P3 Group has released its condensed consolidated interim financial results for H1 2025, reporting resilient operational and financial performance with an increased net operating income.
P3 has a logistics portfolio with a 9.7 million sqm GLA, diversified in 10 European countries with over 470 tenants. The portfolio value grew to €10.2 billion through acquisitions and developments. Also, like-for-like valuations increased (+0.4%), driven by rental growth and stabilised yields. Net Operating Income increased by 14% to €271 million (H1 2024: €237m), supported by the larger portfolio and 3% like-for-like growth from indexation and strong re-leasing.
Leasing momentum remained strong with 881,000 sqm leased, achieving a +9% rental uplift on new leases. Like-for-like occupancy remained resilient at 96% and rent collection was high at 99.7%.
Profitability remained strong with EBITDA margin at 87% (H1 2024: 87%). During the reporting period, P3 delivered disciplined capital recycling through 183,000 sqm of acquisitions and developments, and 146,000 sqm of disposals.
“P3’s performance in the first half of 2025 underscores the resilience of our logistics portfolio. Supported by long-term sector tailwinds, disciplined capital recycling, and proactive asset management, we continue to grow income while maintaining a stable balance sheet,“ commented Frank Pörschke, CEO at P3.
