Warehouses De Pauw N.V.

WDP

Equity

ISIN BE0974349814 / Valor 51578168

Euronext - Euronext Brussels (2026-05-27)

EUR 22.24+0.63%

Warehouses De Pauw N.V.
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About company

Warehouses De Pauw N.V. (WDP) is a prominent real estate investment company specializing in the development and management of logistics and warehousing properties across Europe. The company focuses on creating strategically located, high-quality warehouse facilities that cater to the needs of various industries, including retail, automotive, and e-commerce. WDP's portfolio is characterized by its emphasis on modern, efficient, and sustainable design, as exemplified by its recent project for Scania Logistics in Zwolle. This project highlights WDP's commitment to integrating eco-friendly features and optimizing logistics operations through strategic site selection. With a strong presence in key European markets, WDP continues to expand its footprint by leveraging its expertise in logistics real estate to meet the growing demand for efficient supply chain solutions.

Summarized from source with an LLMView SourceSector: Finance

Earnings

EPRA Earnings per share: €1.53 for 2025, an underlying increase of +7% year‑on‑year.

Leasing and occupancy

Leasing volume: >550,000 m² of new leases signed; occupancy remained very high at 97.7%.

Development and pipeline execution

Delivered/finalized >750,000 m² of fully pre‑let projects and acquisitions from a 9 million m² portfolio, at a 6.6% NOI yield; investment pipeline in execution totals €708 million, providing visibility on future cash flows.

Balance sheet & credit

Moody’s upgraded WDP to A3 and the company completed a successful public bond market debut, underscoring top‑tier credit quality.

Capital allocation & self‑financing

Plans to self‑fund ~€500 million CAPEX per year via retained earnings, stock dividend and contributions in kind while targeting net debt/EBITDA (adj.) ~8x and LTV ~40% to preserve credit strength.

Dividend & long‑term targets (2030)

2030 per‑share targets vs. 2025 base: EPRA Earnings ≥ €2.00 (≥ +6% p.a.), Dividend ≥ €1.60 (≥ +6% p.a.), and cumulative total return ≥ 50% (≈ ≥10% equity return p.a.).

Strategy & geographic expansion

#BLEND multi‑driver model continues (pre‑let developments, selective acquisitions, internal growth, energy solutions); gradual entrance planned into Spain and Italy under #BLEND&EXTEND2030.

Governance & shareholder support

Jos De Pauw family reaffirms long‑term commitment with two Board nominees and Board renewals add international expertise to support a €10bn+ EU platform.

Outlook

WDP says #BLEND2027 remains on track, expects improving leasing momentum and a gradual cyclical recovery in 2026, with new growth initiatives aimed at driving cash‑flow beyond 2027.

Summarized from source with an LLMView Source

Key figures

5.50%1Y

-14.9%3Y

-27.0%5Y

Performance

20.0%1Y

22.8%3Y

25.7%5Y

Volatility