MLP Group 2026: net profit of PLN 459m (+23% YoY), a record 370,941 sqm leased and the first dividend policy since 2019

MLP Group posts net profit of PLN 459m (+23% YoY), record leasing of 370,941 sqm and announces its first dividend policy since 2019

MLP Group S.A. – headquartered at ul. 3-go Maja 8 in Pruszków (postcode 05-800, Mazowieckie voivodeship), registered in the KRS under number 0000053299 – closed 2025 with net profit of PLN 459.0m (vs PLN 372.2m, +23.3% YoY) and EBIT of PLN 701.7m (vs PLN 543.0m, +29.2%). Rental revenue rose 10% to PLN 238.4m, while property-management services grew 15.5% to PLN 182.1m. EPS reached PLN 19.13 (+23.3%), group equity PLN 3,197m (+16.4%), and total assets PLN 6.99bn. Operating cash flow jumped to PLN 233.8m from PLN 92.2m a year earlier (roughly 2.5x).

The second strand of the 2025 story is a record level of leased warehouse space – the company signed new leases and renewals covering a total of 370,941 sqm, making 2025 the best year in the group's history. The key transaction was the handover of a modern facility of over 24,000 sqm to Sarantis Polska at MLP Pruszków II. The company also handed over buildings to tenants in other parks (MLP Wrocław, MLP Lublin, MLP Berlin Brieselang, MLP Vienna).

The third theme of 2025 is the structural rise in portfolio value: the gain on revaluation of investment properties reached PLN 494.1m (vs PLN 359.4m, +37%), reflecting both rental growth and the compression of European logistics yields. This structural component of the result explains why EBIT (PLN 702m) materially exceeds operating revenue (around PLN 420m). After a seven-year break (since 2019), the management board has announced a dividend policy for 2026 – a meaningful signal for shareholders.

MLP Group

PRUSZKÓW · KRS 0000053299 · SPÓŁKA AKCYJNA

Revenue

420.5 M PLN

3-go Maja 8 in Pruszków: a four-member board led by Radosław Krochta, a 25-year history, 5 European markets

The address ul. 3-go Maja 8, 05-800 Pruszków places MLP Group's registered office in a county town just outside Warsaw, roughly 15 km west of the city centre, in a logistics cluster served by the A2 motorway and the DK7/DK8 national roads. The company has operated in its current corporate form (MLP Group S.A., KRS 0000053299) since 15 October 2001 and has been listed on the Warsaw Stock Exchange under the ticker MLG (ISIN PLMLPGR00017) since 2013.

Governance: a four-member management board – CEO Radosław T. Krochta, a vice-president (M. S.) and two board members (A. G. and M. M.). Representation requires two board members acting jointly. Ownership sits largely with a founder-and-family coalition (Krochta, Shamir Capital and affiliates) plus Polish OFE/TFI funds; the company remains founder-and-family controlled.

Under Polish PKD codes the principal activity is 70.10.Z (head-office and holding-company activities). The actual business is warehouse development and operations: building and leasing modern "big-box" and "small-box" logistics parks. The portfolio spans 5 European countries:

• Poland – flagship parks MLP Pruszków I and II, MLP Wrocław, MLP Lublin, MLP Lublin-Sosnowiec.
• Germany – MLP Berlin Brieselang, projects in the pipeline in Munich, Düsseldorf and Hamburg.
• Austria – MLP Vienna.
• Romania – development projects.
• Netherlands – an Amsterdam project under review (likely to start in late 2026 or 2027).

The company has a registered electronic-delivery address (AE:PL-97212-20139-UJCJH-33) and an English-language website, mlpgroup.com. Structurally, 90% of its buildings were constructed within the last 10 years and 60% within the last 5 – one of the youngest portfolios in Europe.

Poland's listed logistics-warehouse developers: MLP as a European operator with a record leasing base

The sector of logistics-warehouse property developers listed on the Warsaw exchange has narrow representation in 2026 – MLP Group is one of the few pure-warehouse operators on the WSE:

• MLP Group (Pruszków, sWIG80) – warehouses in 5 countries (PL, DE, AT, RO, NL), PLN 459m of 2025 profit.
• Echo Investment (Kielce, mWIG40) – residential-and-commercial developer (not pure-warehouse).
• Develia (Wrocław, sWIG80) – residential-and-commercial developer.
• Dom Development (Warsaw, mWIG40) – purely residential developer.
• GTC, Globe Trade Centre (Warsaw) – CEE commercial developer with a larger office footprint.
• Panattoni, Prologis, Goodman – unlisted warehouse competitors.

