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Warehouses De Pauw (WDP) investor relations material

Warehouses De Pauw Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary17 Oct, 2025

Executive summary

  • Achieved Q3 EPS of €1.55, confirming full-year guidance of €1.53 EPS, with EPRA Earnings per share up 8% year-over-year to €1.15 for 9M 2025.

  • Occupancy rate improved to 97.4%, with 400,000 sqm of new leases signed and 90% retention rate expected for 2026.

  • Investment activity reached €475 million, with a €700 million pipeline in execution at a 6.9% NOI yield, fully securing growth targets through 2027.

  • Moody’s upgraded credit rating to A3; €500 million Greench bond issued at an 80 bps margin, nearly 7x oversubscribed.

  • Management and operations remain stable following the passing of co-founder Tony de Paolo, with succession planning underway.

Financial highlights

  • EPRA Earnings reached €263.7 million for 9M 2025, up 8.6% year-over-year, with property result up 16.7% to €350.5 million.

  • Net result (IFRS) was €246.7 million, down from €306.3 million in 9M 2024 due to lower portfolio revaluation.

  • Operating margin improved to 90.4%, and like-for-like rental growth was 2.2%.

  • 400,000 sqm of new leases signed year-to-date, all at ERV with a 10% rent reversion on existing portfolio.

  • Portfolio valuation flat year-to-date, with a 0.5% revaluation in the first nine months.

Outlook and guidance

  • 2023 and 2025 full-year EPS guidance of €1.53 confirmed, with 2027 target of €1.70 EPS reaffirmed and all investments and funding secured.

  • Dividend per share projected at €1.23 gross for 2025 (80% payout ratio).

  • Occupancy expected to remain at or above 97%, with no large tenant concentrations in 2026 maturities.

  • Blend 27 plan on track, with ambitions for profitable growth beyond 2027.

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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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