Slides
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE MLP GROUP Conservative Approach To Growth In Industrial Assets In Core Urban Areas In Europe Investor Presentation January 2026
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE 2Investor Presentation AGENDA 1 MLP GROUP AT A GLANCE Pg 03 2 KEY CREDIT HIGHLIGHTS Pg 13 3 FINANCIAL ACTIVITY Pg 24 A APPENDIX Pg 29
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE MLP GROUP AT A GLANCE01.
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE MLP GROUP AT A GLANCE Conservatism, risk management & diversification01. Investor Presentation MLP Group holds a portfolio of generic and multi-tenant assets located exclusively in key urban and metropolitan areas across its core markets of Poland, Germany, Austria, and Romania. 1. As of 30-Sep-25, over 60% of the total portfolio by Gross Leasable Area (“GLA”) has been developed within the past 5 years, and approximately 85% of the assets are less than 10 years old. The average age of the buildings stood at approx. 6.6 years - the newest in the market. 2. MLP Group’s portfolio consists solely of multi-tenant, generic logistics and light- industrial properties, with an average unit size of approx. 7,000 sqm and no build-to- suit (BTS) projects. 3. The portfolio is future-proof, highly flexible, and easily leasable, benefiting from strategic locations exclusively within core markets and major urban centres.4. 5. The Group manages approx. 1.6 mn sqm of GLA and holds a strategic land bank reserve of approx. 2.4 mn sqm. (as of 30-Sep-25). MLP Group portfolio consists of (as of 30-Sep-25): ● Blue-chip tenant base (Dun & Bradstreet rated 1 or 2) achieving like-for-like rental growth (10% YoY), ● Long WAULT of 7.8 years(1), ● 95% long-term occupancy rate, ● 99% rent collection with near-zero defaults, ● 99% tenant retention, ● 100% inflation indexed and EUR denominated tenants’ mix Listed on the Warsaw Stock Exchange since 2013. 6. MLP Group is a leading European logistics platform with a vertically integrated business model, specializing in the development, ownership, and management of Class A, modern, multi-tenant, generic warehouse and industrial properties. Long-term business, not exposed to changes, trends and changes in technology. 4Investor Presentation Notes: (1) As of 31-Dec-25 (7.3 Years as of 30-Sep-25)
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE MLP GROUP AT A GLANCE Operational excellence & disciplined investment strategy Investor Presentation 5 99% Retention rate 32% of Rental Income from Top-10 Tenants 95% Long-term Occupancy(1) c. 80% of the portfolio BREEAM (Excellent/Very Good) or DGNB (Gold/Platinum) certified 1.6 mn sqm GLA 7.8 Years(2) WAULT 99% Rent collection (in 60 days) 100% Lease contracts indexed with EURO HICP 2.4 mn sqm Land bank STRONG OPERATING METRICS (AS OF SEPTEMBER 30, 2025) 01. Notes: (1) As of 30-Sep-25 reported occupancy is 91% and 93% excluding space delivered during the period; (2) As of 31 -Dec-25 (7.3 Years as of 30-Sep-25)
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE MLP GROUP AT A GLANCE Operational Matrix Update01. 6 KEY OPERATIONAL RESULTS Run-Rate Adjusted EBITDA OCCUPANCY 65.8 mn EUR EBITDA as of LTM 3Q 2025, adjusted for the run-rate contribution of certain lease agreements entered into before 31-Dec-25 61.1 mn EUR EBITDA as of LTM 3Q 2025, adjusted for the run-rate contribution of certain lease agreements entered into before 30-Sep-25 56.2 mn EUR EBITDA as of FY24, adjusted for the run-rate contribution of certain lease agreements entered into before 31-Dec-24 95.5%90.8%94.3% YE 2024 3Q 2025 YE 2025(1) 363 k sqm179 k sqm307 k sqm LEASING (new leases + renewals) Investor Presentation Notes: (1) Preliminary data
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE MLP GROUP AT A GLANCE Compelling story of sustainable growth Investor Presentation 7 COMPANY TIMELINE – KEY MILESTONES Purchase of new lands MLP Pruszków I and II (near Warsaw), Poznań and Tychy MLP successfully debuted on the Warsaw Stock Exchange Begun building rooftop solar power at logistic parks in its Polish property portfolio Completed area exceeds 1mn sqm and GAV rose to c.€1.17bn Expansion to Austria – Acquisition of a plot to develop MLP Business Park Vienna Expansion in the German market with MLP Logistic Park Germany I MLP has started the construction of the first logistics park in Romania Issued their first Euro green senior notes with a total value of €300m Gaining scale – space rented by MLP exceeded 300k sqm Commencement of first project MLP Pruszków I Logistics park 2007/08 2012 2013 2017 2019 2021 2022 20231998/99 2024 2025 MLP continues strategic expansion focusing on Germany 334 420 497 729 938 1 037 1 292 1 413 2018 2019 2020 2021 2022 2023 2024 3Q 2025 GAV HAS MULTIPLIED BY 4.2X IN 7 YEARS DEVELOPED SPACE, UNDER CONSTRUCTION & IN PREPARATION STAGE (SQM) 612k 751k 857k 1,000k 1,106k 1,388k 1,622k 1,644k 15 14 19 21 33 44 43 47 Recurring EBITDAGAV (EURm) LTM 01.
