MLP Group 2026: net profit PLN 459 m (+23% YoY), a record 370,941 sqm leased, EBIT PLN 702 m and the first dividend policy since 2019 announced for 2026

MLP Group with net profit of PLN 459 m (+23% YoY), record leasing of 370,941 sqm and the first dividend policy since 2019 announced for 2026

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 459.0 m (vs PLN 372.2 m, +23.3% YoY) and EBIT of PLN 701.7 m (vs PLN 543.0 m, +29.2%). Rental revenue rose 10% to PLN 238.4 m, and property-management services rose 15.5% to PLN 182.1 m. EPS reached PLN 19.13 (+23.3%), group equity PLN 3,197 m (+16.4%), and total assets PLN 6.99 bn. Operating cash flow jumped to PLN 233.8 m from PLN 92.2 m a year earlier (~2.5x).

The second layer of the 2025 story is the record level of leased warehouse space - the company signed new and renewed leases for a total of 370,941 sqm, making 2025 the best year in the group's history. The key transaction was handing over a modern facility of over 24 k sqm to Sarantis Polska in MLP Pruszków II. Operationally, the company also handed over buildings 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 494.1 m (vs PLN 359.4 m, +37%) - reflecting both rental growth and the compression of European logistics yields. This is a structural component of the result, explaining why EBIT (PLN 702 m) materially exceeds operating revenue (~PLN 420 m). After a 7-year break (since 2019), the board announces a dividend policy in 2026 - a meaningful structural signal for shareholders.

MLP Group

PRUSZKÓW · KRS 0000053299 · SPÓŁKA AKCYJNA

Revenue

420.5 M PLN

3-go Maja 8 in Pruszków: Krochta's four-member board, 25-year history, 5 European countries

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

Governance: a four-member management board - CEO Radosław T. Krochta plus a vice-president (M. S.), board member (A. G.) and board member (M. M.). Joint representation: two board members acting jointly. The cap table belongs largely to a founder-and-family coalition (Krochta + Shamir Capital + affiliates) plus Polish OFE / TFI funds; the company is structurally 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 developer-and-warehouse operations: building and leasing modern "big-box" and "small-box" logistics parks. The portfolio covers 5 European countries:

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

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

Polish logistics-warehouse developer sector on the WSE: MLP as a European operator with a record leasing base

The Polish sector of logistics-warehouse property developers listed on the Warsaw exchange has a 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 459 m 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) - pure residential developer.
• GTC, Globe Trade Centre (Warsaw) - CEE commercial developer, larger office scale.
• Panattoni, Prologis, Goodman - non-listed warehouse competitors.

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

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

Implication for the investment profile: a warehouse developer with a 25-year track record, return to dividend in 2026, 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:

• Dividend policy announcement in 2026 = the first structural valuation catalyst in 7 years - since 2019 the company has paid no dividend (all profit reinvested in portfolio expansion). A return to a payout policy would be a meaningful signal to dividend investors who have actively avoided MLP Group as a growth name. The actual dividend yield depends on the board's decision - at PLN 459 m of profit and 24 m shares, a 30% payout (PLN 138 m) would mean around PLN 5.75 per share; at 50% (PLN 230 m) - PLN 9.57 per share.
• 2026 target: +20–30% revenue = structural expansion, not just property revaluation - most of the 2025 result step-up (PLN 459 m of net profit) comes from revaluation (PLN 494 m). The 2026 target assumes operating-revenue growth of 20–30%, which would already be a real lift driven by deliveries of new buildings (~250–300 k sqm planned in 2026). This is structural, not just accounting, value enrichment.
• Logistics-yield exposure = risk of asset-value compression in a rising-rates cycle - a large part of the 2025 result (PLN 494 m) comes from a positive revaluation of properties - the effect of compressing logistics yields. In a rising-rates cycle (e.g. ECB, NBP), yields rise and asset values fall. Negative revaluations could materially hit 2026–2027 profit. This is a key structural risk.

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

• ECB and NBP rate cycle - logistics yields react to financing cost; rising rates lift yields and lower asset values (negative revaluation).
• Consumer cycle and 3PL - demand for warehouse space is a function of retail and e-commerce; a consumer recession may slow leasing growth.
• Competition from Panattoni, Prologis, Goodman, 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 has strong environmental regulations (BImSchG, EnEG), higher labour costs and a more complex permitting process. Any regulatory change can slow the plans.
• No dividend policy until 2026 - investors may wait for the actual policy publication before investing; until then, valuation remains on flat sentiment.

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

The MLP Group S.A. profile in our database carries the full picture of the company: composition of the four-member management board (with CEO Radosław T. Krochta), the KRS registration history from 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 - important for international real-estate / logistics fund investors, since MLP Group is one of the largest European developer-operators of logistics-warehouse parks with a portfolio across 5 countries (PL, DE, AT, RO, NL) and the first dividend policy in 7 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.