CTP (CTPNV) Q1 2025 Q&A earnings summary

Executive summary

• Q1 2025 saw strong leasing activity, with 416,000 sq m of leases signed, up nearly 25% year-on-year, and continued rental growth of around 3% per sq m compared to last year.

• Gross rental income rose 15.9% year-on-year to EUR 182.5 million, with like-for-like rental growth of 4.2% and a 24% increase in leasing activity.

• Occupancy remained stable at 93%, with a diversified tenant base and a retention rate of 87% in Q1; rent collection rate was 99.7%.

• Adjusted EPRA EPS grew 6.9% year-on-year to EUR 0.21, on track for EUR 0.25 guidance; adjusted EPRA earnings increased 12.9% to EUR 98.7 million.

• The company continues to focus on nearshoring, value-add opportunities, and expanding in Central and Eastern Europe, especially Poland and Romania.

Financial highlights

• Net rental income increased 16.8% year-on-year to EUR 179.4 million.

• Annualized rental income increased to EUR 748 million, with a target of EUR 1 billion by 2027.

• EPRA NTA per share increased 2.8% in Q1 to EUR 18.58, up 12.6% year-on-year.

• Total gross asset value reached EUR 16.3 billion, up 2.3% in Q1 and 16.7% year-on-year.

• Profit for the period was EUR 196.3 million, down 13.5% year-on-year due to lower net valuation result.

Outlook and guidance

• EPS guidance for 2025 is EUR 0.86–0.88, representing 8–10% growth over 2024.

• Targeting delivery of 1.2–1.7 million sq m of developments in 2025, with 42% pre-let.

• Annualized rental income target of EUR 1 billion by 2027 and 20 million sq m GLA by decade's end.

• Dividend for 2024 set at EUR 0.59 per share, a 12.4% increase year-on-year, with a 74% payout ratio.

• Expecting further yield compression and positive valuation growth in CEE markets in 2025.