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE MLP GROUP AT A GLANCE MLP is active in 4 strong European countries Investor Presentation 8 Łódź Pruszków/Warsaw Wrocław Poznań Gorzów Wielkopolski Zgorzelec Berlin Dortmund / Unna Berlin / Spreenhagen Schalke / Gelsenkirchen Idstein/Frankfurt Lublin Czeladź Vienna Bucharest Gliwice Teresin Bieruń Dortmund / Castrop-Rauxel Rzeszów Munich Hamburg MLP Land Acquisitions MLP Business Parks 25% 75% Western Europe (Germany and Austria) Central and Eastern Europe (Poland and Romania) €1.41 bn PORTFOLIO VALUE DE €0.24bn PL€1.03bn AT €0.11bn RO €0.03bn ● Focus on acquiring development sites adjacent to existing parks, or in sought- after locations with proximity to strong logistics hubs and transport corridors and large, densely populated cities ● Geographically, development in the German and Polish markets to remain a priority ● Supplemented by operations in Romania and Austria ● Maintain ongoing expansion in new attractive locations Note: Data as of 30-Sep-25 01.
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE MLP GROUP AT A GLANCE Key updates in the last 12 months1 Investor Presentation 9 ● Weighted average maturity of 4.4 years and weighted average cost of debt at 5.0% pro forma for the envisaged transaction ● Net LTV at 45% and Run-rate ICR of 1.7x ● Key financial indicators increased by double digits year-on-year, confirming the Group’s long-term linear growth trajectory ● 9M’25 revenues stood at €72.5m, reflecting a 12% growth (10% FX adjusted) vs 9M’24 revenues of €64.7m ● 9M’25 EBITDA without revaluation stood at €36.9m reflecting a strong margin of 51% and a YoY growth of 13% ● 188.4k sqm of space leased, including 92.4k sqm of new contracts, with 363.2k sqm leased for FY25 as per preliminary results ● Strong occupancy rate maintained at 93%(3), rent collection at 99% with near-zero defaults, and WAULT at approx. 7.8 years(4) ● Rental revenue was €41m for 9M 2025, reflecting a 9% increase vs 9M 2024 ● c. 1.6m sqm of Gross Leasable Area (“GLA”) including under development and a strategic landbank reserve of 2.4m sqm(5) ● Strong development pipeline – 275,447 sqm of projects under construction ● Several new projects launched and delivered in key geographies with average pre-let of 80- 90% at delivery ● Logistics parks powered entirely / 100% by green energy ● 6.71 MWp photovoltaic/solar installations ▪ Maintained zero tonnes of CO2 emissions year- on-year by using 100% renewable electricity 12% REVENUE GROWTH(2) IN Q3’25 YTD 188K SQM OF SPACE LEASED IN Q3’25 YTD 327K SQM OF NEW PROJECTS LAUNCHED IN Q3’25 YTD 1.74 MWP INSTALLED SOLAR CAPACITY LAUNCHED IN Q3'25 YTD STABLE CAPITAL STRUCTURE WITH LONG TERM MATURITIES Notes: (1) For the 12 months ended 30-Sep-25; (2) Excluding FX impact; (3) Excludes space delivered during the period. Q3’25 reported occupancy is 91%. Long -term occupancy is c.95% (4) As of 31-Dec- 25 (7.3 Years as of 30-Sep-25; (5) Includes owned land bank as of 30 -Sep-25 01.
