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IR - MLP GROUP S.A. GROUP CONSOLIDATED HALF-YEAR REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2025

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Conservative approach to growth in industrial assets in core urban areas in Europe

> 1H 2025 **Half-year report for the 6-month period ended June 30, 2025**

# **Contens**

| I.  |    |              | Letter from President & CEO<br>to Shareholders                                                                                                                       | 7        |
|-----|----|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|
| II. |    |              | Management Board's report on the activities of the MLP Group S.A.Group                                                                                               | 22       |
|     |    |              | Authorisation by the MLP Group S.A. Management Board Management Board's report on the<br>activities of the MLP Group S.A. Group in the six months ended 30 June 2025 | 23       |
|     |    | Introduction |                                                                                                                                                                      | 24       |
|     | 1. |              | General information on the Group and MLP Group S.A.                                                                                                                  | 25       |
|     |    | 1.1          | Structure of the Group                                                                                                                                               | 25       |
|     |    | 1.2          | Principal business of the Company and the Group                                                                                                                      | 27       |
|     |    | 1.3          | The Group's property portfolio                                                                                                                                       | 32       |
|     |    | 1.3.1<br>1.4 | Five largest parks by asset value as at 30 June 2025<br>Market, customers and suppliers                                                                              | 37<br>38 |
|     |    | 1.4.1        | Structure of the Group's sales                                                                                                                                       | 38       |
|     |    | 1.4.2        | Key trading partners                                                                                                                                                 | 39       |
|     | 2. |              | Activities of the MLP Group S.A. Group                                                                                                                               | 40       |
|     |    | 2.1          | Activities of the MLP Group S.A. Group in the six months ended 30 June 2025                                                                                          | 40       |
|     |    | 2.1.1        | Projects completed in H1 2025                                                                                                                                        | 40       |
|     |    | 2.1.2        | Projects under construction or in the pipeline                                                                                                                       | 40       |
|     |    | 2.1.3        | Material agreements                                                                                                                                                  | 40       |
|     |    | 2.1.4        | Shareholder agreements                                                                                                                                               | 40       |
|     |    | 2.1.5        | Partnership or cooperation agreements                                                                                                                                | 40       |
|     |    | 2.1.6        | Related-party transactions                                                                                                                                           | 41       |
|     |    | 2.1.7        | Litigation                                                                                                                                                           | 41       |
|     |    | 2.2          | Development of the Group and risk factors                                                                                                                            | 42       |
|     |    | 2.2.1        | Key risk factors relevant to the development of the Group                                                                                                            | 42       |
|     |    | 2.2.2        | Business development prospects                                                                                                                                       | 60       |
|     | 3. |              | Financial condition of the Group; management of financial resources                                                                                                  | 64       |
|     |    | 3.1          | Key economic and financial data disclosed in the Group's consolidated financial statements for the<br>six months ended 30 June 2025                                  | 64       |
|     |    | 3.1.1        | Selected financial data from the consolidated statement of financial position                                                                                        | 64       |
|     |    | 3.1.2        | Selected financial data from the consolidated statement of profit or loss                                                                                            | 72       |
|     |    | 3.1.3        | Selected data from the consolidated statement of cash flows                                                                                                          | 76       |
|     |    | 3.2          | Management Board's position on published forecasts                                                                                                                   | 76       |
|     |    | 3.3          | Management of the Group's financial resources                                                                                                                        | 77       |
|     |    | 3.3.1        | Financial ratios                                                                                                                                                     | 77       |
|     |    | 3.4          | Borrowings, bonds, sureties and guarantees                                                                                                                           | 80       |
|     |    | 3.4.1        | New and terminated non-bank borrowings                                                                                                                               | 80       |
|     |    | 3.4.2        | New and terminated bank borrowings                                                                                                                                   | 80       |
|     |    | 3.4.3        | Bonds                                                                                                                                                                | 80       |
|     |    | 3.4.4        | Loans                                                                                                                                                                | 80       |
|     |    | 3.4.5        | Sureties provided and received in 2024                                                                                                                               | 80       |
|     |    | 3.4.6        | Guarantees provided and received                                                                                                                                     | 80       |
|     |    | 3.5          | Feasibility of investment plans                                                                                                                                      | 80       |

| MLP Group S.A. • Half-year report for the 6-month period ended June 30, 2025 |
|------------------------------------------------------------------------------|
| Contents                                                                     |

| 4.<br>Statement of the Management Board |     | 81                                                                                                                            |    |
|-----------------------------------------|-----|-------------------------------------------------------------------------------------------------------------------------------|----|
|                                         | 3.9 | Seasonality and cyclicality                                                                                                   | 81 |
|                                         | 3.8 | Material achievements and failures in the six months ended 30 June 2025                                                       | 81 |
|                                         | 3.7 | Issue, redemption, cancellation and repayment of non-equity and equity securities                                             | 81 |
|                                         | 3.6 | Non-recurring factors and events with a bearing on the consolidated financial result for the six<br>months ended 30 June 2025 | 81 |

![](_page_2_Picture_2.jpeg)

| III. |                     | Selected financial data of the<br>MLP Group S.A. Group                                                                                                                                                                            | 82  |
|------|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----|
| IV.  | Condensed           | consolidated<br>interim<br>financial<br>statements<br>of<br>the<br>MLP<br>Group<br>S.A.<br>Group for the six months ended 30 June 2025                                                                                            | 85  |
|      |                     | Authorisation of the condensed consolidated interim financial statements                                                                                                                                                          | 86  |
|      |                     | Condensed consolidated interim statement of profit or loss and other comprehensive                                                                                                                                                | 87  |
|      |                     | Condensed consolidated interim statement of financial position                                                                                                                                                                    | 88  |
|      |                     | Condensed consolidated interim statement of cash flows                                                                                                                                                                            | 89  |
|      |                     | Condensed consolidated interim statement of changes in equity                                                                                                                                                                     | 90  |
|      |                     | Notes to the condensed consolidated interim financial statements                                                                                                                                                                  | 92  |
|      | 1.                  | General information                                                                                                                                                                                                               | 92  |
|      | 1.1                 | The Parent                                                                                                                                                                                                                        | 92  |
|      | 1.2                 | The Group                                                                                                                                                                                                                         | 92  |
|      | 1.3                 | Changes in the Group                                                                                                                                                                                                              | 95  |
|      | 1.4                 | Shareholding structure of the Parent                                                                                                                                                                                              | 95  |
|      | 1.4. 1              | Shareholders holding, directly or through subsidiaries, 5% or more of total voting rights in the<br>Company;<br>holdings<br>of<br>Company<br>shares<br>by<br>members<br>of<br>the Management<br>Board<br>and<br>Supervisory Board | 95  |
|      | 1.4. 2              | Shares and rights to shares of the Parent held by members of management and supervisory<br>bodies                                                                                                                                 | 96  |
|      | 2.                  | Basis of accounting used in preparing condensed consolidated interim financial statements                                                                                                                                         | 97  |
|      | 2.1                 | Statement of compliance                                                                                                                                                                                                           | 97  |
|      | 2.2                 | Basis of accounting used in preparing condensed consolidated interim financial statements                                                                                                                                         | 97  |
|      | 2.2                 | Basis of accounting used in preparing condensed consolidated interim financial statements                                                                                                                                         | 97  |
|      | 2.3                 | Functional currency and presentation currency of the financial statements; rules applied to<br>translate financial data                                                                                                           | 97  |
|      | 2.3. 1              | Functional currency and presentation currency                                                                                                                                                                                     | 97  |
|      | 2.3. 2              | Rules applied to translate financial data                                                                                                                                                                                         | 97  |
|      | 2.4                 | Use of estimates and judgements                                                                                                                                                                                                   | 98  |
|      | 3.                  | Segment reporting                                                                                                                                                                                                                 | 98  |
|      | 4.<br>Revenue       |                                                                                                                                                                                                                                   | 102 |
|      | 5.<br>Other income  |                                                                                                                                                                                                                                   | 103 |
|      | 6.                  | Other expenses                                                                                                                                                                                                                    | 103 |
|      | 7.                  | Distribution costs and administrative expenses                                                                                                                                                                                    | 104 |
|      | 8.                  | Finance income and costs                                                                                                                                                                                                          | 105 |
|      | 9.<br>Income tax    |                                                                                                                                                                                                                                   | 106 |
|      | 10.                 | Property, plant and equipment                                                                                                                                                                                                     | 108 |
|      | 11.                 | Investment property                                                                                                                                                                                                               | 110 |
|      | 11.1                | Fair value of the Group's investment property                                                                                                                                                                                     | 113 |
|      | 11.2                | FSignificant assumptions adopted by independent expert appraisers for existing buildings and<br>construction in progress; analysis of sensitivity of existing building valuations to yield<br>changes                             | 114 |
|      | 12.<br>Deferred tax |                                                                                                                                                                                                                                   | 117 |

MLP Group S.A. • Half-year report for the 6-month period ended June 30, 2025 **Contents**

| 13.                                                                                                       | Investments and other investments                                                                          | 119        |  |  |
|-----------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------|------------|--|--|
| 13.1                                                                                                      | Change in financial assets attributable to financing and other activities                                  | 119        |  |  |
| 14.                                                                                                       | Other non-current assets                                                                                   | 120        |  |  |
| 15.                                                                                                       | Trade and other receivables                                                                                |            |  |  |
| 16.                                                                                                       | Cash and cash equivalents                                                                                  | 120<br>121 |  |  |
| 17.                                                                                                       | Notes to the condensed consolidated interim statement of cash flows                                        | 122        |  |  |
| 17.1                                                                                                      | Cash flows from borrowings                                                                                 | 122        |  |  |
| 17.2                                                                                                      | Change in receivables                                                                                      | 123        |  |  |
| 17.3                                                                                                      | Change in current and other liabilities                                                                    | 123        |  |  |
| 18.<br>Equity                                                                                             |                                                                                                            | 123        |  |  |
| 18.1                                                                                                      | Share capital                                                                                              | 123        |  |  |
| 19.                                                                                                       | Earnings and dividend per share                                                                            | 124        |  |  |
| 20.                                                                                                       | Borrowings, other debt instruments and other liabilities                                                   | 125        |  |  |
| 20.1                                                                                                      | Non-current liabilities                                                                                    | 125        |  |  |
| 20.2                                                                                                      | Current liabilities                                                                                        | 125        |  |  |
| 20.3                                                                                                      | Change in financial liabilities attributable to financing activities                                       | 126        |  |  |
| 20.4                                                                                                      | Liabilities under bonds                                                                                    | 128        |  |  |
| 20.4.1                                                                                                    | Liabilities under bonds as at 30 June 2025                                                                 | 128        |  |  |
| 20.4.2                                                                                                    | Liabilities under bonds as at 31 December 2024                                                             | 128        |  |  |
| 20.5                                                                                                      | Bank borrowings secured against the Group's assets                                                         | 129        |  |  |
| 20.5.1                                                                                                    | As at 30 June 2025*                                                                                        | 129        |  |  |
| 20.5.2                                                                                                    | As at 31 December 2024                                                                                     | 130        |  |  |
| 21.                                                                                                       | Employee benefit obligations                                                                               | 131        |  |  |
| 22.                                                                                                       | 131<br>Trade and other payables                                                                            |            |  |  |
| 23.                                                                                                       | 132<br>Financial instruments                                                                               |            |  |  |
| 23.1                                                                                                      | Measurement of financial instruments                                                                       | 132        |  |  |
| 23.1. 1                                                                                                   | Financial assets                                                                                           | 133        |  |  |
| 23.1. 2                                                                                                   | Financial liabilities                                                                                      | 134        |  |  |
| 23.2                                                                                                      | Other disclosures relating to financial instruments                                                        | 134        |  |  |
| 23.3                                                                                                      | Maturity of borrowings, derivatives, bonds and other non-current and current liabilities                   | 135        |  |  |
| 24.                                                                                                       | Contingent liabilities and security instruments                                                            | 136        |  |  |
| 25.                                                                                                       | Related-party transactions                                                                                 | 136        |  |  |
| 25.1                                                                                                      | Trade and other receivables and payables                                                                   | 136        |  |  |
| 25.2                                                                                                      | Loans and borrowings                                                                                       | 137        |  |  |
| 25.3                                                                                                      | Income and expenses                                                                                        | 137        |  |  |
| 26.                                                                                                       | Significant litigation and disputes                                                                        | 139        |  |  |
| 26.1                                                                                                      | Pruszków District Governor (starosta)                                                                      | 139        |  |  |
| 27.                                                                                                       | Significant events during and subsequent to the reporting period                                           | 139        |  |  |
| 27.1                                                                                                      | Impact of the political and economic situation in Ukraine on the operations of the MLP Group<br>S.A. Group | 139        |  |  |
| 28.<br>Variable remuneration and remuneration paid to members of management and supervisory bodies<br>140 |                                                                                                            |            |  |  |
| 141<br>29.<br>Employees                                                                                   |                                                                                                            |            |  |  |

| V. | Interim<br>condensed<br>separate<br>financial<br>statements<br>for<br>the<br>six<br>months<br>ended<br>30<br>142<br>June 2025 |                                                                                                                         |     |
|----|-------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------|-----|
|    |                                                                                                                               | Authorisation of the interim condensed separate financial statements for issue                                          | 143 |
|    |                                                                                                                               | Interim Condensed Separate statement of profit or loss and other comprehensive income                                   | 144 |
|    |                                                                                                                               | Interim Condensed Separate statement of financial position                                                              | 145 |
|    |                                                                                                                               | Interim Condensed Separate statement of cash flows                                                                      | 146 |
|    |                                                                                                                               | Interim Condensed Separate statement of changes in equity                                                               | 147 |
|    |                                                                                                                               | Notes to the interim condensed separate financial statements                                                            | 148 |
|    |                                                                                                                               | 1. General information                                                                                                  | 148 |
|    | 1.1                                                                                                                           | MLP Group S.A.                                                                                                          | 148 |
|    | 1.2                                                                                                                           | MLP Group S.A. Group                                                                                                    | 148 |
|    | 1.3                                                                                                                           | Management Board                                                                                                        | 149 |
|    | 1.4                                                                                                                           | Supervisory Board                                                                                                       | 149 |
|    |                                                                                                                               | 2. Basis of accounting used in preparing the separate financial statements                                              | 149 |
|    | 2.1                                                                                                                           | Statement of compliance                                                                                                 | 149 |
|    | 2.2                                                                                                                           | Basis of accounting                                                                                                     | 149 |
|    | 2.3                                                                                                                           | Functional currency and presentation currency of the financial statements; rules<br>applied to translate financial data | 150 |
|    | 2.3. 1                                                                                                                        | Functional currency and presentation currency                                                                           | 150 |
|    | 2.3. 2                                                                                                                        | Rules applied to translate financial data                                                                               | 150 |
|    | 2.4                                                                                                                           | Use of estimates and judgements                                                                                         | 150 |
|    | 3. Segment reporting                                                                                                          |                                                                                                                         | 150 |
|    | 3.1                                                                                                                           | Key customers of the Company                                                                                            | 151 |
|    | 4. Revenue                                                                                                                    |                                                                                                                         | 152 |
|    | 5. Other income                                                                                                               |                                                                                                                         | 152 |
|    | 6. Other expenses                                                                                                             |                                                                                                                         | 152 |
|    |                                                                                                                               | 7. Operating expenses                                                                                                   | 153 |
|    |                                                                                                                               | 8. Finance income and costs                                                                                             | 153 |
|    | 9. Income tax                                                                                                                 |                                                                                                                         | 154 |
|    |                                                                                                                               | 10. Non-current financial assets in related entities                                                                    | 155 |
|    |                                                                                                                               | 11. Long-term investments                                                                                               | 157 |
|    |                                                                                                                               | 12. Change in financial assets attributable to financing and other activities                                           | 157 |
|    | 13. Deferred tax                                                                                                              |                                                                                                                         | 158 |
|    |                                                                                                                               | 14. Trade and other receivables                                                                                         | 159 |
|    |                                                                                                                               | 15. Cash and cash equivalents                                                                                           | 159 |
|    | 16. Equity                                                                                                                    |                                                                                                                         | 160 |
|    | 16.1                                                                                                                          | Share capital                                                                                                           | 160 |
|    | 16.1. 1                                                                                                                       | Shareholders holding directly, or by subsidiares, at least 5% of total voting rights in the<br>Company                  | 161 |
|    | 16.1. 2                                                                                                                       | Shares and rights to shares of MLP Group S.A. held by members of management and<br>supervisory bodies                   | 161 |
|    | 16.2                                                                                                                          | Capital reserve                                                                                                         | 162 |

| 17. Earnings per share |                                                                                                | 162 |
|------------------------|------------------------------------------------------------------------------------------------|-----|
|                        | 18. Non-bank borrowings and other debt instruments                                             | 162 |
| 18.1                   | Non-current liabilities                                                                        | 162 |
| 18.2                   | Current liabilities                                                                            | 163 |
| 18.3                   | Change in financial liabilities attributable to financing and other activities                 | 163 |
| 18.4                   | Liabilities under bonds                                                                        | 164 |
| 18.5                   | Non-bank borrowings not secured on the Company's assets                                        | 164 |
|                        | 19. Employee benefit obligations                                                               | 167 |
|                        | 20. Trade and other payables                                                                   | 167 |
|                        | 21. Financial instruments                                                                      | 168 |
| 21.1                   | Measurement of financial instruments                                                           | 168 |
| 21.1. 1                | Financial assets                                                                               | 168 |
| 21.1. 2                | Financial liabilities                                                                          | 169 |
| 21.2                   | Maturity of loans and bonds                                                                    | 170 |
|                        | 22. Contingent liabilities and security instruments                                            | 170 |
|                        | 23. Related-party transactions                                                                 | 170 |
| 23.1                   | Trade and other receivables and payables                                                       | 170 |
| 23.2                   | Loans and non-bank borrowings                                                                  | 174 |
| 23.3                   | Income and expenses                                                                            | 178 |
| 24.                    | Significant litigation and disputes                                                            | 183 |
| 25.                    | Significant events during and subsequent to the reporting period                               | 183 |
| 25.1                   | Impact of the political and economic situation in Ukraine on the business of MLP<br>Group S.A. | 183 |
| 26.                    | Remuneration paid or due to Management and Supervisory Board members                           | 183 |
| 27. Employees          |                                                                                                | 184 |
|                        | 28. Information about the entity authorized to audit financial statements                      | 185 |
|                        |                                                                                                |     |

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**I. Letter from President & CEO to Shareholders**

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MLP Group S.A. • Half-year report for the 6-month period ended June 30, 2025

# *Dear Fellow Shareholders,*

**Over the past 25 years, we have acted prudently and pragmatically while maintaining a high degree of flexibility, which further highlights the resilience to the changing and precarious economic environment and durability of the MLP Group S.A. business.**

I would say nobody can predict the future - in fact, I consider the phrase "analyse the future" one of the great oxymorons. The future has not yet been created, and it is subject to many complex, unquantifiable, and unknowable factors that will always be in flux. You can ponder the future and speculate about it, but there is nothing to analyse and certainly there was not in the recent months.

There is no such thing as foreknowledge here, just complexity and uncertainty, and we must accept that as true. This means that if we insist on achieving certainty or even confidence as a precondition for action, we will be frozen into inaction. If we conclude we have reached decisions with certainty or confidence, we will probably be mistaken. We must make our decisions in the absence of those things.

**At MLP Group we are combining growth with moderate risk, predominantly by focusing on projects in the core urban areas, attracting top quality tenants.**

**predominantly increasing our position in the markets we operate and utilising our current development potential/land bank.** In the last months, we invested carefully, Our long-term growth strategy is focused on City Logistic projects as economic resilient assets.

**1H2025 was a stable time for us.As at 25 August 2025 we leased 159 353 sqm of industrial space, including 101 784 sqm of new contract (76 157 sqm signed, 25 627 sqm to be signed by the end of August 2025).**

In the first half of 2025, MLP Group initiated new developments and continued ongoing construction, launching a total of 275 447 sqm of new projects:

**MLP Berlin Spreenhagen (38 850 sqm leasable area), construction started 1Q 2025.**  l

The project is located 1 km from A12 motorway connecting Berlin and Frankfurt (Oder), 13 km from Tesla Gigafactory, 40 km from Berlin Brandenburg Airport

**MLP Business Park Schalke** (67 824 sqm leasable area), construction started 1Q 2025. l

The demand to lease the area is higher than we expected. MLP Business Park Schalke impresses with its central location in the middle of the Ruhr conurbation, with direct access to highways. There are four airports within a radius of 100 km. More than 3,300 companies from 27 different industries develop, manufacture and refine products in Gelsenkirchen as a business location.

- **MLP Business Park Łódź**(28 327 sqm leasable area), l
	- **41%** pre-leased, construction completed in July 2025.
- **MLP Pruszków II** (Warsaw area, 40 021 sqm leasable area), l
	- **100%** pre-leased, construction started 2Q 2025.
- **MLP Business Park Poznań** (15 289 sqm leasable area). MLP Business Park Poznań is an urban project located close to the center of Poznań l
	- **18%** leased, construction completed in July 2025.
- **MLP Bucharest West** (3rd phase, 20 337 sqm leasable area), l
	- **100%** leased, construction started 1Q 2025.
- Other continued projects:**MLP PoznańWest** (33 848 sqm leasable area), l
	- **94%** leased, project is expected to be completed by Q3 2025,
- **MLP Business Park Vienna** => 54 411 sqm leasable area, **50%** leased with **25%** higher rentals than expected. MLP Business Park Vienna is another urban location, situated not far from the city centre of Vienna. l

# **All those projects will strengthen our position across all core markets.**

In my parlance, the value of the asset is derived from its "fundamentals". The fundamentals of assets encompass a great many things. These includes its current earnings/NOI, its earnings power in the future, the steadiness or variability of its future earnings, its potential to develop and competitive landscape and the myriad additional factors influencing the future. Together, an asset's current earnings, plus the its power to produce earnings in future, constitute MLP Group fundamentals and long-term earning power => **all MLP Group assets are located in the core urban areas across core European markets, leased to top tenants.**

# **Highlights of the industrial & logistic market:**

The industrial and logistics sector in 2025 is expected to see cautious optimism in Poland and Germany, with continued growth fueled by economic expansion and a focus on process optimization. Key trends include increased lease renewals, developers prioritizing high-quality, user-specific projects, and a gradual re-entry of investors.

- **Economic Growth:** Projected economic growth will support supply & demand within the sector l
- **Cautious Optimism:** European (incl Polish and German) market is expected to remain strong, but businesses are approaching growth with a degree of caution, focusing on optimizing processes and reletting. l
- **Lease Renewals:** A significant portion of leasing activity is driven by lease renewals, indicating a preference for existing spaces and a focus on stability. l
- **Developer Strategy:** Developers are scaling back speculative construction, focusing instead on high-quality, user-specific solutions in markets with limited availability, l
- <sup>l</sup> **Yields: still waiting for the turn: Anticipated yield compression did not materialize in 1H2025 as expected at the beginning of the year.** Instead, prime yields remained flat across virtually all sectors and nearly all European jurisdictions. This stability reflects two key factors: first, the ECB's eight consecutive rate cuts over the past year, from 4% to 2%, have not fully translated into improved financing conditions or lower yields as initially expected. Second, the ongoing lack of transaction activity continues to mute pricing movements and delay any market repricing.

**Looking ahead, as investor confidence gradually returns and activity picks up, a slow and selective compression of prime yields is expected to emerge in the second half of the year, progressively extending across asset classes and European markets (incl. Poland and Germany).**

# **I. Main MLP Group 1H 2025 highlights include:**

|                           | 1H 2025<br>mln PLN | 1 H 2024<br>mln PLN | %<br>change | 2H 2024<br>mln PLN | %<br>change |  |
|---------------------------|--------------------|---------------------|-------------|--------------------|-------------|--|
| Revenues                  | 207,1              | 187,7               | 10%         | 184,7              | 12%         |  |
| Net profit/ loss          | 79,2               | 281,6               | -72%        | 90,5               | -13%        |  |
| EBITDA                    | 106,2              | 99,1                | 7%          | 86,4               | 23%         |  |
| EPRA Earnings             | 30,2               | 58,3                | -48%        | 22,4               | 35%         |  |
| FFO                       | 31,5               | 40,9                | -23%        | 6,4                | 389%        |  |
| Net Debt/ EBITDA          | 12,0               | 9,5                 | 27%         | 13,8               | -13%        |  |
| Net Debt/ Run Rate EBITDA | 9,9                | 9,0                 | 10%         | 10,3               | -4%         |  |
| Vacancy rate              | 5,8%               | 8,7%                |             | 4,8%               |             |  |

*EBITDA is calculated without revaluation.* 

|                           | 1H 2025<br>mln EUR | 1 H 2024<br>mln EUR | %<br>change | 2H 2024<br>mln EUR | %<br>change |  |
|---------------------------|--------------------|---------------------|-------------|--------------------|-------------|--|
| Revenues                  | 49,1               | 43,5                | 13%         | 43,0               | 14%         |  |
| Net profit/loss           | 18,8               | 65,3                | -71%        | 21,1               | -11%        |  |
| EBITDA                    | 25,2               | 23,0                | 9%          | 20,1               | 25%         |  |
| EPRA Earnings             | 7,2                | 13,5                | -47%        | 5,2                | 38%         |  |
| FFO                       | 7,5                | 9,5                 | -21%        | 1,5                | 399%        |  |
| Net Debt/ EBITDA          | 11,9               | 9,5                 | 26%         | 13,9               | -14%        |  |
| Net Debt/ Run Rate EBITDA | 9,8                | 8,9                 | 10%         | 10,3               | -5%         |  |
| Vacancy rate              | 5,8%               | 8,7%                |             | 4,8%               |             |  |

*EBITDA is calculated without revaluation.* 

|                              | 1H 2025<br>mln PLN | YE 2024<br>mln PLN | %<br>change | 1H 2025<br>mln EUR | YE 2024<br>mln EUR | %<br>change |  |
|------------------------------|--------------------|--------------------|-------------|--------------------|--------------------|-------------|--|
| Gross Assets Value (GAV)     | 5 832,4            | 5 519,4            | 6%          | 1 374,6            | 1 291,7            | 6%          |  |
| Net Assets Value (NAV)       | 2 817,8            | 2 746,2            | 3%          | 664,3              | 642,7              | 3%          |  |
| NAV per share [PLN/EUR]      | 117,4              | 114,4              | 3%          | 27,7               | 26,8               | 3%          |  |
| EPRA NRV                     | 2 815,8            | 2 737,4            | 3%          | 663,8              | 640,6              | 4%          |  |
| EPRA NTA per share [PLN/EUR] | 117,3              | 114,1              | 3%          | 27,7               | 26,7               | 4%          |  |
| LTV                          | 43,3%              | 42,9%              |             | 43,3%              | 42,9%              |             |  |

In 1H 2025 we increased all financial indicators by double digits compared to 1H2024 and 2H2024, which **confirms the linear, long-term by double digits in EUR growth of the business (revenues, EBITDA, EPRA earnings) while keeping vacancy rate at approx. 5%.**

**Most importantly, in 1H 2025 we started to increase EPRA earnings in 1H2025 vs 2H2024.**

**In 1H 2025, MLP Group leased 159 353 sqm of industrial space, including 101 784 sqm of new contracts), delivering approx. 93 thousand sqm at a Yield on Cost ("YoC") of 11,5% with a 83% leased area at completion, bringing the Group's standing portfolio to 1.5 million sqm of GLA.**

New annualized rentals and renewals from contracts signed in 1H 2025 will translate into PLN 30.8 million growth in 2025 onwards (+10% vs. 2024 revenues).

In 1H2025, portfolio Yields stayed unchanged, NAV growth was generated by the signed new lease contracts, which will translate into 2H2025/2026 revenues and EBITDA growth.

As of 30 June 2025, projects under construction totaled 275 thousand sqm, with a potential rental income of EUR 25.7 million when fully leased and an expected minimum YoC of 11.5%.

**MLP Group's landbank amounts 248 ha, of which 96 ha are owned and 152 ha are pre-contract agreements.** This landbank secures substantial future growth potential for MLP Group, around the existing business parks in **the core urban areas.** 

# **II. Strong cash flow generating portfolio**

### **MLP Group's portfolio WAULT stood at about 8.0 years.**

MLP Group has a stable occupancy rate at 95%.

Rent collection levels stood at 99% with no deterioration in payment profile. Customer relationship management helps us develop long-term partnerships lasting even over 20 years with the retention rate of approx. 99%.

**With approximately 195 tenants, MLP Group has a wide and diversified international tenant base, consisting of blue-chip companies with strong credit ratings. MLP Group's tenants represent a broad range of industries, including manufacturing, high-tech, automotive, e-commerce, retail, wholesale, and third-party logistics. Our tenants represent a 1 or 2 Dun & Bradstreet rating which exhibits high attention we place on client quality and credit rating.** 

The quality and location of our portfolio is important to our tenants, but in our DNA we believe the high level of service we provide is crucial to maintaining high tenants' retention levels and satisfaction. According to our continuous satisfaction survey, 96% (increase by +1% vs. 2024) of tenants said that hey considered MLP Group as their most professional business partner.

![](_page_12_Picture_11.jpeg)

# **III. Investment properties**

**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.**

As of 30 June 2025, Gros Assets Value (GAV) reached PLN 5 832.4 million (+6 % vs. 31 December 2024), EUR 1 374.9 million (+6% vs. 31 December 2024). As of 30 June 2025, projects under construction totalled 275 thousand sqm, with a potential rental income of EUR 25.7 million when fully leased and an expected YoC minimum of 11.5%.

![](_page_13_Figure_4.jpeg)

### **GROSS ASSET VALUE (IN MN EUR)**

*Gross Asset Value represents the value of our investment properties and Property, plant and equipment as recognized in the Group's accounting records and financial statements in accordance with IFRS, not including residential properties and perpetual usufruct.*

# **MLP Group's Portfolio is valued in EUR and for the presentation in Financial Statement is translated into PLN with the exchange rate (EUR/PLN) at the balance date.**

PLN strengthening against the EUR has had an adverse impact on the value of our investment property. Due to the strengthening of PLN in the reporting period - as at December 31, 2024 EUR 1 = PLN 4.2730 as of the reporting date of June 30, 2025 EUR 1 = PLN 4.2419, a decrease of PLN 0.0311 (-1%). As a consequence, the value of our investment properties decreased by PLN 40.2 million.

### **NET ASSETS VALUE (IN MN EUR)**

Net Assets Value (NAV) reached PLN 2 817.8 million (+3% vs. 31 December 2024), EUR 664.3 million (+3% vs. 31 December 2024).

![](_page_13_Figure_11.jpeg)

### **NAV CONTRIBUTION (IN MN PLN)**

![](_page_14_Figure_2.jpeg)

**In 1H 2025, portfolio Yields stayed unchanged,** NAV growth (gain on revaluation of investment properties) was generated by the signed new lease contracts.

### **YIELD ON EXISTING PORTFOLIO (LFL PROJECTS)**

|                    | 1H 2025 | YE 2024 | change % | change bps |  |
|--------------------|---------|---------|----------|------------|--|
| Reversionary Yield | 6,35%   | 6,40%   | -0,05%   | -5 bps     |  |
| Poland             | 6,58%   | 6,54%   | 0,04%    | 4 bps      |  |
| Germany            | 5,20%   | 5,22%   | -0,02%   | -2 bps     |  |
| Romania            | 7,75%   | 7,75%   | 0,00%    | 0 bps      |  |
| Austria*           | 5,29%   | n/a     | n/a      | n/a        |  |

*\*As at Decwmber 31, 2024 the project in Austria was under construction.*

# **Yields: still waiting for the turn: Anticipated yield compression did not**

as expected at the beginning of the year. Instead, prime yields remained flat across virtually all sectors and nearly all European jurisdictions. This stability reflects two key factors: first, the ECB's eight consecutive rate cuts over the past year, from 4% to 2%, have not fully translated into improved financing conditions or lower yields as initially expected. Second, the ongoing lack of transaction activity continues to mute pricing movements and delay any market repricing. **materialize in 1H 2025**

**Looking ahead, as investor confidence gradually returns and activity picks up, a slow and selective compression of prime yields is expected to emerge in the second half of the year, progressively extending across asset classes and European markets (incl. Poland and Germany).**

# **Our total portfolio reached 1.5 million sqm of GLA.**

As of 30 June 2025, our portfolio generated rental income of PLN 111.5 million. During the year, we contracted PLN 30.8 million of new rent.

|         | Rental income<br>in PLN ths | Rental income<br>in EUR ths | Average exchange<br>rate in the period | Revenue at the average<br>exchange rate from<br>1H 2024 |
|---------|-----------------------------|-----------------------------|----------------------------------------|---------------------------------------------------------|
| 1H 2024 | 108 546                     | 25 179                      | 4,3109                                 | 108 546                                                 |
| 1H 2025 | 111 549                     | 26 428                      | 4,2208                                 | 113 930                                                 |

### **RENTAL INCOME (IN THS PLN AND THS EUR)**

Rental income increased by 3% in 1H 2025 compared to 1H 2024. The agreements concluded by the Group's Companies are in EUR or denominated in EUR. Therefore, eliminating the impact of negative exchange rate differences, revenue in EUR increased by 5% in 1H 2025 compared to 1H 2024.

# **When converted at a fixed exchange rate (the average rate from 1H 2024), rental income for 1H 2025 would amount to 113,930 thousand PLN.**

Existing portfolio continues to perform well – none of MLP Group's tenants ran into insolvency or significant liquidity problems - very restrictive and conservative tenants' acceptance policy brings sufficient level of comfort for economic slowdown.

![](_page_15_Figure_6.jpeg)

### **ANNUALIZED FUTURE RENTAL INCOME BASED ON ALL SIGNED CONTRACTS IN 1H 2025 (IN MN PLN)**

- l PLN 270.5 million of rent from existing assets from contracts signed before 2024.
- l New annualized rentals and renewals from contracts signed in 1H 2025 will translate into PLN 30.8 million growth in 2025 onwards (+10% vs. 2024 revenues).

# **IV. Financial standing of MLP Group**

In line with our conservative financial approach, MLP Group benefits from a solid liquidity position to fund its growth ambitions, with a fixed cost of debt and conservative repayment profile. Considering the current geopolitical situation and high volatility in the economy, we are very well prepared for the current challenges.

**In the coming years we shall pivot to corporate debt vs bank financing, increasing the portfolio of unencumbered assets vs those finance by banks. We intend to enter global debt market in early 2026.**

### 1H 2025 MLP Group liquidity position stood at **EUR 75 million (cash and cash equivalents).**

Additional financial highlights:

- <sup>l</sup> **MLP Group fully passes inflation to tenants through rental revenues;** 100% lease agreements indexed with CPI for EUR without any cap =
- l All rentals are denominated in EUR or are directly expressed in EUR, which significantly reduces our exposure to fluctuations in exchange rates;
- l Almost 85% of loans and bonds are hedged with IRS for the next 3.5years, resulting in limited interest rates' exposure;
- l 99% rent collection (collection reached within 60 days) across our portfolio;
- l Strong cash flow position:
	- m LTV at 43.3%, with in the interest coverage ratio at 1.6 x ICR;
	- m Long debt maturity ratio of 3.5 years.

![](_page_16_Picture_13.jpeg)

### **RUN RATE EBITDA (IN MN EUR)**

![](_page_17_Figure_2.jpeg)

*Run-Rate EBITDA represents (i) EBITDA before revaluation plus (ii) run-rate contribution of lease agreements entered into prior to June 30, 2025, which started generating revenue in the twelve months ended June 30, 2025, but whose impact was not reflected fully in the results for the twelve months ended June 30, 2025, plus (iii) run-rate contribution of new lease agreements entered into prior to June 30, 2025, which have not started generating revenue in the twelve months ended June 30, 2025, but which are expected to start generating revenue after reporting date (2025 onwards).*

![](_page_17_Figure_4.jpeg)

### **RUN RATE ICR (2025)**

*\*ICR based on Run-Rate EBITDA from committed leases starting in 2025*

The strong growth of the Interest Coverage Ratio (ICR) based on run-rate EBITDA is a positive indicator of financial health of MLP Group, reflecting a property's or portfolio's improved ability to cover interest obligations from its operating income and enhance financial stability of MLP Group.

# **V. PV/Solar energy**

**MLP Group is consistently developing its renewable energy segment, strengthening its green transformation strategy.** 

**As at 1H 2025, the total installed capacity of PV/solar installations reached 8.7 MWp, including 5.9 MWp in Poland and 2.8 MWp in Germany, Austria, and Romania.**

In the 2H 2025, 4.49 MWp of new PV/solar installations are planned to be commissioned:

- MLP Lublin (950 kWp), l
- MLP Pruszków I (950 kWp), l
- MLP Business Park Vienna (590 kWp), l
- MLP Bucharest West (1,000 kWp), l
- Additionally installation in MLP Gorzów (1,000 kWp). l

Further projects will be completed in 2026, including MLP Pruszków II (1.5 MW of the target 6 MW), as well as smaller installations in MLP Poznań, MLP Czeladź, MLP Gliwice, MLP Łódź, and MLP Zgorzelec. **By 2028, all investments included in the development plan will be fully operational.**

![](_page_18_Figure_11.jpeg)

## **SOLAR PANELS REVENUE: ACTUAL AND FORECAST (IN THS EUR)**

![](_page_18_Picture_13.jpeg)

# **MLP Group plans for 2H2025**

# **Our growth strategy is focused on the development of City Logistic projects across Europe as an economic resilient assets.**

MLP Group continued its disciplined capital allocation in its highly profitable pipeline as the demand stays stable. In 2025, we plan to deliver approx. 250–300 ths sqm. In addition.

## We will continue our development in Germany and Austria, where we are systematically increasing our portfolio of projects. We plan to further strengthen our presence in the regions where we are already present i.e. Vienna, North Rhine-Westphalia, Brandenburg and Hessen and put our feet in Bavaria, **where we are intending to acquire our first plot in 4Q 2025 (Munich metropolitan area) and Hamburg area. In 2025, projects in Austria and Germany shall contribute to over 50% of total MLP Group leasing results for the first time.**

We shall lease out our first projects in V**ienna (where leased exceeded 50% with 25% higher rentals than expected), MLP Berlin Spreenhagen and MLP Business Park Schalke,** where demand is higher than we expected. In 4Q 2025 we shall ensure the completion of the construction of **MLP Idstein** (Frankfurt am Main area) (18 839 sqm).

Poland is our key market – and we will continue our development. In 2H2025, we are expected to start development of the following new projects **MLP Bieruń West (20 000 sqm), MLP Rzeszów (40 000 sqm with 35% prelease) and MLP Pruszków II (32 000 sqm with 50 % prelease) and MLP Business Park Poznań 2nd phase and**  nd **MLP Łódź**(2 phase 37 918 sqm leasable area) => 75% leased.

We are planning to acquire additional plot in Warsaw to further increase our position in the Warsaw market.

### where MLP Bucharest **We will continue further expansion of our business in Romania,**

played a significant role in our 2025 growth. We are seeing gradual increase in leasing in MLP Bucharest West, predominantly by Polish and European light industry tenants.

Growth will be further boosted by lower construction costs, which have largely returned to pre-covid levels, which should further increase our profitability.

# **Urban/City logistics projects (MLP Business Park) will be in our focus in 2025 and**

being a high growth potential, high profitability and resilient to economic downturns projects. Our 2028 target is to reach 30% value of Urban/City logistic projects to the total MLP Group portfolio GAV. **onwards**

![](_page_19_Picture_13.jpeg)

![](_page_19_Picture_14.jpeg)

# **In closing**

In paradox, the recent Covid pandemic contributed to a rising economic tide that truly lifted all boats among industrial companies. Some companies did better than others, undoubtedly, but virtually everyone experienced an improved situation

Our parks are located in core urban areas where there are academic centres, access to qualified staff, our projects are equipped with very good infrastructure, including access to energy and all these elements defines attractiveness and durability of our projects.

**The greatest value of an MLP Group is not only its assets and their ability to generate earnings, but above all, its top-tier team across Europe, which I am extremely proud of.**

I would like to express my deep gratitude and appreciation to all team members. From this letter, I hope shareholders and all readers gain an appreciation for the tremendous character and capabilities of MLP Group's team and I hope you are as proud of them as I am.

> **Radosław T. Krochta** President & CEO of MLP Group

![](_page_20_Picture_7.jpeg)

![](_page_21_Picture_0.jpeg)

**II. Management Board's on the activitiesof the MLP Group S.A. Group In the six mounths ended 30 June 2025**

### **Management Board's on the activitiesof the MLP Group S.A. Group In the six mounths ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

# Authorisation by the MLP Group S.A. Management Board Management Board's report on the activities of the MLP Group S.A. Group in the six months ended 30 June 2025

This Management Board's report on the activities of the MLP Group S.A. Group in the six months ended 30 June 2025 was prepared and authorised for issue by the Management Board of MLP Group S.A. on 25 August 2025.

*Signed with qualified electronic signature.*

*Pruszków, 25 August 2025*

![](_page_22_Picture_5.jpeg)

# Introduction

MLP Group S.A. (the "Company", the "Issuer", the "Parent") is the parent of the MLP Group S.A. Group (the "Group").

The Company is entered in the National Court Register maintained by the District Court for the Capital City of Warsaw, 14th Commercial Division of the National Court Register, under No. 0000053299. The Company's registered office is located at ul. 3-go Maja 8, 05-800 Pruszków, Poland.

The Company was established on 18 February 1995 (based on a deed of transformation) and was incorporated for an indefinite term.

The Parent and its subsidiaries are engaged in business activities that include the development, purchase, and sale of their own real estate, lease of own real estate, managing both residential and non-residential real estate, and offering general building construction services. The code of the principal business activity according to the Polish Classification of Business Activities (PKD) is: 7032Z, i.e. property management services.

The majority shareholder in MLP Group S.A. is CAJAMARCA HOLLAND B.V. of the Netherlands, registered address: Locatellikade 1, 1076 AZ Amsterdam.

The Group's ultimate parent is The Israel Land Development Company Ltd. of Tel Aviv, Israel, whose shares are listed on the Tel Aviv Stock Exchange.

![](_page_23_Picture_8.jpeg)

# **1. General information on the Group and MLP Group S.A.**

### **1. 1 Structure of the Group**

As at 30 June 2025, the Group consisted of the following entities:

| No. | Entity                                                     | Country of<br>registration | Parent's direct and<br>indirect interest in equity | Parent's direct and<br>indirect interest in<br>voting rights |
|-----|------------------------------------------------------------|----------------------------|----------------------------------------------------|--------------------------------------------------------------|
| 1   | MLP Pruszków I Sp. z o.o.                                  | Poland                     | 100%                                               | 100%                                                         |
| 2   | MLP Pruszków II Sp. z o.o.                                 | Poland                     | 100%                                               | 100%                                                         |
| 3   | MLP Pruszków III Sp. z o.o.                                | Poland                     | 100%                                               | 100%                                                         |
| 4   | MLP Pruszków IV Sp. z o.o.                                 | Poland                     | 100%                                               | 100%                                                         |
| 5   | MLP Poznań Sp. z o.o.                                      | Poland                     | 100%                                               | 100%                                                         |
| 6   | MLP Lublin Sp. z o.o.                                      | Poland                     | 100%                                               | 100%                                                         |
| 7   | MLP Poznań II Sp. z o.o.                                   | Poland                     | 100%                                               | 100%                                                         |
| 8   | MLP Spółka z ograniczoną<br>odpowiedzialnością SKA         | Poland                     | 100%                                               | 100%                                                         |
| 9   | Feniks Obrót Sp. z o.o.                                    | Poland                     | 100%                                               | 100%                                                         |
| 10  | MLP Property Sp. z o.o.                                    | Poland                     | 100%                                               | 100%                                                         |
| 11  | MLP Bieruń Sp. z o.o.                                      | Poland                     | 100%                                               | 100%                                                         |
| 12  | MLP Bieruń I Sp. z o.o.                                    | Poland                     | 100%                                               | 100%                                                         |
| 13  | MLP Sp. z o.o.                                             | Poland                     | 100%                                               | 100%                                                         |
| 14  | MLP Teresin Sp. z o.o.                                     | Poland                     | 100%                                               | 100%                                                         |
| 15  | MLP Business Park Poznań Sp. z o.o.                        | Poland                     | 100%                                               | 100%                                                         |
| 16  | MLP FIN Sp. z o.o.                                         | Poland                     | 100%                                               | 100%                                                         |
| 17  | LOKAFOP 201 Sp. z o.o.                                     | Poland                     | 100%                                               | 100%                                                         |
| 18  | LOKAFOP 201 Spółka z ograniczoną<br>odpowiedzialnością SKA | Poland                     | 100%                                               | 100%                                                         |
| 19  | MLP Wrocław Sp. z o.o.                                     | Poland                     | 100%                                               | 100%                                                         |
| 20  | MLP Gliwice Sp. z o.o.                                     | Poland                     | 100%                                               | 100%                                                         |
| 21  | MLP Business Park Berlin I LP Sp. z o.o.                   | Poland                     | 100%                                               | 100%                                                         |
| 22  | MLP Czeladź Sp. z o.o.                                     | Poland                     | 100%                                               | 100%                                                         |
| 23  | MLP Temp Sp. z o.o.                                        | Poland                     | 100%                                               | 100%                                                         |
| 24  | MLP Dortmund LP Sp. z o.o.                                 | Poland                     | 100%                                               | 100%                                                         |
| 25  | MLP Dortmund GP Sp. z o.o.                                 | Poland                     | 100%                                               | 100%                                                         |
| 26  | MLP Logistic Park Germany I Sp. z o.o. & Co. KG            | Germany                    | 100%                                               | 100%                                                         |
| 27  | MLP Poznań West II Sp. z o.o.                              | Poland                     | 100%                                               | 100%                                                         |
| 28  | MLP Bucharest West Sp. z o.o.                              | Poland                     | 100%                                               | 100%                                                         |
| 29  | MLP Bucharest West SRL                                     | Romania                    | 100%                                               | 100%                                                         |
| 30  | MLP Teresin II Sp. z o.o.                                  | Poland                     | 100%                                               | 100%                                                         |
| 31  | MLP Pruszków V Sp. z o.o.                                  | Poland                     | 100%                                               | 100%                                                         |
| 32  | MLP Germany Management GmbH                                | Germany                    | 100%                                               | 100%                                                         |
| 33  | MLP Wrocław West Sp. z o.o.                                | Poland                     | 100%                                               | 100%                                                         |
| 34  | MLP Business Park Berlin I GP Sp. z o.o.                   | Poland                     | 100%                                               | 100%                                                         |
| 35  | MLP Łódź II Sp. z o.o.                                     | Poland                     | 100%                                               | 100%                                                         |
| 36  | MLP Zgorzelec Sp. z o.o.                                   | Poland                     | 100%                                               | 100%                                                         |
| 37  | MLP Schwalmtal LP Sp. z o.o.                               | Poland                     | 100%                                               | 100%                                                         |
| 38  | MLP Schwalmtal GP Sp. z o.o.                               | Poland                     | 100%                                               | 100%                                                         |
| 39  | MLP Pruszków VI Sp. z o.o.                                 | Poland                     | 100%                                               | 100%                                                         |
| 40  | MLP Business Park Berlin I Sp. z o.o. & Co. KG             | Germany                    | 100%                                               | 100%                                                         |

| No. | Entity                                       | Country of<br>registration | Parent's direct and<br>indirect interest in equity | Parent's direct and<br>indirect interest in<br>voting rights |
|-----|----------------------------------------------|----------------------------|----------------------------------------------------|--------------------------------------------------------------|
| 41  | MLP Schwalmtal Sp. z o.o. & Co. KG           | Germany                    | 100%                                               | 100%                                                         |
| 42  | MLP Business Park Wien GmbH                  | Austria                    | 100%                                               | 100%                                                         |
| 43  | MLP Wrocław West I Sp. z o.o.                | Poland                     | 100%                                               | 100%                                                         |
| 44  | MLP Gelsenkirchen GP Sp. z o.o.              | Poland                     | 100%                                               | 100%                                                         |
| 45  | MLP Gelsenkirchen LP Sp. z o.o.              | Poland                     | 100%                                               | 100%                                                         |
| 46  | MLP Gelsenkirchen Sp. z o.o. & Co. KG        | Germany                    | 100%                                               | 100%                                                         |
| 47  | MLP Gorzów Sp. z o.o.                        | Poland                     | 100%                                               | 100%                                                         |
| 48  | MLP Idstein LP Sp. z o.o.                    | Poland                     | 100%                                               | 100%                                                         |
| 49  | MLP Idstein GP Sp. z o.o.                    | Poland                     | 100%                                               | 100%                                                         |
| 50  | MLP Idstein Sp. z o.o. & Co. KG              | Germany                    | 100%                                               | 100%                                                         |
| 51  | MLP Business Park Trebur GP Sp. z o.o.       | Poland                     | 100%                                               | 100%                                                         |
| 52  | MLP Business Park Trebur LP Sp. z o.o.       | Poland                     | 100%                                               | 100%                                                         |
| 53  | MLP Business Park Trebur Sp. z o.o. & Co. KG | Germany                    | 100%                                               | 100%                                                         |
| 54  | MLP Poznań West III Sp. z o.o.               | Poland                     | 100%                                               | 100%                                                         |
| 55  | MLP Łódź III Sp. z o.o.                      | Poland                     | 100%                                               | 100%                                                         |
| 56  | Feniks PV Sp. z o.o.                         | Poland                     | 100%                                               | 100%                                                         |
| 57  | MLP Bieruń West Sp. z o.o.                   | Poland                     | 100%                                               | 100%                                                         |
| 58  | MLP Wrocław South sp. z o.o.                 | Poland                     | 100%                                               | 100%                                                         |
| 59  | MLP Bieruń II Sp. z o.o.                     | Poland                     | 100%                                               | 100%                                                         |

On August 20, 2025, the company MLP SPV I Sp. z o.o. & Co. KG was registered. All shares in the newly established company are wholly owned by MLP Group S.A.

