such income is recognised in accordance with IFRS 15. The Group recognises revenue from property management services primarily as revenue from acting as a principal. This means that for the purposes of financial statements, such costs are recognised on a gross basis since the Group acts as a principal that controls goods or services before they are transferred to the customer. In the operations of the Group companies, the primary costs of property management services, and therefore the revenue from these services, do not exhibit seasonality, with the exception of the cost of purchased gas (and, consequently, income from recharging utility costs). Gas is used by the Group’s tenants mainly in the heating season. Damages and contractual penalties
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26 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 7. Operating expenses for the three months ended 31 March 2025 2024 (unaudited) (unaudited) Depreciation and amortisation (671) (206) Materials and consumables used (22 889) (20 891) Services (14 027) (12 122) Taxes and charges (11 326) (11 220) Wages and salaries (3 587) (2 761) (733) (598) Other expenses by nature (1 041) (923) Operating expenses (54 274) (48 721) for the three months ended 31 March 2025 2024 (unaudited) (unaudited) (18 424) (16 345) (1 474) (1 630) Utilities (22 654) (20 372) Other recharged costs (430) (83) (42 982) (38 430) (453) (206) Selling, general and administrative expenses (10 839) (10 085) Operating expenses (54 274) (48 721) Costs of self-provided property management services In the first quarter of 2025, were PLN 54,274 thousand, up 11% year on year. They grew faster than revenue from property management services. Operating expenses include mainly: (i) costs of consumables and energy used, (ii) services, (iii) taxes and charges. The costs of consumables and energy used include the cost of utilities that are recharged to tenants. The main components of taxes and charges are property tax and usufruct charges, which are also recharged to tenants. Services include two cost groups: (i) property maintenance services, recharged to tenants, (ii) and services recognised as part of administrative expenses. Social security and other employee benefits Depreciation and amortisation Cost of maintenance of property generating rental income Cost of maintenance of property other than generating rental income The higher costs of maintenance of property, including property generating income and other property, were due mainly to an increase in property tax rates and in the volumes of buildings and land based on which property tax is calculated. Selling, general and administrative expenses grew mainly as a result of higher wages and salaries and an increase in costs of services. operating expenses
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27 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 8. Finance income and costs for the three months ended 31 March 2025 2024 (unaudited) (unaudited) Interest on loans advanced 166 185 - 43 4 439 1 189 2 469 5 873 Net exchange differences 31 040 14 090 Interest on receivables - 3 Total finance income 38 114 21 383 for the three months ended 31 March 2025 2024 (unaudited) (unaudited) (15 191) (21 874) 3 625 6 770 (712) (79) (16) - (329) (151) (23 391) (8 018) Other finance costs (786) (311) Debt service costs (680) (1 178) Total finance costs (37 480) (24 841) Interest on borrowings Interest on bank deposits Other interest Interest paid on swap contracts Income from fixed-rate hedging derivatives Measurement of borrowings at amortised cost Interest on bonds Ineffective portion of measurement gains and losses on cash flow hedge instruments Ineffective portion of measurement gains and losses on cash flow hedge instruments Foreign exchange gains and losses are mainly attributable to the effect of measurement of liabilities under EUR-denominated borrowings at the end of the reporting period. In the period from 31 December 2024 to 31 December 2025, the Polish currency depreciated by PLN 8.91, or 2.09%. As a result of the appreciation of the złoty against the euro, foreign exchange gains of PLN 31,040 thousand were recognised, which had an effect on the Group’s net finance income/(costs).
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28 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 9. Income tax for the three months ended 31 March 2025 2024 (unaudited) (unaudited) Current income tax 2 726 2 419 (9 213) 4 192 Income tax (6 487) 6 611 Effective tax rate for the three months ended 31 March 2025 2024 (unaudited) (unaudited) Profit/(loss) before tax (49 196) 22 836 9 347 (4 339) (775) (306) (1 545) (175) (49) - 275 24 1 3 97 (11) 250 373 (1) - (1 113) (2 180) Income tax 6 487 (6 611) Expenses not deductible for tax purposes Unrecognised asset for tax loss Differences in income tax for previous years recognised in the separate financial statements after the issue of the consolidated financial statements for a given year Difference due to different rates of tax paid by the Austrian company Non-taxable income Difference due to different rates of tax paid by the German and Romanian companies Write off of unused deferred tax asset for tax loss Difference due to income tax rate change from 19% to 9% Excess of commercial property tax over income tax Tax at the applicable tax rate (19%) Temporary differences/reversal of temporary differences In accordance with Polish laws, in 2025 and 2024, consolidated entities calculated their corporate income tax liabilities at 9% or 19% of taxable income. The lower tax rate was applicable to small taxpayers. The following tax rates were applied in 2025 and 2024 by the Group’s foreign operations to calculate current income tax liabilities: in Germany: 15.825%, in Romania: 16%, and in Austria: 23%.
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29 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) Tax settlements may be subject to inspection for five years from the end of the following tax year. As a result, the amounts disclosed in the financial statements may change at a later date, once their final amount is determined by the tax authorities. Tax laws relating to value added tax, corporate and personal income tax, and social security contributions are frequently amended. Therefore, it is often the case that no reference can be made to established regulations or legal precedents. The laws tend to be unclear, thus leading to differences in opinions as to legal interpretation of fiscal regulations, both between different state authorities and between state authorities and businesses. Tax and other settlements (customs duties or foreign exchange settlements) may be inspected by authorities empowered to impose significant penalties, and any additional amounts assessed following an inspection must be paid with interest. Consequently, tax risk in Poland is higher than in countries with more mature tax systems. The Group also operates in Romania, Germany, and Austria. Especially in Romania, the tax laws have undergone significant changes in recent years. The frequent changes to tax laws are also attributable to the adoption of new regulations required by the EU law in the countries where the Group operates and commitments made by OECD member countries. The Global Minimum Tax (Pillar 2) framework will apply to groups of companies with consolidated annual revenues of at least EUR 750 million. Accordingly, the Group is not subject to these regulations. As of 1 January 2024, the minimum corporate income tax provisions, previously suspended, took effect again. The Group calculated the tax for the three months ended 31 March 2025 and did not identify any material effect on its current tax amount.
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30 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 10. Property, plant and equipment Buildings and structures Plant and equipment Vehicles Other property, plant and equipment Property, plant and equipment under construction Total 3 413 13 254 1 686 84 12 182 30 619 Increase - 3 656 288 - - 3 944 Acquisition - 651 133 - 784 Transfer from property, plant and equipment under construction - 2 920 - - 2 920 Lease - - 154 - - 154 Exchange differences on translation of foreign operations - 85 1 - - 86 Decrease - - (79) - (2 920) (2 999) Transfer to property, plant and equipment - - - - (2 920) (2 920) Retirement - - (79) - - (79) 3 413 16 910 1 895 84 9 262 31 564 Gross carrying amount as at 31 December 2024 Gross carrying amount as at 31 March 2025
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31 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) Buildings and structures Plant and equipment Vehicles Other property, plant and equipment Property, plant and equipment under construction Total 1 995 1 757 417 59 - 4 228 Increase 19 310 114 2 - 445 Depreciation 19 310 36 2 - 367 Exchange differences on translation of foreign operations - - 78 - - 78 Decrease - (11) (24) - - (35) Retirement - - 4 - - 4 Sale - - (26) - - (26) Exchange differences on translation of foreign operations - (11) (2) - (13) 2 014 2 056 507 61 - 4 638 1 418 11 497 1 269 25 12 182 26 391 1 399 14 854 1 388 23 9 262 26 926 The Group’s plant and equipment include mainly solar photovoltaic systems on rooftops of the logistics parks. Capital expenditure on property, plant and equipment under construction primarily includes amounts spent on the construction of new rooftop systems at the logistics parks in Poland and abroad. Net carrying amount as at 31 December 2024 Net carrying amount as at 31 March 2025 Accumulated depreciation as at 31 December 2024 Accumulated depreciation as at 31 March 2025
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32 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 11. Investment property 31 March 31 December as at 2025 2024 (unaudited) Carrying amount at beginning of period 5 549 613 4 541 505 Purchase of land - 104 333 Expenditure on property 102 787 585 851 - (1 271) Exchange differences on translation of foreign operations (28 256) (15 766) Change in fair value (103 032) 359 376 Other (966) (24 415) Carrying amount at end of period 5 520 146 5 549 613 As at 1 January 2025 Increase decrease As at 31 March 2025 56 240 (219) 56 021 As at 1 January 2024 Increase decrease As at 31 December 2024 58 382 996 (3 138) 56 240 Investment property comprises existing warehouse and office buildings, warehouse and office buildings under construction, and land for development. Rental income from lease of warehouse space is the key source of the Group’s revenue. Investment property as at 31 March 2025 included a perpetual usufruct asset measured at PLN 56,021 thousand (PLN 56,240 thousand as at 31 December 2024). Change during 2025 in the value of assets recognised as investment property in accordance with IFRS 16 Revaluation of perpetual usufruct of land In the period from 31 December 2024 to 31 March 2025, the carrying amount of investment property decreased by PLN 29,467 thousand. Litigation concerning revision of the perpetual usufruct charge rate for some of the land used by MLP Pruszków I, MLP Pruszków II, MLP Pruszków III continued in the first quarter of 2025. As at the date of issue of this report, the Management Board of MLP Group S.A. estimated, where appropriate, a provision for the perpetual usufruct charge rate revision from 2022 onwards. The amount determined by the court may be different and may affect the carrying amount of investment property and finance lease liabilities. For a description of disputes, see Note 26.1. The value of assets and liabilities relating to perpetual usufruct of land was revised based on the amount used to calculate the provision. Factors contributing to the change: 1. foreign exchange losses of PLN 115,056 thousand on the translation of the property portfolio (including PLN 28,256 thousand attributable to the foreign portfolio and PLN 86,800 thousand attributable to the Polish portfolio), 2. expenditure of PLN 102,787 thousand incurred in the period, 3. decrease of PLN 219 thousand in the value of the perpetual usufruct right. -
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33 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) Investment property by country 31 March 31 December 2025 2024 (unaudited) Poland 4 188 539 4 212 242 4 068 061 4 156 002 56 021 56 240 64 457 - Germany 886 896 889 728 870 989 889 728 15 907 - Austria 317 665 319 620 312 956 319 620 4 709 - Romania 127 046 128 023 125 354 128 023 1 692 - Gross carrying amount at end of period 5 520 146 5 549 613 Existing buildings Construction in progress Pipeline portfolio Landbank Perpetual usufruct of land Poland 3 501 632 252 130 243 093 135 663 56 021 Germany 489 250 93 311 237 393 66 942 - Austria 39 607 278 058 - - - Romania 93 184 1 692 19 510 12 660 - TOTAL 4 123 673 625 191 499 996 215 265 56 021 Pipeline portfolio Landbank Perpetual usufruct of land Poland 3 577 510 191 670 248 270 138 552 56 240 Germany 499 860 79 051 242 449 68 368 - Austria - 319 620 - - - Romania 95 168 - 19 925 12 930 - TOTAL 4 172 538 590 341 510 644 219 850 56 240 Fair value of properties by country and property type as at 31 March 2025 * Perpetual usufruct of land is recognised as finance lease in accordance with IFRS 16. Fair value of property Perpetual usufruct of land* Fair value of property Expenditure on property not included in the valuation Fair value of property Fair value of properties by country and property type as at 31 December 2024 as at Expenditure on property not included in the valuation Expenditure on property not included in the valuation Expenditure on property not included in the valuation Fair value of property Construction in progress Existing buildings
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34 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 11. 1 Fair value of the Group's investment property In the period ended 31 March 2025, there were no reclassifications between the fair value hierarchy levels. The fair value of investment property was calculated based on expert reports issued by independent expert appraisers, with recognised professional qualifications and with experience in investment property valuation (based on inputs that are not directly observable – Level 3). Property valuations have been prepared in accordance with the Royal Institution of Chartered Surveyors (RICS) Standards. They comply with the International Valuation Standards (IVS) as published by the International Valuation Standards Committee (IVSC). The Group measures the fair value of its property portfolio twice a year, i.e., as at 30 June and 31 December, unless changes occur which require remeasurement. The fair value of property, which is expressed in the euro in valuation reports, is translated at the mid rates quoted by the National Bank of Poland at the end of the reporting period. The Group measures the fair value of its property portfolio twice a year, i.e., as at 30 June and 31 December. The fair value of the properties located in Poland, including the landbank, as determined by experts using the market approach is expressed in the Polish złoty (PLN). The fair value of the other properties is expressed in the euro and is subsequently translated at the mid rates quoted by the National Bank of Poland at the end of the reporting period. The valuation method did not change relative to previous periods.