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE MLP GROUP AT A GLANCE MLP Group’s key strategic objectives Investor Presentation 10 Continued sustainable growth of the portfolio in the core cities in the core markets, only generic products.1. Focus on “City Logistics” projects (smaller logistics / light industrial units closer to cities) as a growth driver; target to reach ~30% of the gross portfolio by 2028.2. Continue “Big-Box” logistics developments (for logistics and light industry) alongside the urban segment.3. Asset base diversification through expansion in Germany (focus on Ruhr area, Munich, Frankfurt) and Vienna; target of Germany representing ~33% of the gross portfolio by 2028. 4. 5. Growing at a consistent and strong Yield on Cost (YoC) at 12.0%. Reducing negative impact on the environment and incorporating ESG into business operations.6. 01.
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE ● MLP Group has an ESG Strategy covering years 2022-2026 ● MLP Group’s projects are BREEAM-, OGNI-, and DNGB-certified ● MLP is currently in the process of revising its strategy, raising its ambition and developing a decarbonization plan CURRENT TARGETS: 1. Carbon neutrality in direct operations 2. Install photovoltaic panels with a total capacity of 20 MW at MLP Group’s parks 3. Increase the share of photovoltaic- generated green energy at our logistics parks to ultimately reach 100%, with any remaining residual demand covered by green grid energy. 4. Cut the cost of energy used at MLP Group facilities below the average market prices MLP GROUP AT A GLANCE Summary of MLP Group’s ESG Strategy Investor Presentation 11 ● Renewable Energy from photovoltaic + energy efficiency ● Reducing water consumption ● Waste management ● Biodiversity ● Improve the safety and health of employees and customers ● Ensure a safe workplace for employees ● Create a friendly external environment ● Provide charitable support ● Consider issues relating to the environmental impact of projects, human rights and climate change in decision-making processes ● Establish procedures and set measurable goals to ensure that environmental, climate and human rights risks are identified and avoided ● Do business in line with ethical standards ● Communicate ESG strategies and activities Reducing the company’s negative impact on the environment Drive a comprehensive effort to improve the quality of the environment and improve environmental safety of the local communities Integrating ESG into business operations and aligning corporate and societal interests TASKS TO ACHIEVE GOALSSTRATEGIC GOALS 01.
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE MLP GROUP AT A GLANCE Client testimonials Investor Presentation 12 Robert Ciechociński – Lear Corporation “Our cooperation with MLP Group is based on trust and transparency. We chose to work with MLP Group because its location gives us access to engineering staff from the Warsaw University of Technology. We received from MLP Group a certified BREEAM energy solution, which gives us a competitive advantage in discussions with our customers. I recommend cooperating with MLP Group because they are focused on customer care and on providing successful solutions that support business growth” Gerard Brodzik – Siemens Real Estate “We have been using the spaces offered by MLP Group for years, and we can confidently say that this is a place that genuinely supports business growth. The excellent location, modern facilities, and strong infrastructure create conditions that foster stable business operations. Another important advantage is access to a qualified workforce in the region, as well as the proximity of a major city, which facilitates the day-to-day functioning of our company. On top of that, the flexible and professional approachof the MLP Group team confirms that choosing this park was the right decision” Izabela Oskierko – Pure Ice “In 2020, when selecting production and warehouse space for Pure Ice, MLP Group stood out by tailoring a modern facility to Pure Ice’s specific needs. Their flawless cooperation led us to sign another contract, following which will soon launch a new hall to support our ambitious growth plans” Lukasz Szymanski – Supply Chain & Production Director: “Has 17-years of partnership with MLP Group that has ability to adapt to our evolving operational and strategic needs which has enabled Sarantis to expand operations across Poland and Central and Eastern Europe” Marek Grzybowski – Warsaw Distribution Centre Manager: “20+ year collaboration with MLP Group reflected a strong, enduring partnership built on mutual understanding and shared goals. Their consistent quality, openness, and tailored solutions give us confidence and predictability in planning operational growth in Poland” GROWTH IN INDUSTRIAL ASSETS BACKED BY CLIENT EXPERIENCES AND TESTIMONIALS Jakub Wróblewski – DACHSER Sp. z o.o. "As DACHSER, we have been cooperating with MLP Group for many years, using space at both MLP Pruszków II and MLP Poznań. Both parks provide us with the conditions to execute logistics services — from a great location to modern infrastructure with access to key transport routes. In our daily operations, we particularly appreciate the openness to adapt facilities and the willingness to implement new technical solutions that enable us to function smoothly and continue growth, even on a large scale. A stable environment, clear principles of cooperation, and high- quality maintenance of the parks make MLP Group our partner for further development" 01.