![](_page_25_Picture_3.jpeg)

### **1. 2 Principal business of the Company and the Group**

MLP Group is a leading European logistics platform specialising in the development, ownership and management of modern Class A multi-tenant warehouse and urban logistics facilities across our core markets of Poland, Germany, Austria and Romania. The Group's investment property portfolio represents one of Europe's most modern logistics platforms – with 90% of assets delivered within the past decade and over 60% completed in the past five years.

Our logistics and industrial assets benefit from strategic positioning proximate to major metropolitan areas and primary transport corridors, in locations underpinned by compelling demand dynamics.

We maintain and continue to expand our development pipeline through selective acquisition of land holdings adjacent to existing assets or within established logistics corridors serving major metropolitan catchments. Our substantial land bank offers visibility on future growth, with development potential totalling 1.2 million sqm GLA as at 30 June 2025 (comprising both wholly-owned sites and parcels under secured option agreements), providing capacity to double our existing portfolio.

![](_page_26_Figure_5.jpeg)

The following map illustrates our geographic footprint as at 30 June 2025.

The Group develops and operates two types of warehouse space formats:

(1) Big box warehouses – large-scale distribution facilities within logistics parks, offering flexible unit sizes ranging from 2,500 to 30,000 sqm. Big box assets are positioned near major cities with direct access to motorways and expressways. The key tenants for warehouse parks are logistics companies, distributors, retail chains, and light manufacturing companies;

(2) City Logistics/Urban Logistics assets, delivered through our MLP Business Park platform, providing multi-let small-bay units from 700 to 2,500 sqm. Location is critical for MLP Business Park projects: they are strategically placed within city limits, ensuring easy access to public transport and labour pools. The office space in these projects is fitted-out to a high standard, which is important to tenants who want to base their headquarters alongside their warehouse operations. Additionally, the space can be customised to include showroom or exhibition facilities. Tenants in MLP Business Parks are typically companies in the service, IT, pharmaceutical and retail sectors, as well as those focusing on local distribution. The first project of this type is MLP Business Park Berlin, with further developments underway at MLP Business Park Łódź, MLP Business Park Vienna, MLP Business Park Poznań, MLP Business Park Schalke, and MLP Business Park Spreenhagen.

The Group maintains a robust and diversified tenant base comprising blue-chip companies across multiple sectors, delivering a balanced and resilient income-generating portfolio. As at 30 June 2025, our tenant roster comprised approximately 195 occupiers across the manufacturing, logistics, retail and e-commerce sectors. This diversification is underpinned by long-term lease commitments, with a weighted average unexpired lease term ('WAULT') of 7.6 years and a retention rate of 99%. Our urban logistics strategy increasingly attracts occupiers seeking proximity to skilled labour pools, particularly light industrial manufacturers. The capitalintensive nature of light industrial fit-outs naturally drives longer lease commitments from these tenants. Development projects are predominantly undertaken on a pre-let basis, with construction release contingent upon executed lease agreements with prospective tenants.

### **Group strengths:**

- High-quality portfolio of modern, sustainable and standardised Class A assets positioned in prime urban locations
- Highly diversified tenant base with near-100% retention rates
- Consistent organic growth across all geographic markets
- Robust balance sheet, predictable cash flows and conservative financial policy
- Vertically integrated business model delivering diversified revenue streams, operational leverage and high barriers to entry
- Commitment to sustainability leadership
- Strong operational platform managed by an experienced team with a proven track record

### **Strategic objectives:**

- Maintain growth momentum while capitalising on market opportunities
- Execute strategic expansion focused on urban logistics development across core European markets
- Continue disciplined investment approach prioritising blue-chip tenant relationships
- Drive operational performance through active asset management initiatives

MLP Group is a member of key industry initiatives, such as the European Public Real Estate Association (EPRA).

**The short- and long-term strategy of MLP Group is increasingly focused on sustainable development. This strategy, grounded in environmental and social considerations, aligns with the United Nations 2030 Agenda for Sustainable Development Goals.**

### **• Natural environment**

MLP Group is dedicated to maximising the energy efficiency of its warehouses by cutting down on the use of electricity and heating and gradually increasing the adoption of renewable energy sources within MLP Group properties. This initiative is aimed at reducing the emissions of CO<sup>2</sup> and other greenhouse gases.

In the first half of 2025, we procured 100% renewable electricity for all tenant consumption across our Polish portfolio. Starting from 2022, all the electricity procured for our logistics projects in Poland has been sourced from renewables, as certified by guarantees of origin. We intend to continue this green energy procurement policy in the coming years.

Furthermore, MLP Group has initiated its own energy production programme (solar PV systems). Between January and June 2025, our solar installations generated 1,518.72 MWh of electricity. The Group continues to invest in photovoltaic capacity, with 8.71 MW of installed solar panels as at the date of this report. We plan to install an additional 1 MWp of solar capacity by year-end 2025.

### **• We are advancing our sustainability initiatives by:**

- Securing BREEAM or DGNB certification for new constructions;
- Implementing smart metering and monitoring systems in both new and existing parks, aiming for the optimal control of energy use within buildings;
- Using devices of the highest energy efficiency ratings, including the adoption of heat pumps and both indoor and outdoor LED lighting for new buildings;
- Gradually replacing inefficient heating and lighting systems in existing buildings;
- Systematically upgrading and insulating the external structures of buildings;
- Installing charging stations for electric vehicles within our logistics parks;
- Providing cycling infrastructure and public bike-sharing options across our logistics sites;
- Assessing emissions over the buildings' entire lifecycle;
- Developing solar panel systems;
- Transitioning our vehicle fleet to hybrid and electric models;
- Using high-efficiency LED lighting both inside and outside buildings across all of the Group's logistics parks;
- Setting up utility consumption monitoring systems in our properties to streamline utility usage;
- Building city bike stations in the logistics parks;
- Practicing effective energy management.

### **• Society**

MLP Group's social initiatives, aligned with its ESG Strategy, are divided into internal and external activities.

The internal projects focus on fostering the professional development, health, and safety of employees. We are committed to further enhancing equality, diversity, inclusion, and open communication among our workforce.

All employees are provided with private healthcare, financial support for sports programmes, and language courses in English and German, as well as training and opportunities for career advancement.

We launched an ESG training programme for our team.

![](_page_28_Picture_21.jpeg)

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The Company has implemented a Business Partner Code of Conduct, reflecting MLP Group's commitment to supply chain integrity and stakeholder accountability. Compliance with the Code is typically a prerequisite for establishing or maintaining commercial relationships with the Group.

The Code formalises the standards and principles expected of MLP Group's business partners in their dealings with the Group. It has been developed as a framework to support our sustainability strategy, corporate governance standards and corporate social responsibility commitments. The document aligns with evolving regulatory requirements and institutional investor expectations regarding ESG (Environmental, Social and Governance) performance.

The MLP Group Business Partner Code of Conduct addresses, inter alia, legal and regulatory compliance, requiring partners to adhere to all applicable laws – both domestic and international – covering commercial operations, environmental protection, labour rights and anti-corruption measures.

Business partners are expected to conduct operations with integrity and ethical standards. All forms of bribery, corruption, conflicts of interest and anti-competitive practices are strictly prohibited. Partners must respect human rights, including the prohibition of forced labour and child labour. They are further required to ensure safe and equitable working conditions and respect freedom of association. Business partners must demonstrate environmental stewardship through resource efficiency, emissions reduction and waste minimisation, while maintaining full regulatory compliance. The Code mandates adherence to quality and safety standards across all service and product deliverables. Partners are bound by strict confidentiality obligations and must ensure GDPR-compliant data governance.

MLP Group encourages partners to report Code violations or suspected misconduct through designated reporting channels.

We engage with customers through structured dialogue and regular satisfaction surveys. We maintain active engagement with local communities.

![](_page_29_Picture_7.jpeg)

### **• Corporate governance**

As a company listed on the Warsaw Stock Exchange, MLP Group is committed to adhering to and fully complying with the principles outlined in the 'Best Practice for GPW Listed Companies' document.

MLP GROUP S.A. has established comprehensive policies and procedures containing mandatory guidelines and operating principles to ensure effective Group governance.

These documents are regularly updated to reflect operational developments and evolving regulatory requirements.

The Group maintains policies and procedures covering all operational areas. These encompass investment processes, procurement protocols, document workflows, lease negotiation and execution, land acquisition, and other core operational processes.

Our rigorous procurement and investment policies ensure robust vendor and contractor due diligence. Clear tender criteria, defined authority limits and value thresholds requiring competitive bidding ensure process transparency and selection of qualified, creditworthy counterparties.

The Internal Auditor is responsible for compliance auditing and implementation oversight of these policies. Policies are operationalised through Management Board resolutions.

MLP GROUP S.A. and its subsidiaries maintain strict compliance with applicable laws and regulations while upholding the highest ethical standards.

Employees are required to follow a code of ethics that addresses issues such as equality, human rights, cybersecurity, privacy policy, conflict of interest, and the prevention of fraud and embezzlement. A mechanism for reporting irregularities has also been implemented.

We are members of the Chamber of Commerce for Energy and Energy Consumers, and we pursue our goals by: working to reduce costs associated with acquiring and using energy; removing administrative barriers and excessive fiscal burdens; engaging in public consultations on projects that have a substantial impact on the business environment in Poland; providing education in the field of industrial energy and energy-intensive industries.

All Business Partners of MLP Group are expected to adhere to our Code of Good Business Practice, which sets out our ethical standards and guidelines for collaboration with Tenants and other Business Partners. This document aligns with our ESG strategy and underscores our commitment to upholding the highest ethical and social standards across all areas of our operations. It is available at https://mlpgroup.com/wpcontent/uploads/2024/04/MB-Resolution-MLP-GROUP-Code-of-Good-Business-Practise-app-sig-sig-sig-sig.pdf

In 2024, MLP GROUP S.A. became a Strategic Partner of the Responsible Business Forum. This initiative brings together industry leaders who collaborate with experts to enhance their ESG capabilities and undertake joint projects driving sustainable business transformation.

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## **1. 3 The Group's property portfolio**

The Group classifies its portfolio properties into the following main categories:

- properties generating rental income;
- projects under construction or in the pipeline;
- landbank (area).

Structure of the Group's property portfolio by property category and segment as at 30 June 2025:

| Property<br>portfolio by<br>segment | Total land<br>area (sqm) | Development<br>potential for the<br>total land area<br>(sqm) | Space<br>completed<br>(sqm) | Space<br>under<br>construction and<br>in the pipeline<br>(sqm) | Pipeline<br>portfolio<br>(sqm) |  |
|-------------------------------------|--------------------------|--------------------------------------------------------------|-----------------------------|----------------------------------------------------------------|--------------------------------|--|
| POLAND                              | 3 682 823                | 1 591 396                                                    | 1 130 473                   | 172 216                                                        | 288 707                        |  |
| GERMANY                             | 530 115                  | 278 277                                                      | 75 347                      | 106 674                                                        | 96 256                         |  |
| AUSTRIA                             | 98 249                   | 54 520                                                       | 22 380                      | 32 031                                                         | 109                            |  |
| ROMANIA                             | 188 045                  | 99 063                                                       | 38 988                      | 58 117                                                         | 1 958                          |  |
| TOTAL                               | 4 499 232                | 2 023 257                                                    | 1 267 188                   | 369 038                                                        | 387 031                        |  |

As at 30 June 2025, the Company had reservation agreements for the purchase of approximately 151 hectares of land, allowing it to develop approximately 759 thousand sqm of space.

Summary of the leasable space owned by the Group as at 30 June 2025 (sqm):

| Property<br>portfolio by<br>segment | Space<br>completed<br>(sqm) | Space<br>completed<br>and leased out<br>(sqm) | Space completed<br>but not leased out<br>(sqm) | Space under<br>construction<br>and in the<br>pipeline (sqm) | Pre-leased space<br>under<br>construction and<br>in the pipeline<br>(sqm) | Existing space,<br>space under<br>construction and<br>in the pipeline<br>(sqm) |  |
|-------------------------------------|-----------------------------|-----------------------------------------------|------------------------------------------------|-------------------------------------------------------------|---------------------------------------------------------------------------|--------------------------------------------------------------------------------|--|
| POLAND                              | 1 130 473                   | 1 057 643                                     | 72 830                                         | 172 216                                                     | 107 701                                                                   | 1 302 689                                                                      |  |
| GERMANY                             | 75 347                      | 75 347                                        | -                                              | 106 674                                                     | -                                                                         | 182 021                                                                        |  |
| AUSTRIA                             | 22 380                      | 22 380                                        | -                                              | 32 031                                                      | -                                                                         | 54 411                                                                         |  |
| ROMANIA                             | 38 988                      | 38 808                                        | 180                                            | 58 117                                                      | 20 337                                                                    | 97 105                                                                         |  |
| TOTAL                               | 1 267 188                   | 1 194 178                                     | 73 010                                         | 369 038                                                     | 128 038                                                                   | 1 636 226                                                                      |  |

![](_page_32_Figure_0.jpeg)

**Management Board's on the activitiesof the MLP Group S.A. Group In the six mounths ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

**2.5 mln** sqm landbank (owned+option)

### **Types of leasable space offered:**

The Group offers two types of space to its tenants:

- warehouse space, i.e., space for storing goods, and
- manufacturing space, i.e., space designated for light industrial production.

The Group also provides its tenants with support office space. The final division of leased space depends on tenants' requirements.

The space is available in two formats:

- city logistics projects;
- big box projects.

![](_page_32_Picture_10.jpeg)

![](_page_32_Picture_11.jpeg)

![](_page_33_Figure_0.jpeg)

**Management Board's on the activitiesof the MLP Group S.A. Group In the six mounths ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

The share of city logistic projects in the MLP portfolio is set to rise progressively. Currently the Group is building new projects in this format, and more are in the pipeline. The first project of this type is MLP Business Park Berlin, with further developments underway at MLP Business Park Łódź, MLP Business Park Vienna, and MLP Business Park Poznań. During the first half of 2025, construction commenced on new City Logistics projects: MLP Business Park Schalke and MLP Business Park Spreenhagen.

**Value of existing buildings, construction in progress, and pipeline portfolio by**

![](_page_33_Figure_2.jpeg)

Space completed at the Group's parks as at 30 June 2025:

![](_page_34_Figure_0.jpeg)

![](_page_34_Figure_1.jpeg)

As at 25 August 2025, we had leased a total of 159,353 sqm of industrial space, including 101,784 sqm under new lease agreements (of which 76,157 sqm have already been signed, while the remaining 25,627 sqm are expected to be signed by the end of August 2025

![](_page_34_Picture_3.jpeg)

The value of the investment property portfolio disclosed in the consolidated financial statements as at 30 June 2025 included: (i) market value of investment property of PLN 5,805,682 thousand, (ii) perpetual usufruct right of land of PLN 55,803 thousand, and (iii) the value of Feniks Obrót Sp. z o.o.'s apartments of PLN 347 thousand.

| Segment | Currency     | Value of<br>existing<br>buildings | Value of<br>construction in<br>progress | Value of<br>pipeline<br>portfolio | Value of<br>landbank | Total value |
|---------|--------------|-----------------------------------|-----------------------------------------|-----------------------------------|----------------------|-------------|
| Poland  | EUR thousand | 882 251                           | 48 920                                  | 45 530                            | 34 059               | 1 010 760   |
|         | PLN thousand | 3 742 420                         | 207 514                                 | 193 134                           | 144 475              | 4 287 543   |
| Germany | EUR thousand | 117 367                           | 82 200                                  | 8 200                             | 16 150               | 223 917     |
|         | PLN thousand | 497 859                           | 348 684                                 | 34 784                            | 68 507               | 949 834     |
| Austria | EUR thousand | 104 000                           | -                                       | -                                 | -                    | 104 000     |
|         | PLN thousand | 441 158                           | -                                       | -                                 | -                    | 441 158     |
| Romania | EUR thousand | 22 727                            | 3 642                                   | -                                 | 3 605                | 29 974      |
|         | PLN thousand | 96 406                            | 15 449                                  | -                                 | 15 292               | 127 147     |
| Total   | EUR thousand | 1 126 345                         | 134 762                                 | 53 730                            | 53 814               | 1 368 651   |
| Total   | PLN thousand | 4 777 843                         | 571 647                                 | 227 918                           | 228 274              | 5 805 682   |

Group property portfolio valuation by segment and asset type as at 30 June 2025:\*

*\* Property value net of perpetual usufruct of land and residential properties.* 

### **Value of the Group's properties**

**a) by type**

![](_page_35_Figure_7.jpeg)

**b) by country**

![](_page_35_Figure_9.jpeg)

*1. 3.1 Five largest parks by asset value as at 30 June 2025:*

**Management Board's on the activitiesof the MLP Group S.A. Group In the six mounths ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

![](_page_36_Picture_1.jpeg)

![](_page_36_Picture_2.jpeg)

![](_page_36_Picture_3.jpeg)

![](_page_36_Picture_4.jpeg)

![](_page_36_Picture_5.jpeg)

| 395 247     |
|-------------|
| 301 018 722 |
| 100%        |
|             |

| MLP Poznań West |             |
|-----------------|-------------|
| GLA (sqm)       | 174 282     |
| Valuation       | 143 403 499 |
| Occupancy rate* | 95%         |

| MLP Business Park Wien GmbH |             |
|-----------------------------|-------------|
| GLA (sqm)                   | 54 411      |
| Valuation                   | 104 000 000 |
| Occupancy rate*             | 100%        |

| MLP Pruszków I Sp. z o.o. |  |
|---------------------------|--|
|                           |  |

| GLA (sqm)       | 168 878     |
|-----------------|-------------|
| Valuation       | 100 834 371 |
| Occupancy rate* | 98%         |

| MLP Logistic Park Germany I Sp. z o.o. & Co. KG |            |  |  |
|-------------------------------------------------|------------|--|--|
| GLA (sqm)                                       | 57 195     |  |  |
| Valuation                                       | 80 614 735 |  |  |
| Occupancy rate*                                 | 100%       |  |  |

*\*calculated based on developed space*

## **1. 4 Market, customers and suppliers**

The Group specialises in constructing and managing modern warehouse centres. All facilities are strategically located near large urban areas and major road junctions. MLP Group operates on the Polish, German, Austrian and Romanian markets.

Currently, the Group operates 31 logistics projects located in four European countries, including 23 in strategic locations in Poland. The Group operates six logistics projects in Germany, and one in each of Romania and Austria.

The Group has signed agreements grating options to purchase land in new locations in Poland and Germany, which would allow it to expand the selection of available locations for tenants.

### *1. 4.1 Structure of the Group's sales*

The Group earns rental income from investment property in logistics parks in Poland, Germany, and Romania. The table below presents the types of revenue derived from lease of the properties.

### **Revenue**

| for the six months ended 30 June<br>Revenue from external customers: | 2025    | 2024    | change (%) |
|----------------------------------------------------------------------|---------|---------|------------|
| Rental income from<br>investment property                            | 111 549 | 108 546 | 3%         |
| Recharge of service charges                                          | 44 004  | 38 343  | 15%        |
| Recharge of utility costs                                            | 43 405  | 39 187  | 11%        |
| Other revenue                                                        | 8 094   | 1 597   | 407%       |
| Revenue                                                              | 207 052 | 187 673 | 10%        |

![](_page_37_Figure_9.jpeg)

![](_page_37_Figure_10.jpeg)

![](_page_37_Figure_11.jpeg)

In the six months ended 30 June 2025, the Group reported revenue of PLN 207,052 thousand, a 10% increase on the corresponding period of the previous year. Rental income was the primary source of revenue. It rose by 3% relative to the six months ended 30 June 2024.

**Management Board's on the activitiesof the MLP Group S.A. Group In the six mounths ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

Poland, the principal operating segment of the Group, accounted for 90% of its revenue, a level similar to that reported for the corresponding period of 2024.

The Group's ten largest tenants generated 29% of the Group's revenue in the six months ended 30 June 2025 (34% in the six months ended 30 June 2024).

### *1. 4.2 Key trading partners*

In the reporting period, the Group's companies cooperated mainly with providers of the following services:

- construction services (as part of investment and development projects),
- supply of utilities,
- consulting and advisory services business and legal,
- maintenance of the properties,
- security services.

For construction services, general contractors are selected in internally organised tender procedures. During the first half of 2025, the Group engaged the following construction contractors, each representing over 10% of Group revenues in the first half of 2025: Wielkopolskie Przedsiębiorstwo Inżynierii Przemysłowej Spółka Komandytowa, BIN - Biuro Inżynierskie Sp. z o.o., BREMER Sp. z o.o., Pekabex BET S.A. and Depenbrock Polska Sp. z o.o. Sp. k.

The other services are procured from a broad base of suppliers, and therefore the Group is not dependent on any single supplier. In the first half of 2025, none of the Group's other suppliers accounted for more than 10% of the Group's revenue.

![](_page_38_Picture_12.jpeg)

![](_page_38_Picture_13.jpeg)

# **2. Activities of the MLP Group S.A. Group**

## **2. 1 Activities of the MLP Group S.A. Group in the six months ended 30 June 2025**

In the first half of 2025, the Group continued its business of developing and leasing logistics, light industrial and commercial properties. Construction work was mainly outsourced to specialist third-party service providers on a general contractor basis.

During the reporting period, the Group was simultaneously engaged in more than a dozen development projects. As at 30 June 2025, the Group's property portfolio comprised more than 1,267 thousand sqm of completed gross lettable area (GLA) and 369 thousand sqm of GLA under construction and in preparation. The Company's Management Board reviewed and assessed on an ongoing basis:

- current construction projects in terms of their progress,
- actual and expected revenue,
- use of the Group's existing land resources and its ability to tailor the offering to meet the anticipated market expectations and demand,

available opportunities to purchase land for new projects to be implemented in subsequent years,

the Group's efforts to optimise financing of its investing activities.

### *2. 1.1 Projects completed in the first half of 2025*

The Group achieved practical completion on 93 thousand sqm during H1 2025, including 51 thousand sqm at MLP Zgorzelec, 15 thousand sqm at MLP Pruszków VI, and 23 thousand sqm across our Austrian portfolio.

### *2. 1.2 Projects under construction or in the pipeline*

Development activity remained robust with 365 thousand sqm under construction during the first half of 2025. The forward pipeline comprised an additional 94 thousand sqm in pre-development, bringing total committed development to an impressive 459 thousand sqm.

As at 30 June 2025, 236 thousand sqm of space was under construction.

Projects are predominantly carried out on a pre-lease basis, i.e., launch of the investment process is conditional upon execution of a lease contract with a potential tenant. In the six months ended 30 June 2025, the Group proceeded with speculative big-box and city logistics projects at specific locations, which, when combined with pre-lease projects, make up significant investment initiatives designed to address the current market dynamics.

### *2. 1.3 Material agreements*

## *Material suppliers with whom agreements with a total value exceeding 10% of the MLP GROUP S.A.'s equity were concluded in the six months ended 30 June 2025*

On 1 January 2025, the subsidiary MLP Gelsenkirchen Sp. z o.o. & Co. KG contracted BREMER Paderborn GmbH & Co. KG to deliver eight warehouse and office buildings comprising approximately 68 thousand sqm.

On 19 May 2025, the subsidiary MLP Pruszków VI subsidiary executed a construction contract with Bremer Sp. z o.o. for two fully pre-let buildings totalling 38,800 sqm.

### *2. 1.4 Shareholder agreements*

The Group is not aware of any agreements between the Company's shareholders.

Further, the Group has no knowledge of any agreements (including those concluded after the reporting date) which could result in future changes in the proportions of shares held by the current shareholders.

### *2. 1.5 Partnership or cooperation agreements*

In the six months ended 30 June 2025, the Group did not enter into any significant cooperation or partnership agreements with other entities.

### *2. 1.6 Related-party transactions*

All transactions executed by the Company or its subsidiaries with related parties were executed on an arm's length basis.

For a description of related-party transactions, see Note 25 to the Group's condensed consolidated financial statements for the six months ended 30 June 2025.

### *2. 1.7 Litigation*

### *Proceedings pending before courts, arbitration bodies or public administration bodies*

In 2012-2014, MLP Pruszków I Sp. z o.o., MLP Pruszków II Sp. z o.o. and MLP Pruszków III received decisions concerning change of perpetual usufruct charge. As per these decisions, the total potential amount to be paid, calculated as at 30 June 2025, is PLN 41,048 thousand. The Management Board of the companies does not accept the amount of the charge, and the matter has been referred to court. The District Governor did not take into account the expenses incurred by the companies.

In previous years and in the current year, the Group recognised provisions for a portion of potential claims of the Pruszków Governor due to the revision of the perpetual usufruct charge, totalling PLN 12,190 thousand.

![](_page_40_Picture_10.jpeg)

## **2. 2 Development of the Group and risk factors**

### *2. 2.1 Key risk factors relevant to the development of the Group*

The Group's business is exposed to the following risks arising from holding of financial instruments:

- Credit risk,
- Liquidity risk,
- Market risk.

The Management Board is responsible for establishing and overseeing the Group's risk management functions, including the identification and analysis of the risks to which the Group is exposed, determining appropriate risk limits and controls, as well as risk monitoring and matching of the limits. The risk management policies and procedures are reviewed on a regular basis, to reflect changes in market conditions and the Group's business.

### **Credit risk**

Credit risk is defined as the risk of financial loss to the Group if a trading partner or a counterparty in a transaction fails to meet its contractual obligations. Credit risk arises principally from the Group's receivables from customers, loans and cash and cash equivalents.

The objective of risk management is to establish and maintain a stable and sustainable portfolio of loans and other investments in debt instruments in terms of both quality and value. This is achieved by implementing an appropriate credit limit policy.

### **Liquidity risk**

Liquidity risk is the risk of the Group not being able to meet in a timely manner its liabilities that are to be settled by delivery of cash or other financial assets. The Group's approach to managing liquidity is to ensure, to the extent possible, that it will have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without risking unacceptable losses or damage to the Group's reputation. To this end, the Group monitors its cash flows and secures access to sufficient cash to cover anticipated operating expenses and expected cash outflows for current financial liabilities, and maintains anticipated liquidity ratios.

### **Market risk**

Market risk is the risk that changes in market prices, such as exchange rates, interest rates and equity prices will affect the Group's results or the value of financial instruments it holds. The Group mitigates the risk by constantly monitoring the Group's exposures, maintaining the exposures them within assumed limits, and seeking to optimise the rate of return on investment. The risk mitigation measures involve using hedge accounting to reduce the influence of market price volatility on financial results.

### **Real estate market and Group operating risks**

Economic slowdown or material deterioration in macroeconomic conditions could have a material adverse effect on the Group's operations and property valuations, including through financial market disruption, uncertain economic conditions and recent inflationary pressures.

The Group's commercial real estate market is driven by developments across construction and property sectors, as well as trends in manufacturing, retail, services and transport, underpinned by overall economic growth. Such growth reflects various macroeconomic and geopolitical factors – notably Russia's military aggression against Ukraine with resulting sanctions on Russia and Belarus (and their retaliatory measures), GDP growth dynamics, inflation and interest rate levels including forward expectations affecting consumer and business behaviour, currency movements, labour market conditions encompassing unemployment and wage trends, FDI levels, and the fiscal and monetary policies of the EU and our operating markets.

Global economic headwinds and recessionary pressures could constrain domestic growth momentum, impacting the Group's operational performance and financial results. Adverse macroeconomic developments or economic and monetary policy shifts in Poland, Romania, other core markets and at ECB level could materially impact the Group's financial performance and strategic execution.

On 24 February 2022, the Russian Federation commenced a full-scale military invasion of Ukraine, triggering significant economic disruption across European markets and materially impacting supply chains and commodity transport routes. The European Union and numerous non-EU states imposed sanctions on Russia, Belarus, their leadership and designated individuals. These sanctions are unprecedented in European interstate relations.

Given historical trade volumes with Russia, and particularly EU dependency on Russian natural resources including gas and oil imports, together with Russia and Ukraine's role as food exporters, both the sanctions regime and Russian retaliatory measures continue to exert material influence on the global economy, driving fundamental shifts in commodity and product flows. Specifically, these measures restrict trade with Russia and Belarus while impeding transit through Russia, Belarus and Ukraine between Europe and Asia.

Elevated energy and commodity costs, supply chain disruptions, cyber attack risks, heightened operational risks and European logistics network disruptions have driven increased economic volatility, market instability and inflation, impacting and potentially continuing to impact the financial position of commercial real estate tenants and the broader logistics sector.

While the Ukraine conflict has not materially impacted Group operations to date, adverse military developments could alter logistics routes and reduce occupier appetite for investment in Poland and Romania, potentially constraining demand for the Group's services. Each of these factors could adversely affect the Group's operations and operating results.

Furthermore, inflation may adversely impact the Group's liquidity, operations, financial condition and operating results through increased cost structures. Inflationary conditions have driven and may continue to drive interest rate increases, higher capital costs, wage inflation, currency depreciation and similar effects. The Group has implemented mitigation measures including full indexation across 100% of leases; however, these measures may prove insufficient, which could materially adversely affect the Group's operations, financial condition, operating results and liquidity.

## **The ability to actively manage assets depends on market factors, some of which remain beyond the Group's control**

Active asset management is fundamental to the Group's operations, encompassing vacancy rate management, rental level optimisation and lease term negotiations across all properties, while ensuring optimal tenant mix. Beyond regulatory constraints, the Group's ability to let vacant space, renegotiate rents and achieve desired tenant composition depends on market dynamics. Certain factors – including general economic conditions, consumer confidence, inflation and interest rates – remain outside the Group's control.

During recessionary or low-growth periods, heightened competition amongst investors and developers constrains tenant retention and acquisition capabilities. Should the Group fail to generate or capture demand for its properties, reducing vacancy rates or negotiating favourable rental terms may prove challenging.

Sustained elevated vacancy levels could drive general rental decline across the tenant base, impeding our ability to increase average rental rates in line with strategic objectives. Additionally, vacant space increases aggregate operating costs through void property expenses. These factors – whether declining rental income or rising operating costs – could materially adversely affect the Group's financial position and operating results.

## **The Group's operations may be adversely affected by unfavourable changes in the real estate and commercial property markets**

The Group is exposed to risks associated with developing, acquiring, owning and managing commercial real estate properties.

Various factors may impact our revenue generation and property values, including:

(i) changes in property legislation and administrative regulations, including those relating to permits and approvals, land use planning, taxation and other public charges;

(ii) cyclical fluctuations in our operating markets;

(iii) access to quality construction contractors, property management, maintenance and security services.

A general downturn in the real estate market could adversely affect the Group's warehouse rental income. The Group bears ongoing property costs during periods of tenant default or vacancy, with no offsetting rental income. These costs may include, inter alia, legal and valuation expenses, maintenance costs, insurance and local property taxes.

Achievable rental levels and property market values depend substantially on economic conditions. Consequently, market price declines may result in rental levels below projections, potentially leading to project losses or requiring alternative uses for land acquired for development.

The occurrence of any of these risk factors could materially adversely affect the Group's operations, financial position, results and growth prospects.

![](_page_43_Picture_10.jpeg)

### **Risk related to liabilities not covered by insurance policies or exceeding policy limits**

The Group's properties may suffer damage or destruction from various foreseeable or unforeseeable events. Third parties may also incur losses from events for which the Group bears liability.

While the Group maintains various insurance policies, including general liability insurance for its operations and properties, all-risk property insurance, business interruption insurance and directors' and officers' liability insurance, these policies may prove insufficient and not cover all risks associated with the Group's operations.

Certain risks, such as terrorist attacks, acts of war or armed conflicts and natural disasters, may be uninsurable or insurable only at prohibitive costs, rendering coverage commercially unviable.

Insurance policies may not protect against all losses the Group could incur in connection with its operations, and certain types of insurance may be unavailable on commercially reasonable terms or at all. Consequently, insurance coverage may be insufficient to fully compensate losses relating to the Group's properties.

The occurrence of any of these risks could materially adversely affect the Group's operations, financial condition and operating results.

### **Risk of failure to deliver profitable investments, particularly in development activities**

The Group's capacity to deliver development projects – whether new construction, redevelopment or refurbishment – depends on multiple factors outside management control. Critical dependencies, in particular: obtaining all required administrative approvals, securing external financing on satisfactory terms or at all, engaging reliable contractors and securing appropriate tenants.

Factors over which the Group has limited or no control that may delay or adversely affect the development or refurbishment of its properties include:

- e scalation in materials, labour or other costs that may render project completion commercially unviable;
- actions by public authorities and local governments resulting in unforeseen changes to spatial planning requirements and architectural or construction standards;
- title defects or encumbrances affecting acquired sites or buildings, and defects, limitations or conditions attached to administrative decisions relating to owned land;
- changes to applicable laws, standards, regulations or their interpretation or application introduced after project planning or construction commencement, resulting in additional costs or delays;
- c onstruction code violations, defective construction methods or use of defective building materials;
- workplace accidents, previously unidentified ground contamination or potential environmental liabilities and other regulatory issues, such as archaeological discoveries, unexploded ordnance or hazardous building materials;

• force majeure events including adverse weather conditions, earthquakes and flooding that may damagor e delay project delivery;

• a cts of terrorism, civil unrest, riots, strikes and/or social disturbances.

Development projects can proceed only where sites possess the requisite technical infrastructure mandated by law. Planning authorities may require additional infrastructure works as a condition precedent to building permits. Such additional works may materially impact construction costs for the relevant property.

Furthermore, certain projects may become commercially unviable and/or unfeasible due to factors beyond the Group's control, such as real estate market downturns or increased financing costs. The Group may be unable to complete projects on time, within budget or at all, due to any of the above or other factors. This may result in cost overruns, delays or project abandonment, which could materially adversely affect the Group's financial position and operating results.

### **Risks associated with general contractors and other third parties**

MLP Group executes contracts with general contractors on a design-and-build basis and using fixed-price fixed-price arrangement. We work exclusively with tier-one, reputable construction firms such as Bremer, Deppenbrock and BIN, verifying their financial standing in each case.

Throughout our 25-year operating history, we have never exceeded a development budget, and cost overrun provisions have never been triggered. Most projects commence only after securing minimum 50% pre-let commitments, rising to approximately 75% during construction, significantly mitigating vacancy risk.

We operate exclusively in prime markets within each country. New developments are predominantly undertaken in locations where we have an established presence and comprehensive understanding of local conditions. MLP Group's strategy focuses on strengthening our position in locations with existing developments, which streamlines administrative processes through established relationships with public authorities.

We have implemented robust project budget management procedures and change control protocols, while maintaining appropriate contingency reserves for unforeseen works.

The successful completion of construction projects depends on the ability of the Group to employ general contractors who carry out projects in accordance with established standards of quality and safety, on commercially reasonable terms, within the agreed deadlines and within the approved budget.

The inability to engage general contractors on commercially reasonable terms, or their failure to meet agreed quality and safety standards, delays in construction or refurbishment, budget overruns, and demands for increased remuneration, particularly due to rising construction material prices, may result in increased project costs, implementation delays or claims against the Group.

Furthermore, these events may adversely affect the Group's reputation and ability to sell completed projects.

Contractors and external service providers may be adversely affected by economic downturns, insolvency or other risks associated with providing such services. These risks include damage caused by extreme weather conditions (such as fires, floods or natural disasters) and construction delays resulting from personnel shortages, strikes, construction site safety issues, government permits, adverse weather conditions, shortages or inability to source construction materials, and transport problems—each of which may be further exacerbated by dependence on third parties. The financial stability and liquidity of general contractors may prove insufficient in the event of a significant real estate market downturn or increased project costs, which could lead to their bankruptcy and adversely affect the Group's strategy implementation.

In connection with development projects, the Group enters into both general construction contracts and contracts for specific works, including road, water and sewerage infrastructure. These contracts contain provisions designed to secure performance of general contractors' obligations and protect claims against them, for example through performance guarantees (in the form of performance bonds or bank or insurance guarantees), and through contractual penalties for delays. However, these provisions may not cover all costs and losses incurred in such circumstances and may not fully eliminate the consequences of project delays, such as unplanned increases in completion costs and delays in revenue generation.

In certain cases, contractors may be unable to satisfy the Group's claims, which could result in unrecovered losses. Dependence on general contractors exposes the Group to risks associated with poor quality work by them, their subcontractors and employees, as well as construction defect risks. In particular, the Group may incur losses related to engaging replacement contractors to remedy defective works or paying compensation to parties affected by such defects. Furthermore, there is a risk that these losses or costs will not be covered by insurance, the contractor or the relevant subcontractor. Additionally, the Group may be exposed to the consequences of workplace accidents involving contractor personnel. While the Group bears no direct liability for workplace accidents affecting construction workers on our sites, such incidents may disrupt contractor operations, consequently leading to project delays and additional costs.

Moreover, no assurance can be given that contractors or external service providers will not terminate their agreements with the Group or become insolvent. The Group's ability to maintain operational continuity following contract termination, default or similar circumstances by contractors or service providers is constrained by, inter alia, the availability of qualified replacement contractors or service providers and the ability to secure favourable terms with them. Consequently, following such termination, default or similar event, the Group may be unable to develop, manage, operate and maintain properties or evaluate and manage transactions.

Any of these events could adversely affect profitability and financial position or result in claims, which could damage the Group's reputation.

## **Risk of failure to obtain necessary permits, licences, legal titles or permissions for properties and future developments, which could have a material adverse effect on the Group's operations, financial position or operating results**

In conducting operations and managing assets, the Group is required to obtain numerous permits, approvals, consents, administrative decisions or other determinations from public authorities, particularly building and occupancy permits for its investment properties. Additional consents and permits may also be required relating to, inter alia, building density, spatial planning and environmental protection.

Obtaining such permits and consents can be time-consuming and often, particularly regarding spatial development plans (including implementation of new plans for our projects), depends on discretionary decisions by local authorities and may require significant resource allocation.

No assurance can be given that all such permits, approvals, consents, administrative decisions or other determinations from public authorities relating to existing properties or new developments will be obtained in a timely manner or at all, nor that existing or future permits, consents, administrative decisions or other public authority determinations will not expire, be revoked or invalidated, or that their validity will be extended in a timely manner.

Furthermore, public authorities may condition the issuance of certain administrative decisions or other determinations on meeting specific additional requirements (including, for example, provision of appropriate infrastructure) or commitments, which may involve additional costs and extend proceedings, resulting in temporary inability to generate revenue.

Additionally, the Group may seek to implement changes to certain projects or properties, and to change property use to achieve more efficient utilisation or adapt to current real estate market trends. Implementing such changes may prove impossible due to difficulties in obtaining or modifying required permits, approvals, administrative decisions or other public authority determinations, particularly for listed properties.

The Group's ability to obtain permits necessary for development projects depends on meeting applicable regulatory and planning requirements. The Group owns properties across various geographic locations, necessitating compliance with differing requirements for each and subjecting it to discretionary decisions by different administrative authorities regarding permit issuance. Progress in development activities is largely dependent on local authority decisions, and the consent and permit process itself is often uncertain, subject to political influence and may require significant efforts to obtain necessary approvals. No assurance can be given that required consents will be obtained, that they will be obtained in a timely manner, or that they will not be subject to unfavourable provisions and/or conditions. Planning regulations and obtained permits may also be challenged within statutory timeframes, which could ultimately lead to delays or even suspension of specific development projects.

Additionally, social and environmental organisations, as well as owners of neighbouring properties and local residents, may take action to prevent the obtaining of required permits, approvals, administrative decisions or other public authority determinations. This may include participation in administrative and judicial proceedings concerning the Group's activities, challenging decisions, determinations and judgments issued during such proceedings, and disseminating negative and defamatory information about our developments. In particular, these actions may significantly delay project implementation, affect expected revenue achievement and generate additional project-related costs.

The materialisation of any of these risks could materially impact the Group's development activities and operating results.

### **Development activities depend on the Group's ability to acquire land at economically viable prices**

The efficiency and scale of the Group's operations depend on the availability of suitable development land, pricing levels and legal status.

The Group's ability to secure development sites in attractive locations depends on several factors, including operational effectiveness and objective market conditions such as strong competition in the land market, lengthy rezoning processes and limited supply of land with appropriate infrastructure.

Land prices are indirectly influenced by demand for warehouse, manufacturing and office space, as well as macroeconomic conditions, financing availability, supply of warehouse, manufacturing and office space in a given region, and tenant expectations regarding property standards and location. Future increases in land prices may also adversely affect the competitiveness and profitability of new developments. Conversely, declining land values may lead to lower valuations of the Group's investment properties and adversely affect the competitiveness, profitability and value of certain existing projects.

Furthermore, the inability to identify and acquire development land at economically viable prices could materially impact the Group's operations, financial position and operating results.

### **The Group may be unable to identify all property-related risks and may overestimate the value of such transactions and investment opportunities**

Property development and management involves risks arising from, inter alia, property condition, investment misjudgement, unfavourable financing terms, regulatory changes and other factors, including those beyond the Group's control.

During pre-acquisition due diligence, the Group may be unable to identify all material risks. The Group may also be unable to determine whether the original owner or its successors obtained, maintained and renewed all required permits, met permit conditions and obtained all necessary licences.

Properties may have latent defects or damage that the Group was unable to detect during the acquisition process. Consequently, no assurance can be given that all risks associated with property acquisitions have been properly identified, assessed and adequately mitigated.

The Group's ability to identify and assess risks regarding unencumbered property title and third-party rights over acquired properties may also be limited in certain cases. Legal, tax and/or economic risks may be incorrectly estimated or entirely overlooked.

Furthermore, warranties and representations received from sellers in property sale agreements may not cover all risks or may be insufficient to address known and existing risks. Additionally, warranties may prove unenforceable. In certain cases, sellers may refuse to provide any warranties regarding property acquisition risks or guarantee the accuracy and completeness of information disclosed during due diligence. Due to intense competition for attractive land and buildings suitable for development projects, the Group may be compelled to accept sale agreements containing very limited or no seller warranties and representations.

The Group may also overestimate potential revenues and possible synergies from acquisitions while underestimating cost and leasing risks, including anticipated tenant demand for a given property and capital expenditure required for its development, maintenance or refurbishment, potentially resulting in purchase prices exceeding actual property values. Furthermore, property valuations may be inaccurate, even when based on reports from reputable independent valuers and conducted due diligence. Consequently, no assurance can be given regarding specific levels of rental cash flows or property sale prices.

The materialisation of any of these risks could have a material adverse effect on the Group's operations, financial position and operating results.

## **Risks associated with operating in multiple jurisdictions and dependence on economic, political and market factors**

The Group operates across four markets: Poland, Germany, Romania and Austria. Consequently, the Group must appropriately adapt internal regulations, including those relating to monitoring and reporting.

Inadequate management of foreign investments or insufficient adaptation of internal regulations could have a material adverse effect on the Group's reputation, operations and financial results.

## **A significant portion of the Group's properties are located in Poland, increasing geographic concentration risk**

As at 30 June 2025, 74% of the Group's portfolio by fair value was located in Poland, and in the six months ended 30 June 2025, 90% of rental income was derived from properties located in Poland. Due to the geographic concentration of the Group's portfolio, operations may be disproportionately affected by adverse market changes in Poland.

Furthermore, given the geographic concentration of properties, the impact of a catastrophic environmental or other event, such as flooding, fire, terrorist attack or other disaster, could be more severe for the Group compared to a more geographically diversified property portfolio.

### **Operations depend on qualified personnel, including management**

The Group's success largely depends on managers who possess knowledge and experience in developing, leasing and managing warehouse and manufacturing centres. Current management team members have extensive real estate industry experience and/or previously held key executive positions, acquiring expertise essential for conducting and developing our operations, including sourcing and acquiring new development sites, securing blue-chip tenants, and constructing, marketing and managing logistics parks.

Should one or more key employees depart, the Group may be unable to source appropriate replacements, which could adversely affect operating and financial results. Unexpected personnel changes may disrupt operations, and executing the growth strategy may require hiring additional qualified staff.

Furthermore, such circumstances could impede the Group's further development or lead to difficulties in delivering existing projects.

### **The Group is subject to stringent environmental regulations and may bear liability for environmental claims**

Property owners and operators in jurisdictions where the Group operates are subject to strict environmental protection regulations requiring compliance with current and future environmental standards and prevention and remediation of contamination or damage. Under applicable regulations, the party responsible for environmental impact is obligated to undertake preventive and remedial actions to eliminate environmental damage. Furthermore, if there is an imminent threat of environmental damage or such damage was caused with the consent or knowledge of the landowner, the landowner is jointly and severally liable with the environmental user who caused the damage to undertake preventive and remedial actions.

Additionally, to execute projects the Group must obtain various environmental permits and decisions, including those relating to waste management and water and sewage management, and pay environmental fees. The Group's properties may be affected by environmental issues that could expose the Group to liability and risk of non-compliance with permit obligations. The Group may also be exposed to losses arising from sudden and unforeseen environmental contamination caused by infrastructure development events or natural forces.

The Group complies with all environmental protection requirements set out in applicable regulations, and warehouse and manufacturing tenants have not conducted and do not conduct activities harmful to the environment within the meaning of environmental protection regulations.

Nevertheless, the Group may be required to pay compensation, administrative penalties or bear remediation costs arising from environmental contamination on land it owns or acquires in future.

The Group may also become involved in environmental claims and litigation. Any of these factors could adversely affect the Group's reputation, financial position and operating results.

## **Legislative changes may adversely affect the markets in which operations are conducted, which could materially impact the Group's operations and financial position**

The Group's operations are subject to numerous regulations. Changes in applicable regulations may significantly impact the Group's operations and financial results.

The introduction of new, material regulations may directly cause significant changes in the commercial real estate market, leading to increased project costs or changes in agreements with purchasers or tenants.

In particular, local spatial planning regulations may change and conflict with the intended use of the Group's properties.

Furthermore, the introduction of new laws or regulations subject to conflicting interpretations may create uncertainty regarding their current legal status. Consequently, this may result in temporary project suspension due to concerns over potential adverse consequences arising from ambiguous regulations.

All these factors could have a material adverse effect on the Group's operations, financial position and operating results.

### **Risk related to changes and adverse interpretations of tax regulations**

The Polish tax system lacks stability. Simultaneously, interpretation of regulations by tax authorities and administrative courts undergoes significant changes, which may have adverse consequences for entities relying on previous, generally accepted interpretations. The Group also operates in Romania, Germany and Austria.

Tax regulations change frequently, often to taxpayers' disadvantage. Interpretation of these regulations may also change significantly.

Frequent changes in business taxation regulations, divergent interpretations and inconsistent application by tax authorities may adversely affect the Group's operations and operating results.

### **The Group may be unable to find or retain suitable tenants on acceptable terms or in a timely manner, and existing tenants may be unable to meet their payment obligations**

Securing appropriate tenants, particularly anchor tenants, is essential for commercial success. Anchor tenants play a crucial role in the continued development of the logistics park segment. The Group may face difficulties securing tenants during economic downturns. Furthermore, lease termination by any anchor tenant could adversely affect park attractiveness. If a tenant defaults on its lease, declares bankruptcy or enters restructuring proceedings, rental payment delays or declining rental income may occur which the Group may be unable to offset.

Additionally, new developments or market trends in commercial real estate may lead to reduced demand if they fail to meet new standards. Any property adaptation or refurbishment may lead to additional, unforeseen costs and expenses.

Furthermore, upon lease expiry, the Group may be unable to immediately re-let properties to new tenants, and finding and securing replacement tenants may require time, which could adversely affect its operations, financial position and operating results. In extreme cases, long-term vacancies may occur.

The economic success of the Group's operations depends largely on our ability to generate rental income from appropriate tenants. Tenants may be unable to meet their rental obligations for various reasons, including deterioration in their financial position. Adverse changes in any of these factors may lead to situations where tenants cannot fulfil their lease obligations. The materialisation of this risk may lead to significant deterioration in rental income, consequently weakening the Group's financial position and operating results.

### **Tenant activities in the Group's logistics properties may lead to third-party compensation claims**

The Group leases warehouse and manufacturing space to businesses conducting various activities on leased premises. Under lease agreements, tenants undertake to obtain liability insurance for activities conducted on the relevant property. Nevertheless, aggrieved parties may be unable to pursue compensation claims against tenants for damage arising from their activities, particularly activities causing environmental damage or resulting from defective warehouse construction.

Such situations may result in civil claims being brought against the Group as owners of the land and facilities where activities causing third-party damage are conducted.

