MLP Group delivered excellent financial and operational results in 2024, driven by strong warehouse space leasing performance across all its markets.
Over the past year, MLP Group’s consolidated revenue rose by 3% YoY, to PLN 372.4 million, supported by both higher occupancy levels and rental rate growth. Rental income increased by 7%, reaching PLN 214.8 million. The Group companies’ lease contracts are directly expressed in the euro or denominated in the euro. Therefore, eliminating the impact of negative exchange rate differences, revenue in the euro increased by 13% relative to 2023. The value of investment properties grew by 22%, to more than PLN 5.5 billion (EUR 1.29 billion). At the same time, the Group’s EBITDA (without revaluation of investment properties) improved by 4%, to PLN 185.5 million (EUR 43.1 million). MLP Group benefits from a solid liquidity position to fund its ambitious long-term strategic goals.
“2024 was a landmark year for MLP Group – we leased a record 307,194 sqm of industrial space, including 225,221 sqm under new contracts, which means a year-on-year improvement of 106%. Our like-for-like rental growth stood at 10% across the portfolio, while the occupancy rate remained stable at 95%. The majority of the lease contracts were signed in Q4 2024, paving the way for a significant increase in revenue and EBITDA in 2025. MLP Group’s investment properties represent one of the most modern portfolios in the European logistic market, with 90% of the buildings developed within the last 10 years and over 60% in the last 5 years,” said Radosław T. Krochta, CEO of MLP Group S.A.
Strong leasing performance
MLP Group is strengthening its presence in Poland, Germany, Austria and Romania, where it currently operates 25 logistics parks. Its strategic goal remains to expand the warehouse portfolio by developing Big-Box facilities and Urban logistic projects.
In 2024, the Group signed leases for a record-breaking 307,200 sqm of space, including 225,200 sqm under new contracts (+ 106% YoY). It acquired 22 new tenants, and 20% of the total demand came from existing customers. Between Q3 and Q4, there was a significant 73% increase in warehouse space rental levels, highlighting a strong surge in demand in the last quarter.
“In 2024, portfolio yields stayed unchanged, and NAV growth was generated by the newly signed lease contracts, which will translate into 2025 revenue and EBITDA growth. Market conditions are highly favourable. Developers have the fewest logistics and industrial projects under construction in over four years, which will result in lower vacancy rates in the European market and boost further rental increases in the new projects. In addition, demand on the market is driven by the continuous inflow of Asian investments to Europe,” stressed the CEO of MLP Group S.A.
As at the end of 2024, MLP Group’s projects under construction totalled 235.9 thousand sqm, including 142,500 sqm in Poland, 54,500 sqm in Austria, and 38,900 sqm in Germany, with 40% of this space already pre-leased. The projects are expected to generate EUR 17.0 million of additional rental income when fully leased, with an expected minimum yield on cost of 11.5%.
Last year, MLP Group delivered some 93 thousand sqm of space. The total gross leasable area (GLA) of its current portfolio is 1.4 million sqm. The Group’s landbank increased to 257 ha, of which 115 ha is owned and on-balance sheet. This land is set to secure substantial future growth potential for the Group based on plots around its existing business parks in the core urban areas.
Ambitious plans for 2025
In 2025, MLP Group plans to deliver approximately 250-300 thousand sqm of space. Poland remains its key market, where the Group intends to pursue further dynamic growth. The plans include new projects on a plot of land acquired in 2024 in Rzeszów, which is expected to attract businesses interested in post-war opportunities related to the Ukrainian and international markets. In addition, the Group aims to reinforce its position in the Warsaw market. Further business expansion is also planned in Romania, and, first and foremost, in Germany and Austria.