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE KEY CREDIT HIGHLIGHTS02.
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE KEY CREDIT HIGHLIGHTS MLP boasts exceptional credit fundamentals02. Investor Presentation 14 MLP Group is a leading European logistics platform with a vertically integrated business model, specializing in the development, ownership, and management of Class A, modern, multi- tenant, generic warehouse and industrial properties. across its core markets of Poland, Germany, Austria, and Romania. 1. Focus on proximity to existing projects, major urban centres and core prime cities within resilient geographies and growing urban logistics and industrial asset, supported by constrained supply, limited land availability, and permitting challenges. 2. High quality, modern properties - over 60% of the total portfolio by GLA has been developed within the past 5 years, and approximately 85% of the assets are less than 10 years old. As of 30 September 2025, the average age of the buildings stood at approximately 6.6 years - the newest in the market. 3. Attractive blue-chip tenant base (Dun & Bradstreet rated 1 or 2) achieving like-for- like rental growth (10% as of LTM Sep-25), long WAULT of 7.8 years, 99% tenant retention and delivering low-risk, highly predictable, inflation and FX protected cash flows. 4. 5. Disciplined growth achieved with 15 years of on-time, on-budget project delivery and supported by a robust balance sheet, conservative financial policy, and stabilizing revaluation gains. Experienced management team with a long-standing track record and supportive shareholder base.6.
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE KEY CREDIT HIGHLIGHTS Vertically integrated business model Investor Presentation 15 ● Targeting value-add opportunities ● Leveraging local, market-savvy teams ● Enhancing returns through selective asset recycling of mature, non-core assets ● Dedicated teams, capital, and landbank for continued project delivery ● Risk-managed approach driven by in-house expertise ● Future-proofing developments with tenant-specific adaptability Notes: (1) Average over last 10 years; (2) Capital value: Value upon completion (from valuation)/ sqm (under construction + p lanned) ● In-house, centralized teams for scalable efficiency and expertise ● Standardized processes, advanced tools, and data- driven decisions ● Dedicated in-house management with process- driven efficiency ● Active tenant engagement and credit monitoring ● Future-proofing assets through ESG and customer focus STRATEGIC ACQUISITIONS FOR GROWTH STRONG DEVELOPMENT CAPABILITIES CENTRALIZED EXPERTISE IN SUPPORT FUNCTIONS HIGH-QUALITY ASSET MANAGEMENT VALUE UPLIFT VALUE CREATION MODEL 112 457 862 Total Cost Capital Value 196 507 1 472 Total Cost Capital Value GERMANY CONSTRUCTION COSTS VS. CAPITAL VALUE(2) PER BUILDINGS AS OF H1 2025 IN € PER SQM No cost or time overruns in the last 15 years Capital value Construction cost Land - historical cost Build & Hold Land acquisition Development Construction Leasing Management Value POLAND 18 months 02. Blended average(1) occupancy of 30% at construction start, 80% at project completion and 95% 3 months after completion
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE KEY CREDIT HIGHLIGHTS Industrial sector benefits from structural growth drivers Investor Presentation 16 KEY DEMAND DRIVERS AND PRIME RENTAL RATE GDP GROWTH POSITIVE TRENDS ● Tech-powered logistics —automation and AI driving faster, smarter operations ● World-class infrastructure ensures seamless regional connectivity ● High leasing momentum and solid rent growth reflect strong occupier demand ● Tight supply, low vacancy sustain pricing power and asset stability ● Investor magnet — stable yields and deep institutional capital interest ● Economic recovery tailwind reinforces long-term market resilience PRIME RENTAL RATE PRIME LOGISTICS YIELDS GDP GROWTH €/sqm/month 3 4 5 6 7 8 9 2020 2021 2022 2023 2024 2025 Poland Germany 0% 1% 2% 3% 4% 5% 6% 7% 2020 2021 2022 2023 2024 H1 2025 Poland Germany (2,0) (1,0) 0,0 1,0 2,0 3,0 4,0 5,0 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Germany Poland Austria Romania Macro improvements reinforce occupier demand and capital inflows into logistics real estate ● Poland leads Europe’s growth, supported by domestic consumption and manufacturing ● Germany stabilizes with gradual recovery as inflation eases and investment strengthens Notes: Trading Economics, Cushman & Wakefield 02.