## **Insufficient utility capacity may adversely affect the Group's operations, financial condition or operating results**

Under lease agreements with prospective tenants, the Group undertakes to connect completed properties to utilities necessary for their operations. Tenants bear all costs of services related to property use, including electricity and gas consumption, heating, hot and cold water supply, sewage disposal and waste removal.

All logistics parks have access to utilities sufficient to meet current tenant demand, and properties acquired by the Group can be connected to similar utilities. Nevertheless, due to increasing utility demand, current capacity may prove insufficient in future, and planned capacity for new developments may be underestimated. Any utility supply shortfalls could adversely affect the Group's operations, financial position and operating results.

### **Risk associated with adverse ground conditions**

Site analysis is conducted when acquiring land for new developments. However, due to the limited scope of such analysis and the potential presence of difficult-to-detect ground conditions, unforeseen difficulties may arise during project execution. Such challenges may lead to delays and increased site preparation and construction costs. Adverse ground conditions may include high water tables, poor ground bearing capacity, contamination and archaeological constraints. The occurrence of such issues could adversely affect the Group's operations and financial results.

### **We may be required to provide payment guarantees for construction works under Polish civil law**

Under the Civil Code, construction contractors executing works commissioned by a developer may at any time demand payment guarantees in the form prescribed by the Civil Code, up to the value of all remuneration claims arising from the contract and additional or necessary works accepted in writing by the developer. The right to demand payment guarantees cannot be excluded or limited by legal acts, and contract termination due to a guarantee demand is ineffective.

Guarantee demands may involve costs for us, and failure to provide required payment guarantees constitutes an obstacle to works execution attributable to us. This may entitle the contractor to claim remuneration under Civil Code provisions, potentially increasing costs and delaying project delivery, thereby adversely affecting our operations, financial position or results.

### **Risk of liability for delays in completion or damage to leased warehouse space**

The Group's operations include leasing warehouse units in logistics and manufacturing centres. If units are not completed on time or suffer damage, the Group may be liable for contractual penalties and face risks of tenant withdrawal from leases or additional claims. In such circumstances, payments may be required in connection with lease terminations or settlement of obligations arising from these agreements. The occurrence of any of these events could have a material adverse effect on the Group's operations, financial position or results.

### **Lease agreements may be terminated or not performed by prospective tenants**

Prior to commencing construction of warehouse and manufacturing facilities, the Group enters into specific lease agreements with future tenants. Under these agreements, prospective tenants commit to occupying facilities to be constructed in future for agreed rent, commencing from the date specified in the lease. However, such agreements may expire or not be performed, for example due to insolvency, loss of creditworthiness or tenant withdrawal from the agreement.

Termination or non-performance of leases by existing tenants may lead to deterioration in the tenant portfolio composition and have a material adverse effect on the Group's operations and financial results.

### **The Group may be required to bear maintenance, renovation and modernisation costs, and failure or inability to conduct such activities may adversely affect rental income**

The letting appeal of logistics park properties depends not only on location but also on technical condition. To maintain long-term attractiveness and profitability, properties must be maintained in good condition and periodically modernised to meet evolving market requirements. Furthermore, the Group may be required to bear costs of various maintenance and modernisation activities to meet changing legal, environmental and market requirements, particularly regarding health and safety and fire protection regulations. Inadequate property maintenance may also pose health and safety risks to tenants and their employees, potentially resulting in Group liability for any damages.

Maintenance, renovation and modernisation works may also result in temporary property closure, consequently reducing rental income, particularly if such works take longer than anticipated.

While the Group assumes properties will require only periodic maintenance for several years postcompletion, future modernisation cycles may shorten due to regulatory requirements and rising tenant expectations for modern infrastructure. Maintaining and modernising these properties will require significant capital expenditure.

If actual maintenance or modernisation costs exceed projected expenditure, or if latent defects not covered by insurance, warranty or statutory warranty are discovered during works, the Group will be forced to bear additional costs. Additionally, if the Group cannot increase rental rates due to applicable regulations or lease provisions, this may adversely affect its operations, financial position and operating results.

### **The Group faces business risk arising from central bank monetary policy decisions**

The Group operates within a volatile global economy marked by uncertainty and decelerating growth. Inflationary pressures from supply chain constraints and the Russia-Ukraine conflict have triggered monetary tightening by the ECB and central banks in Poland and Romani. Continued rate rises across Europe would increase financing costs, potentially compressing the Group's margins and returns.

### **Group profitability may suffer from increased operating costs, energy, heating and other expenses related to managing and maintaining our commercial property portfolio**

In managing and maintaining properties, the Group is exposed to risks of rising operating costs, energy, heating, insurance and other property maintenance costs, with limited cost pass-through to tenants. Contributing factors include higher property taxation and statutory levies, regulatory changes (particularly HSE compliance), inflationary pressures, energy cost escalation, insurance premium inflation, and increased maintenance and capex requirements.

These factors may erode the Group's profitability absent offsetting rental growth, full cost recovery through service charges, or where rental reversion capacity is exhausted. Consequently, this could have a material adverse effect on the Group's operations, financial position and operating results.

## **Legal title to certain Group properties may be challenged or defective. Any title breaches or defects may adversely affect the Group's operations, financial position and operating results.**

No assurance can be given that legal title to any Group property will not be challenged or impaired. Third parties may have valid claims to partial rights, including prior unregistered encumbrances, agreements, transfers or other claims. Title may also be threatened by undisclosed defects.

Consequently, the Group may face restrictions in managing its properties or be unable to enforce our rights to them. Title breaches or defects to owned properties could have a material adverse effect on the Group's operations, financial position and operating results.

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### **The Group is exposed to risks of structural defects and defective building materials**

The Group's operations involve various risks related to construction defects or use of defective building materials by external suppliers or contractors. Construction of new properties carries health, safety and environmental risks. In particular, building components may contain hazardous substances or involve other environmental hazards.

Protection under warranties, statutory warranties or indemnities in supplier and contractor agreements, as well as insurance policies covering the Group against specific risks, may prove insufficient or fail to provide adequate protection. Furthermore, the Group may be unable to recover claims in full or at all, for example due to contractor or supplier insolvency or other factors. Material liabilities may remain unidentified or emerge only after expiry of warranty, statutory warranty or indemnity claims.

Unforeseen costs arising from structural defects or defective building materials in development projects could adversely affect the Group's operations, financial position and operating results.

**The Group is exposed to risks related to environmental contamination and natural disasters such as earthquakes, floods and other extreme weather events, including those related to infrastructure development, technical disasters or climate change impacts**

The real estate sector is particularly exposed to natural disaster and environmental contamination risks. Resulting damage may incur additional costs that may not be fully or partially covered by the Group's insurance policies.

During development projects, there is risk of water and soil contamination from hydrocarbons, chemicals and other pollutants. Furthermore, there is risk of air pollution from dust and particulate emissions. The Group's development projects may also adversely affect biodiversity through vegetation loss from soil sealing. This may adversely affect the Group's reputation and increase litigation risk. Environmental damage and contamination, whether caused by natural disasters, pollution or technical failures, may also lead to loss of environmental or health certifications.

Failure to effectively manage climate change impacts may expose properties to adverse consequences from changing climatic conditions. The Group's properties are increasingly exposed to extreme weather events, which are occurring more frequently and with greater intensity.

Actual or potential climate-related damage may increase insurance costs or make obtaining coverage on favourable terms impossible.

The Group may incur higher resource costs for water, energy, building materials and technologies due to climate change. Furthermore, the Group may be required to comply with more stringent regulatory requirements and meet rising stakeholder expectations regarding sustainability.

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### **The Group is exposed to foreign exchange risk**

The Group faces risk arising from sales, purchase and borrowing transactions denominated in currencies (primarily the euro) other than the functional currency. Financial statements are prepared in Polish zloty, which is the functional currency. To estimate capital requirements for achieving our strategic objectives, the Group uses the euro as its reference currency. The majority of the existing portfolio and development pipeline is denominated in the euro. Across all operating markets, debt financing is euro-denominated, general contractor agreements are executed or denominated in the euro, and rental income is received in the euro or rents are euro-denominated.

Despite applying natural hedging to minimise or eliminate currency risk, certain Group expenditure, including some construction costs, service fees, materials, utilities and employee remuneration, is incurred in the currencies of the geographic markets where it operates, namely Polish zloty, Romanian leu or euros.

For reporting purposes, we translate euro-denominated amounts into our functional currency. Given PLN/EUR exchange rate volatility, any significant appreciation of the functional currency could materially reduce the Group's revenue due to translation of euro-denominated rents into zloty. Should translation or transaction risk materialise, the value of revenues, costs, assets and liabilities denominated in euros and translated into zloty could fluctuate due to exchange rate movements, potentially impacting the Group's financial position.

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### **The Group may be exposed to adverse effects related to environmental, social and governance (ESG) matters**

In recent years, investors, governmental and non-governmental entities and public opinion have placed increasing emphasis on ESG matters, including greenhouse gas emissions, renewable energy, waste management, sustainable supply chains, energy and water consumption, diversity, equity and inclusion, human rights and community engagement. Numerous organisations assess and measure corporate ESG performance, with assessment results widely published. If the Group's ESG practices fail to meet the evolving expectations of investors, tenants or employees, this could adversely affect our brand, reputation and ability to retain tenants and employees.

Executing the ESG strategy and achieving established targets, commitments and objectives involves risks and uncertainties, many of which may be beyond our control and prove more costly than the Group anticipated. These risks include, inter alia, the ability to achieve ESG targets within projected costs and timelines, unforeseen operational and technical difficulties, research outcomes and future technological innovations, and success of third-party collaboration. Stakeholders may also be dissatisfied with ESG reporting, ESG practices or the pace of implementation.

This could lead to additional costs and the need to allocate greater resources to ESG monitoring, reporting and implementation.

Any failure or perceived failure to deliver the Group's ESG objectives could damage reputation and stakeholder relationships with tenants, investors and other parties, and potentially result in regulatory action.

### **The Group may become party to disputes regarding property rights**

Certain property acquisition or disposal transactions may be invalidated under applicable local law due to bankruptcy, fraud, lack of consideration, gross undervaluation, creditor avoidance, prejudice or other formal requirements for property title transfer. Furthermore, there is risk of legal disputes with adjacent landowners, architects, project managers and suppliers in connection with the Group's renovation or construction projects.

The Group cannot guarantee that all permits necessary for lawful possession, development or operation of properties have been obtained in compliance with applicable law. While the Group conducts detailed due diligence to identify potential permit issues and takes all necessary steps to remedy defects, no assurance can be given that this will be achieved timeously or that regulatory authorities will not impose suspension of property-related activities.

If property title or permits are successfully challenged, this could have a material adverse effect on the Group's operations, prospects, operating results and financial position.

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### **Regulatory, legal and tax risks**

Should contractual clauses prove invalid, the use of standard agreements could lead to claims against the Group arising from numerous contracts, loss of receivables or increased costs.

In its operations, the Group uses standard agreements in contractual relationships with multiple parties, particularly tenants. Lack of clarity or any errors in these template agreements may therefore affect numerous contractual relationships. Changes in the legal environment affecting existing contracts may also impact these relationships.

Furthermore, agreements that prima facie appear to be individually negotiated may be deemed general terms and conditions, and if in breach of applicable regulations may be declared invalid or subject to termination. Such situations could result in cost exposure, high claims exposure or receivables losses.

### **Properties may breach building codes and environmental regulations**

The Group's operations face risks of non-compliance with building codes or environmental regulations. No assurance can be given that all properties complied or comply with applicable building codes and environmental regulations. The Group may also acquire properties that are non-compliant at acquisition, with such non-compliance undetected during the acquisition process.

No assurance can be given that property owner obligations under environmental legislation, including inter alia environmental protection and energy efficiency requirements, will not be tightened in future. Compliance with future regulations may require costly refurbishments, which may in turn depend on obtaining appropriate building permits from relevant authorities. Consequently, the Group may be unable to meet applicable building code or environmental regulation requirements, ultimately resulting in breach.

### **Litigation and regulatory proceedings risk**

In the ordinary course of business, the Group may from time to time be involved in various claims, litigation, investigations, arbitration or administrative proceedings, which may involve substantial damages claims or other payments. Such proceedings may arise particularly from relationships with investors, tenants, employees, construction contractors and other counterparties, as well as public authorities, including tax authorities.

Adverse determinations in such proceedings may require the Group to modify its business practices, incur significant settlement costs or pay fines or other penalties. Furthermore, costs associated with such proceedings may be significant, and even if outcomes are favourable, the Group may be required to bear some or all advisory and other expenses unless recovered from other parties.

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### **The Group may incur significantly greater debt in future, which could further increase leverage-related risks**

Subject to restrictions under the secured senior credit facilities, the Bonds and other financial obligations, the Group may incur significant additional debt in future, some of which may also be secured. Furthermore, the secured senior credit facilities do not prohibit the Group from incurring additional debt, including secured debt, or redeeming the Bonds.

Consequently, if the Group incurs additional obligations, debt-related risks, including potential default on debt service, will increase. Additionally, provided compliance with the Bond conditions is maintained, additional debt may be guaranteed by one or more subsidiaries or secured against assets, meaning the Bonds may be structurally or effectively subordinated to such debt.

Consequently, in the event of insolvency, creditors holding structurally or effectively senior obligations will have priority in satisfying their claims from the sale or other disposal of subsidiary assets before the Issuer, which as their direct or indirect shareholder will be entitled to receive any distributions only after their full satisfaction.

### **The Group's ability to generate cash depends on numerous factors beyond its control, which may prevent generation of funds necessary to service its debt**

The Group's ability to make scheduled debt service payments or refinance obligations depends on its future operations, financial condition and cash generation capacity. The Issuer depends on cash flows from its operating subsidiaries in the form of dividends or other distributions or payments to meet its obligations, including obligations under the Bonds.

The operational and financial condition of these subsidiaries depends on their ability to successfully execute business strategy, as well as economic, financial, competitive, regulatory, technical and other factors beyond our control. Operating subsidiaries may not generate sufficient revenues and cash flows to enable the Group to service obligations on a timely basis.

If the Group is unable to generate sufficient funds to service debt, including the Bonds, or finance its operations, it may be forced to refinance some or all debt, obtain additional financing, delay planned acquisitions, capital investments or sell assets.

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## **Restrictions imposed by the Bonds, senior secured credit facilities and other debt agreements limit or will limit the Group's ability to undertake certain actions**

Agreements governing senior secured credit facilities, existing Polish bonds and other debt agreements restrict the Group's operational flexibility and ability to engage in transactions that could be beneficial. For example, certain of these agreements restrict the Issuer's ability to:

- incur additional debt;
- create certain security interests;
- make certain payments;
- undertake certain asset disposals;
- provide guarantees for debt;
- effect mergers, consolidations or the sale, lease or transfer of all or substantially all of our assets.

All these restrictions are subject to material exceptions and qualifications.

The Group's senior secured credit facilities and existing Polish bonds also require compliance with specified financial ratios and financial covenants. For example, the Issuer must maintain a minimum equity ratio of 35% under the existing Polish bonds. Furthermore, the senior facilities require certain Group borrowers to maintain a minimum DSCR of 1.2x.

The Group's ability to comply with these covenants and satisfy these tests depends on its future operational performance, which is subject to numerous factors, including economic conditions beyond the Group's control. Non-compliance with these requirements could result in breach of the senior secured credit facilities or existing Polish bonds, unless the Group obtains appropriate waivers or covenant modifications.

Operational and financial restrictions and covenants under the senior secured credit facilities, bonds and other debt agreements may adversely affect the ability to finance the Group's future operations or capital needs and restrict its ability to conduct other business activities that may be in the Group's interest. Beyond limiting the Group's operational flexibility, breach of covenants under these agreements or inability to meet required financial ratios could result in covenant breach, triggering acceleration of debt. If the Group's debt is accelerated, the Group may lack sufficient funds for repayment, which could have a material adverse effect on financial position, operating results and the Group's ability to service or settle obligations under the Bonds.

### **Certain covenants may be suspended upon changes to the Group's ratings**

The Green Bond terms provide that if at any time after their issue date the Issuer obtains at least two of the following ratings: (a) Baa3 or higher from Moody's, (b) BBB- or higher from S&P, or (c) BBB- or higher from Fitch, and provided no covenant breach or event of default has occurred and is continuing, then from such date certain covenants shall cease to apply to the Bonds.

If these covenants cease to apply, the Group will be able to incur additional debt or make payments, including dividend distributions or investments, which may conflict with Bondholders' interests.

### *2. 2.2 Business development prospects*

MLP Group's strategic goal is to continuously expand its warehouse space portfolio in the European market, specifically in Poland, Germany, Austria, and Romania.

The Group aims to achieve its strategic objectives by constructing the following types of buildings:

(1) big-box warehouse facilities, primarily addressing e-commerce growth and increased demand from light industry customers, driven by such factors as relocation of production from Asia to Europe; and

2) city logistics projects as assets with a high potential for growth driven by rapid growth of the e-commerce business; the Group responds to this demand by offering: smaller warehouse units (ranging from 700 sqm to 2,500 sqm), located within or close to city boundaries with easy access to labour and public transport. The strategic goals of MLP Group were announced in Current Reports No. 10/2024 of 28 March 2024 and 10/2024/K of 4 March 2024.

According to Statistics Poland, GDP grew 3.4% year-on-year in the second quarter of 2025. Full-year 2025 GDP growth is forecast at 3.5%. CPI inflation reached 4.2% in June 2025 (compared with 2.6% in the prior year).

MLP Group has hedging arrangements in place against various types of risk, including those relating to the currently elevated price increases. The Group's commercial rents are automatically adjusted based on the HICP inflation index, in accordance with the tenants' lease contracts. MLP Group is also resilient to currency risk thanks to a natural hedging strategy, as rents are expressed or denominated in the euro, which is also the currency of contracts with general contractors and financial liabilities. Moreover, the property portfolio is also valued in the euro. With respect to its interest rate risk exposure, the Group has in place an IRS or fixed interest rate locked in for five years to hedge cash flows related to repayment of its credit facilities. The hedging covers 80% of liabilities under the Group's credit facility agreements.

MLP Group is optimistic about the future of the warehouse market in all the countries where it operates. Demand for state-of-the-art warehouse and manufacturing space remains high. Russia's aggression in Ukraine is leading to shorter supply chains, higher levels of warehouse stocks, and relocation of production from conflict zones. Ukrainian businesses and international companies operating in Ukraine will relocate warehouses to other countries, including Poland. Also, foreign companies are withdrawing from the Russian market. This will increase demand for warehouse and logistics space in Poland and other markets served by MLP Group.

![](_page_59_Picture_9.jpeg)

![](_page_59_Picture_10.jpeg)

### **Warehouse market in the first half of 2025**

### **Poland**

As at 30 June 2025, total warehouse and logistics stock in Poland reached approximately 36.0 million sqm, representing growth of 2.2% quarter on quarter and 7.2% year on year. This continued expansion reinforces Poland's position as Europe's fifth-largest warehouse and logistics market.

At the same time, approximately 1.47 million sqm of logistics space was under construction nationwide, of which 41% comprised speculative projects. This represents a 7% increase on the previous quarter. New construction starts surged to 657 thousand sqm, up 47% quarter on quarter. Meanwhile, 468.4 thousand sqm of new space was delivered to the market, representing a decrease of 45% on the first quarter of 2025.

In the first half of 2025, the Polish industrial and logistics property market remained relatively stable, with the vacancy rate at 8.2%. This represents a marginal decrease of 0.27 p.p. compared with the previous quarter and a moderate increase of 0.11 p.p. year on year.

During the same period, tenants leased a total of 2.96 million sqm of warehouse space across Poland, representing an increase of 8% compared with the corresponding period last year. Net take-up, defined as the volume of newly signed lease agreements (excluding renewals), amounted to 1.71 million sqm. Renegotiations accounted for 38% of total leasing activity, indicating a healthy balance between new and existing contracts.

Rental rates continued their upward trajectory in the second quarter of 2025. Prime rents in the Wielkopolska province reached EUR 5.00 per sqm per month. Effective rents also increased, suggesting that landlords are increasingly reluctant to offer discounts and additional incentives. In the Pomorskie province, effective rents rose to EUR 5.80 per sqm per month, while in the Warmińsko-Mazurskie and Wielkopolska provinces they reached EUR 5.50 and EUR 4.90 per sqm per month respectively. The highest rates were recorded in Warsaw (within city boundaries), where headline rents reached EUR 7.50 per sqm per month, followed by the Pomorskie region at EUR 7.00 per sqm per month. Strong rental rates were also recorded in the Małopolska region, where rents reached up to EUR 6.50 per sqm per month.

*Source: Poland Industrial and Logistics Figures Q2 2024, CBRE Research*

![](_page_60_Picture_9.jpeg)

### **Germany**

In the first half of 2025, the German industrial and logistics property market achieved transaction volume of 2.52 million sqm, representing growth of 3.1% compared with the prior year. The share of new buildings in transaction volume fell by 16 p.p. to 43%; the owner-occupier share reached 27% (up 2 p.p.).

The vacancy rate for large warehouse facilities decreased by 0.4 p.p. to 4.1% in the second quarter, though significant regional disparities persist: while core markets such as Hamburg (0%), Munich (0.9%) and Frankfurt (1.8%) are virtually fully let, regions such as Halle/Leipzig (9.5%) and Magdeburg (8.9%) continue to record high vacancy levels. Speculative development volume declined by 36% year on year to 810 thousand sqm.

Average prime rents across the five core markets increased by 2.9% to EUR 8.96 per sqm per month; average rents overall rose by 9.1% to EUR 7.44 per sqm per month. Demand was dominated by transport and logistics companies with a 36% share (up 5 p.p.), while the retail (29%, down 3 p.p.) and manufacturing (28%, down 5 p.p.) sectors recorded modest declines.

Full-year 2025 transaction volume is expected to exceed 5 million sqm, representing levels comparable to the previous two years. Given persistent economic and geopolitical uncertainty, the outlook remains cautious. Risks stemming from global trade conflicts and unstable supply chains may dampen investment activity.

Nevertheless, robust demand, particularly from logistics companies, and limited availability of modern space are likely to support further rental growth and maintain full occupancy across many core markets. Regions currently experiencing higher vacancy levels may benefit from cyclical recovery in the medium term.

*Source: Germany Logistics Markets Q2 2025, CBRE Research*

![](_page_61_Picture_8.jpeg)

### **Romania**

The Romanian modern logistics space market exceeded 8.0 million sqm in Q2 2025. Year-to-date new supply amounted to approximately 90 thousand sqm of new industrial and logistics space.

Bucharest led the market, accounting for over half of all new deliveries. The Central region ranked second with a 35% share, with the remaining 11% attributable to the Western/North-Western region. Modern stock in Bucharest currently stands at 3.7 million sqm, following delivery of 48 thousand sqm of new space in the first half of 2025.

As at the end of the second quarter of 2025, the national vacancy rate stood at 5.1%, representing approximately 207 thousand sqm, compared with 5.6% at the end of the corresponding period last year. On a regional basis, Bucharest exhibits a marginally higher vacancy rate of 5.6%, while regional cities demonstrate stronger leasing metrics with an estimated vacancy rate of 4.7%.

In the second quarter of 2025, total leasing activity (TLA) in Romania reached 452.6 thousand sqm, representing growth of 11% year on year. Although the first half of 2025 results are 6% and 21% lower compared with the corresponding periods in 2022 and 2023 respectively, the significant upturn in the second quarter of suggests that the full year may deliver impressive leasing performance.

The Romanian industrial space market recorded prime rental growth in 2024, with an increase of EUR 0.25 per sqm per month. This brought prime rents to EUR 4.75 per sqm per month at the end of the third quarter of 2024 – a level that has remained stable throughout the first half of 2025. Looking ahead twelve months, the market anticipates further prime rental growth. These projections are underpinned by several key factors: rising development costs, sustained robust demand for industrial space, and a notable decline in speculative project delivery. All these elements point to tightening market conditions and continued rental growth.

*Source: Germany Real Estate Market Outlook 2025, CBRE Research*

### **Austria**

In the first half of 2025, demand for warehouse space in Vienna and its surroundings reached approximately 39 thousand sqm. Subdued demand persists and has yet to recover. Amid international trade conflicts and geopolitical tensions, many companies continue to adopt a wait-and-see approach. Nevertheless, secondhalf demand is expected to exceed that of the first half of 2025.

In Austria, approximately 155.1 thousand sqm of space was delivered in the six months to 30 June 2025, of which 28% comprised owner-occupied developments. Approximately 81 thousand sqm was completed in the Vienna market. Given current market conditions, 2025 completions are expected to fall significantly below last year's levels, partly due to developers' reluctance to pursue speculative construction.

As a result of subdued demand and excess supply in the Vienna market, the vacancy rate (Class A+B) has risen sharply again to 8.05%.

The delivery of high-specification logistics space supported a marginal increase in prime rents in the first half of 2025, from EUR 7.10 to EUR 7.15 per sqm per month.

*Source: Austria Logistics Figures H1 2025, CBRE Research*

# **3. Financial condition of the Group; management of financial resources**

**3. 1 Key economic and financial data disclosed in the Group's consolidated financial statements for the six months ended 30 June 2025**

### *3. 1.1Selected financial data from the consolidated statement of financial position*

**Structure of the consolidated statement of financial position (selected material items):**

|                                            | as at | 30 June<br>2025        | % share     | 31 December<br>2024    | % share     | Change (%) |
|--------------------------------------------|-------|------------------------|-------------|------------------------|-------------|------------|
| ASSETS<br>Non-current assets<br>Including: |       | 6 354 583<br>5 961 356 | 100%<br>94% | 6 469 997<br>5 663 646 | 100%<br>88% | -2%<br>5%  |
| Investment property                        |       | 5 861 832              | 92%         | 5 549 613              | 86%         | 6%         |
| Other long-term investments                |       | 58 004                 | 1%          | 62 921                 | 1%          | -8%        |
| Current assets<br>Including:               |       | 393 227                | 6%          | 806 351                | 12%         | -51%       |
| Short-term investments                     |       | -                      | 0%          | 2 789                  | 0%          | -100%      |
| Trade and other receivables                |       | 105 289                | 2%          | 124 321                | 2%          | -15%       |
| Other short-term investments               |       | 845                    | 0%          | 897                    | 0%          | -6%        |
| Cash and cash equivalents                  |       | 285 443                | 3%          | 668 055                | 10%         | -57%       |

| as at                                                                                                            | 30 June<br>2025                     | % share            | 31 December<br>2024                 | % share            | Change (%)      |
|------------------------------------------------------------------------------------------------------------------|-------------------------------------|--------------------|-------------------------------------|--------------------|-----------------|
| EQUITY AND LIABILITIES<br>Total equity<br>Non-current liabilities<br>Including:                                  | 6 354 583<br>2 817 827<br>3 353 598 | 100%<br>44%<br>53% | 6 469 997<br>2 746 186<br>3 365 501 | 100%<br>42%<br>52% | -2%<br>3%<br>0% |
| Borrowings and other debt instruments,<br>and other non-current liabilities<br>Current liabilities<br>Including: | 2 911 471<br>183 158                | 46%<br>3%          | 2 941 550<br>358 310                | 45%<br>6%          | -1%<br>-49%     |
| Borrowings and other debt instruments<br>Trade and other payables                                                | 46 614<br>128 259                   | 1%<br>2%           | 244 563<br>102 497                  | 4%<br>2%           | -81%<br>25%     |

As at 30 June 2025, the Group's investment property, comprising logistics projects, continued as the key item of the Group's assets, accounting for 92% of total assets. Liabilities under borrowings and other debt instruments and equity were the largest items of total equity and liabilities, representing 46% and 44% of the total, respectively.

The decrease in borrowings and debt securities resulted primarily from the redemption of EUR 45 million Series C bonds on 19 February 2025 at maturity, in accordance with the terms of issue.

|                | 30 June        | 30 June        | 31 December    | 31 December    |                |
|----------------|----------------|----------------|----------------|----------------|----------------|
|                | 2025           | 2025           | 2024           | 2024           | Change         |
| Logistics park | [EUR thausand] | [PLN thausand] | [EUR thausand] | [PLN thausand] | [EUR thausand] |
| POLAND         | 1 010 760      | 4 287 543      | 972 544        | 4 155 681      | 38 216         |
| GERMANY        | 223 917        | 949 834        | 208 221        | 889 729        | 15 696         |
| AUSTRIA        | 104 000        | 441 158        | 74 800         | 319 620        | 29 200         |
| ROMANIA        | 29 974         | 127 147        | 29 961         | 128 023        | 13             |
| Total          | 1 368 651      | 5 805 682      | 1 285 526      | 5 493 053      | 83 125         |
|                |                |                |                |                |                |

**Management Board's on the activitiesof the MLP Group S.A. Group In the six mounths ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

*Property value net of perpetual usufruct of land and residential properties.* 

According to valuations made as at 30 June 2025, the total value of the Group's property portfolio was EUR 1,368,651 thousand (PLN 5,805,682 thousand), having increased by EUR 83,125 thousand relative to 31

December 2024. The increase in property values resulted primarily from:

(i) progress on projects in Poland with total space of 116 thousand sqm;

(ii) completion of part of the Austrian project (subsequent phases let at rents 25% above expectations) and significant progress on the second phase of the development (total space 54.4 thousand sqm);

(iii) commencement and progress of projects in Gelsenkirchen and Spreenhagen, which are currently at an advanced stage of construction (total space 106.6 thousand sqm).

![](_page_64_Figure_7.jpeg)

**Change in property valuations (EUR thousand) – existing buildings** 

![](_page_64_Figure_9.jpeg)

The higher valuation of existing buildings in the first half of 2025 was driven by: (i) valuation of properties that were transferred from construction in progress in 2024 to existing buildings (EUR 143,168 thousand), and (ii) an EUR 6,763 thousand increase in the valuation of existing buildings.

## **Yields on the existing portfolio (Like for Like)**

|                   | 1H 2025 | YE 2024 | Change % Change bps |        |
|-------------------|---------|---------|---------------------|--------|
| ReversionaryYield | 6,35%   | 6,40%   | -0,05%              | -5 bps |
| Poland            | 6,58%   | 6,54%   | 0,04%               | 4 bps  |
| Germany           | 5,20%   | 5,22%   | -0,02%              | -2 bps |
| Romania           | 7,75%   | 7,75%   | 0,00%               | 0 bps  |
| Austria*          | 5,29%   | n/a     | n/a                 | n/a    |

*\*As atDecember 31, 2024 the project in Austria was under construction.*

Interest rate cuts are expected in 2025, which will translate, among other things, into an increase in property valuations.

![](_page_65_Figure_5.jpeg)

The chart above does not include perpetual usufruct of land and residential properties.

![](_page_65_Figure_7.jpeg)

## **Change in property valuation in 1H 2025 (in PLN thousand)**

The chart above does not include perpetual usufruct of land and residential properties. MLP Group performs a valuation of its property portfolio twice a year, as at 30 June and 31 December. The valuation adjustment of PLN 312,629 thousand in the first half of 2025 reflects an increase based on the independent appraiser's valuation.

**Management Board's on the activitiesof the MLP Group S.A. Group In the six mounths ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

Factors contributing to the change:

1. Increase of PLN 352,789 thousand in the fair value of the property portfolio (including PLN 262,501 thousand fair value change corresponding to the amount of expenditure incurred in the reporting period, and PLN 90,288 thousand change in excess of the expenditure amount);

2. foreign exchange losses of:

(i) PLN 9,781 thousand on the translation of the foreign property portfolio,

(ii) PLN 30,379 thousand on the translation of the Polish property portfolio.

### **Investments and other investments**

|                                                | as at | 30 June<br>2025 | 31 December<br>2024 |
|------------------------------------------------|-------|-----------------|---------------------|
| Other long-term investments                    |       | 33 110          | 35 157              |
| Long-term loans                                |       | 17 838          | 17 554              |
| Receivables from measurement of Swap contracts |       | 7 056           | 12 999              |
| Other short-term investments                   |       | 845             | 897                 |
| Total investments and other investments        |       | 58 849          | 66 607              |

Other long-term investments comprise the long-term portion of restricted cash of PLN 33,110 thousand, including: (i) cash of PLN 20,298 thousand set aside pursuant to the terms of credit facility agreements to secure payment of principal and interest, (ii) a PLN 8,943 thousand deposit comprising a security deposit retained from a tenant, (iii) cash of PLN 214 thousand set aside on the CAPEX account, (iv) other retained security deposits of PLN 3,519 thousand, and (v) a PLN 136 thousand bank guarantee.

Other short-term investments include restricted cash of PLN 845 thousand. The amount comprised mainly cash of PLN 618 thousand from a security deposit provided by a tenant and deposited with a bank.

### **Cash**

| as at                                                                         | 30 June<br>2025 | 31 December<br>2024 |
|-------------------------------------------------------------------------------|-----------------|---------------------|
| Cash in hand                                                                  | 436             | 81                  |
| Cash at banks                                                                 | 135 727         | 133 498             |
| Short-term deposits                                                           | 149 280         | 534 476             |
| Cash and cash equivalents in the consolidated statement of financial position | 285 443         | 668 055             |
| Cash and cash equivalents in the consolidated statement of cash flows         | 285 443         | 668 055             |

Cash and cash equivalents disclosed in the consolidated statement of financial position include cash in hand and bank deposits with initial maturity of up to 3 months.

As at 30 June 2025, the balance of cash was PLN 285,443 thousand, having decreased by PLN 382,612 thousand on 31 December 2024.

![](_page_67_Figure_0.jpeg)

# **Equity Net assets (NAV)**

![](_page_67_Figure_2.jpeg)

![](_page_67_Figure_3.jpeg)

As at 30 June 2025, the net asset value was PLN 2,817,827 thousand, up by PLN 71,641 thousand, or 3%.

EBIT excluding effect of revaluation was PLN 104,881 thousand as at 30 June 2024, having increased by 6% year on year (first half of 2024: PLN 98,709 thousand).

![](_page_67_Picture_6.jpeg)

**Management Board's on the activitiesof the MLP Group S.A. Group In the six mounths ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

|                                                   | EPRA NRV            |                     | EPRA NTA            |                     | EPRA NDV            |                     |
|---------------------------------------------------|---------------------|---------------------|---------------------|---------------------|---------------------|---------------------|
|                                                   | 30 June             | 31 December         | 30 June             | 31 December         | 30 June             | 31 December         |
|                                                   | 2025<br>PLN million | 2024<br>PLN million | 2025<br>PLN million | 2024<br>PLN million | 2025<br>PLN million | 2024<br>PLN million |
|                                                   |                     |                     |                     |                     |                     |                     |
| Equity attributable to<br>shareholders under IFRS | 2 818               | 2 746               | 2 818               | 2 746               | 2 818               | 2 746               |
| Diluted NAV                                       | 2 818               | 2 746               | 2 818               | 2 746               | 2 818               | 2 746               |
| Diluted NAV at fair value,                        | 2 818               | 2 746               | 2 818               | 2 746               | 2 818               | 2 746               |
| excluding:*                                       |                     |                     |                     |                     |                     |                     |
| Deferred tax on fair value<br>gains of IP5        | -                   | -                   | -                   | -                   | -                   | -                   |
| vi) Fair value of financial<br>instruments        | 2                   | 9                   | 2                   | 9                   | -                   | -                   |
| NAV                                               | 2 816               | 2 737               | 2 816               | 2 737               | 2 818               | 2 746               |
| Fully diluted number of shares                    | 23 994 982          | 23 994 982          | 23 994 982          | 23 994 982          | 23 994 982          | 23 994 982          |
| NAV per share<br>PLN/share                        | 117,3               | 114,1               | 117,3               | 114,1               | 117,4               | 114,4               |

| EPRA NDV | EPRA Net Disposal Value is a measure of net asset value under the assumption that the<br>entity will sell its assets.                                                                                                                                                                                                                                                             |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| EPRA NTA | EPRA Net Tangible Assets is a measure of net asset value, assuming entities buy and sell<br>assets, thereby crystallising certain levels of deferred tax liability. It is calculated as total<br>equity minus non-controlling interests, excluding derivatives measures at fair value and<br>deferred tax on properties (unless such an item is related to assets held for sale). |
| EPRA NRV | The EPRA Net Reinstatement Value is a measure of net asset value aimed at reflecting the<br>cost required to rebuild the entity, assuming the entity will not sell its assets.                                                                                                                                                                                                    |

![](_page_68_Picture_3.jpeg)

### **Share capital**

| Share capital [number of shares] | as at | 30 June<br>2025 | 31 December<br>2024 |
|----------------------------------|-------|-----------------|---------------------|
| Series A shares                  |       | 11 440 000      | 11 440 000          |
| Series B shares                  |       | 3 654 379       | 3 654 379           |
| Series C shares                  |       | 3 018 876       | 3 018 876           |
| Series D shares                  |       | 1 607 000       | 1 607 000           |
| Series E shares                  |       | 1 653 384       | 1 653 384           |
| Series F shares                  |       | 2 621 343       | 2 621 343           |
| Total                            |       | 23 994 982      | 23 994 982          |
| Par value per share [PLN]        |       | 0,25 PLN        | 0,25 PLN            |

As at 30 June 2025, the Parent's share capital amounted to PLN 5,998,745.50 and comprised 23,994,982 shares conferring 23,994,982 voting rights in the Company. The par value per share is PLN 0.25. The entire capital has been paid up.

### **Borrowings, other debt instruments and other liabilities**

|                                                                                                         | 30 June<br>as at<br>2025 | 31 December<br>2024 |
|---------------------------------------------------------------------------------------------------------|--------------------------|---------------------|
| Borrowings secured with the Group's assets                                                              | 1 363 391                | 1 390 177           |
| Bonds                                                                                                   | 1 446 485                | 1 457 088           |
| Non-bank borrowings                                                                                     | 17 361                   | 17 097              |
| Total non-current liabilities under borrowings and other debt instruments                               | 2 827 237                | 2 864 362           |
| Finance lease liabilities (perpetual usufruct of land)                                                  | 55 803                   | 56 240              |
| Liabilities from measurement of interest rate hedges                                                    | 4 987                    | 4 237               |
| Performance bonds, security deposits from tenants and other deposits                                    | 22 542                   | 15 888              |
| Lease liabilities (vehicles)                                                                            | 902                      | 823                 |
| Total other non-current liabilities                                                                     | 84 234                   | 77 188              |
| Short-term bank borrowings and short-term portion of bank borrowings<br>secured with the Group's assets | 28 070                   | 28 823              |
| Bonds                                                                                                   | 18 181                   | 215 463             |
| Liabilities under lease of vehicles                                                                     | 363                      | 277                 |
| Total current liabilities under borrowings and other debt instruments, and<br>other current liabilities | 46 614                   | 244 563             |
| Borrowings, other debt instruments and other liabilities                                                | 2 958 085                | 3 186 113           |

Liabilities under borrowings and other debt instruments represent a significant portion of the Group's total equity and liabilities. The Group uses mainly bank credit and corporate bonds to finance the construction of new facilities in the existing logistics parks and the purchase of land in new locations.

![](_page_70_Figure_2.jpeg)

Liabilities under borrowings and other debt instruments as well as other liabilities as at 30 June 2025 amounted to PLN 2,958,085 thousand, down PLN 228,028 thousand compared with year-end 2024. This decrease reflects the redemption of EUR 45,000,000 Series C bonds on 19 February 2025, at maturity and in accordance with the terms of issue.

![](_page_70_Figure_4.jpeg)

Almost 80% of the bank loans (and 84% bank loans and bonds) are hedged with IRS contracts for the next 3.5 years, resulting in limited exposure of interest rate fluctuations.

**Consolidated statement of profit or loss for the six months ended 30 June 2025 and the corresponding period of 2024**

**Management Board's on the activitiesof the MLP Group S.A. Group In the six mounths ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

| for the six months ended 30 June                              | 2025     | % sales | 2024     | % sales | Change (%) |
|---------------------------------------------------------------|----------|---------|----------|---------|------------|
| Rental income                                                 | 111 549  | 100%    | 108 546  | 100%    | 3%         |
| Revenue from property<br>management services                  | 95 503   | 86%     | 79 127   | 73%     | 21%        |
| Costs of self-provided property<br>management services        | (77 158) | -69%    | (70 319) | -65%    | 10%        |
| Gross operating profit/(loss)                                 | 129 894  | 116%    | 117 354  | 108% 0  | 11%        |
| Selling, general and administrative expense s                 | (22 273) | -20%    | (22 058) | -20%    | 1%         |
| Gain/(loss) on revaluation of<br>investment property          | 60 910   | 55%     | 275 013  | 253%    | 78%        |
| Other income                                                  | 1 153    | 1%      | 4 675    | 4%      | -75%       |
| Other expenses                                                | (3 893)  | -3%     | (1 262)  | -1%     | -208%      |
| Operating profit/(loss) before                                |          |         |          |         |            |
| gain/(loss) on revaluation of<br>investment property          | 165 791  | 149%    | 373 722  | 344%    | 56%        |
| Net finance income/(costs)                                    | (57 145) | -51%    | (34 490) | -32%    | 66%        |
| Profit/(loss) before tax                                      | 108 646  | 97%     | 339 232  | 313%    | 68%        |
| Income tax                                                    | (29 481) | -26%    | (57 592) | -53%    | -49%       |
| Net profit/(loss)                                             | 79 165   | 71%     | 281 640  | 259%    | 72%        |
| EBITDA excluding effect of revaluation                        | 106 214  |         | 99 092   |         |            |
| EPRA earnings calculation<br>for the six months ended 30 June |          |         |          | 2025    | 2024       |
| Net profit/(loss)                                             |          |         |          | 79 165  | 281 640    |

| EPRA Earnings adjustments                                                                                             |          |           |  |
|-----------------------------------------------------------------------------------------------------------------------|----------|-----------|--|
| Gain on revaluation of investment property                                                                            | (60 910) | (275 013) |  |
| Changes in the fair value of financial instruments and related closing costs                                          | 517      | (663)     |  |
| Deferred tax on EPRA Earnings adjustments                                                                             | 11 475   | 52 378    |  |
| EPRA Earnings                                                                                                         | 30 247   | 58 342    |  |
|                                                                                                                       |          |           |  |
| Calculation of EPRA Cost Ratio                                                                                        | 2024     | 2023      |  |
| Administrative/operating expenses as per statement of profit or loss excluding<br>depreciation of investment property | 23 245   | 22 058    |  |
| Rental income                                                                                                         | 111 549  | 108 546   |  |
| EPRA Cost Ratio                                                                                                       | 21%      | 20%       |  |

EPRA Earnings measures operational performance; it excludes all components not relevant to the underlying income performance of the portfolio, such as changes in the value of underlying assets and any gains or losses on property disposals. Consequently, EPRA Earnings represents income generated by the investment, rather than valuation changes or capital returns from the investment.

EPRA Cost Ratio – administrative and operating expenses / rental income.

|                                        | for the six months ended 30 June | 2025    | 2024    | change (%) |
|----------------------------------------|----------------------------------|---------|---------|------------|
| Rental income from investment property |                                  | 111 549 | 108 546 | 2,8%       |
| Recharge of service charges            |                                  | 44 004  | 38 343  | 14,8%      |
| Recharge of utility costs              |                                  | 43 405  | 39 187  | 10,8%      |
| Other revenue                          |                                  | 8 094   | 1 597   | 406,8%     |
| Rental income                          |                                  | 207 052 | 187 673 | 10,3%      |

Rental income from investment properties is the main source of the Group's revenue. Rental income for the six months ended 30 June 2025 was reported at PLN 111,549 thousand, an increase of 2.8% year on year. The increase in rental income (up PLN 3,003 thousand) resulted primarily from space where leases commenced in in the first half of 2025. In the first six months of 2025, we also recorded a positive impact from rent indexation (+2.4%), which was offset by foreign exchange losses.

Revenue from recharging operating costs and utilities matches the underlying property maintenance costs and utility purchases. The revenue increased by 14.8% and 10.8% respectively.

![](_page_72_Figure_6.jpeg)

## **Change in key items of revenue in the first half of 2025 and 2024 (PLN million)**

| for the six months ended 30 June                       | 2025     | 2024     | change (%) |
|--------------------------------------------------------|----------|----------|------------|
| Depreciation and amortisation                          | (361)    | (383)    | -5,7%      |
| Property maintenance services                          | (39 985) | (35 711) | 12,0%      |
| Utilities                                              | (37 057) | (34 586) | 7,1%       |
| Administrative expenses and business development costs | (21 912) | (21 675) | 1,1%       |
| Other recharged costs                                  | (116)    | (22)     | 427,3%     |
| Distribution costs and administrative expenses         | (99 431) | (92 377) | 7,6%       |

**Management Board's on the activitiesof the MLP Group S.A. Group In the six mounths ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

In the first half of 2025, distribution costs and administrative expenses amounted to PLN 99,431 thousand, representing a year-on-year increase of 7.6%. These costs include (i) costs of consumables and energy used, (ii) services, (iii) taxes and charges. The costs of consumables and energy used include the cost of utilities that are recharged to tenants. The main components of taxes and charges are property tax and usufruct charges, which are also recharged to tenants. Services include two cost groups: (i) property maintenance services, recharged to tenants, (ii) and services recognised as part of administrative expenses.

**Change in key items of distribution costs and administrative expenses in the first half of 2025 and 2024 (PLN million)**

![](_page_73_Figure_3.jpeg)

The 12% increase in property maintenance costs (up PLN 4,368 thousand) was driven primarily by:

(i) an increase in property tax of PLN 2,030 thousand, attributable equally to the expansion of space brought into use in 2024 (with tax payable from 2025) and increases in property tax rates;

(ii) an increase of PLN 1,500 thousand in security, cleaning and routine maintenance costs;

(iii) higher insurance costs of PLN 200 thousand and increased technical servicing costs of PLN 200 thousand.

These increases correlate with the expansion in volume of completed space and the increase in minimum wage in 2025.

The Group also incurs administrative expenses and business development costs associated with its development activities. This item amounted to PLN 22,273 thousand in the first half of 2025, remaining at a similar level to the corresponding period in 2024. Administrative and development costs include, inter alia, advisory fees, banking services, consultancy fees, audit costs, valuations, marketing, IT and staff costs.

In the first half of 2025, the Group reported net finance costs of PLN 57,145 thousand, primarily comprising: foreign exchange gains (PLN 9,230 thousand), interest expense on borrowings (PLN 29,777 thousand) and interest expense on bonds (PLN 46,955 thousand).

Fair value gains on investment property in the first half of 2025 of PLN 60,910 thousand resulted primarily from valuation gains (net of capital expenditure) in the DACH market of PLN 113,581 thousand, partially offset by foreign exchange losses on translation of EUR-denominated valuations in the Polish portfolio of PLN 29,378 thousand.

The chart below presents changes in gain/loss on revaluation of investment property by quarter in 2025.

![](_page_74_Figure_4.jpeg)

![](_page_74_Picture_5.jpeg)

### *3. 1.3 Selected data from the consolidated statement of cash flows*

| for the six months ended 30 June                            | 2025      | 2024      |
|-------------------------------------------------------------|-----------|-----------|
| Net cash from operating activities                          | 113 003   | 59 959    |
| Net cash from investing activities                          | (223 138) | (188 878) |
| Net cash from financing activities                          | (277 093) | 31 998    |
| Total net cash flows                                        | (387 228) | (96 921)  |
| Cash at beginning of period                                 | 668 055   | 344 247   |
| Effect of exchange differences on cash and cash equivalents | 4 616     | 3 285     |
| Cash and cash equivalents at end of period                  | 285 443   | 250 611   |

**Management Board's on the activitiesof the MLP Group S.A. Group In the six mounths ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

In the six months ended 30 June 2025, the Group reported positive operating cash flows of PLN 113,003 thousand. Lower current receivables at the end of June 2025 compared with year-end 2024 resulted primarily from VAT refunds and CIT overpayments received.

Cash flows from investing activities in the period were negative, at PLN 223,138 thousand. In the corresponding period of 2024, negative cash flows from investing activities amounted to PLN 188,878 thousand.These expenditures related primarily to the construction and expansion of logistics parks in Poland and Germany.

In the first half of 2025, the Group recorded negative cash flows from financing activities of PLN 277,093 thousand, resulting primarily from:

(i) redemption of Series C bonds of PLN 187,082 thousand;

(ii) interest payments on bank borrowings, bonds and leases of PLN 75,449 thousand;

(iii) repayment of principal on credit facilities of PLN 15,072 thousand.

### **3. 2 Management Board's position on published forecasts**

The Company and the Group companies did not publish any earnings forecasts for 2025.

![](_page_75_Picture_10.jpeg)

### **3. 3 Management of the Group's financial resources**

In the six months ended 30 June 2025, in connection with its investment projects involving the construction of warehouse and office space, the Group's efforts in the area of managing its financial resources were mainly focused on securing and appropriately structuring the financing sources, and on maintaining safe liquidity ratios. The Management Board analyses and plans the Group's financing structure on an ongoing basis to deliver the budgeted ratios and financial results while ensuring that the Group's liquidity and wider financial security are maintained.

The Management Board believes that as at 30 June 2025 the Group's assets and financial position were stable, thanks to the Group's well-established position on the warehouse space market, combined with the relevant experience and operational capabilities in managing property development projects and leasing commercial space. Further in this report the Group's financial standing and assets are discussed in the context of the liquidity and debt ratios.

