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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Warehouses De Pauw
Warehouses De Pauw (WDP) investor relations material
Warehouses De Pauw Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary23 Oct, 2026
Executive summary
9M 2026 EPRA EPS rose 5% YoY to €1.21; FY2026 EPS guidance of €1.60 and dividend guidance of €1.29 per share were confirmed.
Occupancy was 97.2%, portfolio fair value €9.0bn and annualised rent €507m; the €791m execution pipeline was 91% pre-let.
Blend & Extend 2030 targets a larger integrated European logistics platform, with a proposed ARGAN merger on track for Q1 2027 completion.
Financial highlights
Rental income net of rental-related expenses was €361.360m, up 7.9% YoY; property result was €382.986m, up 9.3%.
Operating result before portfolio result rose 10.0% to €348.471m; EPRA Earnings increased 8.8% to €286.861m.
IFRS net result was €283.652m versus €246.684m in 9M 2025; per-share net result was €1.19 versus €1.08.
Like-for-like rental growth was 1.6%, operating margin 91.0%, and occupancy 97.2% versus 97.7% in 9M 2025.
Outlook and guidance
FY2026 guidance confirmed at EPRA EPS of €1.60 and DPS of €1.29, each up 5% YoY; dividend is payable in 2027 on an 80% payout ratio.
Guidance assumptions include like-for-like rental growth of ~2%, occupancy of at least 97%, average cost of debt of 2.5% and LTV of ~38%.
2030 minimum targets include EPRA EPS of €2.00 and DPS of €1.60, each implying at least 6% CAGR; cumulative total return target is at least 50%.
Energy revenue is targeted to double to €50m by 2030; like-for-like rental growth is expected to improve in 2027 through indexation, with ERVs expected to track inflation.
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Latest events from Warehouses De Pauw
- H1 2026 EPS up 5%, 97.2% occupancy, €13bn+ ARGAN merger, 2026 guidance confirmed.WDP
Q2 2026 - A €13bn merger forms a top-3 European logistics REIT, delivering synergies and value uplift.WDPM&A announcement
- Q1 2026 saw 6% EPS growth, €140m new investments, and high occupancy at 97.3%.WDPQ1 2026
- 7% EPS growth, high occupancy, and A3 credit rating highlight robust 2025 results.WDPQ4 2025
- EPRA EPS up 8%, 97.4% occupancy, €700m pipeline, and €500m green bond support growth.WDPQ3 2025
- 6% EPS growth, 97.3% occupancy, and €800M pipeline support confirmed 2025–27 targets.WDPQ2 2025
- Strong earnings growth, €600m investments, and 98% occupancy support 2024 and 2027 targets.WDPQ3 2024
- Q1 2025 saw 8% EPS growth, 98.1% occupancy, and €820m pipeline execution.WDPQ1 2025
- 7% EPS growth, €1bn investments, and €8bn portfolio support 2027 EPS target of €1.70.WDPQ4 2024
Next Warehouses De Pauw earnings date
Q4 202629 Jan, 2027
Warehouses De Pauw
Next Warehouses De Pauw earnings date
Q4 202629 Jan, 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.