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE 70% 30% 81% 19% Big Box City Logistic GAV BY ASSET TYPE(1) AS AT 3Q 2025 TARGET AS AT DEC 2028 85% 15% AS AT 3Q 2024 KEY CREDIT HIGHLIGHTS Target core urban logistics in key resilient markets Investor Presentation 17 Focus on prime locations in core markets: The Group emphasises sites in Poland (its home market), Germany, Austria and Romania, in well-connected regions with strong accessibility, transport links and population / labour catchments. Highlights urban logistics as a growth driver: MLP is expanding into smaller, city- edge or in-city units (700–2,500 sqm) for e- commerce, last-mile, and distribution, offering stronger resilience and higher yields than traditional large-box warehouses. Structural tailwinds are driving strong demand for European logistics assets - sustained e-commerce growth, reconfigured global supply chains, and new durable drivers (dual-use tech, defence manufacturing, and data-centre infrastructure) that diversify and strengthen demand across Europe. MLP LOCATIONS VS. MLP’S COMPETITORS 1. 2. 3. Notes: (1) Including existing assets and assets under construction 02.
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE KEY CREDIT HIGHLIGHTS Quality portfolio of standardized, sustainable and modern assets Investor Presentation 18 BLUE-CHIP TENANTS BUILDING – CONSTRUCTION AGE (% OF TOTAL GLA) LIKE-FOR-LIKE RENTAL GROWTH OF 10% ACHIEVED OVERALL (AS OF LTM 30-SEP) 0 1 2 3 4 5 Customer A MLP Pruszków I Customer B MLP Pruszków II Customer C MLP Łódź RE-LETTING EXAMPLES Rent before reletting (Q1 2024) Headline rent Effective rent Price/sqm 62% 23% 6% 5% 4% 0- 5 years 6-10 years 11-15 years 16-20 years >20 years* 6.6 years Average Age of Assets 23% 15% 39% 22% 61% 32% 02. Notes: Data as of Sep 30, 2025. (1) Excluding 49 thousand sqm of historic buildings that have existed for more than 20 years (1)
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE 161.3 173.1 59.8 75.8 57.2 58.4 Revenues 3Q 2024 Revenues 3Q 2025 Logistics Retail Light Industrial E- commerce 26% 37% 29% 9% KEY CREDIT HIGHLIGHTS Attractive blue-chip tenant base with exceptional KPIs Investor Presentation 19 Lease Structure – Inflation Protection ● 100% of rents indexed to CPI income rises with inflation ● Utility reimbursements adjust upward automatically ● EUR-denominated leases ensure real value stability Bulletproof Revenues ● Triple net leases ● Near zero defaults ● Near 100% renewals ● “Annuity-like” revenue stream 1 2 +10% +2% +27% +7% Recharge of utility costs Recharge of service charges Rental income WAULT 7.8 years(1) C. 99% RETENTION RATE GLA BY TYPE OF CUSTOMER (SQM) – % ONLY TENANTS WITH D&B (DUN & BRADSTREET) RATING OF 1&2 ARE ACCEPTED (NO WRITE-OFFS) (In PLNm) 02. Notes: (1) As of 31 December 2025 (7.3 Years as of 30 September 2025)
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE KEY CREDIT HIGHLIGHTS Robust balance sheet, stable cash flows, and conservative financial policies Investor Presentation 20 220 263 397 533 551 643 663 0 5 10 15 20 25 30 35 40 45 50 2019 2020 2021 2022 2023 2024 Q3 2025 NAV EBITDA 40.8% 36.0% 34.1% 38.2% 43.4% 44.9% xx.x% Leverage Ratios (Net LTV) EBITDA 37.9% ● Net LTV increased at a CAGR of ~ 2.9% (2019–Q3 2025), broadly tracking EBITDA’s 22% CAGR and NAV expansion ● Leverage grew proportionally with earnings and asset value - consistent with conservative, balanced growth NET ASSET VALUE & EBITDA (IN MN EUR) 02.