![](_page_76_Figure_4.jpeg)

### *3. 3.1 Financial ratios*

The profitability analysis is based on the following ratios:

- **return on equity (ROE):** net profit/(loss)/adjusted equity (weighted average of the sum of share capital and share premium)
- **return on assets (ROA):** net profit (loss) / total assets.
- **LTV ratio:** means the quotient of total net debt (excluding valuation of borrowings at amortised cost) and the fair value of investment property (excluding PWUG) and the value of non-current assets.

![](_page_76_Picture_10.jpeg)

![](_page_76_Picture_11.jpeg)

![](_page_77_Figure_1.jpeg)

## **ICR ratio:** EBITDA (excluding revaluation) / interest on bank borrowings, IRS interest, bond interest

![](_page_77_Figure_3.jpeg)

The liquidity analysis is based on the following ratios:

- **current ratio:** current assets / current liabilities;
- **cash ratio:** cash and cash equivalents / current liabilities.

The current ratio and the cash ratio as at 30 June 2025 were 2.15 and 1.56, respectively, and remained at stable and safe levels.

### **Management Board's on the activitiesof the MLP Group S.A. Group In the six mounths ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

![](_page_78_Figure_1.jpeg)

The debt analysis is based on the following ratios:

**equity ratio:** total equity / total assets;

As at 30 June 2025, the equity ratio was 44.3%, up 1.9 p.p. on 31 December 2024. In accordance with the terms and conditions of Series C, Series G, and Series F bonds, it may not be less than 35%.

|                          | 1H 2025<br>PLN mn | 1H 2024<br>PLN mn | 1H 2025<br>EUR mn | 1H 2024<br>EUR mn |  |
|--------------------------|-------------------|-------------------|-------------------|-------------------|--|
| Net Debt/EBITDA          | 12,0              | 9,5               | 11,9              | 9,5               |  |
| NET Debt/Run Rate EBITDA | 9,9               | 9,0               | 9,8               | 8,9               |  |

### **Run rate EBITDA is calculated as:**

(I) EBITDA before revaluation, plus

(II) rental income and revenue from property management services less the cost of these services, generated from contracts entered into before 30 June 2025, which began to generate revenue during the twelve months ended 30 June 2025, but whose impact was not fully reflected in the results for the twelve months ended 30 June 2025, plus

(III) rental income and revenue from property management services less the cost of these services, calculated on the basis of leases entered into prior to 30 June 2025, which did not start generating revenue during the twelvemonth period ended 30 June 2025, but are expected to start generating revenue after the reporting date.

![](_page_78_Figure_10.jpeg)

### **3. 4 Borrowings, bonds, sureties and guarantees**

### *3. 4.1 New and terminated non-bank borrowings*

In the six months ended 30 June 2025, the Group did not take out any new non-bank borrowings.

### *3. 4.2 New and terminated bank borrowings*

**New credit facility agreements in 2024**

In the six months ended 30 June 2025, the Group did not enter into any now credit facility agreements.

**Management Board's on the activitiesof the MLP Group S.A. Group In the six mounths ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

### **Repayment of bank borrowings in 2024**

In the first half of 2025, the Group did not repay any credit facilities.

### *3. 4.3 Bonds*

On 19 January 2025, the Company redeemed at maturity Series C bonds with a total nominal value of EUR 45,000,000.

The bonds of MLP Group S.A. outstanding as at 30 June 2025 are presented below.

| Instrument                 |     | Currency Nominal value Maturity date |                 | Interest rate                       | Guarantees and<br>collateral | Listing venue |
|----------------------------|-----|--------------------------------------|-----------------|-------------------------------------|------------------------------|---------------|
| Public bonds – Series G    | EUR | 41 000 000                           |                 | 4 December 2026 3M EURIBOR + margin | none                         | Catalyst      |
| Public bonds – Green Bonds | EUR | 300 000 000                          | 15 October 2029 | Fixed interest rate                 | none                         | Euro MTF      |

### *3. 4.4* **Loans**

In the six months ended 30 June 2025, the Group did not advance any new loans.

### *3. 4.5* **Sureties provided and received in 2024**

On 30 June 2025, MLP Group S.A. entered into two surety agreements covering MLP Bieruń I Sp. z o.o.'s liabilities towards the tenant PPHU Specjał Sp. z o.o. under side letters, concerning payment of the contribution amounts of: (i) EUR 575,000.00 in connection with the execution of an annex to the lease contract of 11 April 2013 between MLP Poznań II sp. z o.o. and the tenant; the surety was granted until 5 March 2029; and (ii) EUR 990,000.00 in connection with the execution of an annex to the lease contract of 27 November 2014 between MLP Poznań II sp. z o.o. and the tenant; the surety was granted until 1 September 2027.

### *3. 4.6* **Guarantees provided and received**

In the first half of 2025, the Group neither provided nor received any guarantees.

### **3. 5 Feasibility of investment plans**

The Group has adequate capital resources to meet its strategic objectives and finance its day-to-day operations.

The Group finances its investments (both acquisitions of new properties as well as extension of the existing logistics parks) with the Group's own resources and long-term borrowings, including credit facilities, nonbank borrowings and issues of commercial paper.

The Group assumes that the share of debt financing in the financing of the planned projects will be approximately 70%.

### **3. 6 Non-recurring factors and events with a bearing on the consolidated financial result for the six months ended 30 June 2025**

In the six months ended 30 June 2025, there were no non-recurring factors or events that would have a material effect on the consolidated profit or loss for the financial period.

### **3. 7 Issue, redemption, cancellation and repayment of non-equity and equity securities**

On 23 September 2022, the Management Board of MLP Group S.A. adopted Resolution No. 1/09/2022 to establish a new bond issuance programme (the "Programme"). On the same day, the Company entered into an issuance agreement with mBank S.A. to establish the new bond issuance programme, where mBank S.A. will act as the arranger, calculation agent, technical agent, issuance agent, and dealer. For more information, see Note 3.4.3.

### **3. 8 Material achievements and failures in the six months ended 30 June 2025**

There were no material achievements or failures other than those described in this Management Board's report on the activities of the MLP Group S.A. Group.

## **3. 9 Seasonality and cyclicality**

The Group's operations are not subject to seasonality or cyclicality, except for gas sales to tenants, which are linked to the heating season.

# **4. Statement of the Management Board**

We represent that, to the best of our knowledge, the interim condensed consolidated and the interim condensed separate financial statements and the comparative data have been prepared in accordance with the applicable accounting policies and give a true, fair and clear view of the assets, financial position and results of the Company and the Group.

We further represent that the half-year Management Board's report on the activities of the MLP Group S.A. Group presents a true view of the development, achievements and condition of the Company and the Group, including a description of key threats and risks.

We represent that the statutory auditor, PWC Polska Sp. z o.o. Audyt Sp.k., who performed the review of the interim condensed consolidated financial statements and the interim condensed separate financial statements for the period from 1 January to 30 June 2025, was appointed in accordance with applicable law.

We further represent that both the audit firm and the qualified auditor who performed the review met the conditions required to issue an impartial and independent report from the review of the interim condensed consolidated financial statements and the interim condensed separate financial statements, in accordance with the applicable provisions of law and professional standards.

*Signed by the Management Board with qualified digital signatures.*

*Pruszków, 25 August 2025*

![](_page_81_Picture_0.jpeg)

# **III. Selected financial data of the MLP Group S.A. Group**

# **II. Selected financial data of the MLP Group S.A. Group**

Average exchange rates of the Polish złoty against the euro during the reporting period:

|                                                                   | 30 June<br>2025 | 31 December<br>2024 | 30 June<br>2024 |
|-------------------------------------------------------------------|-----------------|---------------------|-----------------|
| EUR average exchange rate during the reporting period*            | 4,2208          | 4,3042              | 4,3109          |
| EUR average exchange rate on the last day of the reporting period | 4,2419          | 4,2730              | 4,3130          |

*\* Arithmetic mean of the mid exchange rates effective on the last day of each month in the reporting period.*

Key items of the condensed consolidated interim statement of financial position translated into the euro:

|                                                                                                     | as at                       | 30 June 2025                |              | 31 December 2024 |  |
|-----------------------------------------------------------------------------------------------------|-----------------------------|-----------------------------|--------------|------------------|--|
|                                                                                                     | PLN thousand<br>(unaudited) | EUR thousand<br>(unaudited) | PLN thousand | EUR thousand     |  |
| Non-current assets                                                                                  | 5 961 356                   | 1 405 350                   | 5 663 646    | 1 325 449        |  |
| Current assets                                                                                      | 393 227                     | 92 701                      | 806 351      | 188 708          |  |
| Total assets                                                                                        | 6 354 583                   | 1 498 051                   | 6 469 997    | 1 514 157        |  |
| Non-current liabilities                                                                             | 3 353 598                   | 790 589                     | 3 365 501    | 787 620          |  |
| Current liabilities                                                                                 | 183 158                     | 43 178                      | 358 310      | 83 854           |  |
| Equity, including:                                                                                  | 2 817 827                   | 664 284                     | 2 746 186    | 642 683          |  |
| Share capital                                                                                       | 5 999                       | 1 414                       | 5 999        | 1 404            |  |
| Total equity and liabilities                                                                        | 6 354 583                   | 1 498 051                   | 6 469 997    | 1 514 157        |  |
| Number of shares                                                                                    | 23 994 982                  | 23 994 982                  | 23 994 982   | 23 994 982       |  |
| Book value per share and diluted book value per<br>share attributable to owners of the parent (PLN) | 117,43                      | 27,68                       | 114,45       | 26,78            |  |

The data in the condensed consolidated interim statement of financial position was translated at the mid exchange rate quoted by the National Bank of Poland for the last day of the reporting period.

Key items of the condensed consolidated interim statement of profit or loss and other comprehensive income translated into the euro:

| for the six months ended 30 June                       |              | 2025         | 2024         |              |  |
|--------------------------------------------------------|--------------|--------------|--------------|--------------|--|
|                                                        | PLN thousand | EUR thousand | PLN thousand | EUR thousand |  |
|                                                        | (unaudited)  | (unaudited)  | (unaudited)  | (unaudited)  |  |
| Rental income                                          | 111 549      | 26 428       | 108 546      | 25 179       |  |
| Revenue from property management services              | 95 503       | 22 627       | 79 127       | 18 355       |  |
| Other income, net                                      | (2 740)      | (649)        | 3 413        | 792          |  |
| Gain/(loss) on revaluation of investment property      | 60 910       | 14 431       | 275 013      | 63 795       |  |
| Costs of self-provided property management<br>services | (77 158)     | (18 280)     | (70 319)     | (16 312)     |  |
| Selling, general and administrative expenses           | (22 273)     | (5 277)      | (22 058)     | (5 117)      |  |
| Operating profit/(loss)                                | 165 791      | 39 280       | 373 722      | 86 692       |  |
| Profit/(loss) before tax                               | 108 646      | 25 741       | 339 232      | 78 692       |  |
| Net profit/(loss)                                      | 79 165       | 18 756       | 281 640      | 65 332       |  |
| Total comprehensive income                             | 71 641       | 16 973       | 281 906      | 65 394       |  |

| for the six months ended 30 June                                                                |                             | 2025                        | 2024                        |                             |  |
|-------------------------------------------------------------------------------------------------|-----------------------------|-----------------------------|-----------------------------|-----------------------------|--|
|                                                                                                 | PLN thousand<br>(unaudited) | EUR thousand<br>(unaudited) | PLN thousand<br>(unaudited) | EUR thousand<br>(unaudited) |  |
| Net profit/ (loss) attributable to owners of the                                                |                             |                             |                             |                             |  |
| parent                                                                                          | 79 165                      | 18 756                      | 281 640                     | 65 332                      |  |
| Earnings per share and diluted earnings per share<br>attributable to owners of the parent (PLN) | 3,30                        | 0,77                        | 11,74                       | 2,72                        |  |

The data in the condensed consolidated interim statement of profit or loss and other comprehensive income was translated at the mid exchange rate of the euro calculated as the arithmetic mean of the mid exchange rates quoted by the National Bank of Poland for the last day of each month in the reporting period.

Key items of the condensed consolidated interim statement of cash flows translated into the euro:

| for the six months ended 30 June              | 2025<br>EUR  |             | 2024         |              |  |
|-----------------------------------------------|--------------|-------------|--------------|--------------|--|
|                                               | PLN thousand | thousand    | PLN thousand | EUR thousand |  |
|                                               | (unaudited)  | (unaudited) | (unaudited)  | (unaudited)  |  |
| Net cash from operating activities            | 113 003      | 26 773      | 59 959       | 13 909       |  |
| Cash from investing activities                | (223 138)    | (52 866)    | (188 878)    | (43 814)     |  |
| Cash from financing activities                | (277 093)    | (65 649)    | 31 998       | 7 423        |  |
| Total cash flows, net of exchange differences | (387 228)    | (91 742)    | (96 921)     | (22 482)     |  |
| Total cash flows                              | (382 612)    | (90 649)    | (93 636)     | (21 721)     |  |

The data in the condensed consolidated interim statement of cash flows was translated at the mid exchange rate of the euro calculated as the arithmetic mean of the mid exchange rates quoted by the National Bank of Poland for the last day of each month in the reporting period.

|                                                      | as at                       | 30 June 2025<br>EUR     |                    | 31 December 2024  |
|------------------------------------------------------|-----------------------------|-------------------------|--------------------|-------------------|
|                                                      | PLN thousand<br>(unaudited) | thousand<br>(unaudited) | PLN thousand       | EUR thousand      |
| Cash at beginning of period<br>Cash at end of period | 668 055<br>285 443          | 156 343<br>67 291       | 344 247<br>668 055 | 79 174<br>156 343 |

The following exchange rates were used to translate the data from the condensed consolidated interim statement of cash flows:

- Cash at end of period the average exchange rate quoted by the National Bank of Poland (NBP) for the last day in the reporting period,
- Cash at beginning of period the average exchange rate quoted by the National Bank of Poland (NBP) for the last day of the period preceding the reporting period.

![](_page_84_Picture_0.jpeg)

**III. Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025**

# Authorisation of the condensed consolidated interim financial statements

On 25 August 2025, the Management Board of the Parent, i.e. MLP Group S.A., authorised for issue these condensed consolidated interim financial statements (the "consolidated financial statements") of the MLP Group S.A. Group (the "Group") for the period from 1 January to 30 June 2025,

The condensed consolidated interim financial statements for the period from 1 January to 30 June 2025 have been prepared in accordance with IAS 34 *Interim Financial Reporting* as endorsed by the European Union. In this report, information is presented in the following sequence:

- 1. Condensed consolidated interim statement of profit or loss and other comprehensive income for the period from 1 January to 30 June 2025, showing a net profit of PLN 79,165 thousand.
- 2. Condensed consolidated interim statement of financial position as at 30 June 2025, showing total assets and total equity and liabilities of PLN 6,354,583 thousand.
- 3. Condensed consolidated interim statement of cash flows for the period from 1 January to 30 June 2025, showing a net decrease in cash of PLN 382,612 thousand.
- 4. Condensed consolidated interim statement of changes in equity for the period from 1 January to 30 June 2025, showing an increase in consolidated equity of PLN 71,641 thousand.
- 5. Notes to the condensed consolidated interim financial statements

These condensed consolidated interim financial statements have been prepared in thousands of PLN, unless stated otherwise.

*Signed by the Management Board with qualified digital signatures.*

![](_page_85_Picture_11.jpeg)

# Condensed consolidated interim statement of profit or loss and other comprehensive income

|                                                                                         | for<br>Note | 6 months<br>ended<br>30 June<br>2025<br>(unaudited) | 3 months<br>ended<br>30 June<br>2025<br>(unaudited) | 6 months<br>ended<br>30 June<br>2024<br>(unaudited) | 3 months<br>ended<br>30 June<br>2024<br>(unaudited) |  |
|-----------------------------------------------------------------------------------------|-------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|--|
| Rental income                                                                           | 4           | 111 549                                             | 56 648                                              | 108 546                                             | 53 706                                              |  |
| Revenue from property management services                                               | 4           | 95 503                                              | 41 224                                              | 79 127                                              | 37 770                                              |  |
| Costs of self-provided property management<br>services                                  | 7           | (77 158)                                            | (34 176)                                            | (70 319)                                            | (31 889)                                            |  |
| Gross operating profit/(loss)                                                           |             | 129 894                                             | 63 696                                              | 117 354                                             | 59 587                                              |  |
| Selling, general and administrative expenses                                            | 7           | (22 273)                                            | (10 981)                                            | (22 058)                                            | (11 767)                                            |  |
| Gain/(loss) on revaluation of investment<br>property                                    | 11          | 60 910                                              | 163 942                                             | 275 013                                             | 298 692                                             |  |
| Other income                                                                            | 5           | 1 153                                               | 179                                                 | 4 675                                               | 574                                                 |  |
| Other expenses                                                                          | 6           | (3 893)                                             | (1 215)                                             | (1 262)                                             | 342                                                 |  |
| Operating profit/(loss)                                                                 |             | 165 791                                             | 215 621                                             | 373 722                                             | 347 428                                             |  |
| Finance income                                                                          | 8           | 19 607                                              | (18 507)                                            | 16 971                                              | (4 412)                                             |  |
| Finance costs                                                                           | 8           | (76 752)                                            | (39 272)                                            | (51 461)                                            | (26 620)                                            |  |
| Net finance income/(costs)                                                              |             | (57 145)                                            | (57 779)                                            | (34 490)                                            | (31 032)                                            |  |
| Profit/(loss) before tax                                                                |             | 108 646                                             | 157 842                                             | 339 232                                             | 316 396                                             |  |
| Income tax                                                                              | 9           | (29 481)                                            | (35 968)                                            | (57 592)                                            | (50 981)                                            |  |
| Net profit/(loss)                                                                       |             | 79 165                                              | 121 874                                             | 281 640                                             | 265 415                                             |  |
| Other comprehensive income that will be<br>reclassified to profit or loss               |             |                                                     |                                                     |                                                     |                                                     |  |
| Exchange differences on translation of foreign<br>operations                            |             | (2 647)                                             | 4 736                                               | (1 057)                                             | 556                                                 |  |
| Effective portion of changes in fair value of cash<br>flow hedges                       |             | (6 132)                                             | (3 712)                                             | 1 538                                               | (1 338)                                             |  |
| Other comprehensive income that will be<br>reclassified to profit or loss, before tax   |             | (8 779)                                             | 1 024                                               | 481                                                 | (782)                                               |  |
| Other comprehensive income, gross                                                       |             | (8 779)                                             | 1 024                                               | 481                                                 | (782)                                               |  |
| Income tax on other comprehensive income that<br>will be reclassified to profit or loss |             | 1 255                                               | 682                                                 | (215)                                               | 277                                                 |  |
| Other comprehensive income, net                                                         |             | (7 524)                                             | 1 706                                               | 266                                                 | (505)                                               |  |
| Total comprehensive income                                                              |             | 71 641                                              | 123 580                                             | 281 906                                             | 264 910                                             |  |
| Comprehensive income attributable to:                                                   |             |                                                     |                                                     |                                                     |                                                     |  |
| Owners of the parent                                                                    |             | 71 641                                              | 123 580                                             | 281 906                                             | 264 910                                             |  |
| Earnings (loss) per share                                                               | 19          |                                                     |                                                     |                                                     |                                                     |  |
| Earnings (loss) per ordinary share:                                                     |             |                                                     |                                                     |                                                     |                                                     |  |
| –<br>Basic earnings (loss) per share from<br>continuing operations                      |             | 3,30                                                | 5,08                                                | 11,74                                               | 5,08                                                |  |
| –<br>Earnings (loss) per ordinary share                                                 |             | 3,30                                                | 5,08                                                | 11,74                                               | 5,08                                                |  |

# Condensed consolidated interim statement of financial position

|                                                                   | as at<br>Note | 30 June<br>2025<br>(unaudited) | 31 December<br>2024 |
|-------------------------------------------------------------------|---------------|--------------------------------|---------------------|
| Non-current assets                                                |               |                                |                     |
| Property, plant and equipment                                     | 10            | 26 709                         | 26 391              |
| Intangible assets                                                 |               | 31                             | 54                  |
| Investment property                                               | 11            | 5 861 832                      | 5 549 613           |
| Other long-term financial investments                             | 13            | 58 004                         | 62 921              |
| Other non-current assets                                          | 14            | 13 461                         | 20 959              |
| Deferred tax asset                                                | 12            | 1 319                          | 3 708               |
| Total non-current assets                                          |               | 5 961 356                      | 5 663 646           |
| Current assets                                                    |               |                                |                     |
| Short-term investments                                            | 13            | -                              | 2 789               |
| Income tax receivable                                             | 15            | 1 650                          | 10 289              |
| Trade and other receivables                                       | 15            | 105 289                        | 124 321             |
| Other short-term investments                                      | 13            | 845                            | 897                 |
| Cash and cash equivalents                                         | 16            | 285 443                        | 668 055             |
| Current assets other than held for sale or distribution to owners |               | 393 227                        | 806 351             |
| Total current assets                                              |               | 393 227                        | 806 351             |
| TOTAL ASSETS                                                      |               | 6 354 583                      | 6 469 997           |
| Equity                                                            | 18            |                                |                     |
| Share capital                                                     |               | 5 999                          | 5 999               |
| Share premium                                                     |               | 485 312                        | 485 312             |
| Cash flow hedge reserve                                           |               | 1 955                          | 6 832               |
| Translation reserve                                               |               | (15 583)                       | (12 936)            |
| Retained earnings, including:                                     |               | 2 340 144                      | 2 260 979           |
| Capital reserve                                                   |               | 83 542                         | 83 542              |
| Statutory reserve funds                                           |               | 168 129                        | 168 129             |
| Profit/(loss) brought forward                                     |               | 2 009 308                      | 1 637 121           |
| Net profit/(loss)                                                 |               | 79 165                         | 372 187             |
| Equity attributable to owners of the parent                       |               | 2 817 827                      | 2 746 186           |
| Total equity                                                      |               | 2 817 827                      | 2 746 186           |
| Non-current liabilities                                           |               |                                |                     |
| Borrowings and other debt instruments                             | 20.1          | 2 827 237                      | 2 864 362           |
| Deferred tax liability                                            | 12            | 442 127                        | 423 951             |
| Other non-current liabilities                                     | 20.1          | 84 234                         | 77 188              |
| Total non-current liabilities                                     |               | 3 353 598                      | 3 365 501           |
| Current liabilities                                               |               |                                |                     |
| Borrowings and other debt instruments                             | 20.2          | 46 614                         | 244 563             |
| Employee benefit obligations                                      | 21            | 6 245                          | 5 240               |
| Income tax payable                                                | 22            | 2 040                          | 6 010               |
| Trade and other payables                                          | 22            | 128 259                        | 102 497             |
| Current liabilities other than held for sale                      |               | 183 158                        | 358 310             |
| Total current liabilities                                         |               | 183 158                        | 358 310             |
| Total liabilities                                                 |               | 3 536 756                      | 3 723 811           |
| TOTAL EQUITY AND LIABILITIES                                      |               | 6 354 583                      | 6 469 997           |

# Condensed consolidated interim statement of cash flows

|                                                       | for the six months ended 30 June                              | Note | 2025<br>(unaudited) | 2024<br>(unaudited) |  |
|-------------------------------------------------------|---------------------------------------------------------------|------|---------------------|---------------------|--|
| Cash flows from operating activities                  |                                                               |      |                     |                     |  |
| Profit/(loss) before tax                              |                                                               |      | 108 646             | 339 232             |  |
| Total adjustments                                     |                                                               |      | 9 392               | (265 995)           |  |
| Depreciation and amortisation                         |                                                               |      | 1 333               | 377                 |  |
| Change in fair value of investment property           |                                                               |      | (60 910)            | (275 013)           |  |
| Net interest                                          |                                                               |      | 71 257              | 47 343              |  |
| Exchange differences                                  |                                                               |      | (24 114)            | (16 017)            |  |
| Gain/(loss) on sale of property, plant and equipment  |                                                               |      | 73                  | -                   |  |
| Other                                                 |                                                               |      | 7 498               | 2 258               |  |
| Change in inventories                                 |                                                               |      | -                   | 504                 |  |
| Change in receivables                                 |                                                               | 17.2 | 19 032              | (16 501)            |  |
| Change in current and other liabilities               |                                                               | 17.3 | 4 777               | (8 946)             |  |
| Cash from operating activities                        |                                                               |      | 118 038             | 73 237              |  |
| Income tax paid                                       |                                                               |      | (5 035)             | (13 278)            |  |
| Net cash from operating activities                    |                                                               |      | 117 946             | 59 959              |  |
| Cash flows from investing activities                  |                                                               |      |                     |                     |  |
|                                                       | Payments for construction of investment property and purchase |      | (223 949)           | (184 069)           |  |
| of land for development                               |                                                               |      |                     |                     |  |
|                                                       | Payments for acquisition of property, plant and equipment     |      | (1 288)             | (2 587)             |  |
| Other cash provided by (used in) investing activities |                                                               |      | 2 099               | (2 222)             |  |
| Cash from investing activities                        |                                                               |      | (223 138)           | (188 878)           |  |
| Cash flows from financing activities                  |                                                               |      |                     |                     |  |
| Increase in borrowings                                |                                                               | 17.1 | 510                 | 75 214              |  |
|                                                       | Repayment of borrowings, including refinanced bank borrowings | 17.1 | (15 072)            | (72 357)            |  |
| Proceeds from fixed-rate hedging derivatives          |                                                               |      | 5 715               | 14 513              |  |
| Redemption of bonds                                   |                                                               |      | (187 082)           | (110 036)           |  |
| Issue of debt securities                              |                                                               |      | -                   | 177 235             |  |
| Interest paid on bank borrowings and bonds            |                                                               |      | (79 860)            | (52 528)            |  |
| Finance lease payments                                |                                                               |      | (1 304)             | (43)                |  |
| Cash from financing activities                        |                                                               |      | (277 093)           | 31 998              |  |
| Total cash flows, net of exchange differences         |                                                               |      | (387 228)           | (96 921)            |  |
|                                                       | Effect of exchange differences on cash and cash equivalents   |      | 4 616               | 3 285               |  |
| Total cash flows                                      |                                                               |      | (382 612)           | (93 636)            |  |
| Cash and cash equivalents at beginning of period      |                                                               | 16   | 668 055             | 344 247             |  |
| Cash and cash equivalents at end of period            |                                                               | 16   | 285 443             | 250 611             |  |

# Condensed consolidated interim statement of changes in equity

|                                                                                  | Share<br>capital | Share<br>premium | Cash flow hedge<br>reserve* | Translation<br>reserve | Retained earnings | including<br>capital<br>reserve | including<br>statutory<br>reserve<br>funds | including<br>profit<br>brought<br>forward | including<br>net profit | Total equity<br>attributable<br>to owners of<br>the parent | Total equity      |
|----------------------------------------------------------------------------------|------------------|------------------|-----------------------------|------------------------|-------------------|---------------------------------|--------------------------------------------|-------------------------------------------|-------------------------|------------------------------------------------------------|-------------------|
| As at 1 January 2025                                                             | 5 999            | 485 312          | 6 832                       | (12 936)               | 2 260 979         | 83 542                          | 168 129                                    | 1 637 121                                 | 372 187                 | 2 746 186                                                  | 2 746 186         |
| Comprehensive income:<br>Net profit/(loss)<br>Total other comprehensive income** | -<br>-           | -<br>-           | -<br>(4 877)                | -<br>(2 647)           | 79 165<br>-       | -<br>-                          | -<br>-                                     | -<br>-                                    | 79 165<br>-             | 79 165<br>(7 524)                                          | 79 165<br>(7 524) |
| Comprehensive income for six<br>months ended 30 June 2025**                      | -                | -                | (4 877)                     | (2 647)                | 79 165            | -                               | -                                          | -                                         | 79 165                  | 71 641                                                     | 71 641            |
| Allocation from net profit                                                       | -                | -                | -                           | -                      | -                 | -                               | -                                          |                                           | 372 187 (372 187)       | -                                                          | -                 |
| Changes in equity**                                                              | -                | -                | (4 877)                     | (2 647)                | 79 165            | -                               | -                                          |                                           | 372 187 (293 022)       | 71 641                                                     | 71 641            |
| As at 30 June 2025**                                                             | 5 999            | 485 312          | 1 955                       | (15 583)               | 2 340 144         | 83 542                          | 168 129                                    | 2 009 308                                 | 79 165                  | 2 817 827                                                  | 2 817 827         |

*\* The cash flow hedge reserve consists of the effective portion of measurement gains and losses on hedging instruments.*

*\*\* Unaudited*

### **Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

|                                                             | Share<br>capital | Share<br>premium | Cash flow hedge<br>reserve* | Translation<br>reserve | Retained earnings | including<br>capital<br>reserve | including<br>statutory<br>reserve<br>funds | including<br>profit<br>brought<br>forward | including<br>net profit | Total equity<br>attributable<br>to owners of<br>the parent | Total equity |
|-------------------------------------------------------------|------------------|------------------|-----------------------------|------------------------|-------------------|---------------------------------|--------------------------------------------|-------------------------------------------|-------------------------|------------------------------------------------------------|--------------|
| As at 1 January 2024                                        | 5 999            | 485 312          | 24 639                      | (9 114)                | 1 888 792         | 83 542                          | 168 129                                    | 1 689 179                                 |                         | (52 058) 2 395 628                                         | 2 395 628    |
| Comprehensive income:<br>Net profit/(loss)                  | -                | -                | -                           | -                      | 281 640           | -                               | -                                          | -                                         | 281 640                 | 281 640                                                    | 281 640      |
| Total other comprehensive income**                          | -                | -                | 1 323                       | (1 057)                | -                 | -                               | -                                          | -                                         | -                       | 266                                                        | 266          |
| Comprehensive income for six<br>months ended 30 June 2024** | -                | -                | 1 323                       | (1 057)                | 281 640           | -                               | -                                          | -                                         | 281 640                 | 281 906                                                    | 281 906      |
| Allocation from net profit                                  | -                | -                | -                           | -                      | -                 | -                               | -                                          | (52 058)                                  | 52 058                  | -                                                          | -            |
| Increase in equity due to share<br>1)<br>issue              | -                | -                | -                           | -                      | -                 | -                               | -                                          | -                                         | -                       | (36)                                                       | (36)         |
| Changes in equity**                                         | -                | -                | 1 323                       | (1 057)                | 281 640           | -                               | -                                          |                                           | (52 058) 333 698        | 281 906                                                    | 281 906      |
| As at 30 June 2024**                                        | 5 999            | 485 312          | 25 962                      | (10 171)               | 2 170 432         | 83 542                          | 168 129                                    | 1 637 121                                 | 281 640                 | 2 677 534                                                  | 2 677 534    |

*\* The cash flow hedge reserve consists of the effective portion of measurement gains and losses on hedging instruments.*

*\*\* Unaudited*

# Notes to the condensed consolidated interim financial statements

### **1. General information**

### *1. 1 The Parent*

The Parent of the Group is MLP Group S.A. (the "Company", the "Parent", or the "Issuer"), a listed jointstock company registered in Poland. The Company's registered office is located at ul. 3-go Maja 8 in Pruszków, Poland.

The Parent was established as a result of transformation of the state-owned enterprise Zakłady Naprawcze Taboru Kolejowego im. Bohaterów Warszawy into a state-owned joint-stock company. The deed of transformation was drawn up before a notary public on 18 February 1995. Pursuant to a resolution of the General Meeting of 27 June 2007, the Company trades as MLP Group S.A. As at the date of issue of these consolidated financial statements, the Company continued to trade under this business name.

At present, the Company is registered with the National Court Register maintained by the District Court for the Capital City of Warsaw, 14th Commercial Division, under No. KRS 0000053299.

As at the date of these interim consolidated financial statements, the composition of the Parent's Management and Supervisory Boards was as follows:

### **Management Board:**

- Radosław T. Krochta President of the Management Board Michael Shapiro – Vice-President of the Management Board
- Agnieszka Góźdź Member of the Management Board

# **Supervisory Board:**

- Shimshon Marfogel Chair of the Supervisory Board Eytan Levy – Deputy Chair of the Supervisory Board Oded Setter – Member of the Supervisory Board
- Guy Shapira Member of the Supervisory Board
- Piotr Chajderowski Member of the Supervisory Board
- Jan Woźniak1) Member of the Supervisory Board

*1 ) On 24 June 2025, the term of office of Maciej Matusiak, Member of the Supervisory Board, expired, and the General Meeting appointed Jan Woźniak in his place.*

### *1. 2 The Group*

As at the reporting date, the MLP Group S.A. Group (the "Group") consisted of MLP Group S.A., i.e. the Parent, and 59 subsidiaries.

The majority shareholder in MLP Group S.A. is CAJAMARCA HOLLAND B.V. of the Netherlands, registered address: Locatellikade 1, 1076 AZ Amsterdam.

The Group's ultimate parent is The Land Development of Nimrodi Group Ltd. of Tel Aviv, Israel. Until 1 April 2025, the company operated under the name of The Israel Land Development Company. Its shares are listed on the Tel Aviv Stock Exchange.

The Parent's and its subsidiaries' principal business activities comprise development, purchase and sale of own real estate, lease of own real estate, management of residential and non-residential real estate, general activities involving construction of buildings, and construction.

All subsidiaries listed below are fully consolidated. The financial year of the Parent and the Group companies is the same as the calendar year. The duration of the activities of all Group companies is not limited.

As at 30 June 2025, the Group consisted of the following entities:

|                                                    | Country      |         | Parent's direct and indirect<br>interest in<br>share capital |         | Parent's direct and indirect<br>interest in<br>voting rights |
|----------------------------------------------------|--------------|---------|--------------------------------------------------------------|---------|--------------------------------------------------------------|
|                                                    | of           | 30 June | 31 December                                                  | 30 June | 31 December                                                  |
| Entity                                             | registration | 2025    | 2024                                                         | 2025    | 2024                                                         |
| MLP Pruszków I Sp. z o.o.                          | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Pruszków II Sp. z o.o.                         | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Pruszków III Sp. z o.o.                        | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Pruszków IV Sp. z o.o.                         | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Poznań Sp. z o.o.                              | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Lublin Sp. z o.o.                              | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Poznań II Sp. z o.o.                           | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Spółka z ograniczoną<br>odpowiedzialnością SKA | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| Feniks Obrót Sp. z o.o.                            | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Property Sp. z o.o.                            | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Bieruń Sp. z o.o.                              | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Bieruń I Sp. z o.o.                            | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Sp. z o.o.                                     | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Teresin Sp. z o.o.                             | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Business Park Poznań                           | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| Sp. z o.o.                                         |              |         |                                                              |         |                                                              |
| MLP FIN Sp. z o.o.                                 | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| LOKAFOP 201 Sp. z o.o.<br>LOKAFOP 201 Spółka z     | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| ograniczoną                                        | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Wrocław Sp. z o.o.                             | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Gliwice Sp. z o.o.                             | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Business Park Berlin I LP<br>Sp. z o.o.        | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Czeladź Sp. z o.o.                             | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Temp Sp. z o.o.                                | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Dortmund LP Sp. z o.o.                         | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Dortmund GP Sp. z o.o.                         | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Logistic Park Germany I                        | Germany      | 100%    | 100%                                                         | 100%    | 100%                                                         |
| Sp. z o.o. & Co. KG                                |              |         |                                                              |         |                                                              |
| MLP Poznań West II Sp. z o.o.                      | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Bucharest West Sp. z o.o.                      | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Bucharest West SRL                             | Romania      | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Teresin II Sp. z o.o.                          | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Pruszków V Sp. z o.o.                          | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Germany Management<br>GmbH                     | Germany      | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Wrocław West Sp. z o.o.                        | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |

|                                                   | Country      |         | Parent's direct and indirect<br>interest in<br>share capital |         | Parent's direct and indirect<br>interest in<br>voting rights |
|---------------------------------------------------|--------------|---------|--------------------------------------------------------------|---------|--------------------------------------------------------------|
|                                                   | of           | 30 June | 31 December                                                  | 30 June | 31 December                                                  |
| Entity                                            | registration | 2025    | 2024                                                         | 2025    | 2024                                                         |
| MLP Business Park Berlin I GP<br>Sp. z o.o.       | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Łódź II Sp. z o.o.                            | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Zgorzelec Sp. z o.o.                          | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Schwalmtal LP Sp. z o.o.                      | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Schwalmtal GP Sp. z o.o.                      | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Pruszków VI Sp. z o.o.                        | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Business Park Berlin I<br>Sp. z o.o. & Co. KG | Germany      | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Schwalmtal Sp. z o.o. &<br>Co. KG             | Germany      | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Business Park Wien GmbH                       | Austria      | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Wrocław West I Sp. z o.o.                     | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Gelsenkirchen GP Sp. z o.o.                   | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Gelsenkirchen LP Sp. z o.o.                   | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Gelsenkirchen Sp. z o.o. &<br>Co. KG          | Germany      | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Gorzów Sp. z o.o.                             | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Idstein LP Sp. z o.o.                         | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Idstein GP Sp. z o.o.                         | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Idstein Sp. z o.o. & Co. KG                   | Germany      | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Business Park Trebur GP<br>Sp. z o.o.         | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Business Park Trebur LP<br>Sp. z o.o.         | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Business Park Trebur<br>Sp. z o.o. & Co. KG   | Germany      | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Poznań West III Sp. z o.o.                    | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Łódź III Sp. z o.o.                           | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| Feniks PV Sp. z o.o.                              | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Bieruń West Sp. z o.o.                        | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| MLP Wrocław South sp. z o.o.                      | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
| 1)<br>MLP Rzeszów Sp. z o.o.                      | Poland       | 100%    | 100%                                                         | 100%    | 100%                                                         |
|                                                   |              |         |                                                              |         |                                                              |

## *1. 3 Changes in the Group*

*1) On 23 April 2025, the change of the company's name from MLP Rzeszów Sp. z o.o. to MLP Rzeszów Sp.* 

On 20 August 2025, MLP SPV I Sp. z o.o. & Co. KG was registered. The newly formed subsidiary is indirectly wholly owned by MLP Group S.A.

These condensed consolidated interim financial statements for the six months ended 30 June 2025 include financial statements of the Parent and of the subsidiaries controlled by the Parent (the "Group").

## *1. 4 Shareholding structure of the Parent*

### *1. 4. 1 Shareholders holding, directly or through subsidiaries, 5% or more of total voting rights in the Company; holdings of Company shares by members of the Management Board and Supervisory Board*

To the best of the Management Board's knowledge, direct holdings of 5% or more of total voting rights in the Company and holdings of Company shares by members of the Management Board and Supervisory Board as at 30 June 2025 were as follows:

| Shareholder                                | Number of<br>shares and<br>voting rights<br>in the Company | % direct interest<br>in share capital<br>and voting rights |
|--------------------------------------------|------------------------------------------------------------|------------------------------------------------------------|
|                                            |                                                            |                                                            |
| CAJAMARCA Holland BV                       | 10 242 726                                                 | 42,69%                                                     |
| Other shareholders<br>1)                   | 4 249 015                                                  | 17,72%                                                     |
| The Land Development of Nimrodi Group Ltd. | 3 016 229                                                  | 12,57%                                                     |
| THESINGER LIMITED                          | 1 771 320                                                  | 7,38%                                                      |
| Allianz OFE                                | 1 713 881                                                  | 7,14%                                                      |
| Generali Otwarty Fundusz Emerytalny        | 1 591 360                                                  | 6,63%                                                      |
| GRACECUP TRADING LIMITED                   | 641 558                                                    | 2,67%                                                      |
| MIRO HOLDINGS LIMITED                      | 617 658                                                    | 2,57%                                                      |
| Shimshon Marfogel                          | 149 155                                                    | 0,62%                                                      |
| Oded Setter                                | 2 080                                                      | 0,01%                                                      |
| Total                                      | 23 994 982                                                 | 100,00%                                                    |

*1) Until 1 April 2025, the company operated under the name of The Israel Land Development Company Ltd.*

![](_page_94_Picture_10.jpeg)

To the best of the Management Board's knowledge and belief, direct holdings of 5% or more of total voting rights in the Company and holdings of Company shares by members of the Management Board and Supervisory Board as at 31 December 2024 were as follows:

| Shareholder                              | Number of<br>shares and<br>voting rights<br>in the Company | % direct interest<br>in share capital<br>and voting rights |
|------------------------------------------|------------------------------------------------------------|------------------------------------------------------------|
| CAJAMARCA Holland BV                     | 10 242 726                                                 | 42,69%                                                     |
| Other shareholders                       | 4 249 015                                                  | 17,72%                                                     |
| The Israel Land Development Company Ltd. | 3 016 229                                                  | 12,57%                                                     |
| THESINGER LIMITED                        | 1 771 320                                                  | 7,38%                                                      |
| Allianz OFE                              | 1 713 881                                                  | 7,14%                                                      |
| OFE NNLife                               | 1 591 360                                                  | 6,63%                                                      |
| GRACECUP TRADING LIMITED                 | 641 558                                                    | 2,67%                                                      |
| MIRO LTD.                                | 617 658                                                    | 2,57%                                                      |
| Shimshon Marfogel                        | 149 155                                                    | 0,62%                                                      |
| Oded Setter                              | 2 080                                                      | 0,01%                                                      |
| Total                                    | 23 994 982                                                 | 100,00%                                                    |

### *1. 4. 2 Shares and rights to shares of the Parent held by members of management and supervisory bodies*

As at 30 June 2025 and as at 31 December 2024, Michael Shapiro, Vice President of the Management Board, held indirectly, through his fully-controlled company MIRO HOLDINGS LIMITED, a 2.57% interest in MLP Group S.A.'s share capital, and, through a 25% interest in the share capital held by MIRO HOLDINGS LIMITED in Cajamarca Holland B.V., Mr Shapiro was the beneficial owner of 10.67% of the share capital of MLP Group S.A. Therefore, in aggregate, Mr Shapiro was the beneficial owner of a 13.24% interest in the share capital of MLP Group S.A.

As at 30 June 2025 and 31 December 2024, Eytan Levy held indirectly a 13.34% interest in MLP Group S.A.'s share capital: Mr. Levy held a 100% interest in N Towards the Next Millennium Ltd. This company held a 33.31% interest in RRN Holdings Ltd., which in turn held a 75% interest in the share capital of Cajamarca Holland B.V., resulting in a 10.67% interest in MLP Group S.A.'s share capital, and 2.67% as the sole shareholder in GRACECUP TRADING LIMITED.

As at 30 June 2025 and as at 31 December 2024, Shimshon Marfogel, Chairman of the Supervisory Board, held directly a 0.62% interest in the Company's share capital, comprising Company shares purchased in September 2017.

As at 30 June 2025 and as at 31 December 2024, Oded Setter, member of the Supervisory Board, held directly a 0.0087% interest in the Company's share capital, comprising Company shares acquired in September 2021, October 2021, January 2022, March 2022 and June 2022.

The other members of the Supervisory Board and the Management Board have no direct holdings in the Company's share capital.

### **2. Basis of accounting used in preparing condensed consolidated interim financial statements**

### *2. 1 Statement of compliance*

The MLP Group S.A. Group has prepared these condensed consolidated financial statements in accordance with the accounting standards issued by the International Accounting Standards Board approved by the European Union, referred to as the International Financial Reporting Standards ("EU IFRS"). The Group applied all standards and interpretations which are applicable in the European Union except those which are awaiting endorsement by the European Union and those standards and interpretations which have been endorsed by the European Union but are not yet effective.

### *2. 2 Basis of accounting used in preparing condensed consolidated interim financial statements*

These condensed consolidated financial statements have been prepared on the assumption that the Group will continue as a going concern for the foreseeable future and in conviction that there are no circumstances which would pose a threat to the Group's continuing as a going concern.

These condensed consolidated interim financial statements have been prepared in accordance with the accounting policies described in the consolidated full-year financial statements for 2024.

### *2. 3 Functional currency and presentation currency of the financial statements; rules applied to translate financial data*

#### *2. 3. 1 Functional currency and presentation currency*

In these condensed consolidated interim financial statements all amounts are presented in the Polish złoty (PLN), rounded to the nearest thousand. The Polish złoty is the functional currency of the Parent and the presentation currency of the condensed consolidated interim financial statements. The functional currencies of consolidated foreign entities are the euro (Germany and Austria) and the Romanian leu (Romania).

### *2. 3. 2 Rules applied to translate financial data*

The following exchange rates (against PLN) were used to measure items of the condensed consolidated interim statement of financial position denominated in foreign currencies:

### *Consolidated statement of financial position:*

|     | 30 June<br>2025<br>Mid<br>exchange<br>rate at the<br>reporting<br>date | 30 June<br>2025<br>Average<br>mid<br>exchange<br>rate during<br>the<br>reporting<br>period* | 31 December<br>2024<br>Mid<br>exchange<br>rate at the<br>reporting<br>date | 31 December<br>2024<br>Average<br>mid<br>exchange<br>rate during<br>the<br>reporting<br>period* | 30 June<br>2024<br>Mid<br>exchange<br>rate at the<br>reporting<br>date | 30 June<br>2024<br>Average<br>mid<br>exchange<br>rate during<br>the<br>reporting<br>period* |
|-----|------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|----------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------|------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|
| EUR | 4,2419                                                                 | 4,2208                                                                                      | 4,2730                                                                     | 4,3042                                                                                          | 4,3130                                                                 | 4,3109                                                                                      |
| USD | 3,6164                                                                 | 3,8422                                                                                      | 4,1012                                                                     | 3,9853                                                                                          | 4,0320                                                                 | 3,9979                                                                                      |
| RON | 0,8354                                                                 | 0,8427                                                                                      | 0,8589                                                                     | 0,8652                                                                                          | 0,8665                                                                 | 0,8667                                                                                      |

*\* Arithmetic mean of the mid exchange rates effective on the last day of each month in the reporting period.*

## *2. 4 Use of estimates and judgements*

In these condensed consolidated interim financial statements, material judgements made by the Management Board in applying the Group's accounting policies and the key sources of estimation uncertainty are the same as those presented in Note 2 to the consolidated full-year financial statements for 2024.

The preparation of condensed consolidated interim financial statements in accordance with IAS 34 requires that the Management Board makes judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Estimates and underlying assumptions are based on experience and other factors deemed reasonable under the circumstances, and their results provide a basis for judgement about carrying amounts of assets and liabilities that are not directly attributable to other sources. Actual results may differ from the estimates.

## **3. Segment reporting**

The primary and sole business activity of the Group is the construction and management of logistics space. The Group's revenue is derived from renting of own property and from property revaluation. None of the customers accounts for 10% or more of the Group's revenue.

Investment property comprises properties generating rental income (existing buildings), construction in progress, land for development, and perpetual usufruct of land.

The Group's focus is on the warehousing sector.

The Group operates in Poland, and abroad: since April 2017 in Germany, since October 2017 in Romania, and since October 2020 in Austria. Locations of the Group's assets coincide with the location of its customers. Operating segments are the same as the Group's geographical segments.

As at 30 June 2025 and in the reporting period then ended the Group had four geographical segments – Poland, Germany, Romania and Austria.

The Management Board is the chief operating decision-maker within the Group.

A segment's profitability is measured by operating profit.

![](_page_97_Picture_12.jpeg)

### **Operating segments**

| Intersegment<br>eliminations | Total    |
|------------------------------|----------|
|                              |          |
| -                            | 111 549  |
| (261)                        | 95 503   |
| 23                           | 60 910   |
| (2 297)<br>238               | (99 430) |
| -                            | 168 531  |
| -                            | (2 740)  |
| -                            | 165 791  |
| (9 525)<br>(6 906)           | (57 145) |
| (6 906)                      | 108 646  |
| -                            | (29 481) |
|                              |          |
|                              |          |

**Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

The above data includes reconciliation of the segments' financial results with consolidated net profit for the six months ended 30 June 2025, which was PLN 79,165 thousand.

![](_page_98_Picture_3.jpeg)

| for the six months ended 30 June<br>(unaudited)      | Poland   | Germany  | Romania | 2024<br>Austria | Intersegment<br>eliminations | Total    |  |
|------------------------------------------------------|----------|----------|---------|-----------------|------------------------------|----------|--|
| Revenue                                              |          |          |         |                 |                              |          |  |
| Rental income                                        | 91 023   | 14 171   | 3 352   | -               | -                            | 108 546  |  |
| Revenue from property<br>management services         | 77 142   | 4 023    | 1 284   | 20              | (3 342)                      | 79 127   |  |
| Gain/(loss) on revaluation of<br>investment property | 43 007   | 187 270  | (370)   | 45 106          | -                            | 275 013  |  |
| Segment's total revenue                              | 211 172  | 205 464  | 4 266   | 45 126          | (3 342)                      | 462 686  |  |
| Segment's operating profit/(loss)                    | 129 108  | 197 347  | 2 463   | 41 391          | -                            | 370 309  |  |
| Segment's other<br>income/(expense)                  | (355)    | 3 785    | (17)    | -               | -                            | 3 413    |  |
| Profit/(loss) before tax and<br>net finance costs    | 128 753  | 201 132  | 2 446   | 41 391          | -                            | 373 722  |  |
| Net finance income/(costs)                           | (21 122) | (8 725)  | (882)   |                 | (3 761)                      | (34 490) |  |
| Profit/(loss) before tax                             | 107 631  | 192 407  | 1 564   | 41 391          | (3 761)                      | 339 232  |  |
| Income tax                                           | (17 440) | (30 039) | (290)   | (9 823)         |                              | (57 592) |  |
| Net profit/(loss)                                    | 90 191   | 162 368  | 1 274   | 31 568          | (3 761)                      | 281 640  |  |

**Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

The above data includes reconciliation of the segments' financial results with consolidated net profit for the six months ended 30 June 2024, which was PLN 281,640 thousand.