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35 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 12. Deferred tax 31 March 31 December 31 March 31 December 31 March 31 December as at 2025 2024 2025 2024 2025 2024 (unaudited) (unaudited) (unaudited) Investment property 1) - - 411 956 428 154 411 616 428 154 Borrowings and loans - - 29 155 22 156 29 155 22 156 Derivatives - - 1 174 1 775 1 174 1 775 Other 488 3 723 - - (488) (3 723) 26 658 22 383 - - (25 658) (22 383) Interest on bonds 7 137 5 736 - - (7 137) (5 736) 33 283 31 842 441 945 452 085 408 662 420 243 31 March 31 December as at 2025 2024 Including: (unaudited) Deferred tax asset (3 008) (3 708) Deferred tax liability 411 670 423 951 408 662 420 243 Net balance Tax losses deductible in future periods Deferred tax assets / liabilities Deferred tax asset Deferred tax liability Based on the tax budgets prepared by the Group, the Management Board considers it justified to recognise a deferred tax asset on tax loss in the amount disclosed in the statement of financial position. 1) Deferred tax on investment property relates fully to a long period. Therefore, at least 93% of the deferred tax liability shown above is a long-term deferred tax liability.
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36 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 1 January 2024 changes recognised in profit or loss changes recognised in other comprehensive income currency translation differences 31 December 2024 Investment property 360 743 68 356 - (945) 428 154 Borrowings and loans 9 669 12 487 - - 22 156 Derivatives 6 100 97 (4 422) - 1 775 Other (11 133) 7 404 - 6 (3 723) Tax losses deductible in future periods (7 635) (14 748) - - (22 383) Interest on bonds 1 328 (7 064) - - (5 736) 359 072 66 532 (4 422) (939) 420 243 1 January 2025 changes recognised in profit or loss changes recognised in other comprehensive income currency translation differences 31 March 2025 (unaudited) (unaudited) (unaudited) (unaudited) Investment property 428 154 (14 758) - (1 780) 411 616 Borrowings and loans 22 156 7 041 - (42) 29 155 Derivatives 1 775 (36) (565) - 1 174 Other (3 723) 3 216 - 19 (488) Tax losses deductible in future periods (22 383) (3 275) - - (25 658) Interest on bonds (5 736) (1 401) - - (7 137) 420 243 (9 213) (565) (1 803) 408 662
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37 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 13. Investments and other investments 31 March 31 December as at 2025 2024 (unaudited) Long-term receivables from measurement of swap contracts 9 225 10 210 26 110 21 760 Bank deposits comprising security deposits from tenants 10 885 9 286 Cash set aside in CAPEX account 214 214 Long-term performance bonds retained 3 708 3 761 Deposit under bank guarantee 136 136 Long-term loans to related entities 17 588 17 554 Other long-term investments 67 866 62 921 Short-term receivables from measurement of swap contracts 556 2 789 Short-term investments 556 2 789 Short-term performance bonds retained 1 076 896 Deposit under bank guarantee 1 1 Total other short-term investments 1 077 897 13. 1 Change in financial assets attributable to financing and other activities As at 31 December 2023 16 922 Interest accrued 730 Loans 22 Repayment of loan principal (11) Exchange differences on measurement (109) As at 31 December 2024 17 554 Interest accrued 166 Exchange differences on measurement (132) As at 31 March 2025* 17 588 The main bank with which the Group holds deposits comprising security deposits from tenants, cash set aside in accordance with credit facility agreements, and deposits comprising retained performance bonds is a bank with an A+ investment grade ranking (39% of total long-term and short-term investments in the form of deposits). Loan assets * Unaudited. Cash set aside in accordance with credit facility agreements to secure payment of principal and interest – long-term portion
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38 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 14. Other non-current assets 31 March 31 December as at 2025 2024 (unaudited) Long-term prepayments and accrued income 12 012 20 959 Other non-current assets 12 012 20 959 15. Trade and other receivables 31 March 31 December as at 2025 2024 (unaudited) Trade receivables 21 910 26 628 Investment settlements 1 605 1 851 Prepayments and accrued income 13 631 9 920 235 235 25 381 24 415 Advance payment for purchase of land - 5 819 Taxes and social security receivable* 26 623 55 453 Trade and other receivables 89 385 124 321 Income tax receivable 11 202 10 289 Short-term receivables 100 587 134 610 Assets from accrued rents from operating leases The Group uses a provision matrix to calculate expected credit losses. In order to determine expected credit losses, trade receivables have been grouped on the basis of similarity of credit risk characteristics and past due periods. The Group has concluded that its receivables comprise a homogeneous group, i.e. receivables from tenants. Trade receivables remained at a similar level relative to the previous year. The rent collection ratio was 98%, largely unchanged year on year. * As at 31 March 2025 (and as at 31 December 2024), tax and social security receivable comprised mainly VAT receivable of PLN 17,983 thousand (PLN 46,325 thousand) as disclosed in the VAT returns filed, and input VAT of PLN 8,640 thousand (PLN 9,128 thousand) to be deducted in future periods. Prepayments for property, plant and equipment and investment property under construction For more information on receivables from related entities, see Note 25. The time past due structure for trade receivables and loss allowances is presented in the table below.
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39 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) as at Gross receivables Impairment loss Gross receivables Impairment loss (unaudited) (unaudited) Not past due 41 662 - 39 459 - Past due from 1 to 30 days 992 - 1 253 - Past due from 31 to 60 days 2 997 - 6 641 - Past due from 61 to 90 days 509 - 1 210 - Past due from 91 to 180 days 55 - 3 - Past due over 181 days 1 616 (540) 3 017 (540) Total receivables 47 831 (540) 51 583 (540) 2025 2024 Allowances for receivables as at 1 January (540) (2 704) Use of allowances - 2 164 Allowances for receivables as at 31 March*/31 December (540) (540) * Unaudited. 16. Cash and cash equivalents 31 March 31 December as at 2025 2024 Cash in hand 100 81 Cash at banks 150 886 133 498 Short-term deposits 280 000 534 476 430 986 668 055 430 986 668 055 31 March 2025 31 December 2024 Cash and cash equivalents in the consolidated statement of financial position Cash and cash equivalents in the consolidated statement of cash flows Cash and cash equivalents disclosed in the consolidated statement of financial position include cash in hand and bank deposits with original maturities of up to three months. Indications of impairment of cash and cash equivalents were determined separately for each balance held with the financial institutions. Credit risk was assessed using external credit ratings and publicly available information on default rates set by external agencies for a given rating. The analysis showed that the credit risk of the assets as at the reporting date was low. All banks with which the Group holds cash have investment grade ratings, not lower than BBB-. The main bank where the Group holds 65% of its cash and cash equivalents as well as restricted deposits is a financial institution with an A+ credit rating. The second primary bank, where the Group holds 8% of its funds, is also an institution with an A+ credit rating. The Group monitors the banks’ credit ratings and manages concentration risk by placing deposits in multiple (over 10) financial institutions.
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40 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 17. 17. 1 Cash flows from borrowings for the three months ended 31 March 2025 2024 (unaudited) (unaudited) Proceeds from bank borrowings 209 866 Cash flows from proceeds from borrowings 209 866 209 866 for the three months ended 31 March 2025 2024 (unaudited) (unaudited) (6 657) (7 029) Repayment of non-bank borrowings - - Total repayment of borrowings (6 657) (7 029) (6 657) (7 029) (6 657) (7 029)Cash flows from repayment of borrowings – amount disclosed in the consolidated statement of cash flows Notes to the condensed consolidated statement of cash flows Repayment of bank borrowings, including refinanced bank borrowings Cash flows from proceeds from borrowings – amount disclosed in the consolidated statement of cash flows Cash flows from repayment of borrowings
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41 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 17. 2 Change in receivables for the three months ended 31 March 2025 2024 (unaudited) (unaudited) Change in trade and other receivables 34 936 13 819 Change in receivables 34 936 13 819 34 936 13 819 17. 3 Change in current and other liabilities for the three months ended 31 March 2025 2024 (unaudited) (unaudited) 984 (1 808) Change in employee benefit obligations 626 1 453 8 541 4 285 Change in finance lease and swap liabilities (374) 18 Elimination of changes in investment commitments (8 874) (12 550) 903 (8 602) 903 (8 602) 18. Equity 18. 1 Share capital 31 March 31 December as at 2025 2024 Share capital [number of shares] (unaudited) Series A ordinary shares 11 440 000 11 440 000 Series B ordinary shares 3 654 379 3 654 379 Series C ordinary shares 3 018 876 3 018 876 Series D ordinary shares 1 607 000 1 607 000 Series E ordinary shares 1 653 384 1 653 384 Series F ordinary shares 2 621 343 2 621 343 Ordinary shares – total 23 994 982 23 994 982 Par value per share [PLN] 0,25 0,25 Change in trade and other payables Change in current liabilities under performance bonds and security deposits Change in current and other liabilities Change in receivables disclosed in the consolidated statement of cash flows Change in current and other liabilities disclosed in the consolidated statement of cash flows
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42 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) as at Number of shares Par value Number of shares Par value 23 994 982 5 999 23 994 982 5 999 Issue of shares - - - - 23 994 982 5 999 23 994 982 5 999 * Unaudited. 19. Earnings and dividend per share for the three months ended 31 March 2025 2024 Net profit/(loss) for period (42 709) 16 225 23 994 982 23 994 982 23 994 982 23 994 982 – basic (1,78) 0,68 – diluted (1,78) 0,68 31 March 2025* Number/value of shares at beginning of period Number of outstanding shares Weighted average number of outstanding shares Earnings per share for each reporting period are calculated as the quotient of net profit for the period attributable to owners of the Parent and the weighted average number of shares outstanding in the reporting period. Earnings per share attributable to owners of the Parent during the reporting period (PLN per share): There were no dilutive factors in the presented periods. Number/value of shares at end of period 31 December 2024 As at 31 March 2025, the Parent’s share capital amounted to PLN 5,998,745.50 and comprised 23,994,982 shares conferring 23,994,982 voting rights in the Company. The par value per share is PLN 0.25. The entire capital has been paid up.
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43 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 20. 20. 1 Non-current liabilities 31 March 31 December as at 2025 2024 (unaudited) Borrowings secured with the Group’s assets 1 353 336 1 390 177 Bonds 1 426 707 1 457 088 Non-bank borrowings 17 120 17 097 2 797 163 2 864 362 31 March 31 December as at 2025 2024 (unaudited) Finance lease liabilities (perpetual usufruct of land) 1) 56 021 56 240 Liabilities from measurement of swap contracts 3 775 4 237 Performance bonds 6 478 3 157 Security deposits from tenants and other 17 951 12 731 Lease liabilities (vehicles) 867 823 Other non-current liabilities 85 092 77 188 20. 2 Current liabilities 31 March 31 December as at 2025 2024 (unaudited) 27 025 28 823 Bonds 37 187 215 463 64 212 244 286 31 March 31 December as at 2025 2024 (unaudited) Liabilities under lease of vehicles 321 277 Other current liabilities 321 277 Non-current liabilities under borrowings and other debt instruments Liabilities under borrowings and other debt instruments, and other liabilities Liabilities under borrowings secured with the Group's assets and under borrowings not secured with the Group’s assets comprise liabilities to both related and unrelated parties. Current liabilities under borrowings and other debt instruments Short-term bank borrowings and short-term portion of bank borrowings secured with the Group’s assets 1) The Group is a party to pending court proceedings concerning revision of the perpetual usufruct charge rate. As at the date of issue of this report, the Management Board of MLP Group S.A. estimated, where appropriate, a provision for a portion of potential claims against MLP Pruszków I, MLP Pruszków II, MLP Pruszków III Sp. z o.o. The amount determined by the court may affect the carrying amount of investment property and lease liabilities. For a description of disputes, see Note 26.1.