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE 300 350 2029 2030 KEY CREDIT HIGHLIGHTS Strong debt metrics and staggered maturity profile Investor Presentation 21 Total debt in EUR mn (all-in) 796 among which: – Bank loans (secured on MLP's assets) in EUR mn – Bonds (unsecured on MLP's assets) in EUR mn 146 650 Weighted Average Interest Rate on financial liabilities (all-in) 5.0% Weighted Average Unexpired Financial Debt Term (in years) 4.4 BANK LOANS BY MATURITY (PF TRANSACTION) IN EUR MN BONDS BY MATURITY (PF TRANSACTION) IN EUR MN9.7xNet Debt / Run-Rate Adjusted EBITDA Net Total LTV 45% NAV in EUR mn 663 INTEREST COVERAGE RATIO (ICR) (As of 30-Sep-25) 1,5x 1.7x ICR Run-Rate ICR 61 39 46 2028 2029 2030 2031 02. PF as of 30-Sep-25
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE 3Q 2025 EBITDA Run-rate Adjusted EBITDA bridge Investor Presentation 22 RUN-RATE ADJUSTED EBITDA (IN MN EUR) Run-Rate Adjusted EBITDA represents (i) LTM 3Q’25 EBITDA before revaluation plus (ii) run-rate contribution of lease agreements entered into prior to 31-Dec-25, which started generating revenue in the twelve months ended 30-Sep-25, but whose impact was not reflected fully in the results for the twelve months ended 30-Sep-25, plus (iii) run-rate contribution of new lease agreements entered into prior to 31-Dec-25, which have not started generating revenue in the twelve months ended 30-Sep-25, but which are expected to start generating revenue after reporting date 47.8 65,818.0 LTM 3Q 2025 EBITDA Leases Contribution Run-Rate Adjusted EBITDA PF TRANSACTION 3Q 2025 EURm Net Total Debt / EBITDA 13.3x Net Total Debt / Run-Rate Adjusted EBITDA 9.7x 02.
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE KEY CREDIT HIGHLIGHTS Experienced, long-standing management team and shareholder base Investor Presentation 23 Vice President of the Management Board CEO & President of the Management Board Radosław T. Krochta Michael Shapiro 42.7% 12.6% 7.4% 7.1% 6.6% 23.6%Cajamarca Holland B.V. The Land Development of Nimrodi Group Ltd. Thesinger Ltd Allianz Polska OFE Generali OFE Others SHAREHOLDER STRUCTURE (AS OF SEP 30, 2025) MLP has a fulsome list of all financial investors CFO & Member of the Management Board Maciej Müldner Chief Country Officer for Germany ● Joined the MLP Group team in 2023 country manager for Germany ● Martin has 17 years of relevant experience gained in the commercial real estate sector ● Maciej joined MLP Group in July 2025 as CFO ● Prior to MLP he has held key positions at Dentsu Group, Skanska Group and +30 years experience in the finance sector CDO & Member of the Management Board Martin Birkert Agnieszka Gozdz ● Joined the MLP Group team in 2015 as a Development Manager ● 16 years of experience in leasing commercial space Cajamarca Holland B.V. has held a controlling stake in MLP Group since at least 2014 (and is tied to the company’s founding projects, such as MLP Pruszków I) demonstrating continuous ownership and strategic involvement for more than a decade MAJORITY INVESTOR SINCE INCEPTION 4 OUT OF 6 SUPERVISORY BOARD SEATS ARE INDEPENDENT STABLE BACKING THROUGH MARKET CYCLES Its enduring majority position throughout changing market conditions and MLP’s expansion phases reflects sustained confidence in the company’s business model and management Despite over 50% of the company being institutionally owned, a majority of its supervisory board seats are occupied independently of the majority shareholder ● Joined MLP Group S.A in 2010 ● 29 years of experience in the financial sector in Europe & the US ● President of the Management Board of the MLP Group (1998-2016) ● 40+ years of experience in implementing projects in the real estate sector 02.
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE FINANCIAL ACTIVITY 03.