![](_page_99_Picture_2.jpeg)

**Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

| as at                        | 30 June 2025* |           |         |         |                              |           |
|------------------------------|---------------|-----------|---------|---------|------------------------------|-----------|
|                              | Poland        | Germany   | Romania | Austria | Intersegment<br>eliminations | Total     |
| Assets and liabilities       |               |           |         |         |                              |           |
| Segment's assets             | 5 483 864     | 1 023 883 | 129 767 | 453 920 | (736 851)                    | 6 354 583 |
| Total assets                 | 5 483 864     | 1 023 883 | 129 767 | 453 920 | (736 851)                    | 6 354 583 |
| Segment's liabilities        | 3 060 397     | 736 497   | 124 626 | 344 963 | (729 727)                    | 3 536 756 |
| Equity                       | 2 423 467     | 287 386   | 5 141   | 108 957 | (7 124)                      | 2 817 827 |
| Total equity and liabilities | 5 483 864     | 1 023 883 | 129 767 | 453 920 | (736 851)                    | 6 354 583 |
| Expenditure on property      | 174 849       | 57 788    | 18 765  | 13 848  | -                            | 265 250   |

| as at                        |           | 31 December 2024 |         |         |                              |           |  |
|------------------------------|-----------|------------------|---------|---------|------------------------------|-----------|--|
|                              | Poland    | Germany          | Romania | Austria | Intersegment<br>eliminations | Total     |  |
| Assets and liabilities       |           |                  |         |         |                              |           |  |
| Segment's assets             | 5 733 744 | 958 434          | 133 676 | 337 148 | (693 005)                    | 6 469 997 |  |
| Total assets                 | 5 733 744 | 958 434          | 133 676 | 337 148 | (693 005)                    | 6 469 997 |  |
| Segment's liabilities        | 3 311 653 | 668 009          | 114 072 | 314 301 | (684 224)                    | 3 723 811 |  |
| Equity                       | 2 422 091 | 290 425          | 19 604  | 22 847  | (8 781)                      | 2 746 186 |  |
| Total equity and liabilities | 5 733 744 | 958 434          | 133 676 | 337 148 | (693 005)                    | 6 469 997 |  |
| Expenditure on property      | 348 912   | 39 423           | 12 294  | 185 222 | -                            | 585 851   |  |

*\* Unaudited.*

Intersegment eliminations concern intra-group loans advanced by the Group's Polish companies to the companies in Germany, Romania and Austria, as well as intra-Group services.

![](_page_100_Picture_5.jpeg)

### **4. Revenue**

|               | for | 6 months<br>ended<br>30 June<br>2025<br>(unaudited) | 3 months<br>ended<br>30 June<br>2025<br>(unaudited) | 6 months<br>ended<br>30 June<br>2024<br>(unaudited) | 3 months<br>ended<br>30 June<br>2024<br>(unaudited) |  |
|---------------|-----|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|--|
| Rental income |     | 111 549                                             | 56 648                                              | 108 546                                             | 53 706                                              |  |
| Rental income |     | 111 549                                             | 56 648                                              | 108 546                                             | 53 706                                              |  |

**Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

In the six months ended 30 June 2025, the Group's rental income was 3% higher than in the corresponding period of 2024. Rent in contracts entered into by the Group companies is either stated or denominated in euros. Therefore, excluding the effect of foreign exchange losses, rental income in the euro grew by 5% in the six months to 30 June 2025 compared to the same period in 2024.

Converted at a constant exchange rate (the same as for the six months ended 30 June 2024), rental income for the six months ended 30 June 2025 would amount to PLN 113,930 thousand. The Group companies' rental income does not exhibit seasonal fluctuations.

The Group's principal business activity is leasing properties to tenants, with the Group acting as the lessor. The Group has entered into lease contracts for properties within its portfolio. Lease contracts under which the Group does not transfer substantially all risks and rewards of ownership of the leased assets are classified as operating leases.

The Group recognises rental income on a straight-line basis over the lease term, in accordance with IFRS 16 *Leases* , reflecting the average rent over the lease duration.

Commercial property lease contracts typically include clauses permitting periodic increases in rental charges based on the European Consumer Price Index.

| for                                       | 6 months<br>ended<br>30 June<br>(unaudited) | 3 months<br>ended<br>30 June<br>(unaudited) | 6 months<br>ended<br>30 June<br>(unaudited) | 3 months<br>ended<br>30 June<br>(unaudited) |  |
|-------------------------------------------|---------------------------------------------|---------------------------------------------|---------------------------------------------|---------------------------------------------|--|
| Recharge of service charges               | 44 004                                      | 23 540                                      | 38 343                                      | 20 471                                      |  |
| Recharge of utility costs                 | 43 405                                      | 15 841                                      | 39 187                                      | 17 223                                      |  |
| Rental income from residential units      | 30                                          | 15                                          | 30                                          | 15                                          |  |
| Services provided to tenants              | 7 865                                       | 1 716                                       | 912                                         | (250)                                       |  |
| Other revenue                             | 199                                         | 112                                         | 655                                         | 311                                         |  |
| Revenue from property management services | 95 503                                      | 41 224                                      | 79 127                                      | 37 770                                      |  |

The Group also generates revenue from property management services.

This revenue consists of charges paid by tenants of the Group's investment properties to cover the costs of services provided by the Group in connection with their leases. Service charges are invoiced monthly, based on a rate agreed upon in the contract, reflecting the best estimate for each project. Additionally, the Group earns income by recharging utility costs to tenants, which are recharged based on actual consumption. Such income is recognised in accordance with IFRS 15.

The Group recognises revenue from property management services primarily as revenue from acting as a principal. This means that for the purposes of financial statements, the costs are recognised on a gross basis since the Group acts as a principal that controls goods or services before they are transferred to the customer.

In the operations of the Group companies, the primary costs of property management services, and therefore the revenue from these services, do not exhibit seasonality, with the exception of the cost of purchased gas (and, consequently, income from recharging utility costs). Gas is used by the Group's tenants mainly in the heating season.

### **5. Other income**

|                                                         | for | 6 months<br>ended<br>30 June<br>2025<br>(unaudited) | 3 months<br>ended<br>30 June<br>2025<br>(unaudited) | 6 months<br>ended<br>30 June<br>2024<br>(unaudited) | 3 months<br>ended<br>30 June<br>2024<br>(unaudited) |
|---------------------------------------------------------|-----|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|
| Reimbursement of court fees                             |     | 2                                                   | 1                                                   | 4                                                   | 4                                                   |
| Reversal of allowances for receivables                  |     | -                                                   | -                                                   | -                                                   | (2)                                                 |
| Compensation received                                   |     | 676                                                 | 111                                                 | 458                                                 | 298                                                 |
| Other                                                   |     | 630                                                 | 316                                                 | 358                                                 | 277                                                 |
| Gain on disposal of non-current non<br>financial assets |     | (155)                                               | (176)                                               | 3 806                                               | (6)                                                 |
| Reversal of provision for future costs                  |     | -                                                   | (73)                                                | 49                                                  | 3                                                   |
| Other income                                            |     | 1 153                                               | 179,00                                              | 4 675                                               | 574                                                 |

### **6. Other expenses**

| for                                                | 6 months<br>ended<br>30 June<br>2025<br>(unaudited) | 3 months<br>ended<br>30 June<br>2025<br>(unaudited) | 6 months<br>ended<br>30 June<br>2024<br>(unaudited) | 3 months<br>ended<br>30 June<br>2024<br>(unaudited) |
|----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|
| Loss on disposal of non-current non-financial asse | (7 ts 3)                                            | -                                                   | -                                                   | -                                                   |
| Costs of donations                                 | (6)                                                 | (6)                                                 | (5)                                                 | (5)                                                 |
| Costs covered by insurance policies                | (83)                                                | (34)                                                | (13)                                                | -                                                   |
| Other                                              | (79)                                                | (16)                                                | (133)                                               | 14                                                  |
| Investment site acquisition costs                  | (1 929)                                             | (804)                                               | (861)                                               | 417                                                 |
| Receivables written off                            | (1 569)                                             | (201)                                               | -                                                   | -                                                   |
| Damages and contractual penalties                  | (154)                                               | (154)                                               | (250)                                               | (84)                                                |
| Other expenses                                     | (3 893)                                             | (1 215)                                             | (1 262)                                             | 342                                                 |

### **7. Distribution costs and administrative expenses**

|                                                | 6 months<br>for<br>ended<br>30 June<br>2025<br>(unaudited) | 3 months<br>ended<br>30 June<br>2025<br>(unaudited) | 6 months<br>ended<br>30 June<br>2024<br>(unaudited) | 3 months<br>ended<br>30 June<br>2024<br>(unaudited) |  |
|------------------------------------------------|------------------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|--|
| Depreciation and amortisation                  | (1 333)                                                    | (662)                                               | (383)                                               | (177)                                               |  |
| Materials and consumables used                 | (37 757)                                                   | (14 868)                                            | (35 573)                                            | (14 682)                                            |  |
| Services                                       | (27 888)                                                   | (13 861)                                            | (24 799)                                            | (12 677)                                            |  |
| Taxes and charges                              | (22 782)                                                   | (11 456)                                            | (22 199)                                            | (10 979)                                            |  |
| Wages and salaries                             | (6 126)                                                    | (2 539)                                             | (6 309)                                             | (3 548)                                             |  |
| Social security and other employee<br>benefits | (1 429)                                                    | (696)                                               | (1 247)                                             | (649)                                               |  |
| Other expenses by nature                       | (2 116)                                                    | (1 075)                                             | (1 866)                                             | (943)                                               |  |
| Distribution costs and administrative expense  | ( s 99 431)                                                | (45 157)                                            | (92 376)                                            | (43 655)                                            |  |

**Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

| for                                                                    | 6 months<br>ended<br>30 June<br>2025<br>(unaudited) | 3 months<br>ended<br>30 June<br>2025<br>(unaudited) | 6 months<br>ended<br>30 June<br>2024<br>(unaudited) | 3 months<br>ended<br>30 June<br>2024<br>(unaudited) |  |
|------------------------------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|--|
| Cost of maintenance of property<br>generating rental income            | (37 040)                                            | (18 616)                                            | (31 773)                                            | (15 428)                                            |  |
| Cost of maintenance of property other<br>than generating rental income | (2 945)                                             | (1 471)                                             | (3 938)                                             | (2 308)                                             |  |
| Utilities                                                              | (37 057)                                            | (14 403)                                            | (34 586)                                            | (14 214)                                            |  |
| Other recharged costs                                                  | (116)                                               | 314                                                 | (22)                                                | 61                                                  |  |
| Costs of self-provided property<br>management services                 | (77 158)                                            | (34 176)                                            | (70 319)                                            | (31 889)                                            |  |
| Depreciation and amortisation                                          | (361)                                               | 92                                                  | (383)                                               | (177)                                               |  |
| Selling, general and administrative expenses                           | (21 912)                                            | (11 073)                                            | (21 675)                                            | (11 590)                                            |  |
| Distribution costs and administrative expense                          | ( s 99 431)                                         | (45 157)                                            | (92 377)                                            | (43 656)                                            |  |

The higher costs of maintenance of property, including property generating income and other property, were due mainly to an increase in property tax rates and in the volumes of buildings and land based on which property tax is calculated.

Selling, general and administrative expenses were largely on a par with the amount reported for the six months ended 30 June 2024.

# (all data in PLN thousand, unless stated otherwise)

**Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025**

MLP Group S.A. • Half-year report for the six months ended 30 June 2025

## **8. Finance income and costs**

| for                                                                                   | 6 months<br>ended<br>30 June<br>2025<br>(unaudited) | 3 months<br>ended<br>30 June<br>2025<br>(unaudited) | 6 months<br>ended<br>30 June<br>2024<br>(unaudited) | 3 months<br>ended<br>30 June<br>2024<br>(unaudited) |  |
|---------------------------------------------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|--|
| Interest on loans advanced                                                            | 329                                                 | 163                                                 | 368                                                 | 183                                                 |  |
| Ineffective portion of measurement gains<br>and losses on cash flow hedge instruments | -                                                   | -                                                   | 683                                                 | 640                                                 |  |
| Interest on bank deposits                                                             | 5 524                                               | 1 085                                               | 2 884                                               | 1 695                                               |  |
| Measurement of borrowings at<br>amortised cost                                        | 4 524                                               | 2 055                                               | 626                                                 | (5 247)                                             |  |
| Net exchange differences                                                              | 9 230                                               | (21 810)                                            | 12 407                                              | (1 683)                                             |  |
| Interest on receivables                                                               | -                                                   | -                                                   | 3                                                   | -                                                   |  |
| Total finance income                                                                  | 19 607                                              | (18 507)                                            | 16 971                                              | (4 412)                                             |  |

| for                                                                                   | 6 months<br>ended<br>30 June<br>2025<br>(unaudited) | 3 months<br>ended<br>30 June<br>2025<br>(unaudited) | 6 months<br>ended<br>30 June<br>2024<br>(unaudited) | 3 months<br>ended<br>30 June<br>2024<br>(unaudited) |
|---------------------------------------------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|
| Interest on borrowings                                                                | (29 777)                                            | (14 586)                                            | (44 268)                                            | (22 394)                                            |
| Income from fixed-rate hedging derivatives                                            | 5 785                                               | 2 160                                               | 13 579                                              | 6 809                                               |
| Other interest                                                                        | (1 462)                                             | (750)                                               | (143)                                               | (64)                                                |
| Interest paid on swap contracts                                                       | (122)                                               | (106)                                               | (60)                                                | (60)                                                |
| Ineffective portion of measurement gains<br>and losses on cash flow hedge instruments | (517)                                               | (188)                                               | (20)                                                | 131                                                 |
| Interest on bonds                                                                     | (46 955)                                            | (23 564)                                            | (17 625)                                            | (9 607)                                             |
| Other finance costs                                                                   | (2 068)                                             | (1 282)                                             | (644)                                               | (333)                                               |
| Debt service costs                                                                    | (1 636)                                             | (956)                                               | (2 280)                                             | (1 102)                                             |
| Total finance costs                                                                   | (76 752)                                            | (39 272)                                            | (51 461)                                            | (26 620)                                            |

Foreign exchange gains and losses are mainly attributable to the effect of measurement of liabilities under EURdenominated borrowings at the end of the reporting period. In the period from 31 December 2024 to 30 June 2025, the Polish currency depreciated by PLN 0.311, or 0.73%. As a result of the appreciation of the złoty against the euro, foreign exchange gains of PLN 9,230 thousand were recognised, which had an effect on the Group's net finance income/(costs).

### **9. Income tax**

In accordance with Polish laws, in 2025 and 2024, consolidated entities calculated their corporate income tax liabilities at 9% or 19% of taxable income. The lower tax rate was applicable to small taxpayers.

The following tax rates were applied in 2025 and 2024 by the Group's foreign operations to calculate current income tax liabilities: 15.825% in Germany, 16% in Romania, and 23% in Austria.

|                                                         | for | 6 months<br>ended<br>30 June<br>2025<br>(unaudited) | 3 months<br>ended<br>30 June<br>2025<br>(unaudited) | 6 months<br>ended<br>30 June<br>2024<br>(unaudited) | 3 months<br>ended<br>30 June<br>2024<br>(unaudited) |  |
|---------------------------------------------------------|-----|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|--|
| Current income tax<br>Temporary differences/reversal of |     | 7 090<br>22 391                                     | 4 364<br>31 604                                     | 6 632<br>50 960                                     | (2 274)<br>79 633                                   |  |
| Income tax                                              |     | 29 481                                              | 35 968                                              | 57 592                                              | 77 359                                              |  |

**Effective tax rate**

| for                                                                                                                                                                                                                          | 6 months<br>ended<br>30 June<br>2025<br>(unaudited) | 3 months<br>ended<br>30 June<br>2025<br>(unaudited) | 6 months<br>ended<br>30 June<br>2024<br>(unaudited) | 3 months<br>ended<br>30 June<br>2024<br>(unaudited) |  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|--|
| Profit/(loss) before tax                                                                                                                                                                                                     | 108 646                                             | 157 842                                             | 339 232                                             | 316 396                                             |  |
| Tax at the applicable tax rate (19%)                                                                                                                                                                                         | (20 643)                                            | (29 990)                                            | (64 454)                                            | (60 115)                                            |  |
| Excess of commercial property tax over<br>income tax                                                                                                                                                                         | (980)                                               | (205)                                               | (653)                                               | (347)                                               |  |
| Difference due to income tax rate change<br>from 19% to 9%                                                                                                                                                                   | (2 681)                                             | (1 136)                                             | 97                                                  | 272                                                 |  |
| Differences<br>in<br>income<br>tax<br>for<br>previous<br>years recognised in the separate financial<br>statements<br>after<br>the<br>issue<br>of<br>the<br>consolidated<br>financial<br>statements<br>for<br>a<br>given year | 49                                                  | 98                                                  | 118                                                 | 118                                                 |  |
| Difference due to different rates of tax paid<br>by the Austrian company                                                                                                                                                     | (433)                                               | (709)                                               | (1 802)                                             | (1 826)                                             |  |
| Difference due to 9% rate of tax rate paid by<br>companies qualifying as small taxpayers                                                                                                                                     | -                                                   | -                                                   | 5 439                                               | 5 439                                               |  |
| Non-taxable income                                                                                                                                                                                                           | 18                                                  | 17                                                  | 70                                                  | 67                                                  |  |
| Difference due to different rates of tax paid<br>by the German and Romanian companies                                                                                                                                        | (289)                                               | (386)                                               | 6 268                                               | 6 279                                               |  |
| Unrecognised asset for tax loss                                                                                                                                                                                              | 295                                                 | 45                                                  | 112                                                 | (260)                                               |  |
| Write off of unused deferred tax asset for<br>tax loss                                                                                                                                                                       | (3)                                                 | (2)                                                 | -                                                   | -                                                   |  |
| Expenses not deductible for tax purposes                                                                                                                                                                                     | (4 814)                                             | (3 701)                                             | (2 787)                                             | (608)                                               |  |
| Income tax                                                                                                                                                                                                                   | (29 481)                                            | (35 969)                                            | (57 592)                                            | (50 981)                                            |  |

Tax laws relating to value added tax, corporate and personal income tax, and social security contributions are frequently amended. Therefore, it is often the case that no reference can be made to established regulations or legal precedents. The laws tend to be unclear, thus leading to differences in opinions as to legal interpretation of fiscal regulations, both between different state authorities and between state authorities and businesses. Tax and other settlements (customs duties or foreign exchange settlements) may be inspected by authorities empowered to impose significant penalties, and any additional amounts assessed following an inspection must be paid with interest. Consequently, tax risk in Poland is higher than in countries with more mature tax systems.

The Group also operates in Romania, Germany, and Austria. Especially in Romania, the tax laws have undergone significant changes in recent years.

The frequent changes to tax laws are also attributable to the adoption of new regulations required by the EU law in the countries where the Group operates and commitments made by OECD member countries.

Tax settlements may be subject to inspection for five years from the end of the following tax year. As a result, the amounts disclosed in the financial statements may change at a later date, once their final amount is determined by the tax authorities.

The Global Minimum Tax (Pillar 2) framework will apply to groups of companies with consolidated annual revenues of at least EUR 750 million. Accordingly, the Group is not subject to these regulations. As of 1 January 2024, the minimum corporate income tax provisions, previously suspended, took effect again. The Group calculated the tax for the six months ended 30 June 2025 and did not identify any material effect on its current tax amount.

![](_page_106_Picture_6.jpeg)

### **Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

### **10. Property, plant and equipment**

|                                                                   | Buildings and<br>structures | Plant and<br>equipment | Vehicles | Other<br>property, plant<br>and equipment | Property, plant<br>and equipment<br>under construction | Total   |  |
|-------------------------------------------------------------------|-----------------------------|------------------------|----------|-------------------------------------------|--------------------------------------------------------|---------|--|
| Gross carrying amount as at 31<br>December 2024                   | 3 413                       | 13 254                 | 1 686    | 84                                        | 12 182                                                 | 30 619  |  |
| Increase                                                          | 1                           | 7 875                  | 443      | -                                         | -                                                      | 8 319   |  |
| Acquisition                                                       | -                           | 971                    | 133      | -                                         |                                                        | 1 104   |  |
| Transfer from property, plant and<br>equipment under construction | -                           | 6 929                  | -        |                                           | -                                                      | 6 929   |  |
| Leases                                                            | -                           | -                      | 309      | -                                         | -                                                      | 309     |  |
| Exchange differences on translation of<br>foreign operations      | 1                           | (25)                   | 1        | -                                         | -                                                      | (23)    |  |
| Decrease                                                          | -                           | -                      | (135)    | -                                         | (6 929)                                                | (7 064) |  |
| Transfer to property, plant and<br>equipment                      | -                           | -                      | -        | -                                         | (6 929)                                                | (6 929) |  |
| Retirement                                                        | -                           | -                      | (135)    | -                                         | -                                                      | (135)   |  |
| Gross carrying amount as at 30 June 2025                          | 3 414                       | 21 129                 | 1 994    | 84                                        | 5 253                                                  | 31 874  |  |

MLP Group – conservative approach to growth in industrial assets in core urban areas in Europe

|                                                              | Buildings and<br>structures | Plant and<br>equipment | Vehicles  | Other<br>property, plant<br>and equipment | Property, plant<br>and equipment<br>under construction | Total     |  |
|--------------------------------------------------------------|-----------------------------|------------------------|-----------|-------------------------------------------|--------------------------------------------------------|-----------|--|
| Accumulated depreciation as at 31<br>December 2024           | 1 995                       | 1 757                  | 417       | 59                                        | -                                                      | 4 228     |  |
| Increase                                                     | 37                          | 70<br>5                | 23<br>0   | 4                                         | -                                                      | 976       |  |
| Depreciation                                                 | 37                          | 705                    | 70        | 4                                         | -                                                      | 816       |  |
| Exchange differences on translation of<br>foreign operations | -                           | -                      | 160       | -                                         | -                                                      | 160       |  |
| Decrease                                                     | 1                           | (1<br>)                | (3<br>9)  | -                                         | -                                                      | (39)      |  |
| Retirement                                                   | -                           | -                      | (1<br>)   | -                                         | -                                                      | (1)       |  |
| Sale                                                         | -                           | -                      | (38)      | -                                         | -                                                      | (38)      |  |
| Exchange differences on translation of<br>foreign operations | 1                           | (1)                    |           |                                           | -                                                      | -         |  |
| Accumulated depreciation as at 30 June 2025                  | 2 033                       | 2 461                  | 608       | 63                                        | -                                                      | 5 165     |  |
| Net carrying amount as at 31 December 2024                   | 1 418                       | 11 49<br>7             | 1 2<br>69 | 25                                        | 12 18<br>2                                             | 26<br>391 |  |
| Net carrying amount as at 30 June 2025                       | 1 381                       | 18 66<br>8             | 1 3<br>86 | 21                                        | 5 2<br>53                                              | 26<br>709 |  |

The Group's plant and equipment include mainly solar photovoltaic systems on rooftops of the logistics parks.

Capital expenditure on property, plant and equipment under construction primarily includes amounts spent on the construction of new rooftop systems at the logistics parks in Poland and abroad.

### **11. Investment property**

| as at                                                     | 30 June<br>2025<br>(unaudited) | 31 December<br>2024 |
|-----------------------------------------------------------|--------------------------------|---------------------|
| Carrying amount at beginning of period                    | 5 549 613                      | 4 541 505           |
| Purchase of land                                          | -                              | 104 333             |
| Expenditure on property                                   | 265 250                        | 585 851             |
| Revaluation of perpetual usufruct of land                 | -                              | (1 271)             |
| Exchange differences on translation of foreign operations | (10 782)                       | (15 766)            |
| Change in fair value                                      | 60 910                         | 359 376             |
| Other                                                     | (3 159)                        | (24 415)            |
| Carrying amount at end of period                          | 5 861 832                      | 5 549 613           |

**Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

Investment property comprises existing warehouse and office buildings, warehouse and office buildings under construction, and land for development. Rental income from lease of warehouse space is the key source of the Group's revenue. Investment property as at 30 June 2025 included a perpetual usufruct asset measured at PLN 55,803 thousand (PLN 56,240 thousand as at 31 December 2024).

## **Change during 2025 in the value of assets recognised as investment property in accordance with IFRS 16**

| As at 1 January 2025 | Increase | Decrease | As at 30 June 2025     |  |
|----------------------|----------|----------|------------------------|--|
| 56 240               | -        | (437)    | 55 803                 |  |
|                      |          |          |                        |  |
| As at 1 January 2024 | Increase | Decrease | As at 31 December 2024 |  |
| 58 38<br>2           | 99<br>6  | (3 138)  | 56 240                 |  |

![](_page_109_Picture_5.jpeg)

In the period from 31 December 2024 to 30 June 2025, the carrying amount of investment property increased by PLN 312,219 thousand.

**Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

Factors contributing to the change:

1. increase in valuations by PLN 352,816 thousand;

2. foreign exchange losses of PLN 40,160 thousand on the translation of the property portfolio (including PLN 10,782 thousand attributable to the foreign portfolio and PLN 29,378 thousand attributable to the Polish portfolio),

Litigation concerning revision of the perpetual usufruct charge rate for some of the land used by 3. decrease of PLN 437 thousand in the value of the perpetual usufruct right.

MLP Pruszków I, MLP Pruszków II, MLP Pruszków III continued in the first half of 2025. As at the date of issue of this report, the Management Board of MLP Group S.A. estimated, where appropriate, a provision for the perpetual usufruct charge rate revision from 2022 onwards. The amount determined by the court may be different and may affect the carrying amount of investment property and finance lease liabilities. For a description of disputes, see Note 26.1.

The value of assets and liabilities relating to perpetual usufruct of land was revised based on the amount used to calculate the provision.

![](_page_110_Picture_7.jpeg)

### **Investment property by country**

|                                                                                    | as at | 30 June<br>2025<br>(unaudited) | 31 December<br>2024 |
|------------------------------------------------------------------------------------|-------|--------------------------------|---------------------|
| Poland                                                                             |       | 4 343 693                      | 4 212 242           |
| Fair value of property                                                             |       | 4 287 890                      | 4 156 002           |
| Perpetual usufruct of land*<br>Expenditure on property not included in the         |       | 55 803                         | 56 240              |
| valuation                                                                          |       | -                              | -                   |
| Germany                                                                            |       | 949 834                        | 889 728             |
| Fair value of property<br>Expenditure on property not included in the<br>valuation |       | 949 834<br>-                   | 889 728<br>-        |
| Austria                                                                            |       | 441 158                        | 319 620             |
| Fair value of property<br>Expenditure on property not included in the<br>valuation |       | 441 158<br>-                   | 319 620<br>-        |
| Romania                                                                            |       | 127 147                        | 128 023             |
| Fair value of property<br>Expenditure on property not included in the<br>valuation |       | 127 147<br>-                   | 128 023<br>-        |
| Gross carrying amount at end of period                                             |       | 5 861 832                      | 5 549 613           |

**Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

*\* Perpetual usufruct of land is recognised as finance lease in accordance with IFRS 16.*

### **Fair value of properties by country and property type as at 30 June 2025**

|         | Existing<br>buildings | Construction<br>in progress | Pipeline portfolio | Landbank    | Perpetual usufruct of<br>land |
|---------|-----------------------|-----------------------------|--------------------|-------------|-------------------------------|
| Poland  | 3 742 767             | 207 514                     | 193 1<br>34        | 14<br>4 475 | 55 803                        |
| Germany | 497 859               | 348 684                     | 34 78<br>4         | 68<br>507   | -                             |
| Austria | 441 158               | -                           | -                  | -           | -                             |
| Romania | 96 406                | 15 449                      | -                  | 15 292      | -                             |
| TOTAL   | 4 778 190             | 571 647                     | 227 918            | 228 274     | 55 803                        |

### **Fair value of properties by country and property type as at 31 December 2024**

|         | Existing<br>buildings | Construction<br>in progress | Pipeline portfolio | Landbank | Perpetual usufruct of<br>land |  |
|---------|-----------------------|-----------------------------|--------------------|----------|-------------------------------|--|
| Poland  | 3 577 510             | 191 670                     | 248 270            | 138 552  | 56 240                        |  |
| Germany | 499 860               | 79 051                      | 242 449            | 68 368   | -                             |  |
| Austria | -                     | 319 620                     | -                  | -        | -                             |  |
| Romania | 95 168                | -                           | 19 925             | 12 930   | -                             |  |
| TOTAL   | 4 172 538             | 590 341                     | 510 644            | 219 850  | 56 240                        |  |
|         |                       |                             |                    |          |                               |  |

### *11. 1 Fair value of the Group's investment property*

The fair value of investment property was calculated based on expert reports issued by independent expert appraisers, with recognised professional qualifications and with experience in investment property valuation (based on inputs that are not directly observable – Level 3).

Property valuations have been prepared in accordance with the Royal Institution of Chartered Surveyors (RICS) Standards. They comply with the International Valuation Standards (IVS) as published by the International Valuation Standards Committee (IVSC).

The Group measures the fair value of its property portfolio twice a year, i.e., as at 30 June and 31 December, unless changes occur which require remeasurement. The fair value of property, which is expressed in the euro in valuation reports, is translated at the mid rates quoted by the National Bank of Poland at the end of the reporting period.

The Group measures the fair value of its property portfolio twice a year, i.e., as at 30 June and 31 December. The fair value of the properties located in Poland, including the landbank, as determined by experts using the market approach is expressed in the Polish złoty (PLN). The fair value of the other properties is expressed in the euro and is subsequently translated at the mid rates quoted by the National Bank of Poland at the end of the reporting period.

The valuation method did not change relative to previous periods.

In the period ended 30 June 2025, there were no reclassifications between the fair value hierarchy levels.

![](_page_112_Picture_8.jpeg)

*2 Significant assumptions adopted by independent expert appraisers for existing buildings and construction in progress; analysis of sensitivity of existing building valuations to yield changes 11.*

## **For existing buildings and construction in progress**

| as at           | Reversionary yield<br>30 June 2025 |         |         |
|-----------------|------------------------------------|---------|---------|
|                 | mean                               | minimum | maximum |
| Poland          | 6,61%                              | 6,61%   | 8,80%   |
| Germany         | 5,03%                              | 4,55%   | 5,46%   |
| Austria         | 5,29%                              | 5,29%   | 5,29%   |
| Romania         | 7,75%                              | 7,75%   | 7,75%   |
| Total portfolio | 6,36%                              | 4,55%   | 8,80%   |

A sensitivity analysis was performed to examine the sensitivity of yields (rates of return and capitalisation rates) to changes in the valuations of completed investment property. The table below presents the sensitivity of profit/(loss) before tax as at 30 June 2025.

|             | Present value of<br>investment<br>property<br>PLN million | Estimated value of<br>investment property<br>after yield change<br>PLN million | Valuation difference<br>PLN million |
|-------------|-----------------------------------------------------------|--------------------------------------------------------------------------------|-------------------------------------|
| Yield -25pp | 4 534                                                     | 4 746                                                                          | 212                                 |
| Yield -50pp | 4 534                                                     | 4 975                                                                          | 441                                 |
| Yield +25pp | 4 534                                                     | 4 343                                                                          | (191)                               |
| Yield +50pp | 4 534                                                     | 4 158                                                                          | (376)                               |

A sensitivity analysis was also conducted to assess how changes in rent rates affect the valuations of completed investment properties. The table below presents the sensitivity of profit/(loss) before tax as at 30 June 2025.

|            | Present value<br>of investment<br>property<br>PLN million | Estimated value of<br>investment property<br>after rent rate change<br>PLN million | Valuation difference<br>PLN million |  |
|------------|-----------------------------------------------------------|------------------------------------------------------------------------------------|-------------------------------------|--|
| Rent -25pp | 4 534                                                     | 4 345                                                                              | (189)                               |  |
| Rent -50pp | 4 534                                                     | 4 281                                                                              | (253)                               |  |
| Rent +25pp | 4 534                                                     | 4 485                                                                              | (49)                                |  |
| Rent +50pp | 4 534                                                     | 4 549                                                                              | 15                                  |  |

|         | Estimated rental value (ERV) per sqm            |                 |              |
|---------|-------------------------------------------------|-----------------|--------------|
|         | average for<br>warehouse<br>and office<br>space | warehouse space | office space |
| Poland  | 4,59 EUR                                        | 4,30 EUR        | 11,50 EUR    |
| Germany | 7,44 EUR                                        | 7,20 EUR        | 11,50 EUR    |
| Austria | 8,46 EUR                                        | 7,75 EUR        | 12,50 EUR    |
| Romania | 4,56 EUR                                        | 4,50 EUR        | 8,50 EUR     |

### **For existing buildings and construction in progress**

| as at           | 31 December 2024 | Reversionary yield |         |         |
|-----------------|------------------|--------------------|---------|---------|
|                 |                  | mean               | minimum | maximum |
| Poland          |                  | 6,30%              | 6,01%   | 8,82%   |
| Germany         |                  | 5,26%              | 4,55%   | 5,48%   |
| Austria         |                  | 4,50%              | 4,50%   | 4,50%   |
| Romania         |                  | 7,75%              | 7,75%   | 7,75%   |
| Total portfolio |                  | 6,19%              | 4,50%   | 8,82%   |

As the project located in Austria was in the process of obtaining a building permit, the land was valued using the comparative method.

A sensitivity analysis was performed to examine the sensitivity of yields (rates of return and capitalisation rates) to changes in the valuations of completed investment property. The table below presents the sensitivity of profit/(loss) before tax as at 31 December 2024.

|             | Present value<br>of investment<br>property<br>PLN million | Estimated value of<br>investment property<br>after yield change<br>PLN million | Valuation difference<br>PLN million |  |
|-------------|-----------------------------------------------------------|--------------------------------------------------------------------------------|-------------------------------------|--|
| Yield -25pp | 4 172                                                     | 4 374                                                                          | 202                                 |  |
| Yield -50pp | 4 172                                                     | 4 592                                                                          | 420                                 |  |
| Yield +25pp | 4 172                                                     | 3 991                                                                          | (181)                               |  |
| Yield +50pp | 4 172                                                     | 3 816                                                                          | (356)                               |  |

A sensitivity analysis was also conducted to assess how changes in rent rates affect the valuations of completed investment properties. The table below presents the sensitivity of profit/(loss) before tax as at 31 December 2024.

|            | Present value<br>of investment<br>property<br>PLN million | Estimated value of<br>investment property<br>after rent rate change<br>PLN million | Valuation difference<br>PLN million |  |
|------------|-----------------------------------------------------------|------------------------------------------------------------------------------------|-------------------------------------|--|
| Rent -25pp | 4 172                                                     | 4 090                                                                              | (82)                                |  |
| Rent -50pp | 4 172                                                     | 4 013                                                                              | (159)                               |  |
| Rent +25pp | 4 172                                                     | 4 254                                                                              | 82                                  |  |
| Rent +50pp | 4 172                                                     | 4 329                                                                              | 157                                 |  |

|         | Estimated rental value (ERV) per sqm<br>31 December 2024 |                 |              |  |  |  |
|---------|----------------------------------------------------------|-----------------|--------------|--|--|--|
|         | average for<br>warehouse<br>and office                   | warehouse space | office space |  |  |  |
| Poland  | 4,64 EUR                                                 | 4,35 EUR        | 11,50 EUR    |  |  |  |
| Germany | 7,43 EUR                                                 | 7,20 EUR        | 11,50 EUR    |  |  |  |
| Austria | 8,46 EUR                                                 | 7,95 EUR        | 12,00 EUR    |  |  |  |
| Romania | 4,56 EUR                                                 | 4,50 EUR        | 8,50 EUR     |  |  |  |

The landbank is valued using the comparative method. The average rates per square metre of land used for each geographic segment are as follows:

- Poland in 2025: from EUR 49 to EUR 337; in 2024: from EUR 49 to EUR 335,
- Germany in 2025: EUR 110, in 2024: EUR 110,
- Romania in 2025: EUR 56; in 2024: EUR 47.

![](_page_115_Picture_8.jpeg)

### **Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

### **12. Deferred tax**

|                                         |       |                                | Deferred tax asset  |                                | Deferred tax liability |                                | Net amount          |
|-----------------------------------------|-------|--------------------------------|---------------------|--------------------------------|------------------------|--------------------------------|---------------------|
|                                         | as at | 30 June<br>2025<br>(unaudited) | 31 December<br>2024 | 30 June<br>2025<br>(unaudited) | 31 December<br>2024    | 30 June<br>2025<br>(unaudited) | 31 December<br>2024 |
| Investment property1)                   |       | -                              |                     | 449 420                        | 428 154                | 449 420                        | 428 154             |
| Borrowings and loans                    |       | -                              |                     | 27 260                         | 22 156                 | 27 260                         | 22 156              |
| Derivatives                             |       | -                              |                     | 447                            | 1 775                  | 447                            | 1 775               |
| Other                                   |       | 1 738                          | 3 723               | -                              | -                      | (1 738)                        | (3 723)             |
| Tax losses deductible in future periods |       | 34 579                         | 22 383              | -                              | -                      | (34 579)                       | (22 383)            |
| Interest on bonds                       |       | 2                              | 5 736               |                                |                        | (2)                            | (5 736)             |
| Deferred tax asset/ liability           |       | 36 319                         | 31 842              | 477 127                        | 452 085                | 440 808                        | 420 243             |

| Including:             | as at | 30 June<br>2025<br>(unaudited) | 31 December<br>2024 |
|------------------------|-------|--------------------------------|---------------------|
| Deferred tax asset     |       | (1 319)                        | (3 708)             |
| Deferred tax liability |       | 442 127                        | 423 951             |
|                        |       | 440 808                        | 420 243             |

Based on the tax budgets prepared by the Group, the Management Board considers it justified to recognise a deferred tax asset on tax loss in the amount disclosed in the statement of financial position.

*1) Deferred tax on investment property is entirely long term. Therefore, at least 94% of the deferred tax liability shown above is a long-term deferred tax liability.*

### **Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

|                                         | 1 January<br>2024 | changes<br>recognised in<br>profit or loss | changes<br>recognised in<br>other<br>comprehensive<br>income | currency<br>translation<br>differences | 31 December<br>2024 |
|-----------------------------------------|-------------------|--------------------------------------------|--------------------------------------------------------------|----------------------------------------|---------------------|
| Investment property                     | 360 743           | 68 356                                     | -                                                            | (945)                                  | 428 154             |
| Borrowings and loans                    | 9 669             | 12 487                                     | -                                                            | -                                      | 22 156              |
| Derivatives                             | 6 100             | 97                                         | (4 422)                                                      | -                                      | 1 775               |
| Other                                   | (11 133)          | 7 404                                      | -                                                            | 6                                      | (3 723)             |
| Tax losses deductible in future periods | (7 635)           | (14 748)                                   | -                                                            | -                                      | (22 383)            |
| Interest on bonds                       | 1 328             | (7 064)                                    | -                                                            | -                                      | (5 736)             |
|                                         | 359 072           | 66 532                                     | (4 422)                                                      | (939)                                  | 420 243             |

|                                         | 1 January<br>2025 | changes<br>recognised in<br>profit or loss | changes<br>recognised in<br>other<br>comprehensive<br>income | currency<br>translation<br>differences | 30 June 2025           |
|-----------------------------------------|-------------------|--------------------------------------------|--------------------------------------------------------------|----------------------------------------|------------------------|
| Investment property                     | 428 154           | (unaudited)<br>21 843                      | (unaudited)<br>-                                             | (unaudited)<br>(577)                   | (unaudited)<br>449 420 |
| Borrowings and loans                    | 22 156            | 5 104                                      | -                                                            | -                                      | 27 260                 |
| Derivatives                             | 1 775             | (73)                                       | (1 255)                                                      | -                                      | 447                    |
| Other                                   | (3 723)           | 1 979                                      | -                                                            | 6                                      | (1 738)                |
| Tax losses deductible in future periods | (22 383)          | (12 196)                                   | -                                                            | -                                      | (34 579)               |
| Interest on bonds                       | (5 736)           | 5 734                                      | -                                                            | -                                      | (2)                    |
|                                         | 420 243           | 22 391                                     | (1 255)                                                      | (571)                                  | 440 808                |

MLP Group – conservative approach to growth in industrial assets in core urban areas in Europe

### **13. Investments and other investments**

| as at                                                                                                                           | 30 June<br>2025<br>(unaudited) | 31 December<br>2024 |
|---------------------------------------------------------------------------------------------------------------------------------|--------------------------------|---------------------|
| Long-term receivables from measurement of swap contracts                                                                        | 7 056                          | 10 210              |
| Cash set aside in accordance with credit facility agreements to secure<br>payment of principal and interest – long-term portion | 20 298                         | 21 760              |
| Bank deposits comprising security deposits from tenants                                                                         | 8 943                          | 9 286               |
| Cash set aside in CAPEX account                                                                                                 | 214                            | 214                 |
| Long-term performance bonds retained                                                                                            | 3 519                          | 3 761               |
| Deposit under bank guarantee                                                                                                    | 136                            | 136                 |
| Long-term loans to related entities                                                                                             | 17 838                         | 17 554              |
| Other long-term investments                                                                                                     | 58 004                         | 62 921              |

**Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

The main bank with which the Group holds deposits comprising security deposits from tenants, cash set aside in accordance with credit facility agreements, and deposits comprising retained performance bonds is a bank with an A+ investment grade ranking (42% of total long-term and short-term investments in the form of deposits).

| Short-term receivables from measurement of swap contracts | -   | 2 789 |
|-----------------------------------------------------------|-----|-------|
| Short-term investments                                    | -   | 2 789 |
| Short-term performance bonds retained                     | 845 | 896   |
| Deposit under bank guarantee                              | -   | 1     |
| Total other short-term investments                        | 845 | 897   |

## *13. 1 Change in financial assets attributable to financing and other activities*

| Loan assets |
|-------------|
| 16 922      |
| 730         |
| 22          |
| (11)        |
| (109)       |
| 17 554      |
| 329         |
| (45)        |
| 17 838      |
|             |

*\* Unaudited.*

**14. Other non-current assets**

|                                          | 30 June     | 31 December |
|------------------------------------------|-------------|-------------|
| as at                                    | 2025        | 2024        |
|                                          | (unaudited) |             |
| Long-term prepayments and accrued income | 13 461      | 20 959      |
| Other non-current assets                 | 13 461      | 20 959      |

**Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

### **15. Trade and other receivables**

| as at                                                                                       | 30 June<br>2025 | 31 December<br>2024 |
|---------------------------------------------------------------------------------------------|-----------------|---------------------|
|                                                                                             | (unaudited)     |                     |
| Trade receivables                                                                           | 22 672          | 26 628              |
| Investment settlements                                                                      | 3 750           | 1 851               |
| Prepayments and accrued income                                                              | 12 169          | 9 920               |
| Prepayments for property, plant and equipment and investment<br>property under construction | 235             | 235                 |
| Assets from accrued rents from operating leases                                             | 27 574          | 24 415              |
| Advance payment for purchase of land                                                        | -               | 5 819               |
| Taxes and social security receivable*                                                       | 38 889          | 55 453              |
| Trade and other receivables                                                                 | 105 289         | 124 321             |
| Income tax receivable                                                                       | 1 650           | 10 289              |
| Short-term receivables                                                                      | 106 939         | 134 610             |

*\* As at 30 June 2025 (and as at 31 December 2024), tax and social security receivable comprised mainly VAT receivable of PLN 24,622 thousand (PLN 46,325 thousand) as disclosed in the VAT returns filed, and input VAT of PLN 14,267 thousand (PLN 9,128 thousand) to be deducted in future periods.*

Trade receivables remained at a similar level relative to the previous year.

The rent collection ratio was 98%, largely unchanged year on year.

For more information on receivables from related entities, see Note 25.

The Group uses a provision matrix to calculate expected credit losses. In order to determine expected credit losses, trade receivables have been grouped on the basis of similarity of credit risk characteristics and past due periods. The Group has concluded that its receivables comprise a homogeneous group, i.e. receivables from tenants.

The time past due structure for trade receivables and loss allowances is presented in the table below.

| MLP Group S.A. • Half-year report for the six months ended 30 June 2025                                               |  |
|-----------------------------------------------------------------------------------------------------------------------|--|
| Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025 |  |
| (all data in PLN thousand, unless stated otherwise)                                                                   |  |
|                                                                                                                       |  |

|                              | as at | 30 June 2025                        |                               | 31 December 2024     |                |
|------------------------------|-------|-------------------------------------|-------------------------------|----------------------|----------------|
|                              |       | Gross<br>receivables<br>(unaudited) | Loss allowance<br>(unaudited) | Gross<br>receivables | Loss allowance |
| Not past due                 |       | 41 713                              | -                             | 39 459               | -              |
| Past due from 1 to 30 days   |       | 1 163                               | -                             | 1 253                | -              |
| Past due from 31 to 60 days  |       | 4 890                               | -                             | 6 641                | -              |
| Past due from 61 to 90 days  |       | 1 141                               | -                             | 1 210                | -              |
| Past due from 91 to 180 days |       | 227                                 | -                             | 3                    | -              |
| Past due over 181 days       |       | 1 652                               | (540)                         | 3 017                | (540)          |
| Total receivables            |       | 50 786                              | (540)                         | 51 583               | (540)          |

|                                                        | 2025  | 2024    |
|--------------------------------------------------------|-------|---------|
| Allowances for receivables as at 1 January             | (540) | (2 704) |
| Use of allowances                                      | -     | 2 164   |
| Allowances for receivables as at 30 June*/ 31 December | (540) | (540)   |

*\* Unaudited.*

### **16. Cash and cash equivalents**

| as at                                                                            | 30 June<br>2025           | 31 December<br>2024      |
|----------------------------------------------------------------------------------|---------------------------|--------------------------|
| Cash in hand<br>Cash at banks<br>Short-term deposits                             | 436<br>135 727<br>149 280 | 81<br>133 498<br>534 476 |
| Cash and cash equivalents in the consolidated statement of financial<br>position | 285 443                   | 668 055                  |
| Cash and cash equivalents in the consolidated statement of cash<br>flows         | 285 443                   | 668 055                  |

Cash and cash equivalents disclosed in the consolidated statement of financial position include cash in hand and bank deposits with original maturities of up to three months.

Indications of impairment of cash and cash equivalents were determined separately for each balance held with the financial institutions. Credit risk was assessed using external credit ratings and publicly available information on default rates set by external agencies for a given rating. The analysis showed that the credit risk of the assets as at the reporting date was low.

All banks with which the Group holds cash have investment grade ratings, not lower than BBB-.

The main bank where the Group holds 40% of its cash and cash equivalents as well as restricted deposits is a financial institution with an A+ credit rating. The second primary bank, where the Group holds 14% of its funds, is also an institution with an A+ credit rating. The Group monitors the banks' credit ratings and manages concentration risk by placing deposits in multiple (over 10) financial institutions.

