MLP Group records 29% revenue growth, with 2024 set to be harvesting time
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In 2023, MLP Group delivered an excellent set of results, both from the operational and financial point of view, driven by strong leasing performance on warehouse space across all its markets. MLP Group is the fastest growing logistics platform in Europe, combining conservative tenants’ acceptance criteria with rapid business growth.

In the past year, consolidated revenue rose by 29% YoY, to PLN 360.8 million, driven by an increase in the space leased to tenants combined with higher rental rates. Rental income from investment properties increased by 31.4%, to PLN 200.9 million. The value of investment properties rose by 2%, to more than PLN 4.5 billion (EUR 1.04 billion). At the same time, the Group’s EBITDA (without revaluation of investment properties) improved by 32%, to PLN 178.7 million (EUR 39.5 million). MLP Group maintained a very good financial standing and safe capital structure, enabling the implementation of long-term strategic goals.

MLP Group is developing its operations in Poland, Germany, Austria and Romania, where it currently operates 23 logistics parks. Its strategic goal remains to expand the warehouse portfolio by developing Big-Box facilities and Urban logistic projects.

Lease agreements signed by MLP Group in 2023 amount to approx. 276 thousand sqm (including binding LOI for 13.3 thousand sqm). New completions with a total area of 106 thousand sqm were located in Poland. At the end of last year, the Group had a total of 1.1 million sqm of built space, with 95% occupancy across all assets. With approximately 200 tenants, MLP Group has a wide and diversified international tenant base, consisting of blue-chip companies with strong credit ratings. MLP Group’s top 10 tenants provide 36% of annual rental income.. At the end of 2023, new space under development amounts to 182 thousand sqm. The development potential of the existing landbank is close to 1.9 million sqm. In addition, the Group has reservation agreements to purchase new plots with an area of some 200 hectares, allowing it to develop another 800 thousand or so sqm of new space. In 2023, strong like-for-like rental growth of 7.7% was recorded during the year

In 2024, MLP Group's capital expenditure (CAPEX) will amount to approximately EUR 190 million, of which approximately 25% will be allocated to plots’ purchases. We plan to lease approx. 200-300 thousand sqm of the new warehouse space. During the period, the Group plans to lease approx. 200-300 thousand sqm of the new warehouse space. Further rapid development on the German market is seen as a key point of MLP Group’s strategy. It plans to strengthen and expand its presence in the regions where it has already established a foothold, i.e. the Ruhr area, Brandenburg and Hessen land.

Key challenges for 2024 are related to starting new Big-Box projects (with an area of approx. 200 thousand sqm) to be deployed on plots held in Wrocław, Łódź, Zgorzelec, Poznań, Pruszków and Idstein.

Another focus in the current year and beyond will be on Urban/City logistics projects (MLP Business Park) as products with strong growth potential, high profitability and resilience to economic downturns. The target is to equalise value of Urban logistics with Big-Box projects by 2028. Urban logistics projects currently in the pipeline or under construction in Poznań, Łódź, Vienna and Schalke will deliver total space of some 165 thousand sqm.

Selected financial ratios (2023)

-14.4 %

Return on sales


Current ratio

47.1 %

Equity ratio

-1,0 %

Return on assets (ROA)

-10.6 %

Return on equity (ROE)

MLP Group basic financial data (in million PLN)
in million PLN 2023
2022 2021 2020 2019 2018 2017
Revenues 360.8 279.1 200.6 190.7 140.0 141.5 103.8
Gain on revaluation of investment property (257.7) 455.1 540.3 213.3 120.8 88.7 8.6
Selling and administrative expenses (171.5)
(135.66) (108.3) (108.1) (77.7) (78.9) (56.0)
Operating profit (79.7)
590.2 632.3 297.8 180.0 151.1 55.2
Net profit (52.1)
422.4 480.5 170.4 129.4 92.4 47.3
Total assets 5089.6
4990.1 3786 2683.0 2074.0 1663.0 1358.4
Total long term liabilities 2351.7
2219.9 1722.4 1374.7 971.1 762.4 569.2
Total short term liabilities 342.3
272.2 238.7 96.4 164.4 85.6 62.5
Total equity 2395.6
2497.9 1824.5 1211.7 938.6 815.4 726.7
Share capital 6.0
6.0 5.3 4.9 4.5 4.5 4.5
Total shares (pcs.) 23,994,982 23,994,982 21,373,639 19,720,255 18,113,255 18,113,255 18,113,255
Dividends (PLN/share) 0
 0  0  0 0,22 0 0

Financial data to download