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Warehouses De Pauw NV/SA (WDP) investor relations material
Warehouses De Pauw NV/SA Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
EPRA EPS rose 6% year-over-year to €0.75 in H1 2025, fully in line with expectations and confirming the #BLEND2027 strategy.
Over 300,000 sqm of new leases signed, with occupancy at 97.3%, slightly above expectations.
€800M investment pipeline in execution, with all €440M deals in exclusive negotiation now secured.
2027 EPRA EPS target of €1.70 and DPS of €1.36 reaffirmed, with all building blocks in place.
Robust balance sheet and liquidity position support continued growth and execution of the strategic plan.
Financial highlights
H1 2025 rental income rose 19.2% year-over-year to €220.8M; property result up 18.7% to €228.3M.
EPRA Earnings increased 9.7% year-over-year to €171.2M; EPRA EPS at €0.75, up 6.5%.
Net result (IFRS) at €139.2M, down from €214.6M in H1 2024 due to negative fair value adjustments.
Occupancy rate at 97.3% as of June 30, 2025; like-for-like rental growth at 2.2%.
Net debt/EBITDA (adj.) at 7.7x; loan-to-value at 41.3%.
Outlook and guidance
2025 EPRA EPS guidance confirmed at €1.53 (+7% y/y); 2027 target of €1.70 reaffirmed.
Dividend per share projected at €1.23 gross for 2025, with 80% payout ratio.
Assumes minimum 97% occupancy, stable operational metrics, and gradual demand recovery.
Guidance incorporates the impact of the Dutch REIT regime abolition (-€0.05 per share from 2025).
Cost of debt expected at ~2.3% in 2025 and below 2.5% until end-2027.
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