### **17. Notes to the condensed consolidated interim statement of cash flows**

### *17. 1 Cash flows from borrowings*

| for the six months ended 30 June                                                                           | 2025<br>(unaudited) | 2024<br>(unaudited) |
|------------------------------------------------------------------------------------------------------------|---------------------|---------------------|
| Proceeds from bank borrowings                                                                              | 510                 | 75 214              |
| Cash flows from proceeds from borrowings                                                                   | 510                 | 75 214              |
| Cash flows from proceeds from borrowings – amount disclosed in the<br>consolidated statement of cash flows | 510                 | 75 214              |
|                                                                                                            |                     |                     |
| for the six months ended 30 June                                                                           | 2025<br>(unaudited) | 2024<br>(unaudited) |
| Repayment of bank borrowings, including refinanced bank borrowings<br>Repayment of non-bank borrowings     | (15 072)<br>-       | (72 357)<br>-       |
| Total repayment of borrowings                                                                              | (15 072)            | (72 357)            |
| Cash flows from repayment of borrowings                                                                    | (15 072)            | (72 357)            |
| Cash flows from repayment of borrowings – amount disclosed in the<br>consolidated statement of cash flows  | (15 072)            | (72 357)            |

![](_page_121_Picture_3.jpeg)

### *17. 2 Change in receivables*

| for the six months ended 30 June                                               | 2025<br>(unaudited) | 2024<br>(unaudited)  |  |
|--------------------------------------------------------------------------------|---------------------|----------------------|--|
| Change in trade and other receivables<br>Change in receivables                 | 19 032<br>19 032    | (16 501)<br>(16 501) |  |
| Change in receivables disclosed in the consolidated statement of<br>cash flows | 19 032              | (16 501)             |  |

**Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

## *17. 3 Change in current and other liabilities*

| for the six months ended 30 June                                                                 | 2025<br>(unaudited) | 2024<br>(unaudited) |
|--------------------------------------------------------------------------------------------------|---------------------|---------------------|
| Change in trade and other payables                                                               | 25 762              | (79 893)            |
| Change in employee benefit obligations                                                           | 1 005               | (189)               |
| Change in current liabilities under performance bonds and security<br>deposits                   | 6 654               | 5 078               |
| Change in finance lease and swap liabilities                                                     | 915                 | 90                  |
| Elimination of changes in investment commitments                                                 | (39 113)            | 40 820              |
| Change in current and other liabilities                                                          | (4 777)             | (34 094)            |
| Change in current and other liabilities disclosed in the consolidated<br>statement of cash flows | (4 777)             | (34 094)            |

### **18. Equity**

## *18. 1 Share capital*

|                                  | as at | 30 June<br>2025 | 31 December<br>2024 |
|----------------------------------|-------|-----------------|---------------------|
| Share capital [number of shares] |       | (unaudited)     |                     |
| Series A ordinary shares         |       | 11 440 000      | 11 440 000          |
| Series B ordinary shares         |       | 3 654 379       | 3 654 379           |
| Series C ordinary shares         |       | 3 018 876       | 3 018 876           |
| Series D ordinary shares         |       | 1 607 000       | 1 607 000           |
| Series E ordinary shares         |       | 1 653 384       | 1 653 384           |
| Series F ordinary shares         |       | 2 621 343       | 2 621 343           |
| Ordinary shares – total          |       | 23 994 982      | 23 994 982          |
| Par value per share [PLN]        |       | 0,25            | 0,25                |

As at 30 June 2025, the Parent's share capital amounted to PLN 5,998,745.50 and comprised 23,994,982 shares conferring 23,994,982 voting rights in the Company. The par value per share is PLN 0.25. The entire capital has been paid up.

|                                                                     | as at | 30 June 2025*<br>Number of<br>shares | Par value  | 31 December 2024<br>Number of<br>shares | Par value  |
|---------------------------------------------------------------------|-------|--------------------------------------|------------|-----------------------------------------|------------|
| Number/value of shares<br>at beginning of period<br>Issue of shares |       | 23 994 982<br>-                      | 5 999<br>- | 23 994 982<br>-                         | 5 999<br>- |
| Number/value of shares<br>at end of period                          |       | 23 994 982                           | 5 999      | 23 994 982                              | 5 999      |

*\* Unaudited.*

### **19. Earnings and dividend per share**

Earnings per share for each reporting period are calculated as the quotient of net profit for the period attributable to owners of the Parent and the weighted average number of shares outstanding in the reporting period.

| for                                                                                                  | 6 months<br>ended<br>30 June<br>2025<br>(unaudited) | 3 months<br>ended<br>30 June<br>2025<br>(unaudited) | 6 months<br>ended<br>30 June<br>2024<br>(unaudited) | 3 months<br>ended<br>30 June<br>2024<br>(unaudited) |
|------------------------------------------------------------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|
| Net profit/(loss) for period                                                                         | 79 165                                              | 121 874                                             | 281 640                                             | 265 415                                             |
| Number of outstanding shares                                                                         | 23 994 982                                          | 23 994 982                                          | 23 994 982                                          | 23 994 982                                          |
| Weighted average number of<br>outstanding shares                                                     | 23 994 982                                          | 23 994 982                                          | 23 994 982                                          | 23 994 982                                          |
| Earnings per share attributable to owners of the Parent during the reporting period (PLN per share): |                                                     |                                                     |                                                     |                                                     |
| –<br>basic                                                                                           | 3,30                                                | 5,08                                                | 11,74                                               | 11,06                                               |
| –<br>diluted                                                                                         | 3,30                                                | 5,08                                                | 11,74                                               | 11,06                                               |

There were no dilutive factors in the presented periods.

### **20. Borrowings, other debt instruments and other liabilities**

### *20. 1 Non-current liabilities*

| as at                                                               | 30 June<br>2025<br>(unaudited) | 31 December<br>2024    |  |
|---------------------------------------------------------------------|--------------------------------|------------------------|--|
| Borrowings secured against the Group's assets<br>Bonds              | 1 363 391<br>1 446 485         | 1 390 177<br>1 457 088 |  |
| Non-bank borrowings                                                 | 17 361                         | 17 097                 |  |
| Non-current liabilities under borrowings and other debt instruments | 2 827 237                      | 2 864 362              |  |

**Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

|                                                                                                                | as at | 30 June<br>2025<br>(unaudited) | 31 December<br>2024 |
|----------------------------------------------------------------------------------------------------------------|-------|--------------------------------|---------------------|
| 1)<br>Finance lease liabilities (perpetual usufruct of land)<br>Liabilities from measurement of swap contracts |       | 55 803<br>4 987                | 56 240<br>4 237     |
| Performance bonds                                                                                              |       | 8 144                          | 3 157               |
| Security deposits from tenants and other                                                                       |       | 14 398                         | 12 731              |
| Lease liabilities (vehicles)                                                                                   |       | 902                            | 823                 |
| Other non-current liabilities                                                                                  |       | 84 234                         | 77 188              |

*1) The Group is a party to pending court proceedings concerning revision of the perpetual usufruct charge rate. As at the date of issue of this report, the Management Board of MLP Group S.A. estimated, where appropriate, a provision for a portion of potential claims against MLP Pruszków I, MLP Pruszków II, and MLP Pruszków III Sp. z o.o. The amount determined by the court may affect the carrying amount of investment property and lease liabilities. For a description of disputes, see Note 26.1.*

### *20. 2 Current liabilities*

| as at                                                                                                      | 30 June<br>2025<br>(unaudited) | 31 December<br>2024 |
|------------------------------------------------------------------------------------------------------------|--------------------------------|---------------------|
| Short-term bank borrowings and short-term portion of bank<br>borrowings secured against the Group's assets | 28 070                         | 28 823              |
| Bonds                                                                                                      | 18 181                         | 215 463             |
| Current liabilities under borrowings and other debt instruments                                            | 46 251                         | 244 286             |

Liabilities under borrowings secured against the Group's assets and under borrowings not secured against the Group's assets comprise liabilities to both related and unrelated parties.

|                                     | as at | 30 June<br>2025    | 31 December<br>2024 |
|-------------------------------------|-------|--------------------|---------------------|
| Liabilities under lease of vehicles |       | (unaudited)<br>363 | 277                 |
| Other current liabilities           |       | 363                | 277                 |

## **20.** *3 Change in financial liabilities attributable to financing activities*

|                                           | Bonds     |
|-------------------------------------------|-----------|
| As at 31 December 2023                    | 433 000   |
| Issue of bonds                            | 1 473 325 |
| Interest accrued on bonds                 | 52 271    |
| Interest paid on bonds                    | (35 923)  |
| Redemption of Series E and Series D bonds | (229 149) |
| Exchange differences on measurement       | (20 973)  |
| As at 31 December 2024                    | 1 672 551 |
| Interest accrued on bonds                 | 47 120    |
| Interest paid on bonds                    | (52 340)  |
| Redemption of Series C                    | (187 082) |
| Exchange differences on measurement       | (15 583)  |
| As at 30 June 2025*                       | 1 464 666 |
|                                           |           |

*\* Unaudited.*

|                                     | Non-bank borrowings |
|-------------------------------------|---------------------|
| As at 31 December 2023              | 16 952              |
| Interest accrued                    | 724                 |
| Repayment of principal              | (473)               |
| Exchange differences on measurement | (106)               |
| As at 31 December 2024              | 17 097              |
| Interest accrued                    | 310                 |
| Exchange differences on measurement | (46)                |
| As at 30 June 2025*                 | 17 361              |
|                                     |                     |

*\* Unaudited.*

![](_page_125_Picture_6.jpeg)

|  | Bank borrowings |
|--|-----------------|
|  |                 |
|  |                 |

| As at 31 December 2023                                                    | 1 663 544 |
|---------------------------------------------------------------------------|-----------|
| including derecognised commission fee as at 31 December 2023              | 5 515     |
| Interest accrued – credit facilities                                      | 83 913    |
| Interest paid – credit facilities                                         | (90 176)  |
| Interest accrued – IRS                                                    | (20 854)  |
| Interest received – IRS                                                   | 24 415    |
| New credit facility contracted                                            | 183 206   |
| Repayment of principal                                                    | (395 579) |
| Realised foreign exchange gains/(losses)                                  | (15 857)  |
| Exchange differences on measurement                                       | (1 466)   |
| Interest capitalised                                                      | 552       |
| Bank borrowings measured at amortised cost                                | (7 183)   |
| As at 31 December 2024                                                    | 1 419 000 |
| including derecognised valuation at amortised cost as at 31 December 2024 | (12 181)  |
| As at 31 December 2024                                                    | 1 419 000 |
| including derecognised commission fee as at 31 December 2024              | 12 181    |
| Interest accrued – credit facilities                                      | 29 428    |
| Interest paid – credit facilities                                         | (29 498)  |
| Interest accrued – IRS                                                    | (5 667)   |
| Interest received – IRS                                                   | 5 714     |
| New credit facility contracted                                            | 510       |
| Repayment of principal                                                    | (15 072)  |
| Realised foreign exchange gains/(losses)                                  | (542)     |
| Exchange differences on measurement                                       | (8 203)   |
| Bank borrowings measured at amortised cost                                | (4 524)   |
| As at 30 June 2025*                                                       | 1 391 461 |
| including derecognised commission fee as at 30 June 2025*                 | 11 866    |

*\* Unaudited.*

### **Leases (perpetual usufruct of land)**

| As at 31 December 2023                                                                | 58 382  |
|---------------------------------------------------------------------------------------|---------|
| Revaluation of perpetual usufruct of land at companies engaged in litigation with the | (1 271) |
| Pruszków District Governor Annual payment                                             | (871)   |
| As at 31 December 2024                                                                | 56 240  |
| Annual payment                                                                        | (437)   |
| As at 30 June 2025*                                                                   | 55 803  |
|                                                                                       |         |

*\* Unaudited.*

### *20. 4 Liabilities under bonds*

### *20. 4.1 Liabilities under bonds as at 30 June 2025*

| Instrument                 | Currency | Nominal value<br>[EUR] | Valuation<br>[EUR] | Total [EUR] | Total [PLN]               | Maturity date | Interest rate          | Guarantees<br>and collateral | Listing<br>venue |
|----------------------------|----------|------------------------|--------------------|-------------|---------------------------|---------------|------------------------|------------------------------|------------------|
| Public bonds – Series G    | EUR      | 41 000 000             | 157 850            | 41 157 850  | 174 587 484               | 4 Dec 2026    | 3M EURIBOR +<br>margin | none                         | Catalyst         |
| Public bonds – Green Bonds | EUR      | 300 000 000 4 128 082  |                    | 304 128 082 | 1 290 078 516 15 Oct 2029 |               | Fixed interest rate    | none                         | Euro MTF         |

On 19 January 2025, the Company redeemed at maturity Series C bonds with a total nominal value of EUR 45,000,000.

## *20. 4.2 Liabilities under bonds as at 31 December 2024*

| Instrument                 | Currency | Nominal value<br>[EUR] | Valuation<br>[EUR] | Total<br>[EUR] | Total [PLN]               | Maturity date | Interest rate          | Guarantees<br>and collateral | Listing<br>venue |
|----------------------------|----------|------------------------|--------------------|----------------|---------------------------|---------------|------------------------|------------------------------|------------------|
| Public bonds – Series C    | EUR      | 45 000 000             | 1 055 700          | 46 055 700     | 196 796 006               | 19 Feb 2025   | 6M EURIBOR +<br>margin | none                         | Catalyst         |
| Public bonds – Series G    | EUR      | 41 000 000             | 190 240            | 41 190 240     | 176 005 896               | 4 Dec 2026    | 3M EURIBOR +<br>margin | none                         | Catalyst         |
| Public bonds – Green Bonds | EUR      | 300 000 000 4 178 425  |                    | 304 178 425    | 1 299 754 431 15 Oct 2029 |               | Fixed interest rate    | none                         | Euro MTF         |

MLP Group – conservative approach to growth in industrial assets in core urban areas in Europe

### **Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

## *20. 5 Bank borrowings secured against the Group's assets*

### *20. 5.1 As at 30 June 2025\**

### **Bank borrowings secured against the Group's assets, taken in EUR**

|                                                 |          |                            |                     | EUR thousand |           |           | PLN thousand  |               |           |                    |  |
|-------------------------------------------------|----------|----------------------------|---------------------|--------------|-----------|-----------|---------------|---------------|-----------|--------------------|--|
| Bank                                            | currency | Facility type              | interest rate (%)   | matures in   | Principal | Valuation | Total         | Principal     | Valuation | Total              |  |
| BNP Paribas S.A.<br>ING Bank Śląski S.A., PKO   | EUR      | investment credit facility | 1M EURIBOR + margin | 2031         | 27 261    | (490<br>) | 26<br>771     | 115 640       | (2 079)   | 113 561            |  |
| BP S.A. and ICBC (Europe)<br>S.A. Polish Branch | EUR      | investment credit facility | 3M EURIBOR + margin | 2027         | 94 344    | (1 608)   | 92 735        | 400 195       | (6 823)   | 393 372            |  |
| Aareal Bank AG                                  | EUR      | investment credit facility | fixed interest rate | 2028         | 60 800    | (888<br>) | 59<br>912     | 257 909       | (3 767)   | 254 142            |  |
| PKO BP S.A. and BNP<br>Paribas S.A.             | EUR      | investment credit facility | 3M EURIBOR + margin | 2027         | 66 018    | (456<br>) | 65<br>562     | 280 014       | (1 931)   | 278 083            |  |
| ING Bank Śląski S.A.                            | EUR      | investment credit facility | 3M EURIBOR + margin | 2029         | 25 052    | (69)      | 24 982        | 106 2<br>64   | (<br>296) | 105 969            |  |
| Bayerische Landesbank                           | EUR      | investment credit facility | fixed interest rate | 2030         | 39 394    | (83)      | 39 311        | 167 1<br>04   | (<br>350) | 166 754            |  |
| Bayerische Landesbank                           | EUR      | investment credit facility | fixed interest rate | 2031         | 18 861    | (100<br>) | 76<br>18<br>1 | 80<br>00<br>5 | (<br>425) | 79 580             |  |
| Total bank borrowings taken in EUR:             |          |                            |                     |              | 331 730   | (3 694)   | 328 034       | 1 407 131     |           | (15 671) 1 391 461 |  |
| Total bank borrowings                           |          |                            |                     |              |           |           |               | 1 407 131     |           | (15 671) 1 391 461 |  |

*\* Unaudited.*

### *20. 5.2 As at 31 December 2024*

### **Bank borrowings secured against the Group's assets, taken in EUR**

|                                                                              | EUR thousand |                            | PLN thousand        |            |           |           |           |                            |           |                    |  |
|------------------------------------------------------------------------------|--------------|----------------------------|---------------------|------------|-----------|-----------|-----------|----------------------------|-----------|--------------------|--|
| Bank                                                                         | currency     | Facility type              | interest rate (%)   | matures in | Principal | Valuation | Total     | Principal                  | Valuation | Total              |  |
| BNP Paribas S.A.                                                             | EUR          | investment credit facility | 1M EURIBOR + margin | 2031       | 27 659    | (207<br>) | 27<br>452 | 118 189                    | (887)     | 117 302            |  |
| ING Bank Śląski S.A., PKO<br>BP S.A. and ICBC (Europe)<br>S.A. Polish Branch | EUR          | investment credit facility | 3M EURIBOR + margin | 2027       | 95 412    | (1 098)   | 94 314    | 407 701                    | (4 691)   | 403 010            |  |
| Aareal Bank AG<br>PKO BP S.A. and BNP                                        | EUR          | investment credit facility | fixed interest rate | 2028       | 60 800    | (1 041)   | 59 759    | 259 799                    | (4 450)   | 255 349            |  |
| Paribas S.A.                                                                 | EUR          | investment credit facility | 3M EURIBOR + margin | 2027       | 66 936    | (115<br>) | 66<br>821 | 286 016                    | (487)     | 285 529            |  |
| ING Bank Śląski S.A.                                                         | EUR          | investment credit facility | 3M EURIBOR + margin | 2029       | 25 264    | (88)      | 25 174    | 107 953                    | (383)     | 107 570            |  |
| Bayerische Landesbank                                                        | EUR          | investment credit facility | fixed interest rate | 2030       | 39 806    | (201<br>) | 39<br>605 | 170 092                    | (858)     | 169 234            |  |
| Bayerische Landesbank                                                        | EUR          | investment credit facility | fixed interest rate | 2031       | 19 057    | (99)      | 18 958    | 81 431                     | (425)     | 81 006             |  |
| Total bank borrowings taken in EUR:                                          |              |                            |                     |            | 334 934   |           |           | (2 849 ) 332 083 1 431 181 |           | (12 181) 1 419 000 |  |
| Total bank borrowings                                                        |              |                            |                     |            |           |           |           | 1 431 181                  |           | (12 181) 1 419 000 |  |

MLP Group – conservative approach to growth in industrial assets in core urban areas in Europe

MLP Group S.A. • Half-year report for the six months ended 30 June 2025

# **21. Employee benefit obligations**

|                                     | as at | 30 June<br>2025<br>(unaudited) | 31 December<br>2024 |
|-------------------------------------|-------|--------------------------------|---------------------|
| Wages and salaries                  |       | 14                             | 29                  |
| Provision for variable remuneration |       | 6 231                          | 5 211               |
| Employee benefit obligations        |       | 6 245                          | 5 240               |

## **22. Trade and other payables**

|                                                                    | 30 June<br>as at<br>2025<br>(unaudited) | 31 December<br>2024 |
|--------------------------------------------------------------------|-----------------------------------------|---------------------|
| Trade receivables                                                  | 33 726                                  | 48 984              |
| Deferred income                                                    | 3 328                                   | 3 756               |
| Taxes and social security payable                                  | 7 927                                   | 9 568               |
| Unbilled trade payables                                            | 16 087                                  | 15 343              |
| Investment commitments, security deposits and other<br>obligations | 67 191                                  | 24 846              |
| Trade and other payables                                           | 128 259                                 | 102 497             |
| Income tax receivable                                              | 2 040                                   | 6 010               |
| Current liabilities                                                | 130 299                                 | 108 507             |

As at 30 June 2025, the Group did not carry any past due trade payables towards related parties. The amount of trade payables was lower than the balance reported in December 2024.

The table below presents time past due for trade and other payables.

| as at                          | 30 June<br>2025<br>(unaudited) | 31 December<br>2024 |
|--------------------------------|--------------------------------|---------------------|
| Not past due                   | 140 706                        | 107 026             |
| Past due from 1 to 90 days     | 3 785                          | 2 959               |
| Past due from 91 to 180 days   | 21                             | 242                 |
| Pas due over 180 days          | 279                            | 74                  |
| Total trade and other payables | 144 791                        | 110 301             |

The time past due structure presented above includes non-current liabilities.

Trade payables are non-interest bearing and are typically settled within 30 to 60 days. Other payables are non-interest bearing, with average payment period of one month. Amounts resulting from the difference between input and output value added tax are paid to the relevant tax authorities in the periods prescribed by the relevant tax laws. Interest payable is generally settled on the basis of accepted interest notes.

### **23. Financial instruments**

### *23. 1 Measurement of financial instruments*

The fair value of financial assets and financial liabilities as at 30 June 2025 and 31 December 2024 was equal to the respective amounts disclosed in the consolidated statement of financial position.

The following assumptions were made for the purpose of fair value measurement:

**cash and cash equivalents:** the carrying amount corresponds to the amortised cost value;

**Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

- **trade receivables, other receivables, trade payables, and accrued expenses:** the carrying amount corresponds to the amortised cost;
- **loans:** the carrying amount corresponds to the amortised cost value, it is close to the fair value due to variable interest rates on these instruments, which are close to the market interest rates;
- **borrowings and other debt instruments:** the carrying amount corresponds to the amortised cost value, it is close to the fair value due to variable interest rates on these instruments, which are close to market interest rates;
- **receivables and liabilities from measurement of swap contracts:** measured at fair value through other comprehensive income, determined by reference to instruments quoted in an active market.

![](_page_131_Picture_9.jpeg)

### **23.** *1. 1 Financial assets*

|                                                | 30 June     | 31 December |  |
|------------------------------------------------|-------------|-------------|--|
| as at                                          | 2025        | 2024        |  |
|                                                | (unaudited) |             |  |
| Hedging financial instruments:                 |             |             |  |
| Receivables from measurement of swap contracts | 7 056       | 12 999      |  |
|                                                | 7 056       | 12 999      |  |
| Financial assets measured at amortised cost:   |             |             |  |
| Cash and cash equivalents                      | 285 443     | 668 055     |  |
| Loans and receivables, including:              |             |             |  |
| Trade and other receivables                    | 54 231      | 53 129      |  |
| Loans                                          | 17 838      | 17 554      |  |
| Other long-term investments                    | 33 110      | 35 157      |  |
| Other short-term investments                   | 845         | 897         |  |
|                                                | 391 467     | 774 792     |  |
| Total financial assets                         | 398 523     | 787 791     |  |

**Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

As at 30 June 2025, the fair value of hedging instruments was PLN 7,056 thousand, as measured on the basis of other directly or indirectly observable prices (Level 2). The information is provided by banks and is obtained by reference to instruments traded on an active market.

In the reporting period ended 30 June 2025, there were no reclassifications between the fair value hierarchy levels.

### **Measurement of assets at amortised cost as at 30 June 2025\***

|                                                                | Level 1          | Level 2 | Level 3 |
|----------------------------------------------------------------|------------------|---------|---------|
| Gross carrying amount                                          | 337 236          | 54 771  | -       |
| Cash and cash equivalents<br>Loans and receivables, including: | 285 443          | -       | -       |
| Trade and other receivables                                    | -                | 54 771  | -       |
| Loans<br>Other long-term investments                           | 17 838<br>33 110 | -<br>-  | -<br>-  |
| Other short-term investments                                   | 845              | -       | -       |
| Loss allowances (IFRS 9)                                       | -                | (540)   | -       |
| Loans and receivables, including:                              |                  |         |         |
| Trade and other receivables                                    | -                | (540)   | -       |
| Carrying amount (IFRS 9)                                       | 337 236          | 54 231  | -       |

*\* Unaudited.*

### **Measurement of assets at amortised cost as at 31 December 2024**

|                                                                  | Level 1 | Level 2 | Level 3 |
|------------------------------------------------------------------|---------|---------|---------|
| Gross carrying amount                                            | 721 663 | 53 669  | -       |
| Cash and cash equivalents                                        | 668 055 | -       | -       |
| Loans and receivables, including:<br>Trade and other receivables | -       | 53 669  | -       |
| Loans                                                            | 17 554  | -       | -       |
| Other long-term investments                                      | 35 157  | -       | -       |
| Other short-term investments                                     | 897     | -       | -       |
| Loss allowances (IFRS 9)                                         | -       | (540)   | -       |
| Loans and receivables, including:                                |         |         |         |
| Trade and other receivables                                      | -       | (540)   | -       |
| Carrying amount (IFRS 9)                                         | 721 663 | 53 129  | -       |

### *23. 1. 2 Financial liabilities*

|                                                       | 30 June<br>as at<br>2025 | 31 December<br>2024 |
|-------------------------------------------------------|--------------------------|---------------------|
| Hedging financial instruments measured at fair value: |                          |                     |
| Liabilities from measurement of swap contracts        | 4 987                    | 4 237               |
|                                                       | 4 987                    | 4 237               |
| Financial liabilities measured at amortised cost:     |                          |                     |
| Bank borrowings                                       | 1 391 461                | 1 419 000           |
| Non-bank borrowings                                   | 17 361                   | 17 097              |
| Trade and other payables                              | 144 791                  | 110 301             |
| Lease liabilities                                     | 57 068                   | 57 340              |
| Bonds                                                 | 1 464 666                | 1 672 551           |
|                                                       | 3 075 347                | 3 276 289           |
| Total financial liabilities                           | 3 080 334                | 3 280 526           |

### *23. 2 Other disclosures relating to financial instruments*

### **Security instruments**

For information on security instruments, see Note 24.

### **Cash flow hedge accounting**

On 28 March 2025, the subsidiary MLP Poznań Sp. z o.o. entered into a variable-to-fixed interest rate swap contract with ING Bank Śląski S.A.

### *23. 3. Maturity of borrowings, derivatives, bonds and other non-current and current liabilities*

Liquidity risk is primarily the risk that the Group will encounter difficulty in meeting its future obligations under long-term borrowings.

The following table presents the maturity structure of bank borrowings based on contractual undiscounted cash flows.

| Bank borrowings – expected payments | up to 1 year | from 1 to 5<br>years | over<br>5 years | Total     |  |
|-------------------------------------|--------------|----------------------|-----------------|-----------|--|
| 2025                                | 157 508      | 1 298 226            | 174 633         | 1 630 367 |  |
| 2024                                | 158 865      | 1 210 013            | 326 839         | 1 695 717 |  |

The following table presents the maturity structure of bonds based on contractual undiscounted cash flows.

| Bonds – expected payments | up to 1 year | from 1 to 5<br>years | over<br>5 years | Total     |  |
|---------------------------|--------------|----------------------|-----------------|-----------|--|
| 2025 – principal          | -            | 1 446 488            | -               | 1 446 488 |  |
| 2025 – interest           | 90 742       | 318 196              | -               | 408 938   |  |
| 2024 – principal          | -            | 192 285              | -               | 192 285   |  |
| 2024 – interest           | 230 740      | 1 283 072            | -               | 1 513 812 |  |

The following table presents the maturity structure of derivative instruments based on contractual undiscounted cash flows.

| Derivative instruments – expected<br>payments |               | up to 1 year | from 1 to 5<br>years | over<br>5 years | Total    |
|-----------------------------------------------|---------------|--------------|----------------------|-----------------|----------|
| 2025                                          | inflows       | 9 710        | 17 662               | -               | 27 372   |
|                                               | outflows      | (8 282)      | (16 852)             | -               | (25 134) |
|                                               | net cash flow | 1 428        | 810                  | -               | 2 238    |
| 2024                                          | inflows       | 18 239       | 20 961               | -               | 39 200   |
|                                               | outflows      | (11 233)     | (19 205)             | -               | (30 438) |
|                                               | net cash flow | 7 006        | 1 756                | -               | 8 762    |

The following table presents the maturity structure of non-bank borrowings based on contractual undiscounted cash flows.

| Non-bank borrowings – expected<br>payments | up to 1 year | from 1 to 5<br>years | over<br>5 years | Total  |
|--------------------------------------------|--------------|----------------------|-----------------|--------|
| 2025                                       | -            | -                    | 18 135          | 18 135 |
| 2024                                       | -            | 7 575                | 14 039          | 21 614 |

The table below presents the maturity structure of other non-current and current liabilities, i.e., lease liabilities, as well as investment and guarantee deposits from tenants and other entities.

| Expected payments |      | up to 1 year | from 1 to 5<br>years | over<br>5 years | Total  |  |
|-------------------|------|--------------|----------------------|-----------------|--------|--|
|                   | 2025 | 363          | 23 317               | 60 672          | 84 352 |  |
|                   | 2024 | 277          | 17 149               | 60 050          | 77 476 |  |

## **24. Contingent liabilities and security instruments**

In the period ended 30 June 2025, the Group recognised the following changes in contingent liabilities and security instruments:

**Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

- In January 2025, two joint contractual mortgages of up to PLN 6,000,000 and up to PLN 6,036,000, established in favour of BNP Paribas Bank Polska S.A. (BNP) as security for BNP's claims under the credit facility agreement of 7 November 2019 concluded by MLP Pruszków V sp. z o.o., were deleted from the Land and Mortgage Register, and a new joint contractual mortgage of up to PLN 12,000,000 was registered in favour of BNP as security for risk hedging transactions.
- On 14 February 2025, a surety (corporate guarantee) up to a maximum amount of EUR 1,000,000.00 was granted by MLP Group S.A. to the lessee Sarantis Polska S.A. of Piaseczno as security for MLP Pruszków VI sp. z o.o.'s liabilities as a lessor under the lease contract concluded on 14 February 2025; the surety has been granted for a period up until 15 December 2027.
- On 30 June 2025, MLP Group S.A. entered into two surety agreements covering MLP Bieruń I Sp. z o.o.'s liabilities towards the tenant PPHU Specjał Sp. z o.o. under side letters, concerning payment of the contribution amounts of: (i) EUR 575,000.00 in connection with the execution of an annex to the lease contract of 11 April 2013 between MLP Poznań II sp. z o.o. and the tenant; the surety was granted until 5 March 2029; and (ii) EUR 990,000.00 in connection with the execution of an annex to the lease contract of 27 November 2014 between MLP Poznań II sp. z o.o. and the tenant; the surety was granted until 1 September 2027.

### **25. Related-party transactions**

### *25. 1 Trade and other receivables and payables*

The balances of trade and other payables and receivables from related-party transactions as at 30 June 2025\* were as follows:

|                                            | Trade and<br>other<br>receivables | Trade and other<br>payables1) |  |
|--------------------------------------------|-----------------------------------|-------------------------------|--|
| Parent                                     |                                   |                               |  |
| The Land Development of Nimrodi Group Ltd. | 3                                 | -                             |  |
| Other related parties                      |                                   |                               |  |
| Fenix Polska Sp. z o.o.                    | -                                 | -                             |  |
| Key management personnel                   |                                   |                               |  |
| MPI Services Sp. z o.o.                    | -                                 | 54                            |  |
| Total                                      | 6                                 | 54                            |  |
|                                            |                                   |                               |  |

*\* Unaudited.*

The balances of trade and other receivables and payables from related-party transactions as at 31 December 2024 were as follows:

|                                                       | Trade and<br>other<br>receivables | Trade and other<br>payables1) |
|-------------------------------------------------------|-----------------------------------|-------------------------------|
| Parent                                                |                                   |                               |
| The Land Development of Nimrodi Group Ltd.            | 5                                 | -                             |
| Other related parties                                 |                                   |                               |
| Fenix Polska Sp. z o.o.                               | 4                                 |                               |
| Key management personnel                              |                                   |                               |
| MLP FIN Spółka z ograniczoną odpowiedzialnością Sp.k. | -                                 | -                             |
| MPI Services Sp. z o.o.                               | -                                 | 54                            |
| Total                                                 | 9                                 | 54                            |

*1) Trade and other payables do not include the remuneration of key management personnel, which is disclosed in Note 28.*

### *25. 2 Loans and borrowings*

Below are presented the balances of loans to and borrowings from related parties as at 30 June 2025\*.

|                                                       | Loans  | Borrowings |
|-------------------------------------------------------|--------|------------|
| Other related parties                                 |        |            |
| Fenix Polska Sp. z o.o.                               | 17 713 | (17 361)   |
| MLP FIN Spółka z ograniczoną odpowiedzialnością Sp.k. | 125    | -          |
| Total                                                 | 17 838 | (17 361)   |

### *\* Unaudited.*

Below are presented the balances of loans to and borrowings from related parties as at 31 December 2024.

|                                                       | Loans  | Borrowings |  |
|-------------------------------------------------------|--------|------------|--|
| Other related parties                                 |        |            |  |
| Fenix Polska Sp. z o.o.                               | 17 433 | (17 097)   |  |
| MLP FIN Spółka z ograniczoną odpowiedzialnością Sp.k. | 121    | -          |  |
| Total                                                 | 17 554 | (17 097)   |  |

### *25. 3 Income and expenses*

Below are presented income and expenses under related-party transactions for the six months ended 30 June 2025\*.

|                                            | Revenue | Purchase of<br>services<br>and cost of | Interest income | Interest expense |  |
|--------------------------------------------|---------|----------------------------------------|-----------------|------------------|--|
| Parent                                     |         |                                        |                 |                  |  |
| The Land Development of Nimrodi Group Ltd. | -       | -                                      | -               | -                |  |
|                                            | -       | -                                      | -               | -                |  |

| Total                          | 2       | (5 533)                                | 329             | -                |  |
|--------------------------------|---------|----------------------------------------|-----------------|------------------|--|
|                                | -       | (5 533)                                | -               | -                |  |
| Other key management personnel | -       | (1 281)                                | -               | -                |  |
| Marcin Dobieszewski            | -       | (448)                                  | -               | -                |  |
| Agnieszka Góźdź                | -       | (1 001)                                | -               | -                |  |
| Michael Shapiro                | -       | (1 011)                                | -               | -                |  |
| Radosław T. Krochta            | -       | (1 792)                                | -               | -                |  |
| Key management personnel       |         |                                        |                 |                  |  |
|                                | 2       | -                                      | 329             | -                |  |
| MLP FIN Sp. z o.o. Sp.k.       | 2       | -                                      | 4               | -                |  |
| Fenix Polska Sp. z o.o.        | -       | -                                      | 325             | -                |  |
| Other related parties          |         |                                        |                 |                  |  |
|                                | Revenue | Purchase of<br>services<br>and cost of | Interest income | Interest expense |  |
|                                |         |                                        |                 |                  |  |

### *\* Unaudited.*

Below are presented income and expenses under related-party transactions for the six months ended 30 June 2024\*.

|                                                          | Revenue | Purchase of<br>services<br>and cost of<br>wages and | Interest income | Interest expense |
|----------------------------------------------------------|---------|-----------------------------------------------------|-----------------|------------------|
| Parent                                                   |         |                                                     |                 |                  |
| The Land Development of Nimrodi Group Ltd.               | (28)    | -                                                   | -               | -                |
|                                                          | (28)    | -                                                   | -               | -                |
| Other related parties                                    |         |                                                     |                 |                  |
| Fenix Polska Sp. z o.o.                                  | -       | -                                                   | 365             | (370)            |
| MLP FIN Spółka z ograniczoną<br>odpowiedzialnością Sp.k. | 1       | -                                                   | 3               | -                |
|                                                          | 1       | -                                                   | 368             | (370)            |
| Key management personnel                                 |         |                                                     |                 |                  |
| Radosław T. Krochta                                      | -       | (1 455)                                             | -               | -                |
| Michael Shapiro                                          | -       | (875)                                               | -               | -                |
| Tomasz Zabost                                            | -       | (93)                                                | -               | -                |
| Marcin Dobieszewski                                      | -       | (871)                                               | -               | -                |
| Monika Dobosz                                            | -       | (872)                                               | -               | -                |
| Agnieszka Góźdź                                          | -       | (365)                                               | -               | -                |
| Other key management personnel                           | -       | (1 202)                                             | -               | -                |
|                                                          | -       | (5 733)                                             | -               | -                |
| Total                                                    | (27)    | (5 733)                                             | 368             | (370)            |

*\* Unaudited.*

Fenix Polska Sp. z o.o. is related to the Group through Cajamarca Holland B.V., which holds 100% of shares in Fenix Polska Sp. z o.o. and 42.69% of the Group's share capital.

### **26. Significant litigation and disputes**

### *26. 1 Pruszków District Governor (starosta)*

In 2012–2014, MLP Pruszków I Sp. z o.o., MLP Pruszków II Sp. z o.o. and MLP Pruszków III received decisions concerning change of perpetual usufruct charge. According to the decisions, as at 31 March 2025 the total amount potentially due was PLN 41,048 thousand. The Management Board of the companies does not accept the amount of the charge, and therefore the case was referred to the court. The District Governor did not take into account the expenses incurred by the companies.

**Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

In previous years and the reporting period, the Group recognised a provision of PLN 12,190 thousand for potential claims by Pruszków District Governor related to changes in the perpetual usufruct charge.

### **27. Significant events during and subsequent to the reporting period**

From the end of the reporting period to the date of authorisation of these condensed consolidated interim financial statements for issue, no events occurred which should have been but were not included in the accounting books of the reporting period and the condensed consolidated interim financial statements of the Group.

### **27.** *1* **Impact of the political and economic situation in Ukraine on the operations of the MLP Group S.A. Group**

The Group continuously monitors the situation and the impact of the war in Ukraine on its operations and individual projects, including long-term plans. Priority is given to monitoring the situation of key lessees (in terms of leased space and rental income) and publicly available information regarding the impact of the war in Ukraine on these entities. The lessees have not indicated any material risk to their operations. Retrospectively, the assessment of the impact of the war in Ukraine on the Group's operations does not indicate that it has had, or will have, a material negative effect on the operations and financial results of the Group.

Any adverse military developments in Ukraine which could alter logistics routes and impact the investment sentiment of customers, particularly in Poland and Romania, where the Group operates, are also subject to monitoring.

![](_page_138_Picture_9.jpeg)

### **28. Variable remuneration and remuneration paid to members of management and supervisory bodies**

**Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

|                                                                                                     | for the six months ended 30 June | 2025<br>(unaudited)         | 2024<br>(unaudited)            |
|-----------------------------------------------------------------------------------------------------|----------------------------------|-----------------------------|--------------------------------|
| Fixed remuneration of the Management Board:                                                         |                                  |                             |                                |
| Radosław T. Krochta<br>Michael Shapiro<br>Tomasz Zabost**<br>Marcin Dobieszewski<br>Monika Dobosz** |                                  | 669<br>413<br>-<br>271<br>- | 377<br>286<br>93<br>211<br>283 |
| Agnieszka Góźdź                                                                                     |                                  | 403                         | 282                            |
|                                                                                                     |                                  | 1 756                       | 1 532                          |

*\*\* For the period of service on the Management Board.*

### **Provision for variable remuneration of the Management Board\*:**

|                                                                                                   | for the six months ended 30 June | 2025<br>(unaudited)             | 2024<br>(unaudited)               |
|---------------------------------------------------------------------------------------------------|----------------------------------|---------------------------------|-----------------------------------|
| Radosław T. Krochta<br>Michael Shapiro<br>Marcin Dobieszewski<br>Monika Dobosz<br>Agnieszka Góźdź |                                  | 1 123<br>598<br>177<br>-<br>598 | 1 078<br>589<br>154<br>589<br>589 |
|                                                                                                   |                                  | 2 496                           | 2 999                             |

*\* Total provision for variable remuneration for services and under employment contracts.*

|                                                                            | for the six months ended 30 June | 2025<br>(unaudited) | 2024<br>(unaudited) |
|----------------------------------------------------------------------------|----------------------------------|---------------------|---------------------|
| Remuneration of the Supervisory Board:<br>Remuneration and other benefits  |                                  |                     |                     |
| Maciej Matusiak                                                            |                                  | 60                  | 30                  |
| Eytan Levy                                                                 |                                  | 60                  | 30                  |
| Shimshon Marfogel                                                          |                                  | 40                  | 30                  |
| Jan Woźniak                                                                |                                  | -                   | -                   |
| Guy Shapira                                                                |                                  | 40                  | 30                  |
| Piotr Chajderowski                                                         |                                  | 60                  | 30                  |
| Oded Setter                                                                |                                  | 40                  | 30                  |
|                                                                            |                                  | 300                 | 180                 |
| Total remuneration paid to members of management and<br>supervisory bodies |                                  | 2 056               | 1 712               |

| for the six months ended 30 June                                                                        | 2025<br>(unaudited) | 2024<br>(unaudited) |
|---------------------------------------------------------------------------------------------------------|---------------------|---------------------|
| Other key management personnel:<br>Remuneration and other benefits paid                                 | 1 281               | 1 202               |
|                                                                                                         | 1 281               | 1 202               |
| Total remuneration paid to members of management and<br>supervisory bodies and key management personnel | 3 337               | 2 914               |

**Condensed consolidated interim financial statements of the MLP Group S.A. Group for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

The note presents remuneration of members of the management and supervisory bodies for discharging the responsibilities of Management or Supervisory Board members, as well as the costs of services provided to other companies in the Group, and other management personnel.

Apart from the transactions described in the note above, members of the Management Board, the Supervisory Board and the other management personnel did not receive any other benefits from any of the Group companies.

### **29. Employees**

|                           | as at 30 June | 2025<br>(unaudited) | 2024<br>(unaudited) |  |
|---------------------------|---------------|---------------------|---------------------|--|
| Number of employees as at |               | 47                  | 50                  |  |

*Signed by the Management Board and the person responsible for keeping the accounting books with qualified digital signatures.* 

*Pruszków, 25 August 2025*

![](_page_140_Picture_7.jpeg)

![](_page_141_Picture_0.jpeg)

# **V. Interim condensed separate financial statements**

**for the six months ended 30 June 2025** prepared in accordance EU IFRS

# Authorisation of the interim condensed separate financial statements for issue

On 25 August 2025, the Management Board of MLP Group S.A. authorised for issue the interim condensed separate financial statements (Separate Financial Statements) of MLP Group S.A. for the period from 1 January 2025 to 30 June 2025.

The interim condensede separate Financial Statements for the period from 1 January 2025 to 30 June 2025 have been prepared in accordance with IAS 34 "Interim Financial Reporting" as approved by the European Union (IFRS EU). In this report, information is presented in the following sequence:

- 1. Interim Condensed Separate statement of profit or loss and other comprehensive income for the period from 1 January to 30 June 2025, showing a net profit of PLN 6 492 thousand.
- 2. Interim Condensed Separate statement of financial position as at 30 June 2025 showing total assets and total equity and liabilities of PLN 2 504 295 thousand.
- 3. Interim Condensed Separate statement of cash flows for the period from 1 January to 30 June 2025, showing a net decrease in cash of PLN 401 108 thousand.
- 4. Interim Condensed Separate statement of changes in equity for the period from 1 January to 30 June 2025, showing an increase in equity of PLN 6 492 thousand.
- 5. Notes to the separate financial statements.

These interim condensed separate financial statements have been prepared in thousands of PLN, unless stated otherwise.

*Signed with a qualified digital signature.*

*Pruszków, 25 August 2025*

![](_page_142_Picture_12.jpeg)

# Interim Condensed Separate statement of profit or loss and other comprehensive income

| for                                                                                                         | Note | 6 months<br>ended 30<br>June 2025<br>(unaudited) | 3 months<br>ended 30<br>June 2025<br>(unaudited) | 6 months<br>ended 30<br>June 2024<br>(unaudited) | 3 months<br>ended 30<br>June 2024<br>(unaudited) |
|-------------------------------------------------------------------------------------------------------------|------|--------------------------------------------------|--------------------------------------------------|--------------------------------------------------|--------------------------------------------------|
| Revenue                                                                                                     | 4    | 9 071                                            | 4 650                                            | 11 180                                           | 7 473                                            |
| Other income                                                                                                | 5    | 319                                              | 6                                                | 126                                              | 55                                               |
| Other expenses                                                                                              | 6    | (39)                                             | (6)                                              | (127)                                            | (10)                                             |
| Operating expenses                                                                                          | 7    | (11 999)                                         | (5 392)                                          | (10 246)                                         | (5 369)                                          |
| Operating profit/(loss)                                                                                     |      | (2 648)                                          | (742)                                            | 933                                              | 2 149                                            |
| Finance income                                                                                              | 8    | 69 350                                           | 33 425                                           | 40 223                                           | 20 781                                           |
| Finance costs                                                                                               | 8    | (58 590)                                         | (25 861)                                         | (28 112)                                         | (13 701)                                         |
| Net finance income/(costs)                                                                                  |      | 10 760                                           | 7 564                                            | 12 111                                           | 7 080                                            |
| Profit/(loss) before tax                                                                                    |      | 8 112                                            | 6 822                                            | 13 044                                           | 9 229                                            |
| Income tax                                                                                                  | 9    | (1 620)                                          | (741)                                            | (2 599)                                          | (741)                                            |
| Profit from continuing operations                                                                           |      | 6 492                                            | 6 081                                            | 10 445                                           | 8 488                                            |
| Net profit                                                                                                  |      | 6 492                                            | 6 081                                            | 10 445                                           | 8 488                                            |
| Net profit attributable to:<br>Shareholders                                                                 |      | 6 492                                            | 6 081                                            | 10 445                                           | 8 488                                            |
| Total comprehensive income                                                                                  |      | 6 492                                            | 6 081                                            | 10 445                                           | 8 488                                            |
| Comprehensive income attributable to:<br>Shareholders<br>Earnings per share<br>Earnings per ordinary share: |      | 6 492                                            | 6 081                                            | 10 445                                           | 8 488                                            |
| Basic and diluted earnings per<br>–<br>share (PLN) for the year<br>attributable to holders of               | 17   | 0,27                                             | 0,25                                             | 0,44                                             | 0,35                                             |

![](_page_143_Picture_3.jpeg)

# Interim Condensed Separate statement of financial position

|                                                                   | as at<br>Note | 30 June 2025<br>(unaudited) | 31 December 2024 |
|-------------------------------------------------------------------|---------------|-----------------------------|------------------|
| Non-current assets                                                |               |                             |                  |
| Property, plant and equipment                                     |               | 1 524                       | 1 403            |
| Non-current financial assets in related entities                  | 10            | 123 512                     | 123 512          |
| Long-term financial investments                                   | 11            | 2 221 892                   | 2 010 754        |
| Other long-term investments                                       |               | 13 915                      | 15 958           |
| Total non-current assets                                          |               | 2 360 843                   | 2 151 627        |
| Current assets                                                    |               |                             |                  |
| Income tax receivable                                             | 14            | -                           | 1 925            |
| Trade and other receivables                                       | 14            | 9 141                       | 12 401           |
| Cash and cash equivalents                                         | 15            | 134 311                     | 535 419          |
| Current assets other than held for sale or distribution to owners |               | 143 452                     | 549 745          |
| Total current assets                                              |               | 143 452                     | 549 745          |
| TOTAL ASSETS                                                      |               | 2 504 295                   | 2 701 372        |
| Equity                                                            | 16            |                             |                  |
| Share capital                                                     |               | 5 999                       | 5 999            |
| Share premium                                                     |               | 485 312                     | 485 312          |
| Capital reserve                                                   |               | 4 194                       | 4 194            |
| Statutory reserve funds                                           |               | 65 097                      | 65 097           |
| Retained earnings, including:                                     |               | 119 404                     | 112 912          |
| Profit (loss) brought forward                                     |               | 112 912                     | 99 783           |
| Net profit                                                        |               | 6 492                       | 13 129           |
| Equity attributable to shareholders                               |               | 680 006                     | 673 514          |
| Total equity                                                      |               | 680 006                     | 673 514          |
| Non-current liabilities                                           |               |                             |                  |
| Non-bank borrowings and other debt instruments                    | 18            | 1 793 245                   | 1 798 955        |
| Deferred tax liability                                            | 13            | 10 354                      | 8 735            |
| Total non-current liabilities                                     |               | 1 803 599                   | 1 807 690        |
| Current liabilities                                               |               |                             |                  |
| Non-bank borrowings and other debt instruments                    | 18            | 18 470                      | 215 670          |
| Employee benefit obligations                                      | 19            | 1 037                       | 1 420            |
| Trade and other payables                                          | 20            | 1 183                       | 3 078            |
| Current liabilities other than held for sale                      |               | 20 690                      | 220 168          |
| Total current liabilities                                         |               | 20 690                      | 220 168          |
| Total liabilities                                                 |               | 1 824 289                   | 2 027 858        |
| TOTAL EQUITY AND LIABILITIES                                      |               | 2 504 295                   | 2 701 372        |

# Interim Condensed Separate statement of cash flows

| for the six months ended 30 June                            | Note | 2025<br>(unaudited) | 2024<br>(unaudited) |
|-------------------------------------------------------------|------|---------------------|---------------------|
| Cash flows from operating activities                        |      |                     |                     |
| Profit before tax                                           |      | 8 112               | 13 044              |
| Total adjustments, including:                               |      | (1 768)             | (13 246)            |
| Depreciation and amortisation                               |      | 226                 | 145                 |
| Net interest                                                |      | (8 634)             | (11 368)            |
| Exchange differences                                        |      | 5 472               | 1 616               |
| Profit (loss) from investment activities                    |      | (11)                | (33)                |
| Other                                                       |      | -                   | (525)               |
| Change in receivables                                       |      | 3 260               | (2 928)             |
| Change in current and other liabilities                     |      | (2 081)             | (153)               |
| Cash from operating activities                              |      | 6 344               | (202)               |
| Income tax (paid)/refunded                                  |      | 1 924               | (1 037)             |
| Cash from operating activities                              |      | 8 268               | (1 239)             |
| Cash flows from investing activities                        |      |                     |                     |
| Proceeds from repayment of loans granted                    |      | 8 539               | 50 114              |
| Interest received                                           |      | 435                 | 1 943               |
| Acquisition of shares                                       | 10   | -                   | (32)                |
| Purchase of investment property, property, plant and        |      | (304)               | (429)               |
| equipment and intangible assets                             |      |                     |                     |
| Disposal of investment property, property, plant and        |      | 117                 | 142                 |
| equipment and intangible assets                             |      |                     |                     |
| Loans                                                       |      | (167 237)           | (193 926)           |
| Cash from investing activities                              |      | (158 450)           | (142 188)           |
| Cash flows from financing activities                        |      |                     |                     |
| Proceeds from non-bank borrowings                           |      | 7 181               | 31 878              |
| Repayment of non-bank borrowings                            |      | (9 313)             | -                   |
| Issue of bonds                                              |      | -                   | 177 235             |
| Inne wpływy finansowe                                       |      | 2 043               | -                   |
| Interest paid on non-bank borrowings                        |      | (147)               | (92)                |
| Interest paid on bonds                                      |      | (52 340)            | (10 973)            |
| Redemption of bonds                                         |      | (187 083)           | (110 036)           |
| Payments of liabilities under financial leasing agreements  |      | (112)               | (41)                |
| Cash from financing activities                              |      | (239 771)           | 87 971              |
| Total cash flows, net of exchange differences               |      | (389 953)           | (55 456)            |
| Effect of exchange differences on cash and cash equivalents |      | (11 155)            | (2 046)             |
| Total cash flows                                            |      | (401 108)           | (57 502)            |
| Cash and cash equivalents at beginning of period            |      | 535 419             | 155 115             |
| Cash and cash equivalents at end of period                  | 15   | 134 311             | 97 613              |

# Interim Condensed Separate statement of changes in equity

|                                                         | Share<br>capital | Share premium | Capital<br>reserve | Statutory<br>reserve funds | Retained<br>earnings | Total equity attributable to<br>Owners of the Parent | Total equity |
|---------------------------------------------------------|------------------|---------------|--------------------|----------------------------|----------------------|------------------------------------------------------|--------------|
| As at 1 January 2025                                    | 5 999            | 485 312       | 4 194              | 65 097                     | 112 912              | 673 514                                              | 673 514      |
| Comprehensive income:                                   |                  |               |                    |                            |                      |                                                      |              |
| Net profit/(loss)                                       | -                | -             | -                  | -                          | 6 492                | 6 492                                                | 6 492        |
| Comprehensive income for the year ended 30<br>June 2025 | -                | -             | -                  | -                          | 6 492                | 6 492                                                | 6 492        |
| Changes in equity                                       | -                | -             | -                  | -                          | 6 492                | 6 492                                                | 6 492        |
| As at 30 June 2025*                                     | 5 999            | 485 312       | 4 194              | 65 097                     | 119 404              | 680 006                                              | 680 006      |

|                                                                                   | Share<br>capital | Share premium | Capital<br>reserve | Statutory<br>reserve funds | Retained<br>earnings | Total equity attributable to<br>Owners of the Parent | Total equity |
|-----------------------------------------------------------------------------------|------------------|---------------|--------------------|----------------------------|----------------------|------------------------------------------------------|--------------|
| As at 1 January 2024                                                              | 5 999            | 485 312       | 4 194              | 65 097                     | 99 783               | 660 385                                              | 660 385      |
| Comprehensive income:                                                             |                  |               |                    |                            |                      |                                                      |              |
| Net profit/(loss)                                                                 | -                | -             | -                  | -                          | 10 445               | 10 445                                               | 10 445       |
| Transactions with Owners of the Parent<br>Company for the year ended 30 June 2024 | -                | -             | -                  | -                          | 10 445               | 10 445                                               | 10 445       |
| Changes in equity                                                                 | -                | -             | -                  | -                          | 10 445               | 10 445                                               | 10 445       |
| As at 30 June 2024*                                                               | 5 999            | 485 312       | 4 194              | 65 097                     | 110 228              | 670 830                                              | 670 830      |
|                                                                                   |                  |               |                    |                            |                      |                                                      |              |

*\*unaudited*

# Notes to the interim condensed separate financial statements

## **1. General information**

## *1. 1 MLP Group S.A.*

MLP Group S.A. (the "Company" or the "Issuer") is a listed joint-stock company registered in Poland. The Company's registered office is located at ul. 3-go Maja 8 in Pruszków, Poland.

