CTP (CTPNV) Q3 2026 earnings summary

Executive summary

• 9M-2026 leasing reached a record 1.943m sq m, up 23% YoY; gross rental income rose 12.5% to €632.0m and adjusted EPRA earnings increased 9.8% to €365.2m.

• Occupancy was 93%, like-for-like rental growth 4.8%, and annualized rental income €871.3m at 30 September 2026.

• The 1.677m-sq-m development pipeline offers €130m potential annual rent, supporting the €1bn annualized rental-income target for 2027.

Financial highlights

• 9M-2026 net rental income rose 12.8% to €619.0m; adjusted EPRA earnings were €365.2m, up 9.8%, and adjusted EPRA EPS rose 7.4% to €0.75 on a restated basis.

• Profit for the period fell 62.9% to €320.1m, mainly as the net valuation result was €56.0m versus €774.4m in 9M-2025.

• The 9M net valuation result included €215.3m gains on investment property under development, offset by a €150.3m standing-asset decline and €9.0m landbank decline.

• EPRA NTA was €20.78 per share at 30 September 2026, up 4.0% YoY; total revenues were €780.1m and gross profit €639.1m.

Outlook and guidance

• FY-2026 company-specific adjusted EPRA EPS guidance remained €1.01–€1.03, implying 9%–11% growth versus 2025.

• Annualized rental income is targeted to exceed €1.0bn in 2027; double-digit adjusted EPRA EPS growth is expected in subsequent years.

• 2026 deliveries are expected at the lower end of the 1.4m–1.7m-sq-m range, reflecting completion timing and a disciplined, tenant-led approach.

• The development pipeline is expected to deliver 10.0% yield on cost; 165,000 sq m was pre-let for future projects, representing over €13m potential annual rent.

• Estimated rental values are expected to remain broadly stable through 2026, with rental growth expected to resume in 2027.