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Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
Warehouses De Pauw
Warehouses De Pauw (WDP) investor relations material
Warehouses De Pauw Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary30 Jan, 2026
Executive summary
Reported 2025 EPRA EPS of €1.53, reflecting 7% underlying growth year-on-year, with a 97.7% occupancy rate and over 550,000 m² of new leases signed.
Portfolio value reached €9 billion, with a best-in-class balance sheet and Moody's credit rating upgraded to A3.
Investment pipeline of €708 million in execution, with a 6.8% NOI yield and strong self-financing capacity.
Strategic plan "Blend and Extend 2030" targets an integrated EU platform, above-average growth, and below-average risk.
Board strengthened with new directors and international expertise, and inclusion in Euronext Amsterdam's AEX Index in September 2025.
Financial highlights
Rental income increased by 15.9% to €449.1m; property result up 12.7% to €470.4m; EPRA Earnings at €352.6m (+6%).
Net result (IFRS) at €353.9m, down from €435.5m in 2024 due to lower portfolio revaluations.
Operating margin remained high at 90.3%; like-for-like rental growth at 2.3%.
Loan-to-value at 40.1%, net debt/EBITDA (adj.) at 7.5x, and EPRA NTA per share at €21.9 (+3.6%).
Return on equity for 2025 was 9%, with a total accounting return of 9%.
Outlook and guidance
2026 EPRA EPS guidance of €1.60 (+5% y/y), with a projected dividend per share of €1.29.
Long-term targets for 2030: EPRA EPS ≥ €2.00 (≥6% CAGR), dividend per share ≥ €1.60, and total return CAGR ≥10%.
Like-for-like rental growth expected at ~2%, with occupancy rate to remain above 97%.
Net debt/EBITDA (adj.) to stay around 8x, loan-to-value at ~40%, and average cost of debt at 2.5%.
Growth plan #BLEND2027 is on track, with the investment pipeline fully financed and capital structure neutral upon completion.
What is the recurring annual tax impact from FBI regime?
What is the investment strategy for Spain and Italy?
What is the expected IRR for the Genk FTM BESS project?
Spain/Italy entry strategy beyond country mgrs?
Justify leverage increase vs. market trend
ERV growth assumptions for 2030 plan?
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Next Warehouses De Pauw earnings date
Q1 202624 Apr, 2026
Warehouses De Pauw
Next Warehouses De Pauw earnings date
Q1 202624 Apr, 2026
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Frequently asked questions
Warehouses De Pauw NV/SA is a real estate company specializing in the development and leasing of logistics and semi-industrial real estate properties. The company provides storage and distribution facilities tailored for logistics, industrial, and production purposes. WDP focuses on renting multifunctional warehouses, storerooms, logistics and distribution centers, and industrial real estate primarily located in Belgium, with an extended presence in other parts of Europe. Their real estate portfolio caters to a wide range of sectors by offering tailor-made solutions to meet the specific needs of their clients. The company is headquartered in Belgium, and its shares are listed on the Euronext Brussels stock exchange.
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