- Revenues amounted to PLN 187.7 million, +1% H1 2023, EUR 43.5 million, +8% vs H1 2023
- Value of investment properties reached PLN 5,057.0 million (+11 % vs. 31 December 2023), EUR 1,172.5 million (+12% vs. 31 December 2023)
- Net Assets Value (NAV) reached PLN 2,677.5 million (+12% vs. 31 December 2023), EUR 620.8 million (+13% vs. 31 December 2023)
- NAV per share: PLN 111.6 (+12% vs. 31 December 2023), EUR 25.9 (+13% vs. 31 December 2023)
- EBITDA without revaluation amounted to PLN 99.1 million (+2% vs. H1 2023), EUR 23.0 million (+9% vs. H1 2023)
- FFO amounted to PLN 40.9 million (-30% vs. H1 2023), EUR 9.5 million (-25% vs. H1 2023)
- Net profit amounted to PLN 281.6 million (EUR 65.3 million)
- Lease agreements space leased or to be leased under contracts that were signed in the H1 2024 or are expected to be executed by September 2024 totals 161 thousand sqm.
- BREEAM/ DGNB almost 80% of our portfolio is certified with very good or excellent level
The warehouse and industrial property sector is performing exceptionally well. Following a period of rising yields, a decline is now anticipated as interest rates are expected to decrease. Demand for warehouse space is bouncing back across Europe, particularly from the second quarter of 2024, driven primarily by light industry tenants, predominantly from Asia. Clients from this sector tend to prefer long-term leases, typically for a minimum of ten years, and pay higher rental rates than those from the logistics sector. This demand is further supported by the accelerating trend of nearshoring, as many local players seek to relocate part of their highly advanced manufacturing operations back home or to neighbouring countries. Concurrently, this increased demand is met with a constrained supply of new projects, which has a very positive impact on rental rates. Construction costs have practically returned to pre-COVID-19 levels, enhancing the profitability of ongoing projects.
“The first half of 2024 was highly successful for us, and we intend to accelerate our growth in the latter half of the year. Our focus remains on expanding within core urban areas across our key geographies, that is Poland, Germany, Austria, and Romania. By securing prime locations in major urban centres and expanding our landbank, we are well-positioned to expedite our growth and strengthen our market leadership. The expansion of our City Logistics portfolio is a critical growth driver. We anticipate that increasing its share within our total portfolio will be a cornerstone of our success. By 2028, we aim to have City Logistics projects account for 30% of our total gross asset value,” says Radosław T. Krochta, President of the MLP Group S.A. Management Board.
In the six months ended 30 June 2024, consolidated revenue rose 1% y/y, to PLN 187.7 million. Rental income from investment properties increased by 8%, to PLN 108.5 million. The value of investment properties rose by 11%, to more than PLN 5 billion (EUR 1.17 billion). At the same time, the Group’s EBITDA (without revaluation of investment properties) improved by 2%, to PLN 99.1 million (EUR 23.0 million).
MLP Group’s portfolio generates stable and substantial cash flows, with a weighted average lease term of over 7.8 years. The Group serves an international client base of approximately 195 tenants, including global blue-chip companies with strong credit ratings. With a robust financial position and a secure capital structure, MLP Group is well-equipped to achieve its long-term strategic objectives. MLP Group is currently finalising the process of being credit rated, which will facilitate access to European and global debt markets, thereby enhancing its project financing capabilities.
The space leased or to be leased under contracts that were signed in the first half of 2024 or are expected to be executed by September 2024 totals 161 thousand sqm. We anticipate to sign majority of the budgeted lease contracts for this year in H2 2024 (esp. in Q3).
“By the end of 2024, we will focus on leasing space primarily in Vienna, Gelsenkirchen (Schalke), Łódź, Poznań, Idstein (near Frankfurt am Main), and Berlin-Spreenhagen. Our goal is to significantly boost EBITDA and rental income. Additionally, we are expanding our landbank, particularly in key urban locations. This year, we will acquire additional land in North Rhine-Westphalia, Saxony-Anhalt, Rzeszów, and Warsaw, further strengthening our presence in strategic markets,” emphasises Radosław T. Krochta, President of the MLP Group S.A. Management Board.