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44 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 20. 3 Change in financial liabilities attributable to financing activities Bonds As at 31 December 2023 433 000 Issue of bonds 1 473 325 Interest accrued on bonds 52 271 Interest paid on bonds (35 923) Redemption of Series E and Series D bonds (229 149) Exchange differences on measurement (20 973) As at 31 December 2024 1 672 551 Interest accrued on bonds 23 391 Interest paid on bonds (8 876) Redemption of Series E bonds and portion of Series D bonds (187 082) Exchange differences on measurement (36 090) As at 31 March 2025* 1 463 894 * Unaudited. As at 31 December 2023 16 952 Interest accrued 724 Repayment of loan principal (473) Exchange differences on measurement (106) As at 31 December 2024 17 097 Interest accrued 156 Exchange differences on measurement (133) As at 31 March 2025* 17 120 * Unaudited. Non-bank borrowings
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45 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) As at 31 December 2023 1 663 544 including derecognised commission fee as at 31 December 2023 5 515 Interest accrued – credit facilities 83 913 Interest paid – credit facilities (90 176) Interest accrued – IRS (20 854) Interest received – IRS 24 415 New credit facility contracted 183 206 Repayment of principal (395 579) Realised foreign exchange gains/(losses) (15 857) Exchange differences on measurement (1 466) Interest capitalised 552 Bank borrowings measured at amortised cost (7 183) As at 31 December 2024 1 419 000 including derecognised valuation at amortised cost as at 31 December 2024 (12 181) As at 31 December 2024 1 419 000 including derecognised commission fee as at 31 December 2024 12 181 Interest accrued – credit facilities 15 035 Interest paid – credit facilities (15 047) Interest accrued – IRS (3 609) Interest received – IRS 3 223 New credit facility contracted 209 Repayment of principal (6 657) Realised foreign exchange gains/(losses) (309) Exchange differences on measurement (30 304) Bank borrowings measured at amortised cost (2 469) As at 31 March 2025* 1 380 361 including derecognised commission fee as at 31 March 2025* 10 892 * Unaudited. Leases (perpetual usufruct of land) As at 31 December 2023 58 382 (1 271) Annual payment (871) As at 31 December 2024 56 240 Annual payment (219) As at 31 March 2025* 56 021 * Unaudited. Bank borrowings Revaluation of perpetual usufruct of land at companies engaged in litigation with the Pruszków District Governor
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46 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 20. 4 Liabilities under bonds 20. 4.1 Liabilities under bonds as at 31 March 2025 Currency Nominal value [EUR] Valuation [EUR] Total [EUR] Total [PLN] Maturity date Guarantees and collateral Listing venue Public bonds – Series C1) EUR - - - - 19 Feb 2025 none Catalyst Public bonds – Series G EUR 41 000 000 178 760 41 178 760 172 287 814 4 Dec 2026 none Catalyst Public bonds – Green Bonds EUR 300 000 000 8 709 247 308 709 247 1 291 606 186 15 Oct 2029 none Euro MTF 1) 20. 4.2 Liabilities under bonds as at 31 December 2024 Currency Nominal value [EUR] Valuation [EUR] Total [EUR] Total [PLN] Maturity date Guarantees and collateral Listing venue Public bonds – Series C EUR 45 000 000 1 055 700 46 055 700 196 796 006 19 Feb 2025 none Catalyst Public bonds – Series G EUR 41 000 000 190 240 41 190 240 176 005 896 4 Dec 2026 none Catalyst Public bonds – Green Bonds EUR 300 000 000 4 178 425 304 178 425 1 299 754 431 15 Oct 2029 none Euro MTF Fixed interest rate Instrument Interest rate On 19 January 2025, the Company redeemed at maturity Series C bonds with a total nominal value of EUR 45,000,000. 6M EURIBOR + margin 6M EURIBOR + margin Instrument Interest rate Fixed interest rate 6M EURIBOR + margin 6M EURIBOR + margin
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47 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 20. 5 Bank borrowings secured by the Group’s assets 20. 5.1 As at 31 March 2025* Bank borrowings secured by the Group’s assets, taken in EUR currency Facility type interest rate (%) matures in Principal Valuation Total Principal Valuation Total EUR investment credit facility 1M EURIBOR + margin 2031 27 459 (348) 27 112 114 891 (1 454) 113 437 EUR investment credit facility 3M EURIBOR + margin 2027 94 877 (1 355) 93 522 396 962 (5 673) 391 287 EUR investment credit facility fixed interest rate 2028 60 800 (975) 59 825 254 382 (4 093) 250 319 EUR investment credit facility 3M EURIBOR + margin 2027 66 477 (370) 66 108 278 131 (1 541) 276 590 EUR investment credit facility 3M EURIBOR + margin 2029 25 220 (134) 25 083 105 514 (568) 104 948 EUR investment credit facility fixed interest rate 2030 39 600 (193) 39 407 165 682 (807) 164 876 EUR investment credit facility fixed interest rate 2031 18 959 (100) 18 859 79 322 (419) 78 904 Total bank borrowings taken in EUR: 333 392 (3 475) 329 916 1 394 884 (14 555) 1 380 361 Total bank borrowings 1 394 884 (14 555) 1 380 361 Bayerische Landesbank PKO BP S.A. and BNP Paribas S.A. ING Bank Śląski S.A. * Unaudited. EUR thousand PLN thousand Bank BNP Paribas S.A. ING Bank Śląski S.A., PKO BP S.A. and ICBC (Europe) S.A. Polish Branch Aareal Bank AG Bayerische Landesbank
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48 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 20. 5.2 As at 31 December 2024 Bank borrowings secured by the Group’s assets, taken in EUR currency Facility type interest rate (%) matures in Principal Valuation Total Principal Valuation Total EUR investment credit facility 1M EURIBOR + margin 2031 27 659 (207) 27 452 118 189 (887) 117 302 EUR investment credit facility 3M EURIBOR + margin 2027 95 412 (1 098) 94 314 407 701 (4 691) 403 010 EUR investment credit facility fixed interest rate 2028 60 800 (1 041) 59 759 259 799 (4 450) 255 349 EUR investment credit facility 3M EURIBOR + margin 2027 66 936 (115) 66 821 286 016 (487) 285 529 EUR investment credit facility 3M EURIBOR + margin 2029 25 264 (88) 25 174 107 953 (383) 107 570 EUR investment credit facility fixed interest rate 2030 39 806 (201) 39 605 170 092 (858) 169 234 EUR investment credit facility fixed interest rate 2031 19 057 (99) 18 958 81 431 (425) 81 006 Total bank borrowings taken in EUR: 334 934 (2 849) 332 083 1 431 181 (12 181) 1 419 000 Total bank borrowings 1 431 181 (12 181) 1 419 000 BNP Paribas S.A. ING Bank Śląski S.A., PKO BP S.A. and ICBC (Europe) S.A. Polish Branch Aareal Bank AG PKO BP S.A. and BNP Paribas S.A. ING Bank Śląski S.A. Bayerische Landesbank Bayerische Landesbank EUR thousand PLN thousand Bank
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49 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 20. 6 Non-bank borrowings secured with the Group's assets as at as at currency effective interest rate (%) matures in EUR thousand PLN thousand matures in EUR thousand PLN thousand Non-bank borrowings not secured with the Group’s assets Fenix Polska S.A. EUR 3M EURIBOR + margin 2029 1 504 6 291 2029 1 492 6 377 Fenix Polska S.A. PLN 3M WIBOR + margin 2026 - 148 2026 - 146 Fenix Polska S.A. PLN 3M WIBOR + margin 2032 - 7 935 2032 - 7 854 Fenix Polska S.A. PLN 3M WIBOR + margin 2032 - 1 130 2032 - 1 118 Fenix Polska S.A. PLN 3M WIBOR + margin 2032 - 1 049 2032 - 1 038 Fenix Polska S.A. PLN 3M WIBOR + margin 2032 - 423 2032 - 420 Fenix Polska S.A. PLN 3M WIBOR + margin 2032 - 144 2032 - 144 Total non-bank borrowings 17 120 17 097 * Unaudited. 31 March 2025* 31 December 2024
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50 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 21. Employee benefit obligations 31 March 31 December as at 2025 2024 (unaudited) Wages and salaries 8 29 5 858 5 211 Employee benefit obligations 5 866 5 240 22. Trade and other payables 31 March 31 December as at 2025 2024 (unaudited) Trade payables 41 394 48 984 Deferred income 3 624 3 756 Taxes and social security payable 6 961 9 568 Unbilled trade payables 18 444 15 343 33 058 24 846 Trade and other payables 103 481 102 497 Income tax payable 1 152 6 010 Current liabilities 104 633 108 507 31 March 31 December as at 2025 2024 (unaudited) Not past due 115 042 107 026 Past due from 1 to 90 days 6 180 2 959 Past due from 91 to 180 days 338 242 Pas due over 180 days 233 74 Total trade and other payables 121 793 110 301 Provision for variable remuneration As at 31 March 2025, the Group did not carry any past due trade payables towards related parties. The amount of trade payables was in line with the balance reported in December 2024. Investment commitments, security deposits and other obligations The table below presents time past due for trade and other payables: Trade payables are non-interest bearing and are typically settled within 30 to 60 days. Other payables are non-interest bearing, with average payment period of one month. Amounts resulting from the difference between input and output value added tax are paid to the relevant tax authorities in the periods prescribed by the relevant tax laws. Interest payable is generally settled on the basis of accepted interest notes. The time past due structure presented above includes non-current liabilities.
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51 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 23. Financial instruments 23. 1 Measurement of financial instruments The following assumptions were made for the purpose of fair value measurement: cash and cash equivalents: the carrying amount corresponds to the amortised cost value; trade receivables, other receivables, trade payables, and accrued expenses: the carrying amount corresponds to the amortised cost; borrowings and other debt instruments: the carrying amount corresponds to the amortised cost value, it is close to the fair value due to variable interest rates on these instruments which are close to market interest rates; receivables and liabilities from measurement of swap contracts: measured at fair value through other comprehensive income, determined by reference to instruments quoted in an active market. loans: the carrying amount corresponds to the amortised cost value, it is close to the fair value due to variable interest rate of these instruments, which is close to the market interest rate; The fair value of financial assets and financial liabilities as at 31 March 2025 and 31 December 2024 was equal to the respective amounts disclosed in the consolidated statement of financial position.
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52 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 23. 1. 1 Financial assets 31 March 31 December as at 2025 2024 (unaudited) Receivables from measurement of Swap contracts 9 781 12 999 9 781 12 999 Financial assets measured at amortised cost: Cash and cash equivalents 430 986 668 055 Loans and receivables, including: Trade and other receivables 49 131 53 129 Loans 17 588 17 554 Other long-term investments 41 053 35 157 Other short-term investments 1 077 897 539 835 774 792 Total financial assets 549 616 787 791 Measurement of assets at amortised cost as at 31 March 2025* * Unaudited. Stage 1 Stage 2 Stage 3 Gross carrying amount 490 704 49 671 - Cash and cash equivalents 430 986 - - Loans and receivables, including: - 49 671 - Loans 17 588 - - Other long-term investments 41 053 - - Other short-term investments 1 077 - - Impairment losses (IFRS 9) - (540) - Loans and receivables, including: - (540) - Carrying amount (IFRS 9) 490 704 49 131 - Trade and other receivables Trade and other receivables Hedging financial instruments: In the reporting period ended 31 March 2025, there were no reclassifications between fair value hierarchy levels. As at 31 March 2025, the fair value of hedging instruments was PLN 9,781 thousand, as measured on the basis of other directly or indirectly observable prices (Level 2). The information is provided by banks and is based on reference to instruments traded on an active market.
