Friday, 13 November 2026
MLP Group reported a 34% increase in rental income during the first nine months of 2026, supported by continued leasing activity and expansion of its industrial and logistics property portfolio across Europe. The Warsaw-listed developer and property owner also recorded higher operating earnings and an increase in the value of its real estate holdings.
Revenue for the nine months ending September reached PLN 390.3 million, an increase of 27% compared with the corresponding period of 2025. Rental income rose to PLN 231.3 million, while EBITDA excluding changes in property valuations increased by 22% to PLN 195 million. Net profit reached PLN 165.2 million, representing annual growth of 84%. The value of the company’s property portfolio increased by 16% from the end of December 2025 to PLN 7.67 billion, while net asset value reached PLN 3.38 billion, an increase of 6%. Net asset value per share rose to PLN 140.8.
Leasing activity remained an important contributor to the group’s performance. Between January and September, MLP Group signed agreements covering 170,425 sq m of industrial and logistics accommodation, representing approximately EUR 10.6 million in contracted annual rental income. The company operates in Poland, Germany, Austria and Romania, concentrating on properties near major metropolitan areas. Its strategy includes larger distribution facilities and urban logistics accommodation serving businesses that require access to population centres and established transport networks.
Commenting on the results, Radosław T. Krochta, President and CEO of MLP Group, said: “Our record results confirm the effectiveness of our strategy and the strength of MLP Group’s business model. Rental income increased by 34% and EBITDA rose by 22%, while the outlook for our key markets remains very positive.”
Krochta also pointed to stronger demand for logistics and industrial accommodation in the company’s principal markets, reporting annual growth of 28% in Germany and approximately 20% in Poland during the first nine months of 2026. He identified the relocation of production closer to European markets, greater activity by Asian companies and changes in supply-chain strategies as factors supporting future demand.
Looking ahead, Krochta added: “We are very optimistic about the final months of the year. We expect very strong leasing activity in the fourth quarter, which could prove to be a record quarter in terms of the value of space contracted.”
The group has already announced a significant fourth-quarter transaction, signing an agreement with its long-standing tenant Auto Partner for approximately 42,500 sq m at MLP Bieruń West in Poland. The agreement falls outside the nine-month leasing figures and is expected to increase the company’s full-year contracted space and support future rental income.
The stability of existing rental agreements remains an important element of the company’s financial position. At the end of September, the weighted average remaining lease term stood at approximately 7.4 years. MLP Group reported a rent collection rate of 99%, including payments received within 60 days of their due date, while tenant retention remained close to 99%. Some of the company’s tenant relationships have continued for more than two decades.
Development activity also continued during the period, with approximately 141,000 sq m under construction at the end of September. Once fully occupied, these projects could generate around EUR 8.3 million in additional annual rental income. The company estimates a minimum development yield on cost of 12.4%, calculated using expected annual rental income relative to construction expenditure, excluding land acquisition costs. The measure does not represent a guaranteed investment return.
MLP Group’s overall portfolio, including completed buildings, developments under construction and planned projects, exceeds 1.7 million sq m of leasable accommodation. The company’s expansion remains focused on industrial and logistics properties in established European locations, with particular attention to urban distribution facilities and long-term tenant relationships.
The results demonstrate the contribution of rental income and leasing activity to the company’s financial performance, while its development pipeline provides opportunities for further expansion. Future earnings growth will depend on the completion of projects, the securing of tenants and the commencement of rental payments under new agreements.