The Company was established as a result of transformation of the state-owned enterprise Zakłady Naprawcze Taboru Kolejowego im. Bohaterów Warsaw into a state-owned joint-stock company. The deed of transformation was drawn up before a notary public on 18 February 1995. Pursuant to a resolution of the General Meeting of 27 June 2007, the Company trades as MLP Group S.A.

At present, the Company is registered with the National Court Register maintained by the District Court for the Capital City of Warsaw, 14th Commercial Division, under No. KRS 0000053299.

The Company's principal business activities comprise development, purchase and sale of own real estate, lease of own real estate, management of residential and non-residential real estate, general activities involving construction of buildings, and construction. The PKD code of the principal business activity is: 7032Z, i.e. property management services.

The Company's financial year is the same as the calendar year.

The Company was established for an indefinite period.

### *1. 2 MLP Group S.A. Group*

The Parent of the Group is CAJAMARCA HOLLAND B.V. of the Netherlands, registered address: Locatellikade 1, 1076 AZ Amsterdam.

At the end of the reporting period, MLP Group S.A. was the parent of 59 subsidiaries: MLP Pruszków I sp. z o.o., MLP Pruszków II sp. z o.o., MLP Pruszków III sp. z o.o., MLP Pruszków IV sp. z o.o., MLP Spółka z ograniczoną odpowiedzialnością SKA, Feniks Obrót sp. z o.o., MLP Poznań sp. z o.o., MLP Lublin sp. z o.o., MLP Poznań II sp. z o.o., MLP Bieruń sp. z o.o., MLP Bieruń I sp. z o.o., MLP sp. z o.o., MLP Property sp. z o.o., MLP Teresin sp. z o.o., MLP Business Park Poznań sp. z o.o., MLP Fin sp. z o.o., Lokafop 201 sp. z o.o. SKA, Lokafop 201 sp. z o.o., MLP Wrocław sp. z o.o., MLP Gliwice sp. z o.o., MLP Business Park Berlin I LP sp. z o.o., MLP Czeladź sp. z o.o., MLP Temp sp. z o.o., MLP Dortmund LP sp. z o.o., MLP Dortmund GP sp. z o.o., MLP Logistic Park Germany I sp. z o.o. & Co. KG, MLP Poznań West II sp. z o.o., MLP Bucharest West sp. z o.o., MLP Teresin II sp. z o.o., MLP Bucharest West SRL, MLP Pruszków V sp. z o.o., MLP Germany Management GmbH, MLP Wrocław West sp. z o.o., MLP Business Park Berlin I GP sp. z o.o., MLP Łódź II sp. z o.o., MLP Poznań East sp. z o.o., MLP Schwalmtal LP sp. z o.o., MLP Schwalmtal GP sp. z o.o., MLP Pruszków VI sp. z o.o., MLP Business Park Berlin I Sp. z o.o. & Co. KG, MLP Schwalmtal Sp. z o.o. & Co. KG, MLP Business Park Wien GmbH, MLP Wrocław West I Sp. z o.o., MLP Gelsenkirchen GP Sp. z o.o., MLP Gelsenkirchen LP Sp. z o.o., MLP Gelsenkirchen Sp. z o.o. & Co. KG, MLP Gorzów Sp. z o.o., MLP Idstein GP Sp. z o.o., MLP Idstein Lp. Sp. z o.o., MLP Idstein Sp. z o.o. & Co.KG, MLP Business Park Trebur GP Sp. z o.o., MLP Business Park Trebur LP Sp. z o.o., MLP Trebur Sp. z o.o. & Co. KG, MLP Poznań West III sp. z o.o., MLP Łódź III sp. z o.o., Feniks PV sp. z o.o., MLP Bieruń West sp. z o.o., MLP Wrocław South Sp. z o.o. and MLP Bieruń II Sp. z o.o., Trebur Sp. z o.o. & Co. KG, MLP Poznań West III sp. For more information on subordinated entities, see Note 12.

## *1. 3 Management Board*

As at the date of these Interim condensed financial statements, the composition of the Company's Management Board was as follows:

- 
- 
- 
- Radosław T. Krochta President of the Management Board
- Michael Shapiro Vice President of the Management Board
	- Agnieszka Góźdź Member of the Management Board

## *1. 4 Supervisory Board*

As at the date of these interim separate financial statements, the composition of the Company's Supervisory Board was as follows:

| Shimshon Marfogel  | – Chairman of the Supervisory Board        |
|--------------------|--------------------------------------------|
| Eytan Levy         | – Deputy Chairman of the Supervisory Board |
| Oded Setter        | – Member of the Supervisory Board          |
| Guy Shapira        | – Member of the Supervisory Board          |
| Piotr Chajderowski | – Member of the Supervisory Board          |
| Jan Woźniak 1)     | – Member of the Supervisory Board          |
|                    |                                            |

On June 24, 2025, the term of office of Mr. Maciej Matusiak, Member of the Supervisory Board, expired. He was succeeded by Mr. Jan Woźniak, who was appointed by the General Meeting of Shareholders.

## **2. Basis of accounting used in preparing the separate financial statements**

## *2. 1 Statement of compliance*

The Company prepared the Separate Financial Statements in accordance with the accounting standards issued by the International Accounting Standards Board as endorsed by the European Union, referred to as the International Financial Reporting Standards ("EU IFRS"). The Company applied all standards and interpretations which are applicable in the European Union except for those which are awaiting approval by the European Union and those standards and interpretations which have been approved by the European Union but are not yet effective.

## *2. 2 Basis of accounting*

These Separate Financial Statements have been prepared on the assumption that the Company will continue as a going concern in the foreseeable future and in conviction that there are no circumstances which would indicate a threat to the Company's continuing as a going concern.

These interim condesed separate financial statements have been prepared on the historical cost basis.

![](_page_148_Picture_19.jpeg)

### *2. 3 Functional currency and presentation currency of the financial statements; rules applied to translate financial data*

### *2. 3. 1 Functional currency and presentation currency*

In Separate Financial Statements all amounts are presented in the Polish zloty (PLN), rounded to the nearest thousand. The Polish zloty is the functional currency of the Company and the presentation currency of the separate financial statements. As a result, certain numerical values presented as totals in this Financial Statement may not represent the exact arithmetic sum of the preceding figures.

## *2. 3. 2 Rules applied to translate financial data*

The following exchange rates (in PLN) were used to measure items of the Separate Statement of financial position denominated in foreign currencies:

### *Yearly Separate Statement of financial position:*

|     | 30 June<br>2025 | 31 December<br>2024 | 30 czerwca<br>2024 |
|-----|-----------------|---------------------|--------------------|
| EUR | 4,2419          | 4,2730              | 4,3130             |
| USD | 3,6164          | 4,1012              | 4,0320             |
| RON | 0,8354          | 0.8589              | 0,8665             |

## *2. 4 Use of estimates and judgements*

The preparation of financial statements in accordance with EU IFRS requires that the Management Board makes judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Estimates and underlying assumptions are based on experience and other factors deemed reasonable under the circumstances, and their results provide a basis for judgement about carrying amounts of assets and liabilities that are not directly attributable to other sources. Actual results may differ from the estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. A change in accounting estimates is recognised in the period in which the estimate is revised, or in the current and future periods if the revised estimate relates to both the current and future periods. In material matters, the Management Board makes estimates based on opinions and valuations prepared by independent experts.

The following estimates were made for the purpose of the separate financial statements: estimate of expected credit loss (ECL) against financial assets, provision for variable salary costs for the Management Board.

## **3. Segment reporting**

An operating segment is a separate part of the Company which is engaged in providing certain products or services (business segment), or in providing products or services within a particular economic environment (geographical segment), and which is exposed to other risks and derives other benefits than the other segments.

The primary and sole business activity of MLP Group S.A is management of logistics space.

Pursuant to IFRS 8.4, segment reporting is presented in Note 5 to the Consolidated financial statements of the Group.

### *3. 1. Key customers of the Company*

The share of key customers in the Company's revenue was as follows:

|                               | for the six months ended 30 June | 2025 | 2024 |
|-------------------------------|----------------------------------|------|------|
| MLP Poznań West II Sp. z o.o. |                                  | 8%   | 7%   |
| MLP Pruszków I Sp. z o.o.     |                                  | 16%  | 15%  |
| MLP Pruszków III Sp. z o.o.   |                                  | 8%   | 7%   |
| MLP Czeladź Sp. z o.o.        |                                  | 2%   | 7%   |
| MLP Lublin Sp. z o.o.         |                                  | 6%   | 6%   |
| MLP Gliwice Sp. z o.o.        |                                  | 5%   | 5%   |
| MLP Łódź II Sp. z o.o.        |                                  | 3%   | 2%   |
| MLP Pruszków IV Sp. z o.o.    |                                  | 5%   | 4%   |

**Interim condensed separate financial statements for the six months ended 30 June 2025** (all data in PLN thousand, unless stated otherwise) MLP Group S.A. • Half-year report for the six months ended 30 June 2025

![](_page_150_Picture_3.jpeg)

### **4. Revenue**

|                                   | for | 6 months<br>ended<br>30 June<br>2025<br>(unaudited) | 3 months<br>ended<br>30 June<br>2025<br>(unaudited) | 6 months<br>ended<br>30 June<br>2024<br>(unaudited) | 3 months<br>ended<br>30 June<br>2024<br>(unaudited) |
|-----------------------------------|-----|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|
| Property management               |     | 3 721                                               | 1 881                                               | 3 412                                               | 1 714                                               |
| Project management                |     | 1 335                                               | 732                                                 | 759                                                 | 428                                                 |
| Advisory services                 |     | 3 588                                               | 1 801                                               | 6 962                                               | 5 305                                               |
| Recharge of services              |     | 427                                                 | 236                                                 | 47                                                  | 26                                                  |
| Total revenue                     |     | 9 071                                               | 4 650                                               | 11 180                                              | 7 473                                               |
| - including from related entities |     | 9 011                                               | 4 619                                               | 11 139                                              | 7 451                                               |

For more information on income from related entities 23.3.

### **5. Other income**

| for                                                    | 6 months    | 3 months    | 6 months    | 3 months    |
|--------------------------------------------------------|-------------|-------------|-------------|-------------|
|                                                        | ended       | ended       | ended       | ended       |
|                                                        | 30 June     | 30 June     | 30 June     | 30 June     |
|                                                        | 2025        | 2025        | 2024        | 2024        |
|                                                        | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| Proceeds from sale of property, plant and<br>equipment | 11          | (10)        | 33          | -           |
| Reimbursement of court costs/costs incurred            | 2           | 2           | 4           | 4           |
| Other                                                  | 306         | 20          | 89          | 51          |
| Other operating income                                 | 319         | 12          | 126         | 55          |

### **6. Other expenses**

|                       | 6 months<br>ended<br>30 June<br>for<br>2025<br>(unaudited) | 3 months<br>ended<br>30 June<br>2025<br>(unaudited) | 6 months<br>ended<br>30 June<br>2024<br>(unaudited) | 3 months<br>ended<br>30 June<br>2024<br>(unaudited) |
|-----------------------|------------------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|
| Other operating costs | (33)                                                       | (1)                                                 | (122)                                               | (5)                                                 |
| Donations made        | (6)                                                        | (6)                                                 | (5)                                                 | (5)                                                 |
| Other expenses        | (39)                                                       | (7)                                                 | (127)                                               | (10)                                                |

### **7. Operating expenses**

| for                                         | 6 months<br>ended<br>30 June<br>2025<br>(unaudited) | 3 months<br>ended<br>30 June<br>2025<br>(unaudited) | 6 months<br>ended<br>30 June<br>2024<br>(unaudited) | 3 months<br>ended<br>30 June<br>2024<br>(unaudited) |
|---------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|
| Depreciation and amortisation               | (226)                                               | (115)                                               | (145)                                               | (70)                                                |
| Materials and consumables used              | (408)                                               | (234)                                               | (503)                                               | (247)                                               |
| Services                                    | (6 172)                                             | (3 241)                                             | (4 701)                                             | (2 583)                                             |
| Taxes and charges                           | (237)                                               | (97)                                                | (345)                                               | (204)                                               |
| Wages and salaries                          | (3 444)                                             | (1 033)                                             | (3 205)                                             | (1 559)                                             |
| Social security and other employee benefits | (1 075)                                             | (504)                                               | (905)                                               | (468)                                               |
| Other expenses by nature                    | (437)                                               | (228)                                               | (442)                                               | (238)                                               |
| Operating expenses                          | (11 999)                                            | (5 452)                                             | (10 246)                                            | (5 369)                                             |

The sales and general administrative expenses for year ended 30 June 2025, amounted to PLN 11,999 thousand. The costs incurred by the Company primarily include expenses related to the operation of the Group as well as services provided to the Group.

The increase in third-party service costs by PLN 1,471 thousand was mainly due to higher advisory costs related to financing activities (PLN 955 thousand) and costs associated with the search for new land plots (PLN 334 thousand).

## **8. Finance income and costs**

| for                                                              | 6 months<br>ended<br>30 June<br>2025<br>(unaudited) | 3 months<br>ended<br>30 June<br>2025<br>(unaudited) | 6 months<br>ended<br>30 June<br>2024<br>(unaudited) | 3 months<br>ended<br>30 June<br>2024<br>(unaudited) |
|------------------------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|
| Interest on loans to related entities                            | 64 035                                              | 32 532                                              | 37 339                                              | 19 087                                              |
| Interest income from bank deposits                               | 5 310                                               | 888                                                 | 1                                                   | (1 189)                                             |
| Interest on bank deposits                                        | 5                                                   | 5                                                   | 2 883                                               | 2 883                                               |
| Total finance income                                             | 69 350                                              | 33 425                                              | 40 223                                              | 20 781                                              |
| Interest expense on non-bank borrowings from<br>related entities | (8 445)                                             | (4 177)                                             | (8 298)                                             | (4 340)                                             |
| Interest paid to state budgets                                   | (19)                                                | (12)                                                | (2)                                                 | (1)                                                 |
| Interest on bonds                                                | (46 956)                                            | (23 565)                                            | (17 625)                                            | (9 607)                                             |
| Interest - car leasing                                           | (147)                                               | (147)                                               | -                                                   | -                                                   |
| Net exchange differences                                         | (1 526)                                             | 2 665                                               | (1 616)                                             | 545                                                 |
| Other finance costs                                              | (1 497)                                             | (721)                                               | (480)                                               | (251)                                               |
| Interest costs - other                                           | -                                                   | 96                                                  | (91)                                                | (47)                                                |
| Total finance costs                                              | (58 590)                                            | (25 861)                                            | (28 112)                                            | (13 701)                                            |

The increase in bond interest costs is due to the rise in debt from issued bonds.

Negative exchange rate differences result mainly from the valuation at the end of the reporting period: receivables from loans, bonds and receivables from loans denominated in EUR.

For more information on finance income and expenses of related entities, see Note 25.3.

### **9. Income tax**

| Temporary differences/reversal of temporary differences | 1 620 | 2 599 |
|---------------------------------------------------------|-------|-------|
| Income tax                                              | 1 620 | 2 599 |

|                                          | for the period ended 30 June | 2025        | 2024        |
|------------------------------------------|------------------------------|-------------|-------------|
|                                          |                              | (unaudited) | (unaudited) |
| Profit before tax                        |                              | 8 112       | 13 044      |
| Tax at the applicable tax rate (19%)     |                              | (1 541)     | (2 478)     |
| Non-taxable income                       |                              | 28          | 3           |
| Expenses not deductible for tax purposes |                              | (107)       | (124)       |
| Income tax                               |                              | (1 620)     | (2 599)     |

### **Calculation of corporate income tax**

Tax laws relating to value added tax, corporate and personal income tax, and social security contributions are frequently amended. Therefore, it is often the case that no reference can be made to established regulations or legal precedents. The laws tend to be unclear, thus leading to differences in opinions as to legal interpretation of fiscal regulations, both between different state authorities and between state authorities and businesses. Tax and other settlements (customs duties or foreign exchange settlements) may be inspected by authorities empowered to impose significant penalties, and any additional amounts assessed following an inspection must be paid with interest. Consequently, tax risk in Poland is higher than in countries with more mature tax systems.

Tax settlements may be subject to inspection over a period of five years following the end of the following tax year. As a result, the amounts disclosed in the financial statements may change at a later date, once their final amount is determined by the tax authorities.

![](_page_153_Picture_7.jpeg)

### **10. Non-current financial assets in related entities**

| as at                                                                 | 30 June<br>2025<br>(unaudited) | 31 December<br>2025 |
|-----------------------------------------------------------------------|--------------------------------|---------------------|
| Gross amount at beginning of period                                   | 123 512                        | 123 480             |
| Capital increase in MLP Business Park Wien GmbH                       | -                              | 22                  |
| Acquisition of shares in MLP Rzeszów (previously Bieruń II Sp.z o.o.) | -                              | 5                   |
| Acquisition of shares in MLP Wrocław South Sp. z o.o.                 | -                              | 5                   |
| Gross amount at end of period                                         | 123 512                        | 123 512             |
| Net amount at end of period                                           | 123 512                        | 123 512             |

As at 30 June 2025, the Company held directly or indirectly interests in the following entities:

|                                                            |              | Direct and indirect equity<br>interest |             | Direct and indirect voting<br>interest |                     |
|------------------------------------------------------------|--------------|----------------------------------------|-------------|----------------------------------------|---------------------|
|                                                            | Country of   | 30 June                                | 31 December |                                        | 30 June 31 December |
| Entity                                                     | registration | 2025                                   | 2024        | 2025                                   | 2024                |
| MLP Pruszków I Sp. z o.o.                                  | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Pruszków II Sp. z o.o.                                 | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Pruszków III Sp. z o.o.                                | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Pruszków IV Sp. z o.o.                                 | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Poznań Sp. z o.o.                                      | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Lublin Sp. z o.o.                                      | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Poznań II Sp. z o.o.                                   | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Spółka z ograniczoną<br>odpowiedzialnością SKA         | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| Feniks Obrót Sp. z o.o.                                    | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Property Sp. z o.o.                                    | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Bieruń Sp. z o.o.                                      | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Bieruń I Sp. z o.o.                                    | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Sp. z o.o.                                             | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Teresin Sp. z o.o.                                     | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Business Park Poznań Sp. z o.o.                        | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP FIN Sp. z o.o.                                         | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| LOKAFOP 201 Sp. z o.o.                                     | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| LOKAFOP 201 Spółka z ograniczoną<br>odpowiedzialnością SKA | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Wrocław Sp. z o.o.                                     | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Gliwice Sp. z o.o.                                     | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Business Park Berlin I LP Sp. z o.o.                   | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Czeladź Sp. z o.o.                                     | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Temp Sp. z o.o.                                        | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Dortmund LP Sp. z o.o.                                 | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Dortmund GP Sp. z o.o.                                 | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Logistic Park Germany I Sp. z o.o. & Co. KG            | Germany      | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Poznań West II Sp. z o.o.                              | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Bucharest West Sp. z o.o.                              | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Bucharest West SRL                                     | Romania      | 100%                                   | 100%        | 100%                                   | 100%                |
| MLP Teresin II Sp. z o.o.                                  | Poland       | 100%                                   | 100%        | 100%                                   | 100%                |

|                                                |              | Direct and indirect equity<br>interest |             | Direct and indirect voting<br>interest |      |
|------------------------------------------------|--------------|----------------------------------------|-------------|----------------------------------------|------|
|                                                | Country of   | 30 June                                | 31 December | 30 June 31 December                    |      |
| Entity                                         | registration | 2025                                   | 2024        | 2025                                   | 2024 |
| MLP Pruszków V Sp. z o.o.                      | Poland       | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Germany Management GmbH                    | Germany      | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Wrocław West Sp. z o.o.                    | Poland       | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Business Park Berlin I GP Sp. z o.o.       | Poland       | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Łódź II Sp. z o.o.                         | Poland       | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Zgorzelec Sp. z o.o.                       | Poland       | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Schwalmtal LP Sp. z o.o.                   | Poland       | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Schwalmtal GP Sp. z o.o.                   | Poland       | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Pruszków VI Sp. z o.o.                     | Poland       | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Business Park Berlin I Sp. z o.o. & Co. KG | Germany      | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Schwalmtal Sp. z o.o. & Co. KG             | Germany      | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Business Park Wien GmbH                    | Austria      | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Wrocław West I Sp. z o.o.                  | Poland       | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Gelsenkirchen GP Sp. z o.o.                | Poland       | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Gelsenkirchen LP Sp. z o.o.                | Poland       | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Gelsenkirchen Sp. z o.o. & Co. KG          | Germany      | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Gorzów Sp. z o.o.                          | Poland       | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Idstein LP Sp. z o.o.                      | Poland       | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Idstein GP Sp. z o.o.                      | Poland       | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Idstein Sp. z o.o.&Co.KG                   | Germany      | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Business Park Trebur GP Sp. z o.o.         | Poland       | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Business Park Trebur LP Sp. z o.o.         | Poland       | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Business Park Trebur Sp. z o.o. & Co. KG   | Germany      | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Poznań West III Sp. z o.o.                 | Poland       | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Łódź III Sp. z o.o.                        | Poland       | 100%                                   | 100%        | 100%                                   | 100% |
| Feniks PV Sp. z o.o.                           | Poland       | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Bieruń West Sp. z o.o.                     | Poland       | 100%                                   | 100%        | 100%                                   | 100% |
| MLP Wrocław South Sp. z o.o.                   | Poland       | 100%                                   | 100%        | 100%                                   | 100% |
| 1)<br>MLP Rzeszów Sp. z o.o.                   | Poland       | 100%                                   | 100%        | 100%                                   | 100% |

*1) On April 23, 2025, the change of the Company's name from MLP Bieruń II Sp. z o.o. to MLP Rzeszów Sp. z o.o. was registered.*

![](_page_155_Figure_3.jpeg)

### **11. Long-term investments**

|                                     | as at | 30 June<br>2025<br>(unaudited) | 31 December<br>2025 |
|-------------------------------------|-------|--------------------------------|---------------------|
| Long-term loans to related entities |       | 2 221 892                      | 2 010 754           |
| Long-term investments               |       | 2 221 892                      | 2 010 754           |

For more information on loans to related parties, see Note 23.2.

At each reporting date, the Company measures expected credit losses of a financial instrument in a way that reflects:

a) an unbiased and probability-weighted amount of credit losses that is determined by evaluating a range of possible outcomes;

b) time value of money and

c) reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions.

As at 30 June 2025, there were no indications of impairment of long-term investments.

### **12.** *Change in financial assets attributable to financing and other activities*

|                        | Shares  |
|------------------------|---------|
| As at 31 December 2024 | 123 512 |
| As at 30 June 2025*    | 123 512 |

|                                          | Loan assets |
|------------------------------------------|-------------|
| As at 31 December 2024                   | 2 010 754   |
| Loans granted                            | 167 236     |
| Repayment of a loan principal            | (8 539)     |
| Interest accrued                         | 64 035      |
| Payment of interest on loan              | (435)       |
| Realised foreign exchange gains/(losses) | (211)       |
| Change in carrying amount                | (10 948)    |
| As at 30 June 2025*                      | 2 221 892   |

*\*unaudited*

### **13. Deferred tax**

|                                 |       | Deferred tax assets            |                     | Deferred tax liabilities       |                     | Net amount                     |                     |
|---------------------------------|-------|--------------------------------|---------------------|--------------------------------|---------------------|--------------------------------|---------------------|
|                                 | as at | 30 June<br>2025<br>(unaudited) | 31 December<br>2024 | 30 June<br>2025<br>(unaudited) | 31 December<br>2024 | 30 June<br>2025<br>(unaudited) | 31 December<br>2024 |
| Loans and non-bank borrowings   |       | -                              | -                   | 29 846                         | 24 177              | 29 846                         | 24 177              |
| Tax loss                        |       | 22 861                         | 13 346              | -                              | -                   | (22 861)                       | (13 346)            |
| Other                           |       | -                              | -                   | 3 369                          | 3 639               | 3 369                          | 3 639               |
| Bonds                           |       | 0                              | 5 735               | -                              | -                   | -                              | (5 735)             |
| Deferred tax assets/liabilities |       | 22 861                         | 19 081              | 33 215                         | 27 816              | 10 354                         | 8 735               |

|                               | as at<br>30 June<br>2025 | changes<br>recognised in<br>profit or loss | 31 December<br>2024 | changes<br>recognised in<br>profit or loss | 30 June<br>2025<br>(unaudited) |
|-------------------------------|--------------------------|--------------------------------------------|---------------------|--------------------------------------------|--------------------------------|
| Loans and non-bank borrowings | 11 789                   | 12 388                                     | 24 177              | 5 669                                      | 29 846                         |
| Tax loss                      | (4 668)                  | (8 678)                                    | (13 346)            | (9 515)                                    | (22 861)                       |
| Other                         | 40                       | 3 599                                      | 3 639               | (270)                                      | 3 369                          |
| Bonds                         | (1 330)                  | (4 405)                                    | (5 735)             | 5 735                                      | -                              |
|                               | 5 831                    | 2 904                                      | 8 735               | 1 619                                      | 10 354                         |

MLP Group S.A. does not recognise deferred tax related to its shares in subsidiaries as the Company fully controls its subsidiaries and does not expect to sell its interests in subsidiaries in the foreseeable future.

MLP Group – conservative approach to growth in industrial assets in core urban areas in Europe

### **14. Trade and other receivables**

| as at                                   | (unaudited) | 30 June 2025 31 December 2025 |
|-----------------------------------------|-------------|-------------------------------|
| Trade receivables from related entities | 3 511       | 4 758                         |
| Trade receivables from other entities   | 7           | 22                            |
| Taxes and social security receivables   | 49          | 46                            |
| Prepayments and accrued income          | 4 744       | 5 235                         |
| Due to dividends                        | -           | 1 810                         |
| Other                                   | 830         | 530                           |
| Trade and other receivables             | 9 141       | 12 401                        |
| Income tax receivable                   | -           | 1 925                         |
| Short-term receivables                  | 9 141       | 14 326                        |

For more information on receivables from related entities, see Note 23.

The Company uses the impairment loss matrix to calculate expected credit losses. In order to determine expected credit losses, trade receivables were grouped on the basis of similarity between credit risk characteristics and past due periods. The Company concluded that it had the following homogeneous groups of receivables from subsidiaries.

Days past due of trade and other receivables as well as impairment losses are presented in the table below.

|                              | as at | 30 June 2025*        |                      | 31 December 2024     |                      |  |
|------------------------------|-------|----------------------|----------------------|----------------------|----------------------|--|
|                              |       | Gross<br>receivables | Impairment<br>losses | Gross<br>receivables | Impairment<br>losses |  |
| Not past due                 |       | 3 315                | -                    | 6 103                | -                    |  |
| Past due from 1 to 90 days   |       | 473                  | -                    | 186                  | -                    |  |
| Past due from 91 to 180 days |       | 136                  | -                    | 154                  | -                    |  |
| Past due over 180 days       |       | 425                  | -                    | 677                  | -                    |  |
| Total receivables            |       | 4 349                | -                    | 7 120                | -                    |  |
| *dane niebadane              |       |                      |                      |                      |                      |  |

## **15. Cash and cash equivalents**

| as at                                                                        | 30 June 2025<br>(unaudited) | 31 December 2025    |
|------------------------------------------------------------------------------|-----------------------------|---------------------|
| Cash in hand<br>Cash at banks<br>Short-term deposits                         | 11<br>19 320<br>114 980     | 5<br>938<br>534 476 |
| Cash and cash equivalents in the separate statement of financial<br>position | 134 311                     | 535 419             |
| Cash and cash equivalents in the separate statement of cash flows            | 134 311                     | 535 419             |

The Company has no restricted cash.

Impairment losses on cash and cash equivalents were determined separately for each balance held with the financial institutions. Credit risk was assessed using external credit ratings and publicly available information on default rates set by external agencies for a given rating. The analysis showed that the credit risk of the assets as at the reporting date was low. The Company used the practical expedients permitted under the standard, and the impairment loss was determined on the basis of 12-month expected credit losses. All banks with which the Company holds cash have investment grade ratings.

The main bank where the Company maintains its cash and short-term deposits is a bank with an investment rating of A (86%).

### **16. Equity**

## *16. 1 Share capital*

|                          | as at | 30 June 2025<br>(unaudited) | 31 December 2024 |
|--------------------------|-------|-----------------------------|------------------|
| Share capital            |       |                             |                  |
| Series A ordinary shares |       | 11 440 000                  | 11 440 000       |
| Series B ordinary shares |       | 3 654 379                   | 3 654 379        |
| Series C ordinary shares |       | 3 018 876                   | 3 018 876        |
| Series D ordinary shares |       | 1 607 000                   | 1 607 000        |
| Series E ordinary shares |       | 1 653 384                   | 1 653 384        |
| Series F ordinary shares |       | 2 621 343                   | 2 621 343        |
| Ordinary shares – total  |       | 23 994 982                  | 23 994 982       |
| Par value per share      |       | 0,25                        | 0,25             |

As at 30 June 2025, the Parent's share capital amounted to PLN 5,998,745.5 and was divided into 23,994,982 shares conferring 23,994,982 voting rights in the Company. The par value per share is PLN 0.25 and the entire capital has been paid up.

Changes in the share capital in the reporting period:

|                                                                        | as at | 30 June 2025*       |            | 31 December 2024    |            |
|------------------------------------------------------------------------|-------|---------------------|------------|---------------------|------------|
|                                                                        |       | number of<br>shares | Par value  | number of<br>shares | Par value  |
| Number/value of shares<br>at beginning of period<br>Issue of<br>shares |       | 23 994 982<br>-     | 5 999<br>- | 23 994 982<br>-     | 5 999<br>- |
| Number/value of shares<br>at end of period                             |       | 23 994 982          | 5 999      | 23 994 982          | 5 999      |

### *16. 1. 1 Shareholders holding directly, or by subsidiares, at least 5% of total voting rights in the Company*

To the best of the Management Board's knowledge and belief, there were no changes in direct holdings of 5% or more of total voting rights in the Company in the period from the date of issue of the most recent periodic report to the reporting date, and as at 30 June 2025 the holdings were as follows:

|                                                  | Number of     | % direct<br>interest in<br>share capital |  |
|--------------------------------------------------|---------------|------------------------------------------|--|
|                                                  | shares and    | and voting                               |  |
| Shareholder                                      | voting rights | rights                                   |  |
| Other shareholders                               | 10 242 726    | 42,69%                                   |  |
| Pozostali akcjonariusze                          | 4 249 015     | 17,72%                                   |  |
| 1)<br>The Land Development of Nimrodi Group Ltd. | 3 016 229     | 12,57%                                   |  |
| THESINGER LIMITED                                | 1 771 320     | 7,38%                                    |  |
| Allianz OFE                                      | 1 713 881     | 7,14%                                    |  |
| Generali Otwarty Fundusz Emerytalny              | 1 591 360     | 6,63%                                    |  |
| GRACECUP TRADING LIMITED                         | 641 558       | 2,67%                                    |  |
| MIRO HOLDINGS LIMITED                            | 617 658       | 2,57%                                    |  |
| Shimshon Marfogel                                | 149 155       | 0,62%                                    |  |
| Oded Setter                                      | 2 080         | 0,01%                                    |  |
| Total                                            | 23 994 982    | 100,00%                                  |  |

*1) Until April 1, 2025, the Company operated under the name The Israel Land Development Ltd.*

### *16. 1. 2 Shares and rights to shares of MLP Group S.A. held by members of management and supervisory bodies*

As at 30 June 2025, Michael Shapiro, Vice President of the Management Board, held indirectly, through his fully-controlled company MIRO Ltd.(MIRO HOLDINGS LIMITED as at day of issuing finacial statements), a 2.57% interest in MLP Group S.A.'s share capital, and, through a 25% interest in the share capital held by MIRO Ltd. in Cajamarca Holland B.V., Mr Shapiro was the beneficial owner of 10.67% of the share capital of MLP Group S.A. In total, Mr Shapiro was the beneficial owner of a 13.24% interest in the share capital of MLP Group S.A.

As at 30 June 2025, Shimshon Marfogel, Chairman of the Supervisory Board, held directly, through the Company shares acquired in September 2017, 0.62% of the Company's share capital.

As at 30 June 2025, Oded Setter, member of the Supervisory Board, held directly, through the Company shares acquired in September 2021, October 2021, January 2022, March 2022 and June 2022, 0.0087% of the Company's share capital.

As of June 30 2025, as well as December 31, 2024, Eytan Levy indirectly holds a 13.34% interest in the share capital of MLP Group S.A.: Mr. Levy holds a 100% interest in N Towards the Next Millennium Ltd. This company, in turn, holds a 33.31% interest in the share capital of RRN Holdings Ltd., which holds a 75% interest in the share capital of Cajamarca Holland B.V., resulting in a 10.67% interest in the share capital of MLP Group S.A., as well as a 2.67% interest as the sole shareholder of GRACECUP TRADING LIMITED.

The other members of the Supervisory Board have no direct holdings in the Company's share capital.

## *16. 2 Capital reserve*

The capital reserve was created from profit earned in 2010. (PLN 1470 thousand) and profit earned in 2012 (PLN 2,724 thousand).

### **17. Earnings per share**

Earnings per share for each reporting period are calculated as the quotient of net profit (loss) for the period and the weighted average number of shares outstanding in the reporting period. Diluted earnings per share for each period are calculated as quotient of the net profit/(loss) the period by the sum of the weighted average number of ordinary shares in the reporting period and all potential dilutive shares.

|                                                               | for | 6 months<br>ended<br>2025<br>(unaudited) | 3 months<br>ended<br>2025<br>(unaudited) | 6 months<br>ended<br>2024<br>(unaudited) | 3 months<br>ended<br>2024<br>(unaudited) |  |
|---------------------------------------------------------------|-----|------------------------------------------|------------------------------------------|------------------------------------------|------------------------------------------|--|
| Net profit/ (loss) for period<br>Number of outstanding shares |     | 6 492<br>23 994 982                      | 6 081<br>23 994 982                      | 10 445<br>23 994 982                     | 8 488<br>23 994 982                      |  |
| Weighted average number of<br>outstanding shares              |     | 23 994 982                               | 23 994 982                               | 23 994 982                               | 23 994 982                               |  |
| Earnings per share for period (PLN per share):                |     |                                          |                                          |                                          |                                          |  |
| basic<br>–                                                    |     | 0,27                                     | 0,25                                     | 0,44                                     | 0,35                                     |  |
| diluted<br>–                                                  |     | 0,27                                     | 0,25                                     | 0,44                                     | 0,35                                     |  |

There were no dilutive factors in the presented periods.

### **18. Non-bank borrowings and other debt instruments**

### *18. 1 Non-current liabilities*

| as at                                                                           | 30 June 2025<br>(unaudited) | 31 December 2024 |  |
|---------------------------------------------------------------------------------|-----------------------------|------------------|--|
| Bonds                                                                           | 1 446 488                   | 1 457 093        |  |
| Liabilities under lease of vehicles                                             | 777                         | 662              |  |
| Borrowings from related entities                                                | 345 980                     | 341 200          |  |
| Non-current liabilities under non-bank borrowings and other debt<br>instruments | 1 793 245                   | 1 798 955        |  |

# *18. 2 Current liabilities*

|                                                                             | as at<br>30 June 2025 | 31 December 2025 |
|-----------------------------------------------------------------------------|-----------------------|------------------|
|                                                                             | (unaudited)           |                  |
| Bonds                                                                       | 18 181                | 215 463          |
| Liabilities under lease of vehicles                                         | 289                   | 207              |
| Current liabilities under non-bank borrowings and other debt<br>instruments | 18 470                | 215 670          |

For more information on borrowings from related entities, see Note 23.2.

## *18. 3 Change in financial liabilities attributable to financing and other activities*

|                            | Bonds     |
|----------------------------|-----------|
| As at 31 December 2024     | 1 672 556 |
| Redemption of bonds        | (187 083) |
| Interest accrued on bonds  | 46 956    |
| Interest paid on bonds     | (52 340)  |
| Change in carrying amount  | (15 420)  |
| Amount as at 30 June 2025* | 1 464 669 |

|                                            | Borrowings from related<br>entities |
|--------------------------------------------|-------------------------------------|
| As at 31 December 2024                     | 341 200                             |
| Increase in non-bank borrowings            | 7 181                               |
| Repayment of principal                     | (9 313)                             |
| Interest accrued                           | 8 445                               |
| Unrealised foreign exchange gains/(losses) | (836)                               |
| Change in carrying amount                  | (697)                               |
| Amount as at 30 June 2025*                 | 345 980                             |
|                                            |                                     |

*\*unaudited*

![](_page_162_Picture_8.jpeg)

### *18. 4 Liabilities under bonds*

| Instrument                 | currency | nominal value | maturity date | interest rate    | guarantees and<br>collateral | Listing venue |  |
|----------------------------|----------|---------------|---------------|------------------|------------------------------|---------------|--|
| Public bonds – Green Bonds | EUR      | 300 000 000   | 15.10.2029    | Fix rate         | none                         | Euro MTF      |  |
| Public bonds – Series G    | EUR      | 41 000 000    | 04.12.2026    | EURIBOR + margin | none                         | Catalyst      |  |

### *18. 5 Non-bank borrowings not secured on the Company's assets*

|                               |          |                   | as at      |                        |        | 30 June 2025* |                        |        |  |
|-------------------------------|----------|-------------------|------------|------------------------|--------|---------------|------------------------|--------|--|
| Loan from                     | currency | interest rate     | matures in | in foreign<br>currency | in PLN | matures in    | in foreign<br>currency | in PLN |  |
| LOKAFOP 201 Sp. z o.o. S.K.A. | PLN      | 3M WIBOR + margin | 2032       | -                      | 14 428 | 2032          | -                      | 14 062 |  |
| LOKAFOP 201 Sp. z o.o. S.K.A. | PLN      | 3M WIBOR + margin | 2029       | -                      | 68     | 2029          | -                      | 65     |  |
| MLP BIERUŃ Sp. z o.o.         | EUR      | EURIBOR + margin  | 2027       | 7                      | 31     | 2027          | 7                      | 30     |  |
| MLP BIERUŃ Sp. z o.o.         | EUR      | EURIBOR + margin  | 2028       | 34                     | 146    | 2028          | 34                     | 144    |  |
| MLP BIERUŃ Sp. z o.o.         | EUR      | EURIBOR + margin  | 2029       | 70                     | 299    | 2029          | 68                     | 292    |  |
| MLP BIERUŃ Sp. z o.o.         | PLN      | 3M WIBOR + margin | 2029       | -                      | 317    | 2029          | -                      | 304    |  |
| MLP PRUSZKÓW I Sp. z o.o.     | EUR      | EURIBOR + margin  | 2032       | 8 049                  | 34 143 | 2032          | 7 936                  | 33 911 |  |
| MLP PRUSZKÓW I Sp. z o.o.     | EUR      | EURIBOR + margin  | 2032       | 572                    | 2 424  | 2032          | 563                    | 2 406  |  |
| MLP PRUSZKÓW I Sp. z o.o.     | EUR      | EURIBOR + margin  | 2026       | 327                    | 1 388  | 2026          | 322                    | 1 378  |  |
| MLP PRUSZKÓW I Sp. z o.o.     | EUR      | EURIBOR + margin  | 2027       | 17 192                 | 72 927 | 2027          | 16 856                 | 72 026 |  |
| MLP PRUSZKÓW I Sp. z o.o.     | EUR      | EURIBOR + margin  | 2029       | 1 818                  | 7 710  | 2029          | 1 764                  | 7 536  |  |
| MLP PRUSZKÓW I Sp. z o.o.     | PLN      | 3M WIBOR + margin | 2032       | -                      | 9 686  | 2032          | -                      | 9 449  |  |
| MLP PRUSZKÓW I Sp. z o.o.     | PLN      | 3M WIBOR + margin | 2026       | -                      | 53 237 | 2026          | -                      | 51 747 |  |
| MLP PRUSZKÓW I Sp. z o.o.     | PLN      | 3M WIBOR + margin | 2027       | -                      | 3 733  | 2027          | -                      | 3 597  |  |
| MLP PRUSZKÓW I Sp. z o.o.     | PLN      | 3M WIBOR + margin | 2029       | -                      | 3 750  | 2029          | -                      | 3 594  |  |
| MLP TEMP Sp. z o.o.           | EUR      | EURIBOR + margin  | 2032       | 1 232                  | 5 228  | 2032          | 1 213                  | 5 182  |  |
| MLP TEMP Sp. z o.o.           | EUR      | EURIBOR + margin  | 2027       | 2 457                  | 10 421 | 2027          | 2 417                  | 10 329 |  |
| MLP TEMP Sp. z o.o.           | EUR      | EURIBOR + margin  | 2027       | 69                     | 294    | 2027          | 68                     | 290    |  |

|                                         |          |                   | as at      | 30 June 2025*          |        |            | 31 December 2024       |        |  |
|-----------------------------------------|----------|-------------------|------------|------------------------|--------|------------|------------------------|--------|--|
| Loan from                               | currency | interest rate     | matures in | in foreign<br>currency | in PLN | matures in | in foreign<br>currency | in PLN |  |
| MLP TEMP Sp. z o.o.                     | EUR      | EURIBOR + margin  | 2028       | 225                    | 954    | 2028       | 219                    | 934    |  |
| MLP TEMP Sp. z o.o.                     | EUR      | EURIBOR + margin  | 2029       | 35                     | 149    | 2029       | 34                     | 146    |  |
| MLP TEMP Sp. z o.o.                     | EUR      | EURIBOR + margin  | 2030       | 267                    | 1 134  | 2030       | -                      | -      |  |
| MLP TEMP Sp. z o.o.                     | PLN      | 3M WIBOR + margin | 2027       | -                      | 210    | 2027       | -                      | 202    |  |
| MLP TEMP Sp. z o.o.                     | PLN      | 3M WIBOR + margin | 2029       | -                      | 130    | 2029       | -                      | 124    |  |
| MLP TEMP Sp. z o.o.                     | PLN      | 3M WIBOR + margin | 2030       | -                      | 294    | 2030       | -                      | -      |  |
| MLP PRUSZKÓW III Sp. z o.o.             | EUR      | EURIBOR + margin  | 2027       | 5 178                  | 21 966 | 2027       | 5 069                  | 21 659 |  |
| MLP PRUSZKÓW III Sp. z o.o.             | EUR      | EURIBOR + margin  | 2029       | 1 065                  | 4 516  | 2029       | 1 033                  | 4 414  |  |
| MLP PRUSZKÓW III Sp. z o.o.             | PLN      | 3M WIBOR + margin | 2027       | -                      | 3 617  | 2027       | -                      | 3 490  |  |
| MLP BUSINESS PARK BERLIN I LP Sp. z o.o | PLN      | 3M WIBOR + margin | 2027       | -                      | 125    | 2027       | -                      | 121    |  |
| MLP BUSINESS PARK BERLIN I LP Sp. z o.o | PLN      | 3M WIBOR + margin | 2029       | -                      | 6      | 2029       | -                      | 16     |  |
| MLP POZNAŃ II Sp. z o.o.                | EUR      | EURIBOR + margin  | 2029       | 2 891                  | 12 262 | 2029       | 2 806                  | 11 990 |  |
| MLP POZNAŃ II Sp. z o.o.                | PLN      | 3M WIBOR + margin | 2029       | -                      | 10 981 | 2029       | -                      | 10 524 |  |
| Feniks Obrót Sp. z o.o.                 | EUR      | EURIBOR + margin  | 2029       | 12                     | 49     | 2029       | 12                     | 49     |  |
| Feniks Obrót Sp. z o.o.                 | PLN      | 3M WIBOR + margin | 2027       | -                      | 14 297 | 2027       | -                      | 13 781 |  |
| Feniks Obrót Sp. z o.o.                 | PLN      | 3M WIBOR + margin | 2029       | -                      | 92     | 2029       | -                      | 1 082  |  |
| MLP PRUSZKÓW IV Sp. z o.o.              | EUR      | EURIBOR + margin  | 2027       | 1 354                  | 5 743  | 2027       | 2 956                  | 12 633 |  |
| MLP PRUSZKÓW IV Sp. z o.o.              | PLN      | 3M WIBOR + margin | 2027       | -                      | 6 357  | 2027       | -                      | 7 547  |  |
| MLP TERESIN II Sp. z o.o.               | PLN      | 3M WIBOR + margin | 2027       | -                      | 428    | 2027       | -                      | 422    |  |
| MLP TERESIN II Sp. z o.o.               | PLN      | 3M WIBOR + margin | 2029       | -                      | 102    | 2029       | -                      | 98     |  |

|                                                    |          |                   | as at      | 30 June 2025*          |         |            | 31 December 2024       |         |
|----------------------------------------------------|----------|-------------------|------------|------------------------|---------|------------|------------------------|---------|
| Loan from                                          | currency | interest rate     | matures in | in foreign<br>currency | in PLN  | matures in | in foreign<br>currency | in PLN  |
| MLP DORTMUND LP Sp. z o.o.                         | EUR      | EURIBOR + margin  | 2028       | 92                     | 388     | 2028       | 90                     | 383     |
| MLP DORTMUND LP Sp. z o.o.                         | EUR      | EURIBOR + margin  | 2029       | 6                      | 26      | 2029       | 6                      | 26      |
| MLP LOGISTIC PARK GERMANY I SP.Z O.O.& CO KG       | EUR      | EURIBOR + margin  | 2028       | 5 938                  | 25 190  | 2028       | 5 804                  | 24 801  |
| MLP PROPERTY Sp. z o.o.                            | EUR      | EURIBOR + margin  | 2028       | 315                    | 1 335   | 2028       | 306                    | 1 307   |
| MLP PROPERTY Sp. z o.o.                            | EUR      | EURIBOR + margin  | 2029       | 16                     | 67      | 2029       | 15                     | 66      |
| MLP PROPERTY Sp. z o.o.                            | PLN      | 3M WIBOR + margin | 2029       | -                      | 28      | 2029       | -                      | 27      |
| MLP BIERUŃ I Sp. z o.o.                            | EUR      | EURIBOR + margin  | 2029       | -                      | 1       | 2029       | 5                      | 20      |
| MLP Spółka z ograniczoną odpowiedzialnością S.K.A. | PLN      | 3M WIBOR + margin | 2029       | -                      | 96      | 2029       | -                      | 92      |
| MLP DORTMUND GP Sp. z o.o.                         | PLN      | 3M WIBOR + margin | 2029       | -                      | 44      | 2029       | -                      | 42      |
| MLP SCHWALMTAL GP Sp. z o.o.                       | EUR      | EURIBOR + margin  | 2029       | 9                      | 37      | 2029       | 8                      | 36      |
| MLP GELSENKIRCHEN GP Sp. z o.o.                    | EUR      | EURIBOR + margin  | 2029       | 2                      | 10      | 2029       | 2                      | 10      |
| MLP IDSTEIN GP Sp. z o.o.                          | EUR      | EURIBOR + margin  | 2029       | 1                      | 5       | 2029       | 1                      | 4       |
| MLP IDSTEIN GP Sp. z o.o.                          | PLN      | 3M WIBOR + margin | 2029       | -                      | 17      | 2029       | -                      | 16      |
| MLP BUSINESS PARK TREBUR GP Sp. z o.o.             | PLN      | 3M WIBOR + margin | 2029       | -                      | 6       | 2029       | -                      | 5       |
| MLP LUBLIN Sp. z o.o.                              | EUR      | EURIBOR + margin  | 2029       | 1 590                  | 6 743   | 2029       | 1 542                  | 6 590   |
| MLP Gliwice Sp. z o.o.                             | EUR      | EURIBOR + margin  | 2029       | 530                    | 2 248   | 2029       | 514                    | 2 197   |
| MLP BIERUŃ WEST Sp. z o.o.                         | EUR      | EURIBOR + margin  | 0          | 1 438                  | 6 098   | 0          | -                      | -       |
| Total                                              |          |                   |            | 52 791                 | 345 981 |            | 51 670                 | 341 196 |

*\*unaudited*

### **19. Employee benefit obligations**

|                                     | as at | 30 June 2025<br>(unaudited) | 31 December 2024 |
|-------------------------------------|-------|-----------------------------|------------------|
| Provision for variable remuneration |       | 1 037                       | 1 398            |
| Employee benefit obligations        |       | 1 037                       | 1 420            |

### **20. Trade and other payables**

|                                                    | as at | 30 June 2025<br>(unaudited) | 31 December 2024 |
|----------------------------------------------------|-------|-----------------------------|------------------|
| Trade payables to other entities                   |       | 601                         | 1 428            |
| Taxes and social security payable                  |       | 444                         | 837              |
| Liabilities for uninvoiced deliveries and services |       | 108                         | 590              |
| Trade and other payables                           |       | 1 183                       | 3 078            |
| Current liabilities                                |       | 1 183                       | 3 078            |

For information on liabilities to related parties, see Note 23.