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53 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) Measurement of assets at amortised cost as at 31 December 2024 Stage 1 Stage 2 Stage 3 Gross carrying amount 721 663 53 669 - Cash and cash equivalents 668 055 - - Loans and receivables, including: - 53 669 - Loans 17 554 - - Other long-term investments 35 157 - - Other short-term investments 897 - - Impairment losses (IFRS 9) - (540) - Loans and receivables, including: - (540) - Carrying amount (IFRS 9) 721 663 53 129 - 23. 1. 2 Financial liabilities 31 March 31 December as at 2025 2024 Liabilities from measurement of swap contracts 3 775 4 237 3 775 4 237 Financial liabilities measured at amortised cost: Bank borrowings 1 380 361 1 419 000 Non-bank borrowings 17 120 17 097 Trade and other payables 121 793 110 301 Lease liabilities 57 209 57 340 Bonds 1 463 894 1 672 551 3 040 377 3 276 289 Total financial liabilities 3 044 152 3 280 526 23. 2 Other disclosures relating to financial instruments Security instruments Cash flow hedge accounting The variable-to-fixed interest rate swap contracts (hedging instrument) disclosed in the consolidated financial statements for 2024 did not change during the three months ended 31 March 2025. For information on security instruments, see Note 24. Hedging financial instruments measured at fair value: Trade and other receivables Trade and other receivables
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54 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 24. Contingent liabilities and security instruments 25. Related-party transactions 25. 1 Trade and other receivables and payables Parent The Israel Land Development Company Ltd. - - Other related parties Fenix Polska Sp. z o.o. 4 - Key management personnel MPI Services Sp. z o.o. - 54 Total 4 54 * Unaudited. Parent The Israel Land Development Company Ltd. 5 - Other related parties Fenix Polska Sp. z o.o. 4 Key management personnel MPI Services Sp. z o.o. - 54 Total 9 54 1) Trade and other payables do not include the remuneration of key management personnel, which is disclosed in Note 28. In January 2025, two joint contractual mortgages of up to PLN 6,000,000 and up to PLN 6,036,000, established in favour of BNP Paribas Bank Polska S.A. (BNP) as security for BNP’s claims under the credit facility agreement of 7 November 2019 concluded by MLP Pruszków V sp. z o.o., were deleted from the Land and Mortgage Register, and a new joint contractual mortgage of up to PLN 12,000,000 was registered in favour of BNP as security for risk hedging transactions. In the period ended 31 March 2025, there were the following changes in contingent liabilities and security instruments: On 14 February 2025, a surety (corporate guarantee) up to a maximum amount of EUR 1,000,000.00 was granted by MLP Group S.A. to the lessee Sarantis Polska S.A. of Piaseczno as security for MLP Pruszków VI sp. z o.o.’s liabilities as a lessor under the lease contract concluded on 14 February 2025; the surety has been granted for a period up until 15 December 2027. Trade and other receivables The balances of trade and other receivables and payables from related-party transactions as at 31 December 2024 were as follows: The balances of trade and other receivables and payables from related-party transactions as at 31 March 2025* were as follows: Trade and other payables1) Trade and other receivables Trade and other payables1)
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55 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 25. 2 Loans and borrowings Other related parties Fenix Polska Sp. z o.o. 17 465 (17 120) MLP FIN Spółka z ograniczoną odpowiedzialnością Sp.k. 123 - Total 17 588 (17 120) * Unaudited. Other related parties Fenix Polska Sp. z o.o. 17 433 (17 097) MLP FIN Spółka z ograniczoną odpowiedzialnością Sp.k. 121 - Total 17 554 (17 097) 25. 3 Income and expenses Parent - - - - - - - - Other related parties Fenix Polska Sp. z o.o. - - 164 - - - 2 - - - 166 - Key management personnel - (934) - - - (525) - - - (525) - - - (223) - - - (442) - - - (2 649) - - Total - (2 649) 166 - * Unaudited. Borrowings Loans Loans Below are presented the balances of loans to and borrowings from related parties as at 31 March 2025*. Below are presented the balances of loans to and borrowings from related parties as at 31 December 2024: Below are presented income and expenses under related-party transactions for the three months ended 31 March 2025*: Borrowings Purchase of services and cost of Marcin Dobieszewski Agnieszka Góźdź Revenue Interest income The Israel Land Development Company Ltd. MLP FIN Sp. z o.o. Sp.k. Interest expense Radosław T. Krochta Michael Shapiro Other key management personnel
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56 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) Parent - - - - - - - - Other related parties Fenix Polska Sp. z o.o. - - 183 (186) - - 2 - - - 185 (186) Key management personnel - (714) - - - (423) - - - (93) - - - (187) - - - (428) - - - (428) - - - (456) - - - (2 729) - - Total - (2 729) 185 (186) * Unaudited. 26. Significant litigation and disputes 26. 1 Pruszków District Governor (starosta) The Israel Land Development Company Ltd. Agnieszka Góźdź Radosław T. Krochta Interest income Interest expenseRevenue Below are presented income and expenses under related-party transactions for the three months ended 31 March 2024*: Fenix Polska Sp. z o.o. is related to the Group through Cajamarca Holland B.V., which as at held 100% of shares in Fenix Polska Sp. z o.o. and 42.69% of the Group's share capital. Tomasz Zabost Other key management personnel MLP FIN Spółka z ograniczoną odpowiedzialnością Sp.k. Marcin Dobieszewski Michael Shapiro Monika Dobosz Purchase of services and cost of wages and In 2012-2014, MLP Pruszków I Sp. z o.o., MLP Pruszków II Sp. z o.o. and MLP Pruszków III received decisions concerning change of perpetual usufruct charge. According to the decisions, as at 31 March 2025 the total amount potentially due was PLN 39,947 thousand. The management board of the companies does not accept the amount of the charge, and therefore the case was referred to the court. The District Governor did not take into account the expenses incurred by the companies. In previous years and the reporting period, the Group recognised a provision of PLN 11,512 thousand for potential claims by Pruszków District Governor related to changes in the perpetual usufruct charge.
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57 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 27. 27. 1 In the period from the end of the reporting period to the date of authorisation of these consolidated financial statements for issue, no events occurred which should have been but were not reflected in the accounting books of the reporting period and the consolidated financial statements of the Group. Significant events during and subsequent to the reporting period Due to the amount of trade with Russia and the reliance of EU countries on natural resources such as gas, crude oil, and food exports from Russia and Ukraine, the sanctions imposed and Russia's response have had a significant impact on the global economy. These actions have caused changes in the direction of the flow of raw materials and products, particularly by limiting the exchange of goods with Russia and Belarus and restricting transit between Europe and Asia via Russia, Belarus, and Ukraine. These developments are also driving changes in the logistics industry. The war in Ukraine indirectly affects GDP dynamics, including in Poland, the inflation rate, interest rates, and expectations regarding their changes, which influence consumer and business behaviours, currency exchange rates, the unemployment rate, average and median wages and incomes, as well as the fiscal and monetary policy of the European Union, including the countries where the Group's companies operate. The Group continuously monitors the situation and the impact of the war in Ukraine on its operations and individual projects, including long-term plans. Priority is given to monitoring the situation of key lessees (in terms of leased space and rental income) and publicly available information regarding the impact of the war in Ukraine on these entities. The lessees have not indicated any material risk to their operations. Retrospectively, the assessment of the impact of the war in Ukraine on the Group’s operations does not indicate that it has had, or will have, a significant negative effect on the operations and financial results of the Group. However, the war in Ukraine had an indirect impact—primarily in 2023, with a diminishing effect in 2024—on the following reporting items: - an increase in the prices of crude oil, natural gas, and metals, as well as reduced availability of Ukrainian workers employed by contractors; - a reversal in the downward trend of yield rates, which affected the valuation of investment properties as at 31 December 2023 and 31 December 2024; however, a reversal of this trend is projected for 2025 ; - the increase in interest rates in 2022–2023 led to higher finance costs related to obtained financing, taking into account a downward trend (from the second half of 2024, a gradual decline in EURIBOR, albeit slower than market forecasts). Any adverse military developments in Ukraine which could alter logistics routes and adversely impact the investment sentiment of customers, particularly in Poland and Romania, where the Group operates, are also subject to monitoring. Impact of the political and economic situation in Ukraine on the operations of the MLP Group S.A. Group
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58 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) 28. for the three months ended 31 March 2025 2024 (unaudited) (unaudited) Fixed remuneration of the Management Board: Radosław T. Krochta 321 175 Michael Shapiro 192 129 Tomasz Zabost** - 93 Marcin Dobieszewski 135 105 Monika Dobosz** - 134 Agnieszka Góźdź 192 134 840 770 Provision for variable remuneration of the Management Board*: for the three months ended 31 March 2025 2024 (unaudited) (unaudited) Radosław T. Krochta 613 539 Michael Shapiro 333 294 Marcin Dobieszewski 88 82 Monika Dobosz - 294 Agnieszka Góźdź 333 294 1 367 1 503 for the three months ended 31 March 2025 2024 (unaudited) (unaudited) Remuneration of the Supervisory Board: Remuneration and other benefits Maciej Matusiak 30 15 Eytan Levy 30 15 Shimshon Marfogel 20 15 Guy Shapira 20 15 Piotr Chajderowski 30 15 Oded Setter 20 15 150 90 990 860 * Total provision for variable remuneration for services and under employment contracts. ** For the period of service on the Management Board. Total remuneration paid to members of management and supervisory bodies Variable remuneration and remuneration paid to members of management and supervisory bodies
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59 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Condensed consolidated financial statements for the three months ended 31 March 2025 (all data in PLN thousand unless stated otherwise) for the three months ended 31 March 2025 2024 (unaudited) (unaudited) Other key management personnel: Remuneration and other benefits paid 442 456 442 456 1 432 1 316 29. Employees as at 31 March 2025 2024 (unaudited) (unaudited) Number of employees as at 45 50 Pruszków, 20 May 2025 The note presents remuneration of members of the management and supervisory bodies for discharging the responsibilities of Management or Supervisory Board members, as well as the costs of services provided to other companies in the Group, and other management personnel. Total remuneration paid to members of management and supervisory bodies and key management personnel Signed by the Management Board and the person responsible for keeping the accounting books with qualified digital signatures Apart from the transactions described in the note above, members of the Management Board, the Supervisory Board and the other management personnel did not receive any other benefits from any of the Group companies.
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60 1. Selected data for Q1 2025 – Investment property At MLP Group, we combine growth with moderate risk, focusing primarily on projects located within key urban agglomerations and on attracting top-tier tenants. 31 March 2025 31 December 2024 PLN million PLN million Fair value of investment property (GAV) 5 490.7 5 519.4 -1% Equity (NAV) 2 694.2 2 746.2 -2% NAV per share [PLN/EUR] 112.3 114.4 -2% EPRA NRV 2 688.2 2 737.4 -2% EPRA NTA per share [PLN/EUR] 112.0 114.1 -2% LTV 42.6% 42.9% % change 31 March 2025 31 December 2024 EUR million EUR million 1 312.3 1 291.7 2% 644.0 642.7 0% 26.8 26.8 0% 642.5 640.6 0% 26.8 26.7 0% % change As at 31 March 2025, gross asset value amounted to PLN 5,490.7 million (down 1% compared with 31 December 2024). In euro, gross asset valued reached EUR 1,312.3 million (up 2%). At the end of the first quarter of 2025, construction in progress was 224 thousand m². The Company does not perform a portfolio revaluation for the first quarter. The value of the portfolio changed due to exchange rate fluctuations. The appreciation of the złoty against the euro had a negative impact on the value of our investment property and NAV. As a result of the appreciation of the Polish currency during the reporting period (as at 31 December 2024: EUR 1 = PLN 4.2730, as at 31 March 2025: EUR 1 = PLN 4.1839; decrease of PLN 0.0891, or 2%), the value of investment property and NAV fell by PLN 115,056 thousand, which was partially offset by stronger operating performance. Based on the average exchange rate published by the NBP on May 19, 2025, of 4.2785, the Group would report an increase of PLN 122 million in the value of investment properties and NAV. This change in the value of investment properties, stemming from the EUR/PLN exchange rate fluctuation, is an accounting adjustment and has no impact on cash flow. In the first quarter of 2025, yields for the portfolio remained unchanged. Interest rate cuts in 2025 should result in lower yields and, consequently, higher property valuations. The weighted average unexpired lease term (WAULT) for MLP Group's portfolio was approximately 7.7 years (up from 7.1 years as at the end of the fourth quarter of 2024). MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Notes to the condensed consolidated quarterly report of the MLP Group S.A. Group III. Notes to the condensed consolidated quarterly report of the MLP Group S.A. Group
