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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.
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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