Warehouses as a pillar of supply chain security. MLP Group delivers record leasing performance.
- Revenue: PLN 420.5 million (+13% YoY), EUR 99.2 million (+15% YoY),
- EBITDA (before revaluation): PLN 210.9 million (+14% YoY), EUR 49.8 million (+15% YoY),
- Gross Asset Value (GAV): PLN 6,608.6 million (+28% vs. 31 December 2024), EUR 1,563.5 million (+29% vs. 31 December 2024),
- Net Asset Value (NAV): PLN 3,197.0 million (+16% vs. 31 December 2024), EUR 756.4 million (+18% vs. 31 December 2024),
- NAV per share: PLN 133.2 (+16% vs. 31 December 2024), EUR 31.5 (+18% vs. 31 December 2024),
- Net profit: PLN 459.0 million (+23% YoY), EUR 108.3 million (+25% YoY),
- Leasing activity: historic record of 371,000 sqm of new and renewed leases signed in 2025.
The record leasing performance was driven by strong interest from both new and existing tenants. New lease agreements accounted for 223,487 sqm, while the Group welcomed 39 new tenants. Existing tenants represented 40% of the total demand for space. The highest level of leasing activity was recorded in the fourth quarter, which accounted for 51% of the total space leased during 2025.
Strong leasing activity translated into very solid operating performance. Net Asset Value increased 18% year-on-year, while revenues and EBITDA grew by 15% each.
„Warehouses are increasingly perceived as part of the critical infrastructure of the modern economy. In 2025 we signed a record number of lease agreements, which translated into the highest financial results in our history, both in terms of revenues and net profit, which reached PLN 459 million. Lease agreements executed in 2025 provide us with a secured revenue growth base of approximately 21% as we enter 2026. During the year we maintained our portfolio vacancy rate below 5%, effectively achieving near-full income generation across all assets and ensuring strong revenue continuity. A positive signal for the coming quarters is also the high leasing activity observed in the first quarter of 2026. At the beginning of 2026, we leased 53,535 sqm, +135%, translating into EUR 3.7 million of annualized rent, +178%” – said Radosław T. Krochta, President & CEO of MLP Group S.A.
At the end of 2025, 324,051 sqm of space was under construction, including 151,471 sqm in Poland, 24,353 sqm in Austria, 42,533 sqm in Romania, and 106,694 sqm in Germany. Lease agreements covering 53% of this space had already been signed at the construction stage, once again confirming the favourable situation in the occupier market. The Group’s gross leasable area (GLA) reached 1.6 million sqm at the end of the past year. At the same time, the Group has a land bank of 231 hectares.
In 2026, MLP Group plans to deliver approximately 250–300 thousand sqm of new space.
MLP Group maintains a strong liquidity position, enabling the financing of its growth ambitions while maintaining a fixed cost of debt and a conservative repayment profile. Taking into account the current geopolitical situation and high volatility in the economic environment, the Group is very well prepared for current challenges and intends to maintain discipline in the implementation of investments, reflecting a long-term approach to risk management. Poland remains the main growth engine and the Group’s key market. At the same time, development in Germany and Austria represents an important element of the implementation of the long-term expansion strategy.
„In just the last seven years, we have achieved exceptional growth dynamics – EBITDA increased approximately 4-fold, and NAV grew 4-fold (from EUR 15 million to EUR 50 million and from EUR 190 million to EUR 756 million respectively between 2018 and 2025), reflecting the unprecedented scale of our development. Our long-term development strategy focuses on the development of expansion in key locations. We position MLP Group’s assets and investments in a way that allows them to benefit from the structural growth of major European cities. In 2026 we will continue our development in key European metropolitan areas, where we continue to see sustained demand for new warehouse space,” – said Radosław T. Krochta.
The Group’s goal is to reach a 30% share of these projects in the total portfolio Gross Asset Value (GAV) by 2028.
MLP Group’s investment property portfolio is one of the most modern in the European logistics sector – 85 % of buildings were developed within the last 10 years, and more than 60% within the last 5 year.