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61 2. MLP Group's financial position Q1 2025 Q4 2024 Q1 2024 PLN million PLN million PLN million 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 earnings of the company 14.4 0.3 100% 19.5 -26% Net debt/EBITDA 11.0 13.5 -19% 8.7 26% Net Debt/Run Rate EBITDA* 9.7 9.9 -2% n/a n/a Vacancy rate 7.9% 5.0% 8.9% Q1 2025 Q4 2024 Q1 2024 EUR million EUR million EUR million 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 earnings of the company 3.4 0.1 100% 4.5 -24% Net debt/EBITDA 11.0 13.6 -20% 8.8 25% Net Debt/Run Rate EBITDA* 9.7 9.9 -2% n/a n/a Vacancy rate 7.9% 5.0% 8.9% % change % Change % change % change *Annual Run Rate EBITDA was first counted on the basis of data as at 31 December 2024 **From 1 January 2025 to the issue date of this Report, contracts for a total of approximately 45 thousand sqm ź ź ź Leases signed in the period from 1 January 2025 to the issue date cover approximately 45 thousand sqm of space. A prudent approach to finance ensures that MLP Group maintains a strong liquidity position, enabling the funding of development objectives while preserving a fixed cost of debt and a conservative repayment profile. The slight decline in the rate is strictly seasonal/transitional in nature => a large portion of newly constructed facilities is customarily completed in the first quarter. The Group seeks to keep the vacancy rate at 5% or less. In the first quarter of 2025, consolidated revenue amounted to PLN 109.2 million, up 13% on the first quarter of 2024. In the first quarter of 2025, MLP Group generated EBITDA, excluding revaluation, of PLN 53.9 million (up 7% compared with the first quarter of 2024). Net debt to EBITDA as at 31 March 2025 fell to 11.0x from 13.6x in the fourth quarter of 2024 (down 20%). The very positive trend in EBITDA growth in the upcoming periods is expected to translate into a further decline in the net debt to EBITDA ratio (a leading ratio: net debt to run-rate EBITDA). MLP Group's property portfolio in the first quarter was characterised by a stable occupancy rate of 92.1%. MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Notes to the condensed consolidated quarterly report of the MLP Group S.A. Group
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62 98% of rents were paid on time, and the payment profile did not deteriorate. 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. Customer relationship management helps us develop long-term partnerships lasting even over 20 years with the retention rate of nearly 99%. Run Rate Adjusted EBITDA (in mn EUR) 51.5 - 6.2 13.0 58.3 EBITDA Q1 2025 (annualised) Non recurring items Lease contributions Run-Rate Adjusted EBITDA 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 31 March 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 income and 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-month period ended 31 March 2025, but are expected to start generating revenue after the reporting date. Q4 2024Q1 2024Q1 2025 PLN millionPLN millionPLN million 44.1 50.2 53.9 EBITDA 0.3 19.5 14.4 Company adjusted EPRA earning -6.722.0 20.3 FFO In the fourth quarter of 2024, MLP Group successfully placed its first Eurobond offering in the international capital markets. All offered green bonds, with a total nominal value of EUR 300 million, were fully subscribed. Since the first quarter of 2025, we have observed a significant upward trend in EPRA earnings and FFO, which will substantially enhance MLP Group's development potential in the upcoming periods. MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Notes to the condensed consolidated quarterly report of the MLP Group S.A. Group
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63 3. 4. Management Board’s position on published earnings forecasts 5. 6. Seasonality and cyclicality In the three months ended 31 March 2025, there were no events related to issue, redemption and repayment of non-equity and equity securities other than those described in the condensed consolidated financial statements. Issue, redemption, cancellation and repayment of non-equity and equity securities The Company and the Group companies did not publish any earnings forecasts for 2025. Material achievements and failures in the three months ended 31 March 2025 There were no significant achievements or failures other than those described in the condensed consolidated financial statements. The Group's business is not seasonal or cyclical. MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Notes to the condensed consolidated quarterly report of the MLP Group S.A. Group
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64 1 124 840 (16 393) 7 586 285 (8 522) 1 116 318 75 347 - - - - 75 347 13 400 - - 128 128 13 528 59 132 - - 13 13 59 145 1 272 719 (16 393) 7 586 426 (8 381) 1 264 338 Poland Austria Germany Romania 7. Information material for the assessment of the human resources, assets, financial condition and financial results of the Group, or changes in any of the foregoing, and information material for the assessment of the Group's ability to meet its liabilities and fulfil its obligations Leased space as at 31 March 2025: * From 1 January 2025 to the issue date of this Report, contracts for a total of 45 thousand sqm were signed. Leased space as at 31 December 2024 Space released by tenants by 31 March 2025 New lease contracts executed by 31 March 2025* Differences from re- measurement Net change in period Leased space as at 31 March 2025Segment MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Notes to the condensed consolidated quarterly report of the MLP Group S.A. Group approximately
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65 Leased space and vacant space as at 31 March 2025: Target capacity (sqm) Existing space (sqm) Space under construction and in the pipeline (sqm) Leased space in existing buildings (sqm) Pre-leased space under construction and in the pipeline *(sqm) Existing vacant space (sqm) Existing space and space under construction as % of target capacity 1 588 931 1 130 712 125 764 1 032 604 83 714 98 106 79% 282 267 75 347 130 093 75 347 - - 73% 54 520 6 900 47 620 6 900 6 628 - 100% 99 063 38 988 20 337 38 808 20 337 180 60% 2 024 781 1 251 947 323 814 1 153 659 110 679 98 286 78% Leased space and vacant space as at 31 December 2024: Target capacity (sqm) Existing space (sqm) Space under construction and in the pipeline (sqm) Leased space in existing buildings (sqm) Pre-leased space under construction (sqm) Existing vacant space (sqm) Existing space and space under construction as % of target capacity 1 591 351 1 063 832 235 102 997 435 127 405 66 397 82% 282 267 75 347 134 082 75 347 - - 74% 54 520 - 54 520 - 13 400 - 100% 99 063 38 988 20 324 38 808 20 324 180 60% 2 027 201 1 178 167 444 028 1 111 590 161 129 66 577 80% Austria Logistics parks in segments Poland Germany Poland Romania Germany Austria Romania Logistics parks in segments MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Notes to the condensed consolidated quarterly report of the MLP Group S.A. Group
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66 Net asset value (NAV) (PLN million) 2413 2746 2694 31 March 2024 31 December 2024 31 March 2025 The net asset value as at 31 March 2025 amounted to PLN 2,694 million, representing a decrease of PLN 52 million compared to the value as at 31 December 2024, primarily due to the appreciation of the Polish złoty against the euro. As a result of the appreciation of the Polish currency during the reporting period (as at 31 December 2024: EUR 1 = PLN 4.2730, as at 31 March 2025: EUR 1 = PLN 4.1839; decrease of PLN 0.0891, or 2%), the value of our investment properties and NAV fell by PLN 115,056 thousand, which was partially offset by stronger operating performance. Investment property (EUR thousand) Poland Germany Austria Romania Total 31 December 2024 31 March 2025 972 544 987 642 208 221 211 978 74 800 75 926 29 961 30 366 1 285 526 1 305 912 The Group measures its property portfolio twice a year, i.e., as at 30 June and 31 December, unless there changes occur which require remeasurement. As at 31 March 2025, the Group maintained the property valuations based on independent appraisers’ reports prepared as at 31 December 2024. Valuations of the properties denominated in the euro were translated at the mid rate quoted by the National Bank of Poland for 31 March 2025, and then remeasured to reflect the capital expenditure incurred in the period from 1 January to 31 March 2025. MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Notes to the condensed consolidated quarterly report of the MLP Group S.A. Group The chart above does not include the value of perpetual usufruct and residential properties.
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67 Change in value of investment property in 3 months ended 31 March 2025 (PLN thousand) YE 2024 FX Q1 2025 CAPEX and other adjustments Q1 2025 5 4645 493 - 115 85 For details on the value of investment property, see Note 11 to the condensed consolidated interim financial statements of the Group. Apart from the information presented in these condensed consolidated interim financial report for the three months ended 31 March 2025, there is no other information material for the assessment of the human resources, assets, financial condition and financial results of the Group or changes thereof, or for the assessment of the Group's ability to meet its liabilities or fulfil its obligations. 42,4% 43,7% 31 December 2024 roku 31 March 2025 roku 35% As at 31 March 2025, the equity ratio was 43.7%, up 1.3pp on 31 December 2024. In accordance with the terms and conditions of Series G, and Series F notes, it may not be less than 35%. Equity ratio MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Notes to the condensed consolidated quarterly report of the MLP Group S.A. Group
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68 Change in key items of revenue in the three months ended 31 March 2024 and 31 March 2025 (PLN million) 54.8 54.9 19.4 26.7 2.,0 27.6 +13% +0,1% +38% +25% Recharge of utility costs Recharge of service charges Rental income Q1 2024 revenue Q1 2025 revenue Revenue (PLN million) Rental income from investment properties is the main source of the Group’s revenue. Rental income in the first quarter of 2025 amounted to PLN 54,906 thousand and remained close to the previous year’s level. Rent in contracts entered into by the Group companies is either stated or denominated in euros. Therefore, excluding the effect of foreign exchange losses, rental income in the euro grew by 3% in the three months ended 31 March 2025 compared to the same period in 2024. Converted at a constant exchange rate (the same as for the three months ended 31 March 2024), rental income for the three months ended 31 March 2025 would amount to PLN 56,689 thousand. MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Notes to the condensed consolidated quarterly report of the MLP Group S.A. Group
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69 Change in key items of operating expenses in the three months ended 31 March 2024 and 31 March 2025 In the first quarter of 2025, operating expenses amounted to PLN 54,274 thousand, representing a year-on- year increase of 11%. These costs include (i) costs of consumables and energy used, (ii) services, (iii) taxes and charges. The costs of consumables and energy used include the cost of utilities that are recharged to tenants. The main components of taxes and charges are property tax and usufruct charges, which are also recharged to tenants. Services include two cost groups: (i) property maintenance services, recharged to tenants, (ii) and services recognised as administrative expenses. The 15% increase in property maintenance costs (by PLN 2,307 thousand) is due, among other things, to a PLN 770 thousand increase in property tax expenses, PLN 455 thousand higher security and cleaning costs, and PLN 321 thousand higher technical maintenance costs. Higher property maintenance costs are correlated with an increase in the volume of space completed as well as with the rise in the minimum wage over the past 12 months.The Group also incurs administrative expenses and business development costs associated with its development activities. In 2024, administrative expenses and business development costs amounted to PLN 10,862 thousand, having increased by PLN 571 thousand year on year. In the first quarter of 2025, this item included costs of advisory, banking and consultancy services, costs of audit, valuations and marketing, IT expenses, and salaries and wages. The increase in selling, general and administrative expenses was primarily driven by higher wages and salaries, as well as increased costs of advisory services. Costs (PLN million) 10.3 10.8 18.1 20.8 20.4 22.7 +11% Developed space as at 31 March 2025 Developed space as at 31 March 2024 1,117,612 sqm 1,251,947 sqm +6% +11% +15% Property maintenance services Utilities Administrative expenses, development costs and other Q1 2024 costs Q1 2025 costs MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Notes to the condensed consolidated quarterly report of the MLP Group S.A. Group