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE 2022 2023 2024 LTM Q3 2025 HISTORICAL FINANCIALS (1/3) Dynamic growth and robust cash flow generation over the years03. Investor Presentation 25 9% 18 21 11 8 2022 2023 2024 LTM Q3 2025 33% 9% 60 94 4% 33 44 43 47 2022 2023 2024 LTM Q3 2025 53% 50% 50% % Capex / GAV % YoY Growth % EBITDA Margin 80 TOTAL REVENUE (€MN) RECURRING EBITDA (€MN) CAPEX (€MN)FUNDS FROM OPERATIONS (€MN) 87 16% CAGR 2022-Q3’25 13% CAGR 2022-Q3’25 €65.8m Run-Rate Adjusted EBITDA 13% 11% 121 94 162 156 4 5 7 8 2022 2023 2024 LTM Q3 2025 New investment Capex Maintenance Capex 55% 16% 117 89 155 148
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE 2022 2023 2024 LTM Q3 2025 LTM Q3 2025 PF transaction HISTORICAL FINANCIALS (2/3) Dynamic growth and robust cash flow generation over the years Investor Presentation 26 Recurring EBITDA1 392 482 721 672 GAV (€MN) NAV (€MN) SENIOR SECURED DEBT (€MN)TOTAL DEBT (€MN) % YoY Growth % YoY Growth X Recurring EBITDA1X 03. 796 Note: (1) Run-rate adj. EBITDA is used for calculating leverage PF transaction 10x 9x 11% 9%25% 3% 17% 3%34%29% 9x 2x11x 12x17x13x 14x 8x 938 1 037 1 292 1,413 2022 2023 2024 LTM Q3 2025 533 551 643 663 2022 2023 2024 LTM Q3 2025 310 384 335 331 146 2022 2023 2024 LTM Q3 2025 LTM Q3 2025 PF transaction
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE HISTORICAL FINANCIALS (3/3) Dynamic growth and robust cash flow generation over the years Investor Presentation 27 GROSS SECURED LTV (%) EBITDA TO NET INTEREST COVER (X)SENIOR SECURED DEBT / TOTAL DEBT (%) 03. NET LTV (%) 79% 80% 46% 42% 18% 2022 2023 2024 LTM Q3 2025 LTM Q3 2025 PF transaction 3,3x 2,3x 1,6x 1,4x 1.7x 2022 2023 2024 LTM Q3 2025 Run-rate ICR 34% 38% 43% 45% 45% 2022 2023 2024 LTM Q3 2025 LTM Q3 2025 PF transaction 26% 29% 13% 23% 10% 2022 2023 2024 LTM Q3 2025 LTM Q3 2025 PF transaction
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE 3Q 2025 RESULTS SUMMARY Main 3Q 2025 highlights in EUR Investor Presentation 28 Note: EBITDA is calculated without revaluation; (1) 93% excluding space delivered during the period. Long-term occupancy is c.95% EURm Q3 2025 Q3 2024 % Change Q3 2025 9M 9M LTM REVENUES 73 65 12% 94 NET PROFIT /LOSS 21 62 (66%) 46 EBITDA 37 33 13% 48 OCCUPANCY RATE 91%(1) 92% - 91%(1) 03.
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE Appendix A.
