In 2025, MLP Group signed a historic record of 370,941 sqm of leases, which translated into record financial results, both in terms of revenues and net profit, which reached PLN 459 million. Lease agreements executed in 2025 provide the Group with a secured revenue growth base of approximately 21 percent as we enter 2026, significantly enhancing earnings visibility and reducing near-term business risk. At the same time, the growing recognition of warehouses as critical infrastructure supporting supply chain resilience continues to strengthen demand for modern logistics facilities across Europe.
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 percent of the total demand for space. The highest level of leasing activity was recorded in the fourth quarter, which accounted for 51 percent of the total space leased during 2025.
Strong leasing activity translated into very solid operating performance. Net Asset Value increased 18 percent year-on-year, while revenues and EBITDA grew by 15 percent 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 percent as we enter 2026. During the year, we maintained our portfolio vacancy rate below 5 percent, 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 percent, translating into €3.7 million of annualised rent, +178 percent,” 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 percent 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 around 250–300,000 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 €15 million to €50 million and from €190 million to €756 million, respectively, between 2018 and 2025), reflecting the unprecedented scale of our development. Our long-term development strategy focuses on the development and 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 percent share of these projects in the total portfolio Gross Asset Value (GAV) by 2028.