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70 MLP Group is a member of the European Public Real Estate Association (EPRA). 31 March 2024 31 December 2024 31 December 2024 31 March 2024 PLN million PLN million PLN million PLN million PLN million PLN million 2 694 2 746 2 694 2 746 2 694 2 746 2 694 2 746 2 694 2 746 2 694 2 746 2 694 2 746 2 694 2 746 2 694 2 746 - - - - - - 6 9 6 9 - - 2 688 2 737 2 688 2 737 2 694 2 746 23 994 982 23 994 982 23 994 982 23 994 982 23 994 982 23 994 982 112,0 114,1 112,0 114,1 112,3 114,4 EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV Equity attributable to shareholders under IFRS Diluted NAV Diluted NAV at Fair Value exclude*: Deferred tax is relation to fair value gains of IP5 vi) Fair value of financial instruments Fully diluted number of shares NAV per share PLN/share The EPRA Net Reinstatement Value is a measure of net asset value aimed at reflecting the cost required to rebuild the entity, assuming the entity will not sell its assets. EPRA Net Tangible Assets is a measure of net asset value, assuming entities buy and sell assets, thereby crystallising certain levels of deferred tax liability. It is calculated as total equity minus non-controlling interests, excluding derivatives measures at fair value and deferred tax on properties (unless such an item is related to assets held for sale). EPRA Net Disposal Value is a measure of net asset value under the assumption that the entity will sell its assets. NAV 31 March 2024 31 December 2024 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Notes to the condensed consolidated quarterly report of the MLP Group S.A. Group
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71 EPRA earnings calculation Q1 2025 Q1 2024 (42 709) 16 225 103 032 23 679 329 108 (19 639) (4 520) EPRA Earnings 41 013 35 493 Depreciation and amortisation 671 206 Exchange differences (31 040) (14 090) Measurement of borrowings at amortised cost (2 469) (5 873) 6 239 3 754 Company adjusted EPRA Earnings 14 414 19 490 11 292 10 291 54 901 54 840 EPRA Cost Ratio 21% 19% Net profit/(loss) EPRA Earnings adjustments Gain on revaluation of investment property Changes in the fair value of financial instruments and related closing costs Deferred tax on EPRA Earnings adjustments EPRA Earnings adjustments for the Group Deferred tax on the above adjustments EPRA Cost Ratio calculation Administrative/operating expenses as per statement of profit or loss excluding depreciation of investment property Rental income 8. Signed by the Management Board with qualified digital signatures. Pruszków, 20 May 2025 Factors which in the Management Board's opinion will affect the Group's performance in the next quarter or in a longer term The key factors which may affect the Group's financial condition at least in the next three months include: Macroeconomic factors and economic conditions; Interest rate environment; Exchange rate fluctuations; and Revaluation of property. MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Notes to the condensed consolidated quarterly report of the MLP Group S.A. Group Q1 2025 Q1 2024
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72 IV. Note 2025 2024 (unaudited) (unaudited) Revenue 7. 4 421 3 707 Other income 313 71 Operating expenses 8. (6 607) (4 877) Other expenses (33) (117) Operating profit/(loss) (1 906) (1 216) Finance income 9. 35 925 19 442 Finance costs 9. (32 729) (14 411) Net finance income/(costs) 3 196 5 031 Profit/(loss) before tax 1 290 3 815 Income tax (291) (762) 999 3 053 Net profit/(loss) 999 3 053 Net profit/(loss) attributable to: Owners of the Company 999 3 053 999 3 053 Comprehensive income attributable to: Owners of the Company 999 3 053 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) Total comprehensive income Quarterly financial information of MLP Group S.A., with notes Profit/(loss) from continuing operations Condensed separate statement of profit or loss and other comprehensive income for the three months ended 31 March Earnings per share Earnings per ordinary share: – 0,04 0,13 – 0,04 0,13 Diluted earnings per ordinary share: – 0,04 0,13 – 0,04 0,13 Earnings per ordinary share Basic earnings per share from continuing operations Earnings per ordinary share Basic earnings per share from continuing operations
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73 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) Condensed separate statement of financial position as at 31 March 31 December Note 2025 2024 (unaudited) Non-current assets Property, plant and equipment 1 528 1 403 1. 123 512 123 512 Other long-term financial investments 2. 2 050 055 2 010 754 Other long-term investments 14 919 15 958 Total non-current assets 2 190 014 2 151 627 Current assets Income tax receivable 2 099 1 925 Trade and other receivables 3. 9 964 12 401 Cash and cash equivalents 4. 290 225 535 419 302 288 549 745 Total current assets 302 288 549 745 TOTAL ASSETS 2 492 302 2 701 372 Equity Share capital 5 999 5 999 Share premium 485 312 485 312 Capital reserve 4 194 4 194 Statutory reserve funds 65 097 65 097 Retained earnings, including: 113 911 112 912 Profit/(loss) brought forward 112 912 99 783 Net profit 999 13 129 Equity attributable to owners of the Company 674 513 673 514 Total equity 674 513 673 514 Non-current liabilities 5.1 1 767 903 1 798 955 Deferred tax liability 9 026 8 735 Total non-current liabilities 1 776 929 1 807 690 Current liabilities 5.2 37 436 215 670 Employee benefit obligations 6. - 1 420 Trade and other payables 6. 3 424 3 078 40 860 220 168 Total current liabilities 40 860 220 168 Total liabilities 1 817 789 2 027 858 TOTAL EQUITY AND LIABILITIES 2 492 302 2 701 372 Current liabilities other than held for sale Borrowings, other debt instruments and finance lease liabilities Borrowings, other debt instruments and finance lease liabilities Current assets other than held for sale or distribution to owners Non-current financial assets in related entities
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74 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) Condensed separate statement of cash flows for the three months ended 31 March Note 2025 2024 (unaudited) (unaudited) Cash flows from operating activities Profit before tax 1 290 3 815 Total adjustments, including: (1 106) (4 381) Depreciation and amortisation 111 121 Net interest (3 773) (6 257) Exchange differences 1 112 2 161 Net gain/(loss) on investing activities (21) (33) Other - (277) Change in receivables 2 437 485 Change in current and other liabilities (972) (581) Cash from operating activities 184 (566) Income tax paid/refunded (174) (522) Net cash from operating activities 10 (1 088) Cash flows from investing activities Interest received 435 - Loans (46 671) (47 021) Repayment of loans 5 871 8 182 83 142 (136) - (225) (237) Cash from investing activities (40 643) (38 934) Cash flows from financing activities Proceeds from non-bank borrowings 7 181 5 976 Repayment of non-bank borrowings (7 592) - Issue of bonds - 177 235 Payment of finance lease liabilities (48) (21) Interest paid on bonds (8 876) (7 823) Cost of new share issue 1 039 - Redemption of bonds (187 083) (54 625) Interest paid on non-bank borrowings (92) (44) Cash from financing activities (195 471) 120 698 Total cash flows, net of exchange differences (236 104) 80 676 (9 090) (1 357) Total cash flows (245 194) 79 319 535 419 155 115 4. 290 225 234 434 Cash and cash equivalents at end of period Cash and cash equivalents at beginning of period Purchase of investment property, property, plant and equipment and intangible assets Effect of exchange differences on cash and cash equivalents Proceeds from disposal of other investments in financial assets Purchase of other financial assets
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75 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) Condensed separate statement of changes in equity Share capital Share premium Capital reserve Statutory reserve funds Retained earnings Total equity attributable to owners of the Company Total equity 5 999 485 312 4 194 65 097 112 912 673 514 673 514 Comprehensive income: Net profit/(loss)* - - - - 999 999 999 - - - - 999 999 999 5 999 485 312 4 194 65 097 113 911 674 513 674 513 Share capital Share premium Capital reserve Statutory reserve funds Retained earnings Total equity attributable to owners of the Company Total equity 5 999 485 312 4 194 65 097 99 783 660 385 660 385 Comprehensive income: Net profit/(loss)* - - - - 3 053 3 053 3 053 - - - - 3 053 3 053 3 053 5 999 485 312 4 194 65 097 102 836 663 438 663 438 * Unaudited. Equity as at 1 January 2024 Comprehensive income for the period ended 31 March 2024* Equity as at 31 March 2024* Equity as at 31 March 2025* Comprehensive income for the period ended 31 March 2025* Equity as at 1 January 2025
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76 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) 1. Non-current financial assets in related entities 1. 1 Shares The Company holds shares in the following subsidiaries: 31 March 31 December 31 March 31 December Entity 2025 2024 2025 2024 MLP Pruszków I Sp. z o.o. Poland 100% 100% 100% 100% MLP Pruszków II Sp. z o.o. Poland 100% 100% 100% 100% MLP Pruszków III Sp. z o.o. Poland 100% 100% 100% 100% MLP Pruszków IV Sp. z o.o. Poland 100% 100% 100% 100% MLP Poznań Sp. z o.o. Poland 100% 100% 100% 100% MLP Lublin Sp. z o.o. Poland 100% 100% 100% 100% MLP Poznań II Sp. z o.o. Poland 100% 100% 100% 100% Poland 100% 100% 100% 100% Feniks Obrót Sp. z o.o. Poland 100% 100% 100% 100% MLP Property Sp. z o.o. Poland 100% 100% 100% 100% MLP Bieruń Sp. z o.o. Poland 100% 100% 100% 100% MLP Bieruń I Sp. z o.o. Poland 100% 100% 100% 100% MLP Sp. z o.o. Poland 100% 100% 100% 100% MLP Teresin Sp. z o.o. Poland 100% 100% 100% 100% MLP Business Park Poznań Sp. z o.o. Poland 100% 100% 100% 100% MLP FIN Sp. z o.o. Poland 100% 100% 100% 100% LOKAFOP 201 Sp. z o.o. Poland 100% 100% 100% 100% Poland 100% 100% 100% 100% MLP Wrocław Sp. z o.o. Poland 100% 100% 100% 100% MLP Gliwice Sp. z o.o. Poland 100% 100% 100% 100% Poland 100% 100% 100% 100% MLP Czeladź Sp. z o.o. Poland 100% 100% 100% 100% MLP Temp Sp. z o.o. Poland 100% 100% 100% 100% MLP Dortmund LP Sp. z o.o. Poland 100% 100% 100% 100% MLP Dortmund GP Sp. z o.o. Poland 100% 100% 100% 100% Germany 100% 100% 100% 100% MLP Poznań West II Sp. z o.o. Poland 100% 100% 100% 100% MLP Bucharest West Sp. z o.o. Poland 100% 100% 100% 100% MLP Bucharest West SRL Romania 100% 100% 100% 100% MLP Teresin II Sp. z o.o. Poland 100% 100% 100% 100% MLP Spółka z ograniczoną odpowiedzialnością SKA LOKAFOP 201 Spółka z ograniczoną odpowiedzialnością SKA MLP Business Park Berlin I LP Sp. z o.o. MLP Logistic Park Germany I Sp. z o.o. & Co. KG Notes to the condensed separate financial statements of MLP Group S.A. Country of registration Parent’s direct and indirect interest in share capital Parent’s direct and indirect interest in voting rights
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77 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) 31 March 31 December 31 March 31 December Entity 2024 2023 2024 2023 MLP Pruszków V Sp. z o.o. Poland 100% 100% 100% 100% Germany 100% 100% 100% 100% MLP Wrocław West Sp. z o.o. Poland 100% 100% 100% 100% Poland 100% 100% 100% 100% MLP Łódź II Sp. z o.o. Poland 100% 100% 100% 100% MLP Zgorzelec Sp. z o.o. Poland 100% 100% 100% 100% MLP Schwalmtal LP Sp. z o.o. Poland 100% 100% 100% 100% MLP Schwalmtal GP Sp. z o.o. Poland 100% 100% 100% 100% MLP Pruszków VI Sp. z o.o. Poland 100% 100% 100% 100% Germany 100% 100% 100% 100% Germany 100% 100% 100% 100% Austria 100% 100% 100% 100% MLP Wrocław West I Sp. z o.o. Poland 100% 100% 100% 100% MLP Gelsenkirchen GP Sp. z o.o. Poland 100% 100% 100% 100% MLP Gelsenkirchen LP Sp. z o.o. Poland 100% 100% 100% 100% Germany 100% 100% 100% 100% MLP Gorzów Sp. z o.o. Poland 100% 100% 100% 100% MLP Idstein LP Sp. z o.o. Poland 100% 100% 100% 100% MLP Idstein GP Sp. z o.o. Poland 100% 100% 100% 100% MLP Idstein Sp. z o.o. & Co. KG Germany 100% 100% 100% 100% Poland 100% 100% 100% 100% Poland 100% 100% 100% 100% Germany 100% 100% 100% 100% Poland 100% 100% 100% 100% Poland 100% 100% 100% 100% Poland 100% 100% 100% 100% Poland 100% 100% 100% 100% Poland 100% 100% 100% 100% Poland 100% 100% 100% 100% MLP Gelsenkirchen Sp. z o.o. & Co. KG MLP Business Park Trebur Sp. z o.o. & Co. KG MLP Germany Management GmbH MLP Business Park Berlin I Sp. z o.o. & Co. KG MLP Business Park Wien GmbH MLP Business Park Berlin I GP Sp. z o.o. MLP Schwalmtal Sp. z o.o. & Co. KG 1) MLP Bieruń II Sp. z o.o. MLP Poznań West III Sp. z o.o. MLP Łódź III Sp. z o.o. Feniks PV Sp. z o.o. MLP Wrocław South Sp. z o.o. MLP Bieruń West Sp. z o.o. MLP Business Park Trebur GP Sp. z o.o. MLP Business Park Trebur LP Sp. z o.o. of registration Parent’s direct and indirect interest in share capital Parent’s direct and indirect interest in voting rights 1) On 23 April 2025, the change of the Company's name to MLP Rzeszów Sp. z o.o. was registered.