Three structural features of the MLP Group model explain the record 2025 results:

• Structural CEE warehouse demand = a multi-year tailwind – the reshoring of production from Asia to Europe (nearshoring), e-commerce growth (Allegro, Shein, Temu, Zalando) and the dynamic expansion of 3PL operators (TPL Logistics, DHL, DSV) generate structural demand for modern warehouse space in the region. Poland, Germany and Austria are beneficiaries of this trend; the record 370,941 sqm leased in 2025 confirms the strength of demand.
• 90% of buildings under 10 years old = a structural quality advantage – unlike competitors active in Poland (Panattoni and Prologis among others), which run mixed portfolios (partly built in 2010–2012), MLP has one of Europe's youngest portfolios. Newer buildings are more energy-efficient and ESG-compliant (rooftop PV, BREEAM/LEED certification), and command higher rents with lower vacancy.
• Investment concentration in Germany (60% of 2026 capex) = expansion into Europe's largest logistics market – Germany is Europe's largest warehouse market (3–4 times larger than Poland by GLA), with the highest rents and lowest yields. Delivering the MLP Berlin, Munich, Düsseldorf and Hamburg projects in 2026–2027 could structurally change the company's scale.

Implications for the investment profile: a warehouse developer with a 25-year track record, a return to dividends in 2026 and German expansion

The interpretation is speculative – the conclusions below are scenarios, not certainties:

“We are currently analysing the possibilities of raising additional financing on public debt markets. We ultimately aim to base MLP Group's financing structure primarily on unsecured debt instruments. We are also working on a dividend policy, with a decision in this area expected in 2026.”

Three possible consequences of the 2025 results and the dividend-policy announcement for MLP Group's investment profile in 2026:

• The 2026 dividend-policy announcement = the first structural valuation catalyst in seven years – the company has paid no dividend since 2019, reinvesting all profit in portfolio expansion. A return to payouts would be a meaningful signal to dividend investors, who have so far avoided MLP Group as a growth name. The actual dividend yield depends on the board's decision – at PLN 459m of profit and 24m shares, a 30% payout (PLN 138m) would mean around PLN 5.75 per share; a 50% payout (PLN 230m), PLN 9.57 per share.
• The 2026 target of +20–30% revenue growth = structural expansion, not just property revaluation – most of the 2025 result step-up (PLN 459m of net profit) comes from revaluation gains (PLN 494m). The 2026 target assumes operating-revenue growth of 20–30%, a genuine lift driven by deliveries of new buildings (around 250,000–300,000 sqm planned for 2026). This is structural rather than purely accounting value creation.
• Logistics-yield exposure = risk of asset-value compression in a rising-rates cycle – a large part of the 2025 result (PLN 494m) comes from a positive property revaluation, the effect of compressing logistics yields. In a rising-rates cycle (e.g. ECB, NBP), yields expand and asset values fall. Negative revaluations could materially weigh on 2026–2027 profits. This is a key structural risk.

Main company-specific risks across the 2026–2027 cycle:

• The ECB and NBP rate cycle – logistics yields respond to financing costs; rising rates push yields up and asset values down (negative revaluation).
• The consumer cycle and the 3PL market – demand for warehouse space is a function of retail and e-commerce activity; a consumer recession could slow leasing growth.
• Competition from Panattoni, Prologis, Goodman and Logicor – global players with bigger budgets and lower financing costs compete for the same land; any change in their strategy affects MLP.
• German-market exposure = regulatory and cost risk – the German logistics market carries strict environmental regulation (BImSchG, EnEG), higher labour costs and a more complex permitting process. Regulatory changes can delay the plans.
• No dividend policy until 2026 – investors may wait for the actual policy publication before buying; until then, sentiment on the stock stays muted.

What you'll find in the MLP Group S.A. profile

The MLP Group S.A. profile in our database gives the full picture of the company: the composition of the four-member management board (led by CEO Radosław T. Krochta), the KRS registration history since 15 October 2001, the registered address at ul. 3-go Maja 8 in Pruszków, e-delivery status (AE:PL-97212-20139-UJCJH-33), the website mlpgroup.com, and the assigned PKD code 70.10.Z (head-office and holding-company activities). The profile is also available in English – relevant for international real-estate and logistics fund investors, since MLP Group is one of Europe's larger developer-operators of logistics-warehouse parks, with a portfolio across 5 countries (PL, DE, AT, RO, NL) and its first dividend policy in seven years announced for 2026.

This material is informational and does not constitute investment advice.

Data: Polish KRS Court Register (KRS 0000053299); MLP Group S.A. - consolidated SRR/2025 report (published 16 March 2026, Bankier.pl ESPI); Strefa Inwestorów - interview with CEO Radosław Krochta on dividend policy and German expansion (December 2025); Strefa Inwestorów - communication on the record 370,941 sqm of 2025 leasing; Projekt Inwestor - Q1 2026 MLP Group analysis; StockWatch - MLP Group SA listing and financial indicators; Bankier.pl - MLPGROUP listing profile (ISIN PLMLPGR00017); PKD 70.10.Z classification (head-office and holding-company activities); company history - registration as S.A. on 15 October 2001, WSE debut 2013, as of 2026-05-02.