The table below presents days past due of trade and other payables:

|                                | as at | 30 June 2025<br>(unaudited) | 31 December 2024 |
|--------------------------------|-------|-----------------------------|------------------|
| Not past due                   |       | 702                         | 2 592            |
| Past due from 1 to 90 days     |       | 26                          | 1 065            |
| Past due from 91 to 180 days   |       | -                           | -                |
| Past due over 180 days         |       | 11                          | 1                |
| Total trade and other payables |       | 739                         | 3 658            |

Trade payables are non-interest bearing and are typically settled within 30 to 60 days.

Amounts resulting from the difference between input and output value added tax are paid to the relevant tax authorities in the periods prescribed by the relevant tax laws. Interest payable is generally settled on the basis of accepted interest notes.

![](_page_166_Picture_10.jpeg)

### **21. Financial instruments**

### *21. 1 Measurement of financial instruments*

The fair value of financial assets and financial liabilities as at 30 June 2025 and 31 December 202 was equal to the respective amounts disclosed in the Separate statement of financial position.

The following assumptions were made for the purpose of fair value measurement:

- cash and cash equivalents: the carrying amount corresponds to the amortised cost value,
- trade receivables, other receivables, trade payables, and accrued expenses: the carrying amount corresponds to the amortised cost,
- loans: the carrying amount corresponds to the amortised cost value, it is close to the fair value due to variable interest rate of these instruments, which is close to the market interest rate,
- non-bank borrowings: the carrying amount corresponds to the amortised cost value, it is close to the fair value due to variable interest rates on these instruments which are close to market interest rates,
- bonds: the carrying amount corresponds to the amortised cost value, it is close to the fair value due to variable interest rate of these instruments, which is close to the market interest rate,

Financial assets are classified by the Company into the following categories:

- measured at amortised cost;
- measured at fair value through profit or loss;
- measured at fair value through other comprehensive income.

Debt instruments held to collect contractual cash flows which comprise solely payments of principal and interest ("SPPI") are measured at amortised cost.

Debt instruments giving rise to cash flows which are solely payments of principal and interest and which are held to collect contractual cash flows and for sale are measured at fair value through other comprehensive income. Instruments that do not qualify for measurement at amortised cost or fair value through other comprehensive income are measured at fair value through profit or loss. Below is presented the structure of the Financial Instruments by category of instruments listed above.

### *21. 1. 1 Financial assets*

|                                                   | as at | 30 June 2025<br>(unaudited) | 31 December 2024 |  |
|---------------------------------------------------|-------|-----------------------------|------------------|--|
| Financial assets measured at amortised cost:      |       |                             |                  |  |
| Cash and cash equivalents                         |       | 134 311                     | 535 419          |  |
| Loans and receivables, including:                 |       |                             |                  |  |
| Trade and other receivables                       |       | 4 349                       | 7 120            |  |
| Loans                                             |       | 2 221 892                   | 2 010 754        |  |
| Total financial assets measured at amortised cost |       | 2 360 552                   | 2 553 293        |  |
| Total financial assets                            |       | 2 360 552                   | 2 553 293        |  |

### **Measurement of assets at amortised cost as at 30 June 2025\*:**

|                                   | Stage 1   | Stage 2 | Stage 3 |
|-----------------------------------|-----------|---------|---------|
| Gross carrying amount             | 2 356 203 | 4 349   | -       |
| Cash and cash equivalents         | 134 311   | -       | -       |
| Loans and receivables, including: |           |         |         |
| Trade and other receivables       | -         | 4 349   | -       |
| Loans                             | 2 221 892 | -       | -       |
| Impairment losses (IFRS 9)        | -         | -       | -       |
| Carrying amount (IFRS 9)          | 2 356 203 | 4 349   | -       |

### **Measurement of assets at amortised cost as at 31 December 2024 roku:**

|                                   | Stage 1   | Stage 2 | Stage 3 |
|-----------------------------------|-----------|---------|---------|
| Gross carrying amount             | 2 546 173 | 7 120   | -       |
| Cash and cash equivalents         | 535 419   | -       | -       |
| Loans and receivables, including: |           |         |         |
| Trade and other receivables       | -         | 7 120   | -       |
| Loans                             | 2 010 754 | -       | -       |
| Impairment losses (IFRS 9)        | -         | -       | -       |
| Carrying amount (IFRS 9)          | 2 546 173 | 7 120   | -       |

### *21. 1. 2 Financial liabilities*

|                                                        | 30 June 2025<br>(unaudited) | 31 December 2024 |
|--------------------------------------------------------|-----------------------------|------------------|
| Financial liabilities measured at amortised cost:      |                             |                  |
| Non-bank borrowings                                    | 345 981                     | 341 200          |
| Trade and other payables                               | 739                         | 3 658            |
| Bonds                                                  | 1 464 669                   | 1 672 556        |
| Lease liabilities                                      | 1 066                       | 869              |
| Total financial liabilities measured at amortised cost | 1 812 455                   | 2 018 283        |
| Total financial liabilities                            | 1 812 455                   | 2 018 283        |

![](_page_168_Picture_7.jpeg)

### *21. 2. Maturity of loans and bonds*

Liquidity risk arises chiefly from the Company's future ability to service long-term borrowings and bonds with operating cash flows.

The table below presents the maturity structure of other non-current and current liabilities, i.e. bonds, including interest payment cash flows:

| Loans - expected payments        | up to 1 year | from 1 to 5 years | over 5 years | Total                  |  |
|----------------------------------|--------------|-------------------|--------------|------------------------|--|
| 30 June 2025<br>31 December 2024 | -<br>-       | -<br>394 8<br>22  | 383 0<br>-   | 38 05 3 005<br>394 822 |  |

The table below presents the maturity structure of other non-current and current liabilities, i.e. bonds, including interest payment cash flows:

| Bonds - expected payments | up to 1 year | from 1 to 5 years | over 5 years | Total          |
|---------------------------|--------------|-------------------|--------------|----------------|
| 30 June 2025              | 33 457       | 190 614           | 1 272        | 1 4 571 96 642 |
| 31 December 2024          | 230 739      | 193 459           | 1 281        | 1 7 901 06 099 |

### **22. Contingent liabilities and security instruments**

The contingent liabilities and security instruments disclosed in the separate financial statements for 2024 did not change in the 2025 and remain effective as at 30 June 2025.

### **23. Related-party transactions**

### *23. 1 Trade and other receivables and payables*

The balances trade and other payables and receivables under related-party transactions as at 30 June 2025\* were as follows:

|                                            | Trade and other<br>receivables | Trade and other<br>payables |
|--------------------------------------------|--------------------------------|-----------------------------|
| Parent                                     |                                |                             |
| The Land Development of Nimrodi Group Ltd. | 205                            | -                           |
| Other related parties                      |                                |                             |
| MLP Pruszków I Sp. z o.o.                  | 312                            | -                           |
| MLP Pruszków II Sp. z o.o.                 | 97                             | -                           |
| MLP Pruszków III Sp. z o.o.                | 152                            | -                           |
| MLP Pruszków IV Sp. z o.o.                 | 98                             | -                           |
| MLP Poznań Sp. z o.o.                      | 60                             | -                           |
| MLP Poznań II Sp. z o.o.                   | 23                             | -                           |
| MLP Lublin Sp. z o.o.                      | 303                            | -                           |
| MLP Teresin Sp. z o.o.                     | 40                             | -                           |
| Feniks Obrót Sp. z o.o.                    | 28                             | -                           |
| MLP Wrocław Sp. z o.o.                     | 336                            | -                           |
| MLP Czeladź Sp. z o.o.                     | 41                             | -                           |
| MLP Gliwice Sp. z o.o.                     | 260                            | -                           |
| MLP Business Park Poznań Sp. z o.o.        | 46                             | -                           |
| MLP Bieruń I Sp. z o.o.                    | 210                            | -                           |
| MLP Sp. z o.o.                             | 2                              | -                           |
| MLP FIN Sp. z o.o.                         | 2                              | -                           |
| LOKAFOP 201 Sp. z o.o.                     | 2                              | -                           |
|                                            |                                |                             |

| MLP Group S.A. • Half-year report for the six months ended 30 June 2025               |  |
|---------------------------------------------------------------------------------------|--|
| Interim condensed separate financial statements for the six months ended 30 June 2025 |  |
| (all data in PLN thousand, unless stated otherwise)                                   |  |

|                                                 | Trade and other<br>receivables | Trade and other<br>payables |
|-------------------------------------------------|--------------------------------|-----------------------------|
| MLP Business Park Berlin I LP Sp. z o.o.        | 3                              | -                           |
| MLP Poznań West II Sp. z o.o.                   | 158                            | -                           |
| MLP Pruszków V Sp. z o.o.                       | 136                            | -                           |
| MLP Wrocław West Sp. z o.o.                     | 43                             | -                           |
| MLP Łódź II Sp. z o.o.                          | 57                             | -                           |
| MLP Zgorzelec Sp. z o.o.                        | 18                             | 1                           |
| MLP Pruszków VI Sp. z o.o.                      | 76                             | -                           |
| MLP Gorzów Sp. z o.o.                           | 14                             | -                           |
| MLP Poznań West III Sp. z o.o.                  | (26)                           | 1                           |
| MLP Łódź III Sp. z o.o.                         | 16                             | -                           |
| MLP Bieruń West Sp. z o.o.                      | 34                             | 1                           |
| MLP Bieruń II Sp. z o.o.                        | 14                             | 1                           |
| MLP Logistic Park Germany I Sp. z o.o. & Co KG. | -                              | (1)                         |
| MLP Bucharest West SRL                          | 639                            | -                           |
| MLP Germany Management GmbH                     | 93                             | -                           |
| MLP Business Park Wien GmbH                     | 5                              | -                           |
| Total other related parties                     | 3 497                          | 3                           |
| Total                                           | 3 497                          | 3                           |

![](_page_170_Picture_2.jpeg)

Below are presented the balances of loans to and non-bank borrowings from related parties as at 31 December 2024:

|                                                 | Trade and other<br>receivables | Trade and other<br>payables |
|-------------------------------------------------|--------------------------------|-----------------------------|
| Parent                                          |                                |                             |
| The Land Development of Nimrodi Group Ltd.      |                                |                             |
| Other related parties                           |                                |                             |
| MLP Pruszków I Sp. z o.o.                       | 332                            | 10                          |
| MLP Pruszków II Sp. z o.o.                      | 107                            | -                           |
| MLP Pruszków III Sp. z o.o.                     | 149                            | -                           |
| MLP Pruszków IV Sp. z o.o.                      | 99                             | -                           |
| MLP Poznań Sp. z o.o.                           | 87                             | -                           |
| MLP Poznań II Sp. z o.o.                        | 22                             | -                           |
| MLP Lublin Sp. z o.o.                           | 310                            | -                           |
| MLP Teresin Sp. z o.o.                          | 37                             | -                           |
| Feniks Obrót Sp. z o.o.                         | 33                             | -                           |
| MLP Wrocław Sp. z o.o.                          | 346                            | -                           |
| MLP Czeladź Sp. z o.o.                          | 74                             | -                           |
| MLP Gliwice Sp. z o.o.                          | 279                            | -                           |
| MLP Property Sp. z o.o.                         | 4                              | -                           |
| MLP Business Park Poznań Sp. z o.o.             | 42                             | 2                           |
| MLP Temp Sp. z o.o.                             | 4                              | -                           |
| MLP Bieruń Sp. z o.o.                           | 4                              | -                           |
| MLP Bieruń I Sp. z o.o.                         | 1 129                          | -                           |
| MLP Sp. z o.o.                                  | 6                              | -                           |
| MLP FIN Sp. z o.o.                              | 6                              | -                           |
| LOKAFOP 201 Sp. z o.o.                          | 6                              | -                           |
| MLP Business Park Berlin I LP Sp. z o.o.        | 7                              | -                           |
| MLP Spółka z ograniczoną odpowiedzialnością SKA | 4                              | -                           |
| MLP Poznań West II Sp. z o.o.                   | 161                            | -                           |
| MLP Bucharest West Sp. z o.o.                   | 4                              | -                           |
| MLP Dortmund LP Sp. z o.o.                      | 4                              | -                           |
| MLP Pruszków V Sp. z o.o.                       | 92                             | -                           |
| MLP Wrocław West Sp. z o.o.                     | 21                             | -                           |
| MLP Łódź II Sp. z o.o.                          | 62                             | -                           |
| MLP Zgorzelec Sp. z o.o.                        | 31                             | 3                           |
| MLP Pruszków VI Sp. z o.o.                      | 69                             | -                           |
| MLP Business Park Berlin I GP Sp. z o.o.        | 4                              | -                           |
| MLP Schwalmtal GP Sp. z o.o.                    | 4                              | -                           |
| MLP Gelsenkirchen GP Sp. z o.o.                 | 4                              | -                           |
| MLP Gorzów Sp. z o.o.                           | 9                              | 2                           |
| MLP Idstein GP Sp. z o.o.                       | 4                              | -                           |
| MLP Idstein LP Sp. z o.o.                       | 4                              | -                           |
| MLP Business Park Trebur GP Sp. z o.o.          | 4                              | -                           |
| MLP Business Park Trebur LP Sp. z o.o.          | 4                              | -                           |
| MLP Poznań West III Sp. z o.o.                  | 65                             | 3                           |
| MLP Łódź III Sp. z o.o.                         | 27                             | 1                           |
| Feniks PV Sp. z o.o.                            | 4                              | -                           |
| MLP Bieruń West Sp. z o.o.                      | 29                             | 1                           |
| MLP Wrocław South Sp. z o.o.                    | 3                              | -                           |
|                                                 |                                |                             |

|                                                 | Trade and other<br>receivables | Trade and other<br>payables |
|-------------------------------------------------|--------------------------------|-----------------------------|
| MLP Bieruń II Sp. z o.o.                        | 3                              | -                           |
| MLP FIN Sp. z o.o. Spółka komandytowa           | 4                              | -                           |
| Fenix Polska Sp. z o.o.                         | 4                              | -                           |
| MLP Logistic Park Germany I Sp. z o.o. & Co KG. | -                              | 201                         |
| MLP Bucharest West SRL                          | 953                            | -                           |
| MLP Germany Management GmbH                     | 63                             | -                           |
| MLP Schwalmtal Sp. z o.o. & Co. KG              | 3                              | -                           |
| MLP Business Park Wien GmbH                     | 5                              | -                           |
| MLP Trebur Sp. z o.o. & Co.KG                   | 3                              | -                           |
| Total                                           | 4 758                          | 223                         |

![](_page_172_Picture_2.jpeg)

### *23. 2 Loans and non-bank borrowings*

Below are presented the balances of loans to and non-bank borrowings from related parties as at 30 June 2025\*:

|                                                         |         | Non-bank   |
|---------------------------------------------------------|---------|------------|
|                                                         | Loans   | borrowings |
| Other related parties                                   |         |            |
| MLP Pruszków I Sp. z o.o.                               | -       | 188 998    |
| MLP Pruszków II Sp. z o.o.                              | 121 549 | -          |
| MLP Pruszków III Sp. z o.o.                             | -       | 30 099     |
| MLP Pruszków IV Sp. z o.o.                              | 12 570  | 12 100     |
| MLP Poznań Sp. z o.o.                                   | 21 406  | -          |
| MLP Poznań II Sp. z o.o.                                | -       | 23 243     |
| MLP Lublin Sp. z o.o.                                   |         |            |
| MLP Teresin Sp. z o.o.                                  | -       | 6 743      |
| Feniks Obrót Sp. z o.o.                                 | 2 203   | -          |
|                                                         | -       | 14 438     |
| MLP Wrocław Sp. z o.o.                                  | 10 136  | -          |
| MLP Czeladź Sp. z o.o.                                  | 87 572  | -          |
| MLP Gliwice Sp. z o.o.                                  | 27 801  | 2 248      |
| MLP Property Sp. z o.o.                                 | 14      | 1 430      |
| MLP Business Park Poznań Sp. z o.o.                     | 101 578 | -          |
| MLP Temp Sp. z o.o.                                     | -       | 18 814     |
| LOKAFOP 201 Spółka z ograniczoną odpowiedzialnością SKA | -       | 14 496     |
| MLP Bieruń Sp. z o.o.                                   | 13      | 793        |
| MLP Bieruń I Sp. z o.o.                                 | 2 733   | 1          |
| MLP Sp. z o.o.                                          | 48      | -          |
| MLP FIN Sp. z o.o.                                      | 161     | -          |
| LOKAFOP 201 Sp. z o.o.                                  | 40      | -          |
| MLP Business Park Berlin I LP Sp. z o.o.                | -       | 131        |
| MLP Spółka z ograniczoną odpowiedzialnością SKA         | 10      | 96         |
| MLP Poznań West II Sp. z o.o.                           | 68 255  | -          |
| MLP Bucharest West Sp. z o.o.                           | 23 669  | -          |
| MLP Dortmund LP Sp. z o.o.                              | 67      | 414        |
| MLP Dortmund GP Sp. z o.o.                              | 37      | 44         |
| MLP Teresin II Sp. z o.o.                               | -       | 530        |
| MLP Pruszków V Sp. z o.o.                               | 56 347  | -          |
| MLP Wrocław West Sp. z o.o.                             | 85 844  | -          |
| MLP Łódź II Sp. z o.o.                                  | 171 893 | -          |
| MLP Zgorzelec Sp. z o.o.                                | 112 998 | -          |
| MLP Pruszków VI Sp. z o.o.                              | 174 359 | -          |
| MLP Business Park Berlin I GP Sp. z o.o.                | 129     | -          |
| MLP Schwalmtal LP Sp. z o.o.                            | 63      | -          |
| MLP Schwalmtal GP Sp. z o.o.                            | 83      | 37         |
| MLP Wrocław West I Sp. z o.o.                           | 414     | -          |
| MLP Gelsenkirchen LP Sp. z o.o.                         | 42      | 10         |
| MLP Gelsenkirchen GP Sp. z o.o.                         | 47      | -          |
| MLP Gorzów Sp. z o.o.                                   | 75 661  | -          |
| MLP Idstein GP Sp. z o.o.                               | 10      | 22         |
| MLP Idstein LP Sp. z o.o.                               | 63      | -          |
| MLP Business Park Trebur GP Sp. z o.o.                  | 13      | 6          |
| MLP Business Park Trebur LP Sp. z o.o.                  | 26      | -          |
| MLP Poznań West III Sp. z o.o.                          | 61 085  | -          |
| MLP Łódź III Sp. z o.o.                                 | 99 220  | -          |
| Feniks PV Sp. z o.o.                                    | 31      | -          |
| MLP Bieruń West Sp. z o.o.                              | 36 959  | 6 098      |

| MLP Group S.A. • Half-year report for the six months ended 30 June 2025               |
|---------------------------------------------------------------------------------------|
| Interim condensed separate financial statements for the six months ended 30 June 2025 |
| (all data in PLN thousand, unless stated otherwise)                                   |

|                                                 | Loans     | Non-bank<br>borrowings |  |
|-------------------------------------------------|-----------|------------------------|--|
| MLP Wrocław South Sp. z o.o.                    | 19        | -                      |  |
| MLP Bieruń II Sp. z o.o.                        | 51 795    | -                      |  |
| MLP FIN Sp. z o.o. Spółka komandytowa           | 125       | -                      |  |
| Fenix Polska Sp. z o.o.                         | 6 509     | -                      |  |
| MLP Logistic Park Germany I Sp. z o.o. & Co KG. | -         | 25 190                 |  |
| MLP Bucharest West SRL                          | 87 016    | -                      |  |
| MLP Germany Management GmbH                     | 27 603    | -                      |  |
| MLP Schwalmtal Sp. z o.o. & Co. KG              | 79 368    | -                      |  |
| MLP Business Park Berlin I Sp. z o.o. & Co. KG  | 28 604    | -                      |  |
| MLP Business Park Wien GmbH                     | 308 344   | -                      |  |
| MLP Gelsenkirchen Sp. z o.o. & Co. KG           | 124 937   | -                      |  |
| MLP Idstein Sp. z o.o. & Co.KG                  | 44 431    | -                      |  |
| MLP Trebur Sp. z o.o. & Co.KG                   | 107 992   | -                      |  |
| Total                                           | 2 221 892 | 345 981                |  |
|                                                 |           |                        |  |

![](_page_174_Picture_2.jpeg)

Below are presented the balances of loans to and non-bank borrowings from related parties as at 31 December 2024:

|                                                         | Loans   | Non-bank<br>borrowings |
|---------------------------------------------------------|---------|------------------------|
| Other related parties                                   |         |                        |
| MLP Pruszków I Sp. z o.o.                               | -       | 185 644                |
| MLP Pruszków II Sp. z o.o.                              | 121 100 | -                      |
| MLP Pruszków III Sp. z o.o.                             | -       | 29 563                 |
| MLP Pruszków IV Sp. z o.o.                              | 12 369  | 20 180                 |
| MLP Poznań Sp. z o.o.                                   | 20 984  | -                      |
| MLP Poznań II Sp. z o.o.                                | -       | 22 514                 |
| MLP Lublin Sp. z o.o.                                   | -       | 6 590                  |
| Feniks Obrót Sp. z o.o.                                 | -       | 14 912                 |
| MLP Wrocław Sp. z o.o.                                  | 9 976   | -                      |
| MLP Czeladź Sp. z o.o.                                  | 86 447  | -                      |
| MLP Gliwice Sp. z o.o.                                  | 25 833  | 2 200                  |
| MLP Property Sp. z o.o.                                 | 13      | 1 400                  |
| MLP Business Park Poznań Sp. z o.o.                     | 65 518  | -                      |
| MLP Temp Sp. z o.o.                                     | -       | 17 207                 |
| LOKAFOP 201 Spółka z ograniczoną odpowiedzialnością SKA | -       | 14 127                 |
| MLP Bieruń Sp. z o.o.                                   | 12      | 770                    |
| MLP Bieruń I Sp. z o.o.                                 | 2 165   | 20                     |
| MLP Sp. z o.o.                                          | 38      | -                      |
| MLP FIN Sp. z o.o.                                      | 148     | -                      |
| LOKAFOP 201 Sp. z o.o.                                  | 28      | -                      |
| MLP Business Park Berlin I LP Sp. z o.o.                | -       | 137                    |
| MLP Spółka z ograniczoną odpowiedzialnością SKA         | -       | 92                     |
| MLP Poznań West II Sp. z o.o.                           | 67 396  | -                      |
| MLP Bucharest West Sp. z o.o.                           | 23 303  | -                      |
| MLP Dortmund LP Sp. z o.o.                              | 65      | 409                    |
| MLP Dortmund GP Sp. z o.o.                              | 37      | 42                     |
| MLP Teresin II Sp. z o.o.                               | -       | 521                    |
| MLP Pruszków V Sp. z o.o.                               | 50 021  | -                      |
| MLP Wrocław West Sp. z o.o.                             | 83 296  | -                      |
| MLP Łódź II Sp. z o.o.                                  | 165 740 | -                      |
| MLP Zgorzelec Sp. z o.o.                                | 112 069 | -                      |
| MLP Pruszków VI Sp. z o.o.                              | 167 205 | -                      |
| MLP Business Park Berlin I GP Sp. z o.o.                | 108     | -                      |
| MLP Schwalmtal LP Sp. z o.o.                            | 51      | -                      |
| MLP Schwalmtal GP Sp. z o.o.                            | 81      | 36                     |
| MLP Wrocław West I Sp. z o.o.                           | 389     | -                      |
| MLP Gelsenkirchen LP Sp. z o.o.                         | 40      | 10                     |
| MLP Gelsenkirchen GP Sp. z o.o.                         | 45      | -                      |
| MLP Gorzów Sp. z o.o.                                   | 73 942  | -                      |
| MLP Idstein GP Sp. z o.o.                               | 10      | 20                     |
| MLP Idstein LP Sp. z o.o.                               | 61      | -                      |
| MLP Business Park Trebur GP Sp. z o.o.                  | 12      | 5                      |
| MLP Business Park Trebur LP Sp. z o.o.                  | 25      | -                      |
| MLP Poznań West III Sp. z o.o.                          | 18 761  | -                      |
| MLP Łódź III Sp. z o.o.                                 |         |                        |
|                                                         | 93 885  | -                      |
| Feniks PV Sp. z o.o.                                    | 22      | -                      |
| MLP Bieruń West Sp. z o.o.                              | 35 435  | -                      |
| MLP Wrocław South Sp. z o.o.                            | 10      | -                      |
| MLP Bieruń II Sp. z o.o.                                | 49 291  | -                      |

| MLP Group S.A. • Half-year report for the six months ended 30 June 2025               |
|---------------------------------------------------------------------------------------|
| Interim condensed separate financial statements for the six months ended 30 June 2025 |
| (all data in PLN thousand, unless stated otherwise)                                   |

|                                                 | Loans     | Non-bank<br>borrowings |
|-------------------------------------------------|-----------|------------------------|
|                                                 |           |                        |
| MLP FIN Sp. z o.o. Spółka komandytowa           | 121       | -                      |
| Fenix Polska Sp. z o.o.                         | 6 459     | -                      |
| MLP Logistic Park Germany I Sp. z o.o. & Co KG. | -         | 24 801                 |
| MLP Bucharest West SRL                          | 81 303    | -                      |
| MLP Germany Management GmbH                     | 25 162    | -                      |
| MLP Schwalmtal Sp. z o.o. & Co. KG              | 76 626    | -                      |
| MLP Business Park Berlin I Sp. z o.o. & Co. KG  | 28 294    | -                      |
| MLP Business Park Wien GmbH                     | 300 666   | -                      |
| MLP Gelsenkirchen Sp. z o.o. & Co. KG           | 98 734    | -                      |
| MLP Idstein Sp. z o.o. & Co.KG                  | 43 229    | -                      |
| MLP Trebur Sp. z o.o. & Co.KG                   | 64 229    | -                      |
| Total                                           | 2 010 754 | 341 200                |
|                                                 |           |                        |

![](_page_176_Picture_2.jpeg)

### *23. 3 Income and expenses*

Below are presented income and expenses under related-party transactions as at 30 June 2025\*.

|                                                          | Sale of  |                 | Other finance |
|----------------------------------------------------------|----------|-----------------|---------------|
|                                                          | services | Interest income | income        |
| Parent                                                   |          |                 |               |
| The Land Development of Nimrodi Group Ltd.               | -        | -               | -             |
| Other related parties                                    |          |                 |               |
| MLP Pruszków I Sp. z o.o.                                | 1 470    | -               | -             |
| MLP Pruszków II Sp. z o.o.                               | 491      | 4 251           | -             |
| MLP Pruszków III Sp. z o.o.                              | 738      | -               | -             |
| MLP Pruszków IV Sp. z o.o.                               | 465      | 289             | -             |
| MLP Poznań Sp. z o.o.                                    | 287      | 571             | -             |
| MLP Poznań II Sp. z o.o.                                 | 109      | -               | -             |
| MLP Lublin Sp. z o.o.                                    | 538      | -               | -             |
| MLP Teresin Sp. z o.o.                                   | 94       | 33              | -             |
| Feniks Obrót Sp. z o.o.                                  | 127      | -               | -             |
| MLP Wrocław Sp. z o.o.                                   | 582      | 219             | -             |
| MLP Czeladź Sp. z o.o.                                   | 165      | 2 709           | -             |
| MLP Gliwice Sp. z o.o.                                   | 479      | 656             | -             |
| MLP Property Sp. z o.o.                                  | -        | 1               | -             |
| MLP Business Park Poznań Sp. z o.o.                      | 158      | 2 734           | -             |
| MLP Bieruń Sp. z o.o.                                    | -        | 1               | -             |
| MLP Bieruń I Sp. z o.o.                                  | 307      | 68              | -             |
| MLP Sp. z o.o.                                           | -        | 2               | -             |
| MLP FIN Sp. z o.o.                                       | -        | 5               | -             |
| LOKAFOP 201 Sp. z o.o.                                   | -        | 2               | -             |
| MLP Poznań West II Sp. z o.o.                            | 766      | 1 276           | -             |
| MLP Bucharest West Sp. z o.o.                            | -        | 524             | -             |
| MLP Dortmund LP Sp. z o.o.                               | -        | 2               | -             |
| MLP Dortmund GP Sp. z o.o.                               |          |                 |               |
|                                                          | -        | 1               | -             |
| MLP Bucharest West SRL                                   | 231      | 2 364           | -             |
| MLP Pruszków V Sp. z o.o.                                | 492      | 1 478           | -             |
| MLP Germany Management GmbH                              | 30       | 605             | -             |
| MLP Wrocław West Sp. z o.o.                              | 128      | 2 559           | -             |
| MLP Łódź II Sp. z o.o.                                   | 284      | 5 815           | -             |
| MLP Zgorzelec Sp. z o.o.                                 | 146      | 3 631           | -             |
| MLP Pruszków VI Sp. z o.o.                               | 398      | 5 974           | -             |
| MLP Business Park Berlin I GP Sp. z o.o.                 | -        | 4               | -             |
| MLP Schwalmtal LP Sp. z o.o.                             | -        | 2               | -             |
| MLP Schwalmtal GP Sp. z o.o.                             | -        | 3               | -             |
| MLP Wrocław West I Sp. z o.o.                            | -        | 16              | -             |
| MLP Gelsenkirchen LP Sp. z o.o.                          | -        | 1               | -             |
| MLP Gelsenkirchen GP Sp. z o.o.<br>MLP Gorzów Sp. z o.o. | -        | 2               | -             |
|                                                          | 70       | 2 061           | -             |

|                                                | Sale of<br>services | Interest income | Other finance<br>income |
|------------------------------------------------|---------------------|-----------------|-------------------------|
| MLP Idstein LP Sp. z o.o.                      | -                   | 2               | -                       |
| MLP Business Park Trebur LP Sp. z o.o.         | -                   | 1               | -                       |
| MLP Poznań West III Sp. z o.o.                 | 271                 | 1 295           | -                       |
| MLP Łódź III Sp. z o.o.                        | 73                  | 3 351           | -                       |
| Feniks PV Sp. z o.o.                           | -                   | 1               | -                       |
| MLP Bieruń West Sp. z o.o.                     | 72                  | 1 557           | -                       |
| MLP Schwalmtal Sp. z o.o. & Co. KG             | -                   | 2 982           | -                       |
| MLP Business Park Berlin I Sp. z o.o. & Co. KG | -                   | 513             | -                       |
| MLP FIN Sp. z o.o. Spółka komandytowa          | -                   | 4               | -                       |
| Fenix Polska Sp. z o.o.                        | -                   | 96              | -                       |
| MLP Business Park Wien GmbH                    | -                   | 8 744           | -                       |
| MLP Gelsenkirchen Sp. z o.o. & Co. KG          | -                   | 2 598           | -                       |
| MLP Idstein Sp. z o.o. & Co.KG                 | -                   | 970             | -                       |
| MLP Trebur Sp. z o.o. & Co.KG                  | -                   | 2 042           | -                       |
| MLP Bieruń II Sp. z o.o.                       | 40                  | 2 019           | -                       |
| MLP Wrocław South Sp. z o.o.                   | -                   | 1               | -                       |
| Total other related parties                    | 9 011               | 64 035          | -                       |
| Total income                                   | 9 011               | 64 035          | -                       |

|                                                         | Purchase of<br>services and<br>salaries | Interest expense |
|---------------------------------------------------------|-----------------------------------------|------------------|
| Other related parties                                   |                                         |                  |
| MLP Pruszków I Sp. z o.o.                               | (180)                                   | (4 190)          |
| MLP Pruszków III Sp. z o.o.                             | -                                       | (722)            |
| MLP Pruszków IV Sp. z o.o.                              | -                                       | (385)            |
| MLP Poznań II Sp. z o.o.                                | -                                       | (813)            |
| MLP Lublin Sp. z o.o.                                   | -                                       | (200)            |
| Feniks Obrót Sp. z o.o.                                 | -                                       | (525)            |
| MLP Gliwice Sp. z o.o.                                  | -                                       | (67)             |
| MLP Property Sp. z o.o.                                 | -                                       | (40)             |
| MLP Business Park Poznań Sp. z o.o.                     | (2)                                     | -                |
| MLP Temp Sp. z o.o.                                     | -                                       | (339)            |
| LOKAFOP 201 Spółka z ograniczoną odpowiedzialnością SKA | -                                       | (373)            |
| MLP Bieruń Sp. z o.o.                                   | -                                       | (25)             |
| MLP Poznań West III Sp. z o.o.                          | (6)                                     | -                |
| MLP Łódź III Sp. z o.o.                                 | (5)                                     | -                |
| MLP Gorzów Sp. z o.o.                                   | (8)                                     | -                |
| MLP Business Park Berlin I LP Sp. z o.o.                | -                                       | (5)              |
| MLP Zgorzelec Sp. z o.o.                                | (6)                                     | -                |
| MLP Dortmund LP Sp. z o.o.                              | -                                       | (9)              |

|                                                 | Purchase of<br>services and<br>salaries | Interest expense |
|-------------------------------------------------|-----------------------------------------|------------------|
| MLP Dortmund GP Sp. z o.o.                      | -                                       | (2)              |
| MLP Teresin II Sp. z o.o.                       | -                                       | (20)             |
| MLP Logistic Park Germany I Sp. z o.o. & Co KG. | -                                       | (565)            |
| MLP Spółka z ograniczoną odpowiedzialnością SKA | -                                       | (4)              |
| MLP Bieruń West Sp. z o.o.                      | (6)                                     | (159)            |
| MLP Schwalmtal GP Sp. z o.o.                    | -                                       | (2)              |
|                                                 | (213)                                   | (8 445)          |

|                                                    |              | Purchase of<br>services and<br>salaries | Interest expense |
|----------------------------------------------------|--------------|-----------------------------------------|------------------|
| Key management personnel                           |              |                                         |                  |
| Radosław T. Krochta                                | see Note 26. | (346)                                   | -                |
| Michael Shapiro                                    | see Note 26. | (180)                                   | -                |
| Agnieszka Góźdź                                    | see Note 26. | (180)                                   | -                |
| Other key management personnel                     | see Note 26. | (150)                                   | -                |
|                                                    |              | (856)                                   | -                |
| *for the period of serving on the management board |              |                                         |                  |
| Total expenses                                     |              | (1 069)                                 | (8 445)          |

![](_page_179_Picture_3.jpeg)

|                                                 | Sale of  |                 | Other finance |
|-------------------------------------------------|----------|-----------------|---------------|
|                                                 | services | Interest income | income        |
| Parent                                          |          |                 |               |
| The Land Development of Nimrodi Group Ltd.      |          |                 |               |
| Other related parties                           | -        | -               | -             |
| MLP Pruszków I Sp. z o.o.                       | 1 436    | -               | -             |
| MLP Pruszków II Sp. z o.o.                      | 398      | 934             | -             |
| MLP Pruszków III Sp. z o.o.                     | 749      | -               | -             |
| MLP Pruszków IV Sp. z o.o.                      | 246      | 184             | -             |
| MLP Poznań Sp. z o.o.                           | 713      | 241             | -             |
| MLP Poznań II Sp. z o.o.                        | 143      | 3               | -             |
| MLP Lublin Sp. z o.o.                           | 559      | -               | -             |
| MLP Teresin Sp. z o.o.                          | 91       | -               | -             |
| Feniks Obrót Sp. z o.o. (MLP Energy Sp. z o.o.) | 139      | -               | -             |
| MLP Wrocław Sp. z o.o.                          | 565      | 273             | -             |
| MLP Czeladź Sp. z o.o.                          | 230      | 1 246           | -             |
| MLP Gliwice Sp. z o.o.                          | 494      | 700             | -             |
| MLP Property Sp. z o.o.                         | 1        | -               | -             |
| MLP Business Park Poznań Sp. z o.o.             |          |                 |               |
|                                                 | 158      | 1 487           | -             |
| MLP Bieruń I Sp. z o.o.                         | -        | 1 420           | -             |
| MLP Sp. z o.o.                                  | -        | 1               | -             |
| MLP FIN Sp. z o.o.                              | -        | 4               | -             |
| LOKAFOP 201 Sp. z o.o.                          | -        | 1               | -             |
| MLP Poznań West II Sp. z o.o.                   | 759      | 1 700           | -             |
| MLP Bucharest West Sp. z o.o.                   | -        | 670             | -             |
| MLP Dortmund LP Sp. z o.o.                      | -        | 3               | -             |
| MLP Dortmund GP Sp. z o.o.                      | -        | 2               | -             |
| MLP Pruszków V Sp. z o.o.                       | 407      | 2 838           | -             |
| MLP Wrocław West Sp. z o.o.                     | 99       | 2 767           | -             |
| MLP Łódź II Sp. z o.o.                          | 261      | 2 860           | -             |
| MLP Zgorzelec Sp. z o.o.                        | 125      | 817             | -             |
| MLP Pruszków VI Sp. z o.o.                      | 79       | 3 055           | -             |
| MLP Business Park Berlin I GP Sp. z o.o.        | -        | 4               | -             |
| MLP Schwalmtal LP Sp. z o.o.                    | -        | 2               | -             |
| MLP Schwalmtal GP Sp. z o.o.                    | -        | 2               | -             |
| MLP Wrocław West I Sp. z o.o.                   | -        | 15              | -             |
| MLP Gelsenkirchen LP Sp. z o.o.                 | -        | 2               | -             |
| MLP Gelsenkirchen GP Sp. z o.o.                 | -        | 2               | -             |
| MLP Gorzów Sp. z o.o.                           | 51       | 2 092           | -             |
| MLP Idstein LP Sp. z o.o.                       | -        | 2               | -             |
| MLP Business Park Trebur GP Sp. z o.o.          | -        | 1               | -             |
| MLP Business Park Trebur LP Sp. z o.o.          | -        | 1               | -             |
| MLP Poznań West III Sp. z o.o.                  | 6        | 800             | -             |
| MLP Bucharest West SRL                          | 151      | 1 676           | -             |
| MLP Germany Management GmbH                     | 15       | 636             | -             |
| MLP Schwalmtal Sp. z o.o. & Co. KG              | -        | 149             | -             |
| MLP Business Park Berlin I Sp. z o.o. & Co. KG  | -        | 687             | -             |
| MLP Business Park Wien GmbH                     | 3 175    | 3 222           | -             |
| MLP Gelsenkirchen Sp. z o.o. & Co. KG           | -        | 2 361           | -             |
| MLP Idstein Sp. z o.o. & Co.KG                  | -        | 1 077           | -             |
|                                                 |          |                 |               |

Below are presented income and expenses under related-party transactions as at 30 June 2024\*:

|                                       | Sale of<br>services | Interest income | Other finance<br>income |
|---------------------------------------|---------------------|-----------------|-------------------------|
| MLP FIN Sp. z o.o. Spółka komandytowa | -                   | 3               | -                       |
| Fenix Polska Sp. z o.o.               | -                   | 135             | -                       |
| MLP Łódź III Sp. z o.o.               | 74                  | 1 487           | -                       |
| Other related parties total           | 11 139              | 37 339          | -                       |

|                                                         | Purchase of<br>services and<br>salaries | Interest expense |
|---------------------------------------------------------|-----------------------------------------|------------------|
| Other related parties                                   |                                         |                  |
| MLP Pruszków I Sp. z o.o.                               | (24)                                    | (4 592)          |
| MLP Pruszków III Sp. z o.o.                             | -                                       | (746)            |
| MLP Pruszków IV Sp. z o.o.                              | -                                       | (755)            |
| MLP Poznań II Sp. z o.o.                                | -                                       | (304)            |
| Feniks Obrót Sp. z o.o. (MLP Energy Sp. z o.o.)         | -                                       | (554)            |
| MLP Property Sp. z o.o.                                 | -                                       | (50)             |
| MLP Business Park Poznań Sp. z o.o.                     | (3)                                     | -                |
| MLP Temp Sp. z o.o.                                     | -                                       | (412)            |
| LOKAFOP 201 Spółka z ograniczoną odpowiedzialnością SKA | -                                       | (375)            |
| MLP Bieruń Sp. z o.o.                                   | -                                       | (24)             |
| MLP Poznań West III Sp. z o.o.                          | (6)                                     | -                |
| MLP Łódź III Sp. z o.o.                                 | (6)                                     | -                |
| MLP Gorzów Sp. z o.o.                                   | (7)                                     | -                |
| MLP Business Park Berlin I LP Sp. z o.o.                | -                                       | (5)              |
| MLP Zgorzelec Sp. z o.o.                                | (6)                                     | -                |
| MLP Dortmund LP Sp. z o.o.                              | -                                       | (11)             |
| MLP Teresin II Sp. z o.o.                               | -                                       | (19)             |
| MLP Logistic Park Germany I Sp. z o.o. & Co KG.         | -                                       | (448)            |
| MLP Spółka z ograniczoną odpowiedzialnością SKA         | -                                       | (3)              |
|                                                         | (52)                                    | (8 298)          |

| services and<br>salaries<br>Interest expense<br>Key management personnel<br>see Note 26.<br>(60)<br>-<br>Radosław T. Krochta<br>Michael Shapiro<br>see Note 26.<br>(60)<br>-<br>Agnieszka Góźdź<br>see Note 26.<br>(59)<br>-<br>Other key management personnel<br>see Note 26.<br>(150)<br>-<br>(409)<br>- | Total expenses | (461)       | (8 298) |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|-------------|---------|
|                                                                                                                                                                                                                                                                                                            |                |             |         |
|                                                                                                                                                                                                                                                                                                            |                |             |         |
|                                                                                                                                                                                                                                                                                                            |                |             |         |
|                                                                                                                                                                                                                                                                                                            |                |             |         |
|                                                                                                                                                                                                                                                                                                            |                |             |         |
|                                                                                                                                                                                                                                                                                                            |                | Purchase of |         |

### **24. Significant litigation and disputes**

As of 30 June 2025, the Company was not involved in any significant litigation.

### **25. Significant events during and subsequent to the reporting period**

- On 19 February 2025, the Company redeemed the Series C bonds with a total nominal value of 45,000,000 EUR, i.e., at their maturity.
- After the end of the reporting period until the approval for publication of this Interim Condensed Separate Financial Statement, there were no events that occurred and should have been recorded in both the accounting books of the operating period and in the Company's Individual Financial Statement.

### **25.** *1* **Impact of the political and economic situation in Ukraine on the business of MLP Group S.A.**

The Company did not observe a significant impact of the war in Ukraine on its operations in the first half of 2025 compared to 2024. The overall impact of the war on the operations of the Capital Group, in which the Company is the parent entity, has been described in the Group's Activity Report as of June 30, 2025.

### **26. Remuneration paid or due to Management and Supervisory Board members**

|                                                                                                       | for           | 2025 | 2024 |
|-------------------------------------------------------------------------------------------------------|---------------|------|------|
| Fixed remuneration of the Management Board:                                                           |               |      |      |
| Radosław T. Krochta                                                                                   | see Note 23.3 | 120  | 60   |
| Michael Shapiro                                                                                       | see Note 23.3 | 120  | 60   |
| Tomasz Zabost*                                                                                        | see Note 23.3 | -    | 20   |
| Monika Dobosz*                                                                                        | see Note 23.3 | -    | 60   |
| Agnieszka Góźdź                                                                                       | see Note 23.3 | 120  | 59   |
|                                                                                                       |               | 360  | 259  |
| *for the period of serving on the management board                                                    |               |      |      |
| Provision for variable remuneration of the Management Board:                                          |               |      |      |
| Radosław T. Krochta                                                                                   | see Note 23.3 | 226  | -    |
| Michael Shapiro                                                                                       | see Note 23.3 | 60   | -    |
| Agnieszka Góźdź                                                                                       | see Note 23.3 | 60   | -    |
|                                                                                                       |               | 346  | -    |
| Variable remuneration of the Management Board paid in the current year relating to the previous year: |               |      |      |
| Radosław T. Krochta                                                                                   |               | -    | -    |
| Michael Shapiro                                                                                       |               | -    | -    |
| Tomasz Zabost                                                                                         |               | -    | -    |
| Monika Dobosz                                                                                         |               | -    | -    |
| Agnieszka Góźdź                                                                                       |               | -    | -    |
|                                                                                                       |               | -    | -    |

|                                                                           | for           | 2025 | 2024 |
|---------------------------------------------------------------------------|---------------|------|------|
| Remuneration of the Supervisory Board:<br>Remuneration and other benefits |               |      |      |
| Matusiak Maciej                                                           |               | 60   | 30   |
| Levy Eytan                                                                |               | 60   | 30   |
| Shimshon Marfogel                                                         |               | 40   | 30   |
| Jan Woźniak                                                               |               | -    | -    |
| Guy Shapira                                                               |               | 40   | 30   |
| Piotr Chajderowski                                                        |               | 60   | 30   |
| Oded Setter                                                               |               | 40   | 30   |
| Total remuneration paid or due to Management and                          |               | 300  | 180  |
| Supervisory Board members                                                 |               | 660  | 439  |
| Other key management personnel<br>Remuneration and other benefits         | see Note 23.3 | 150  | 150  |
| Total remuneration paid or due to members of the                          |               | 150  | 150  |
| management and supervisory bodies of the Company                          |               | 810  | 589  |

Apart from the transactions described in the note above, members of the Management Board and the Supervisory Board and other management personnel did not receive any other benefits from the Company.

### **27. Employees**

|                     | for the six months ended 30 June | 2025<br>(unaudited) | 2024 |
|---------------------|----------------------------------|---------------------|------|
| Number of employees |                                  | 38                  | 39   |

![](_page_183_Picture_5.jpeg)

### **28. Information about the entity authorized to audit financial statements**

| for the six months ended 30 June                             | 2025<br>(unaudited) | 2024 |
|--------------------------------------------------------------|---------------------|------|
| Review of consolidated and individual financial statements * | 44                  | 40   |
| Other services                                               | 94                  | 90   |

*\*The amount provided pertains to the audit and review of both individual and consolidated financial statements.*

*Signed with a qualified digital signature.*

**Radosław T. Krochta Michael Shapiro** *President of the Board Vice President of the Management Board*

**Nina Warzycka Agnieszka Góźdź** *Signature of the person responsible for keeping books of account*

*Member of the Management Board*

*Pruszków, 25 August 2025*

![](_page_184_Picture_10.jpeg)