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78 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) 31 March 31 December as at 2025 2024 (unaudited) Gross carrying amount at beginning of period 123 512 123 480 - 22 - 5 - 5 Gross carrying amount at end of period 123 512 123 512 Net carrying amount at end of period 123 512 123 512 2. Long-term financial investments 31 March 31 December as at 2025 2024 (unaudited) Other long-term investments 136 - Long-term loans to related entities 2 049 919 2 010 754 2 050 055 2 010 754 3. Trade and other receivables 31 March 31 December as at 2025 2024 (unaudited) Trade receivables from related entities 4 363 4 758 Trade receivables from other entities 9 22 Taxes and social security receivable 32 46 Prepayments and accrued income 4 932 5 235 Dividend receivable - 1 810 Other 628 530 Trade and other receivables 9 964 12 401 Income tax receivable 2 099 1 925 Short-term receivables 12 063 14 326 Acquisition of shares in MLP BIERUŃ II Sp. z o.o. Total long-term investments Acquisition of shares in MLP Wrocław South Sp. z o.o. Share capital increase at MLP Business Park Wien GmbH
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79 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) 4. Cash and cash equivalents 31 March 31 December as at 2025 2024 (unaudited) Cash in hand 26 5 Cash at banks 10 199 938 Short-term deposits maturing in less than three months 280 000 534 476 290 225 535 419 290 225 535 419 5. 5. 1 Non-current liabilities 31 March 31 December 2025 2024 as at (unaudited) Finance lease liabilities 727 662 Borrowings from related entities 340 466 341 200 Bonds 1 426 710 1 457 093 1 767 903 1 798 955 5. 2 Current liabilities 31 March 31 December 2025 2024 as at (unaudited) Liabilities under lease of vehicles 249 207 Bonds 37 187 215 463 37 436 215 670 6. Trade and other payables 31 March 31 December as at 2025 2024 (unaudited) Trade payables to related entities 115 223 Trade payables to other entities 938 1 428 Taxes and social security payable 456 837 Accrued expenses 1 508 536 Investment commitments, security deposits and other obligations 407 54 Trade and other payables 3 424 3 078 Cash and cash equivalents in the condensed separate statement of financial position Borrowings, other debt instruments and other liabilities Current liabilities under non-bank borrowings and other debt instruments Non-current liabilities under non-bank borrowings and other debt instruments Cash and cash equivalents in the condensed separate statement of cash flows
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80 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) 7. Revenue for the three months ended 31 March 2025 2024 (unaudited) (unaudited) Property management 1 840 1 698 Project management 603 331 Advisory services 1 787 1 657 Recharge of services 191 21 Total revenue 4 421 3 707 4 392 3 688 8. Operating expenses for the three months ended 31 March 2025 2024 (unaudited) (unaudited) Depreciation and amortisation (111) (75) Materials and consumables used (174) (256) Services (2 931) (2 118) Taxes and charges (140) (141) Wages and salaries (2 411) (1 646) Social security and other employee benefits (571) (437) Other expenses by nature (209) (204) Cost of merchandise and materials sold (60) Operating expenses (6 607) (4 877) - including from related entities Operating expenses for the three months ended 31 March 2025 were PLN 6,607 thousand. In most part they included costs of servicing and maintenance of income-generating investment properties owned by the subsidiaries, and costs of advisory services. The Company recovers these amounts by issuing invoices for managing the properties. -
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81 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) 9. Finance income and costs 2025 2024 (unaudited) (unaudited) 31 503 18 252 4 422 1 190 Total finance income 35 925 19 442 (4 268) (3 958) (23 391) (8 018) (7) (1) Net foreign exchange differences (4 191) (2 161) Other finance costs (776) (229) Interest – other (96) (44) Total finance costs (32 729) (14 411) Interest on bonds Interest expense on borrowings from related entities Interest on loans to related entities Foreign exchange gains and losses are mainly attributable to the effect of measurement of liabilities, receivables under loans, and liabilities under bonds denominated in EUR as at the reporting date. For more information on finance income and costs from related-party transactions, see Note 10.3 to the quarterly financial information of MLP Group S.A. for the three months ended 31 March Interest on bank deposits Interest paid to state budget
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82 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) 10. Related-party transactions 10. 1 Trade and other receivables and payables * Unaudited. Trade and other receivables Trade and other payables1) Parent The Israel Land Development Company Ltd. 155 - Other related parties MLP Pruszków I Sp. z o.o. 300 111 MLP Pruszków II Sp. z o.o. 96 - MLP Pruszków III Sp. z o.o. 146 - MLP Pruszków IV Sp. z o.o. 88 - MLP Pruszków V Sp. z o.o. 103 - MLP Poznań Sp. z o.o. 56 - MLP Poznań II Sp. z o.o. 22 - MLP Lublin Sp. z o.o. 304 - MLP Teresin Sp. z o.o. 41 - Feniks Obrót Sp. z o.o. 26 - MLP Wrocław Sp. z o.o. 401 - MLP Czeladź Sp. z o.o. 35 - MLP Gliwice Sp. z o.o. 261 - MLP Business Park Poznań Sp. z o.o. 29 2 MLP Bieruń I Sp. z o.o. 560 - MLP Poznań West II Sp. z o.o. 156 - MLP Wrocław West Sp. z o.o. 18 - MLP Łódź II Sp. z o.o. 56 - MLP Zgorzelec Sp. z o.o. (formerly Poznań East Sp. z o.o.) 47 1 MLP Pruszków VI Sp. z o.o. 134 - MLP Gorzów Sp. z o.o. 14 - MLP Łódź III Sp. z o.o. 14 - MLP Poznań West III Sp. z o.o. 139 1 MLP Bieruń West Sp. z o.o. 22 - MLP Bucharest West SRL 1 057 - MLP Germany Management GmbH 74 - MLP Business Park Wien GmbH 5 - Fenix Polska Sp. z o.o. 4 - 4 208 115 Total 4 363 115 1) Trade and other payables do not include the remuneration of key management personnel and payments based on share price change, which are disclosed in Note 11. The balances of trade and other receivables and payables from related-party transactions as at 31 March 2025* were as follows:
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83 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) Trade and other receivables Trade and other payables1) Parent The Israel Land Development Company Ltd. - - Other related parties MLP Pruszków I Sp. z o.o. 332 10 MLP Pruszków II Sp. z o.o. 107 - MLP Pruszków III Sp. z o.o. 149 - MLP Pruszków IV Sp. z o.o. 99 - MLP Poznań Sp. z o.o. 87 - MLP Poznań II Sp. z o.o. 22 - MLP Lublin Sp. z o.o. 310 - MLP Teresin Sp. z o.o. 37 - Feniks Obrót Sp. z o.o. 33 - MLP Wrocław Sp. z o.o. 346 - MLP Czeladź Sp z o.o. 74 - MLP Gliwice Sp. z o.o. 279 - MLP Property Sp. z o.o. 4 - MLP Business Park Poznań Sp. z o.o. 42 2 MLP Temp Sp. z o.o. 4 - LOKAFOP 201 Spółka z ograniczoną odpowiedzialnością SKA 4 - MLP Bieruń Sp. z o.o. 4 - MLP Bieruń I Sp. z o.o. 1 129 - MLP Spółka z o.o. 6 - MLP FIN Sp. z o.o. 6 - LOKAFOP 201 Sp. z o.o. 6 - MLP Business Park Berlin I LP Sp. z o.o. 7 - MLP Sp. z o.o. SKA 4 - MLP Poznań West II Sp. z o.o. 161 - MLP Bucharest West Sp. z o.o. 4 - MLP Dortmund LP Sp. z o.o. 4 - MLP Dortmund GP Sp. z o.o. 4 - MLP Teresin II Sp. z o.o. 4 - MLP Pruszków V Sp. z o.o. 92 - MLP Wrocław West Sp. z o.o. 21 - MLP Łódź II Sp. z o.o. 62 3 MLP Zgorzelec Sp. z o.o. 31 - MLP Pruszków VI Sp. z o.o. 69 - MLP Business Park Berlin I GP Sp. z o.o. 4 - MLP Schwalmtal LP Sp. z o.o. 4 - MLP Schwalmtal GP Sp. z o.o. 4 - MLP Wrocław West I Sp. z o.o. 4 - MLP Gelsenkirchen GP Sp. z o.o. 4 - MLP Gelsenkirchen LP Sp. z o.o. 4 2 The balances trade and other payables and receivables from related-party transactions as at 31 December 2024 were as follows:
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84 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) MLP Gorzów Sp. z o.o. 9 - MLP Idstein GP Sp. z o.o. 4 - MLP Idstein LP Sp. z o.o. 4 - MLP BUSINESS PARK TREBUR GP Sp. z o.o. 4 - MLP BUSINESS PARK TREBUR LP Sp. z o.o. 4 3 MLP Poznań West III Sp. z o.o. 65 1 MLP Łódź III Sp. z o.o. 27 - Feniks PV Sp. z o.o. 4 1 MLP Bieruń West Sp. z o.o. 29 MLP Wrocław South Sp. z o.o. 3 MLP Bieruń II Sp. z o.o. 3 - MLP FIN Spółka z ograniczoną odpowiedzialnością sp.k. 4 201 Fenix Polska Sp. z o.o. 4 - MLP BUCHAREST WEST SRL 953 - MLP Germany Management GmbH 63 - MLP Schwalmtal Sp. z o.o. & Co. KG 3 - MLP Business Park Wien GmbH 5 - MLP Business Park Trebur GP Sp. z o.o. 3 - 4 758 223 Total 4 758 223 10. 2 Loans and borrowings * Unaudited. Loans Borrowings Other related parties MLP Pruszków I Sp. z o.o. - 185 327 MLP Pruszków II Sp. z o.o. 117 836 - MLP Pruszków III Sp. z o.o. - 29 389 MLP Pruszków IV Sp. z o.o. 12 260 13 534 MLP Pruszków V Sp. z o.o. 54 325 - MLP Poznań Sp. z o.o. 20 839 - MLP Poznań II Sp. z o.o. - 22 673 MLP Lublin Sp. z o.o. - 6 555 Feniks Obrót Sp. z o.o. - 14 178 MLP Wrocław Sp. z o.o. 9 915 - MLP Czeladź Sp z o.o. 85 108 - MLP Gliwice Sp. z o.o. 27 087 2 185 MLP Property Sp. z o.o. 13 1 392 MLP Business Park Poznań Sp. z o.o. 83 699 - MLP Temp Sp. z o.o. - 18 394 LOKAFOP 201 Spółka z ograniczoną odpowiedzialnością SKA - 14 313 MLP Bieruń Sp. z o.o. 12 773 MLP Bieruń I Sp. z o.o. 2 194 20 MLP Spółka z o.o. 39 - MLP FIN Sp. z o.o. 150 - LOKAFOP 201 Sp. z o.o. 39 - MLP Business Park Berlin I LP Sp. z o.o. - 129 Below are presented the balances of loans to and borrowings from related parties as at 31 March 2025*.
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85 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) MLP Sp. z o.o. SKA 10 94 MLP Poznań West II Sp. z o.o. 66 832 - MLP Bucharest West Sp. z o.o. 23 085 - MLP Dortmund LP Sp. z o.o. 66 405 MLP Dortmund GP Sp. z o.o. 37 43 MLP Teresin II Sp. z o.o. - 520 MLP Wrocław West Sp. z o.o. 84 258 - MLP Łódź II Sp. z o.o. 166 410 - MLP Zgorzelec Sp. z o.o. 110 073 - MLP Pruszków VI Sp. z o.o. 170 130 - MLP Business Park Berlin I GP Sp. z o.o. 120 - MLP Schwalmtal LP Sp. z o.o. 61 - MLP Schwalmtal GP Sp. z o.o. 82 36 MLP Wrocław West I Sp. z o.o. 406 - MLP Gelsenkirchen GP Sp. z o.o. 41 10 MLP Gelsenkirchen LP Sp. z o.o. 46 - MLP Gorzów Sp. z o.o. 73 983 - MLP Idstein GP Sp. z o.o. 10 21 MLP Idstein LP Sp. z o.o. 62 - MLP BUSINESS PARK TREBUR GP Sp. z o.o. 12 5 MLP BUSINESS PARK TREBUR LP Sp. z o.o. 26 - MLP Poznań West III Sp. z o.o. 27 105 - MLP Business Park Trebur GP Sp. z o.o. 65 175 - MLP Łódź III Sp. z o.o. 96 750 - Feniks PV Sp. z o.o. 22 - MLP Bieruń West Sp. z o.o. 35 994 5 895 MLP Logistic Park Germany I Sp. z o.o. &Co KG. - 24 575 MLP BUCHAREST WEST SRL 80 814 - MLP Germany Management GmbH 25 898 - MLP Schwalmtal Sp. z o.o. & Co. KG 76 811 - MLP Business Park Berlin I Sp. z o.o. & Co. KG 27 968 - MLP Business Park Wien GmbH 299 916 - MLP Gelsenkirchen Sp. z o.o. & Co. KG 105 007 - MLP Idstein Sp. z o.o. & Co. KG 43 320 - MLP FIN Spółka z ograniczoną odpowiedzialnością sp.k. 123 - MLP Bieruń II Sp. z o.o. 49 373 - Fenix Polska Sp. z o.o. 6 377 - 2 049 919 340 466
