MLP Group (MLG) Q4 2025 earnings summary

Executive summary

• Achieved approximately 4x growth in both EBITDA (EUR 15mn to EUR 50mn) and NAV (EUR 190mn to EUR 756mn) from 2018 to 2025, reflecting exceptional expansion in industrial assets across core European urban areas.

• Maintains a robust, vertically integrated platform with a focus on modern, multi-tenant logistics and industrial properties in Poland, Germany, Austria, and Romania.

• Portfolio quality is high, with 95.5% occupancy, 99% retention, and 99% rent collection, supported by blue-chip tenants and strong ESG credentials.

Financial highlights

• Total revenue for 2025 reached EUR 99mn (+15% YoY), with rental income at EUR 56mn (+13% YoY) and EBITDA at EUR 50mn (+15% YoY).

• Net profit for 2025 was EUR 43mn (+25% YoY).

• Annualized rental income as of year-end 2025 was EUR 81.6mn, rising to EUR 85.2mn at the reporting date.

• Run-rate adjusted EBITDA for 2025 was EUR 67.6mn, up from EUR 56.2mn in 2024.

• NAV increased to EUR 756mn (+17% YoY), and GAV reached EUR 1,557mn (+29% YoY).

Outlook and guidance

• Revenue guidance for 2026 is EUR 120mn (minimum), with a long-term goal of EUR 131mn (+21% YoY).

• EBITDA margin expected to remain at or above 50%, with FFO improvement targeted to match or exceed revenue growth.

• 92% of the long-term revenue goal for 2026 is already secured through contracted leases.