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE Glossary Term Definition Big Box Large scale warehouse projects or distribution centers CAGR Compound Annual Growth Rate City Logistics City or urban logistics projects, branded as our MLP Business Parks, offering tenants flexible, small -scale warehouse and light production units, ranging from 700 to 2,500 sqm) EBITDA Represents rental income, revenue from property management services, less distribution costs and administrative expenses (excluding depreciation and amortization and cost of merchandise and materials sold) plus other income minus other expenses. EBITDA does not include gain or loss on revaluation of investment property Effective rent Average rent recognised by the Group over the lease term, accounted for on a straight-line basis in accordance with IFRS 16 Leases. It reflects the actual economic level of rent over the lease duration, considering tenant incentives and other factors that create differences between the contractual rent (headline rent) and the rent income recognised EURO HICP (Harmonised Index of Consumer Prices) without CAP (Common Agricultural Policy) - indexation benchmark FFO (Funds From Operations) Represents our profit/(loss) before tax as adjusted for depreciation and amortization, change in fair value of investment pro perties, ineffective portion of remeasurement of hedges, net exchange differences, measurement of borrowings at amortized cost, net other operating income / expenses less non-recurring items included in other operating activity and less current income tax or plus reimbursed GAV (Gross Asset Value) Represents the value of our investment properties and property, plant and equipment as recognized in the Group's accounting r ecords and financial statements in accordance with IFRS, not including residential properties and perpetual usufruct GLA Gross Leasable Area calculated as existing plus under construction space Headline rent Contractual rent specified in the lease agreement, payable by the tenant in accordance with the lease terms, before consideri ng any rent-free periods, incentives, discounts or other lease inducements. It represents the nominal rent level stated in the contract, without IFRS straight-lining adjustments ICR (Interest Cover Ratio) represents EBITDA divided by Net Interest Cover IFRS International Financial Reporting Standards Land Bank Owned and optional land bank Long-term occupancy Average occupancy as per year end in the last 10 years of operations LTM Last Twelve Months NAV (Net Asset Value) Represents the difference between assets and liabilities, equal to the equity of the Group Net LTV Represents Net Total Debt divided by GAV Net Senior Secured Debt Represents Senior Secured Debt less our cash and cash equivalents Net Total Debt Represents Total Debt less our cash and cash equivalents and amounts held in debt service reserve accounts (“DSRA”) Occupancy Calculated as the proportion of the aggregate GLA of the properties, whether or not capable of being let, which is subject to tenancies at a given point in time. For the avoidance of doubt, the aggregate GLA excludes areas designated as structurally vacant or under refurbishment or for turnaround activit ies. Any development to create new lettable area at any property is only included when the relevant space or development is complete and available to generate income Occupancy Rate Represents the proportion of the aggregate GLA of the properties ( whether or not capable of being let) which is subject to tenancies at a given point in time. For the avoidance of doubt, the aggregate GLA excludes areas designated as structurally vacant or under refurbishment or for turnaround activities . Any development to create new lettable area at any property is only included when the relevant space or development is complete and available to generate income Recurring EBITDA Represents EBITDA adjusted for one-time or irregular events that are not part of the Group's day -to-day operations. We present Recurring EBITDA as additional information because we believe it is helpful to investors in highlighting trends in our business Rent Collection Represents the number of days in a period (e.g., 365 days in a year), divided by the Revenue from operations, divided by the Average Trade Receivables Run-Rate Adjusted EBITDA Represents, as adjusted for the run-rate contribution of certain lease agreements entered into before the end of stated period, which have not started generating revenue in the twelve months ending that period, but which are expected to start generating revenue prior to six months post the reporting p eriod, as if they started generating revenue from the beginning of the period Run-Rate ICR (Interest Cover Ratio) represents Run-Rate EBITDA divided by Net Interest Cover Secured Net LTV Represents Net Senior Secured Debt divided by GAV Senior Secured Debt Represents the aggregate amount of non-current and current bank borrowings, excluding any hedging contracts (excluding unamortiz ed debt issuance costs and unamortized issue discount) sqm Square meters Tenant Retention Represents the total rental income from lease agreements due to expire within one year and that are extended with existing te nants, as a percentage of the total rental income from leases which expire in the same year Total Debt Represents the aggregate amount of non-current and current bank borrowings and notes, excluding any hedging contracts (excluding unamortized debt issuance costs and unamortized issue discount) WAULT Weighted Average Unexpired Lease Term Weighted Average Interest Rate Calculated based on total annual interest expense divided by total financial liabilities Weighted Average Unexpired Financial Debt Term / Weighted Average Maturity YoC Yield on Cost 30Investor Presentation
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE Exchange rates used (as per Bank of Poland) 31Investor Presentation 2022 2023 2024 Q3’24 Q3’25 EUR/PLN P&L (average of reporting period)(1) 4.6883 4.5284 4.3027 4.3220 4.2365 EUR/PLN BS / CF (as of reporting date) 4.6899 4.3480 4.2730 4.2791 4.2692 Note: (1) Arithmetic mean of the mid exchange rates effective on the last day of each month in the reporting period
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MLP GROUP – CONSERVATIVE APPROACH TO GROWTH IN INDUSTRIAL ASSETS IN CORE URBAN AREAS IN EUROPE MLP GROUP S.A. ul. 3 Maja 8, 05-800 Pruszków, tel. +48 22 738 30 10 www.mlpgroup.com Thank you!