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86 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) Loans Borrowings Other related parties MLP Pruszków I Sp. z o.o. - 185 644 MLP Pruszków II Sp. z o.o. 121 100 - MLP Pruszków III Sp. z o.o. - 29 563 MLP Pruszków IV Sp. z o.o. 12 369 20 180 MLP Pruszków V Sp. z o.o. 50 021 - MLP Poznań Sp. z o.o. 20 984 - MLP Poznań II Sp. z o.o. - 22 514 MLP Lublin Sp. z o.o. - 6 590 Feniks Obrót Sp. z o.o. - 14 913 MLP Wrocław Sp. z o.o. 9 976 - MLP Czeladź Sp. z o.o. 86 447 - MLP Gliwice Sp. z o.o. 25 833 2 199 MLP Property Sp. z o.o. 13 1 400 MLP Business Park Poznań Sp. z o.o. 65 518 - MLP Temp Sp. z o.o. - 17 207 LOKAFOP 201 Spółka z ograniczoną odpowiedzialnością SKA - 14 127 MLP Bieruń Sp. z o.o. 12 770 MLP Bieruń I Sp. z o.o. 2 165 20 MLP Sp. z o.o. 38 - MLP FIN Sp. z o.o. 148 - LOKAFOP 201 Sp. z o.o. 28 - MLP Business Park Berlin I LP Sp. z o.o. - 137 MLP Spółka z ograniczoną o dpowiedzialnością SKA - 92 MLP Poznań West II Sp. z o.o. 67 396 - MLP Bucharest West Sp. z o.o. 23 303 - MLP Dortmund LP Sp. z o.o. 65 409 MLP Dortmund GP Sp. z o.o. 37 42 MLP Teresin II Sp. z o.o. - 521 MLP Wrocław West Sp. z o.o. 83 296 - MLP Łódź II Sp. z o.o. 165 740 - MLP Zgorzelec Sp. z o.o. 112 069 - MLP Pruszków VI Sp. z o.o. 167 205 - MLP Business Park Berlin I GP Sp. z o.o. 108 - MLP Schwalmtal LP Sp. z o.o. 51 - MLP Schwalmtal GP Sp. z o.o. 81 36 MLP Wrocław West I Sp. z o.o. 389 - MLP Gelsenkirchen GP Sp. z o.o. 40 10 MLP Gelsenkirchen LP Sp. z o.o. 45 - MLP Gorzów Sp. z o.o. 73 942 - MLP Idstein GP Sp. z o.o. 10 20 MLP Idstein LP Sp. z o.o. 61 - Below are presented the balances of loans to and borrowings from related parties as at 31 December 2024:
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87 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) MLP BUSINESS PARK TREBUR GP Sp. z o.o. 12 5 MLP BUSINESS PARK TREBUR LP Sp. z o.o. 25 - MLP Poznań West III Sp. z o.o. 18 761 - MLP Łódź III Sp. z o.o. 93 885 - Feniks PV Sp. z o.o. 22 - MLP Bieruń West Sp. z o.o. 35 435 - MLP Wrocław South Sp. z o.o. 10 - MLP Bieruń II Sp. z o.o. 49 291 - MLP Logistic Park Germany 1 Sp. z o.o. & Co. KG - 24 801 MLP Bucharest West SRL 81 303 - MLP Germany Management GmbH 25 162 - MLP Schwalmtal Sp. z o.o. & Co. KG 76 626 - MLP Business Park Berlin I Sp. z o.o. & Co. KG 28 294 - MLP Business Park Wien GmbH 300 666 - MLP Gelsenkirchen Sp. z o.o. & Co. KG 98 734 - MLP Idstein Sp. z o.o. & Co. KG 43 229 - MLP Trebur Sp. z o.o. & Co. KG 64 229 - MLP FIN Sp. z o.o. Spółka Komandytowa 121 - Fenix Polska Sp. z o.o. 6 459 - Total 2 010 754 341 200
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88 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) 10. 3 * Unaudited. Sale of services Interest income Other finance income Other related parties MLP Pruszków I Sp. z o.o. 726 - - MLP Pruszków II Sp. z o.o. 242 2 167 - MLP Pruszków III Sp. z o.o. 360 - - MLP Pruszków IV Sp. z o.o. 226 148 - MLP Pruszków V Sp. z o.o. 219 717 - MLP Poznań Sp. z o.o. 142 292 - MLP Poznań II Sp. z o.o. 54 - - MLP Lublin Sp. z o.o. 267 - - MLP Teresin Sp. z o.o. 45 - - Feniks Obrót Sp. z o.o. 61 - - MLP Wrocław Sp. z o.o. 300 112 - MLP Czeladź Sp. z o.o. 86 1 385 - MLP Gliwice Sp. z o.o. 235 323 - MLP Business Park Poznań Sp. z o.o. 72 1 156 - MLP Bieruń I Sp. z o.o. 137 29 - MLP Sp. z o.o. - 1 - MLP FIN Sp. z o.o. - 2 - LOKAFOP 201 Sp. z o.o. - 1 - MLP Poznań West II Sp. z o.o. 380 656 - MLP Bucharest West Sp. z o.o. - 267 - MLP Dortmund LP Sp. z o.o. - 1 - MLP Wrocław West Sp. z o.o. 48 1 279 - MLP Łódź II Sp. z o.o. 145 2 926 - MLP Zgorzelec Sp. z o.o. (formerly MLP Poznań East Sp. z o.o.) 97 1 855 - MLP Pruszków VI Sp. z o.o. 169 2 998 - MLP Business Park Berlin I GP Sp. z o.o. - 2 - MLP Schwalmtal LP Sp. z o.o. - 1 - MLP Schwalmtal GP Sp. z o.o. - 1 - MLP Wrocław West I Sp. z o.o. - 8 - MLP Gelsenkirchen GP Sp. z o.o. - 1 - MLP Gelsenkirchen LP Sp. z o.o. - 1 - MLP Gorzów Sp. z o.o. 35 1 044 - Below are presented income and expenses under related-party transactions for the three months ended 31 March 2025*. Income and expenses
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89 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) MLP Idstein LP Sp. z o.o. - 1 - MLP Poznań West III Sp. z o.o. 113 398 - MLP Łódź III Sp. z o.o. 44 1 668 - MLP Bieruń West 44 775 - MLP Bieruń II Sp. z o.o. 9 1 015 - MLP Logistic Park Germany 1 Sp. z o.o. & Co. KG - 781 - MLP Bucharest West SRL 123 1 203 - MLP Germany Management GmbH 13 297 - MLP Schwalmtal Sp. z o.o. & Co. KG - 1 508 - MLP Business Park Berlin I Sp. z o.o. & Co. KG - 264 - MLP Business Park Wien GmbH - 4 455 - MLP Gelsenkirchen Sp. z o.o. & Co. KG - 1 217 - MLP Idstein Sp. z o.o. & Co. KG - 496 - MLP FIN Sp. z o.o. Spółka Komandytowa - 2 - Fenix Polska Sp. z o.o. - 50 - 4 392 31 503 - Total income 4 392 31 503 - Purchase of services and cost of wages and salaries Interest expense MLP FIN Sp. z o.o. Sp.k. - (2) FENIX Polska Sp. z o.o. - (50) - (52) Other related parties MLP Pruszków I Sp. z o.o. - (2 125) MLP Pruszków III Sp. z o.o. - (368) MLP Pruszków IV Sp. z o.o. - (230) MLP Poznań II Sp. z o.o. - (409) MLP Lublin Sp. z o.o. - (102) Feniks Obrót Sp. z o.o. - (266) MLP Gliwice Sp. z o.o. - (34) MLP Property Sp. z o.o. - (20) MLP Temp Sp. z o.o. - (166) LOKAFOP 201 Spółka z ograniczoną odpowiedzialnością SKA - (186) MLP Bieruń Sp. z o.o. - (12) MLP Business Park Berlin I LP Sp. z o.o. - (2) MLP Spółka z ograniczoną o dpowiedzialnością SKA - (2) MLP Dortmund LP Sp. z o.o. - (5) MLP Dortmund GP Sp. z o.o. - (1) MLP Teresin II Sp. z o.o. - (10) MLP Schwalmtal GP Sp. z o.o. - (1) MLP Bieruń West - (38) MLP Logistic Park Germany 1 Sp. z o.o. & Co. KG - (291) - (4 268)
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90 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) Purchase of services and cost of wages and Interest expense Key management personnel Michael Shapiro (160) - Radosław T. Krochta (244) - Agnieszka Góźdź (160) - Other key management personnel (75) - (639) - Total expenses (639) (4 268) * Unaudited. Sale of services Interest income Other finance income The Israel Land Development Company Ltd. - - - - - - Other related parties MLP Pruszków I Sp. z o.o. 727 - - MLP Pruszków II Sp. z o.o. 192 471 - MLP Pruszków III Sp. z o.o. 375 - - MLP Pruszków IV Sp. z o.o. 126 93 - MLP Pruszków V Sp. z o.o. 193 1 355 - MLP Poznań Sp. z o.o. 81 65 - MLP Poznań II Sp. z o.o. 72 2 - MLP Lublin Sp. z o.o. 281 - - MLP Teresin Sp. z o.o. 37 - - Feniks Obrót Sp. z o.o. 120 - - MLP Wrocław Sp. z o.o. 269 138 - MLP Czeladź Sp. z o.o. 112 628 - MLP Gliwice Sp. z o.o. 251 342 - MLP Property Sp. z o.o. 1 - - MLP Business Park Poznań Sp. z o.o. 72 736 - MLP Bieruń I Sp. z o.o. - 750 - MLP FIN Sp. z o.o. - 2 - MLP Poznań West II Sp. z o.o. 371 858 - MLP Bucharest West Sp. z o.o. - 338 - MLP Dortmund LP Sp. z o.o. - 2 - MLP Dortmund GP Sp. z o.o. - 1 - MLP Wrocław West Sp. z o.o. 51 1 397 - MLP Łódź II Sp. z o.o. 137 1 477 - MLP Zgorzelec Sp. z o.o. 65 340 - MLP Pruszków VI Sp. z o.o. 30 1 525 - MLP Business Park Berlin I GP Sp. z o.o. - 2 - MLP Schwalmtal LP Sp. z o.o. - 1 - MLP Schwalmtal GP Sp. z o.o. - 1 - MLP Wrocław West I Sp. z o.o. - 7 - MLP Gelsenkirchen GP Sp. z o.o. - 1 - Below are presented income and expenses under related-party transactions for the three months ended 31 March 2024*.
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91 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) MLP Gelsenkirchen LP Sp. z o.o. - 1 - MLP Gorzów Sp. z o.o. 36 947 - MLP Idstein LP Sp. z o.o. - 1 - MLP Poznań West III Sp. z o.o. 2 436 - MLP Łódź III Sp. z o.o. 21 714 - MLP Logistic Park Germany 1 Sp. z o.o. & Co. KG - 858 - MLP Bucharest West SRL 57 833 - MLP Germany Management GmbH 9 303 - MLP Schwalmtal Sp. z o.o. & Co. KG - 72 - MLP Business Park Berlin I Sp. z o.o. & Co. KG - 347 - MLP Business Park Wien GmbH - 1 458 - MLP Gelsenkirchen Sp. z o.o. & Co. KG - 1 149 - MLP Idstein Sp. z o.o. & Co. KG - 531 - MLP FIN Sp. z o.o. Spółka Komandytowa - 2 - Fenix Polska Sp. z o.o. - 68 - 3 688 18 252 - Total income 3 688 18 252 - Purchase of services and cost of wages and salaries Interest expense MLP FIN Sp. z o.o. Sp.k. - (2) FENIX Polska sp. z o.o. - (68) - (70) Other related parties MLP Pruszków I Sp. z o.o. - (2 273) MLP Pruszków III Sp. z o.o. - (376) MLP Pruszków IV Sp. z o.o. - (380) MLP Teresin Sp. z o.o. (1) - Feniks Obrót Sp. z o.o. - (271) MLP Property Sp. z o.o. - (25) MLP Temp Sp. z o.o. - (207) LOKAFOP 201 Spółka z ograniczoną odpowiedzialnością SKA - (187) MLP Bieruń Sp. z o.o. - (10) MLP Business Park Berlin I LP Sp. z o.o. - (2) MLP Spółka z ograniczoną o dpowiedzialnością SKA - (1) MLP Dortmund LP Sp. z o.o. - (6) MLP Teresin II Sp. z o.o. - (9) MLP Logistic Park Germany 1 Sp. z o.o. & Co. KG - (211) (1) (3 958)
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92 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) Purchase of services and cost of wages and Interest expense Key management personnel Michael Shapiro (30) - Radosław T. Krochta (30) - Tomasz Zabost (20) - Monika Dobosz (30) - Agnieszka Góźdź (30) - Other key management personnel (75) - (215) - Total expenses (216) (3 958)
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93 MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) 11. for the three months ended 31 March 2025 2024 (unaudited) (unaudited) Fixed remuneration of the Management Board: Radosław T. Krochta 60 30 Michael Shapiro 60 30 Tomasz Zabost* - 20 Monika Dobosz - 30 Agnieszka Góźdź 60 30 180 140 * For the period of his service on the Management Board: from 1 January to 29 February 2024. Provision for variable remuneration of the Management Board Radosław T. Krochta 184 - Michael Shapiro 100 - Agnieszka Góźdź 100 - 384 - Remuneration of the Supervisory Board: Remuneration and other benefits Maciej Matusiak 30 15 Eytan Levy 30 15 Shimshon Marfogel 20 15 Guy Shapira 20 15 Piotr Chajderowski 30 15 Oded Setter 20 15 150 90 330 230 Other key management personnel: Remuneration and other benefits 75 75 75 75 405 305 Apart from the transactions described in the note above in the Quarterly financial information of MLP Group S.A., members of the Management Board, the Supervisory Board and the other management personnel did not receive any other benefits from the Company. Variable remuneration and remuneration paid to members of management and supervisory bodies Total remuneration paid to members of management and supervisory bodies Total remuneration paid to members of management and supervisory bodies and key management personnel
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94 Radosław T. Krochta Michael Shapiro Nina Warzycka Agnieszka Góźdź MLP Group S.A. Group Consolidated quarterly report for the three months ended 31 March 2025 Quarterly financial information of MLP Group S.A. (all data in PLN thousand unless stated otherwise) 12. Employees as at 31 March 2025 2024 (unaudited) (unaudited) Number of employees 37 40 Pruszków, 20 May 2025 Signed by the Management Board and the person responsible for keeping the accounting books with qualified digital signatures President of the Management Vice President of the Management Signature of the person responsible for keeping books of account Member of the Management Board