CTP N.V.

Latest Results (02.01.2026):

CTP N.V. — H1-2025: The Group reported strong first-half 2025 results driven by robust leasing and development activity, with Gross Rental Income up 14.4% y-o-y and like‑for‑like rental growth of 4.9%. EPRA NTA per share rose to €19.36 (+13.5% y-o-y) while company‑specific adjusted EPRA earnings increased to €199.3m (+12.2%). Occupancy, cash collection and pipeline metrics support continued growth.

Key financials

Gross Rental Income €367.2m (+14.4% y-o-y); Company‑specific adjusted EPRA earnings €199.3m (+12.2%); Company‑specific adjusted EPRA EPS €0.42 (+6.2%). Annualised rental income €757m (+11.5% y-o-y).

Leasing momentum

Leases signed 1,015,000 sqm in H1-2025 (+11% y-o-y); average monthly rent on new leases €5.98/sqm (≈+5% country‑mix adjusted). Around two‑thirds of leasing from existing tenants; WAULT 6.2 years; occupancy 93% and rent collection 99.7%.

Development delivery & pipeline

Delivered 224,000 sqm in H1-2025 at a Yield on Cost (YoC) of 10.3% (100% let on completion). Under construction: 2.0m sqm with expected YoC 10.3% and potential rental income €160m; 2025 expected deliveries 1.2–1.7m sqm (pre‑let 53% currently).

Portfolio valuation and NTA

Gross Asset Value €17.1bn (+7.2% vs 31‑Dec‑2024); revaluation result +€597.9m in H1 (like‑for‑like valuation +4.0%). EPRA NTA per share €19.36 (+7.1% H1; +13.5% y-o-y).

Balance sheet & liquidity

Liquidity €2.1bn (cash €0.8bn + undrawn RCF €1.3bn). LTV 44.9% (down vs year‑end); average cost of debt 3.2%; 99.9% of debt fixed or hedged; average debt maturity 5.1 years. New H1 funding raised €1.7bn (green bond, JPY facility, €500m SLL undrawn).

Operational scale & landbank

Standing portfolio 13.5m sqm GLA. Landbank 26.1m sqm (≈85% owned on balance sheet, 15% options), supporting long‑term development pipeline and target to reach 20m sqm GLA and ~€1.2bn rental income before decade end.

Energy & sustainability

Installed photovoltaic capacity 138 MWp (108 MWp operational). H1-2025 renewable energy revenues €8.0m (+136% y-o-y). CTP certifies new buildings BREEAM Very Good or better and highlights energy investments with targeted YoC ~15% for PV.

Guidance & capital returns

2025 Company‑specific adjusted EPRA EPS guidance €0.86–€0.88 (8–10% growth vs 2024). Interim dividend €0.31 per share (up 6.9%), default scrip with cash option; dividend payout ~74% of adjusted EPS (within 70–80% policy).