CTP (CTPNV) investor relations material

Compounding growth through a scalable platform

• Gross lettable area grew 2.5x since 2020, reaching 14.8M sqm by H1 2026, with the IPO target of 10M sqm achieved a year early.

• Annualized rental income increased 3.2x to €858M, with clear visibility to surpass €1B by 2027, driven by indexation, reversion, and high occupancy targets.

• Operating cash flow is projected to exceed €450M from 2027, reflecting a 10% CAGR since 2022, supporting a self-funding growth engine.

• The client base is highly diversified, with the top 10 clients accounting for only 12.7% of GLA, reducing concentration risk.

• Passing rents have grown significantly across key markets, with increases of 16–28% since 2022, supported by indexation and active asset management.

Platform expansion, digitalization, and new business lines

• The platform has been successfully scaled across multiple European markets, with recent entries into Italy, Germany, and Vietnam, leveraging a large landbank for future growth.

• Digitalization initiatives include the rollout of Microsoft Dynamics D365 and FlexProperty for ERP and property management, and SINGU for workflow automation, driving operational efficiency and scalability.

• Energy initiatives monetize park infrastructure, with 161 MWp solar installed and battery storage projects targeting >15% yield on cost, expanding recurring revenue streams.

• The SBU (Small Business Unit) format enables higher revenue density and broader tenant reach, with smaller capital tickets and higher revenue per sqm compared to big-box projects.

• Technology investments focus on smart energy, digital construction, and sustainability reporting, with a lean, centralized tech team and a new CTO leading digital transformation.

Financial discipline, credit profile, and funding strategy

• Growth has led to three credit rating upgrades in the past year, with current ratings of Baa2 (Moody’s), BBB (S&P), and A (JCR), reflecting scale, cash flow, and financial discipline.

• Net debt/EBITDA stands at 9.6x (target <10x), with a path to deleveraging through earnings growth and development completions; leverage is above target but supported by strong cash generation.

• Funding is diversified across unsecured bonds, loans, and equity, with over €10B raised since 2020 and 99% of debt fixed or hedged, limiting exposure to rising rates.

• Average cost of debt is 3.4%, with a maturity profile extending 4.6 years and significant covenant headroom.

• The platform’s recurring cash flow and revaluation profits enable over €1B of investment annually without new equity, supporting sustainable, self-funded growth.