CTP (CTPNV) Q2 2026 earnings summary

Executive summary

• Record leasing activity in H1 2026, with 1.6 million sqm signed (up 55% YoY), and annualized rental income rising 13.3% to €858 million, reflecting strong demand across multiple European markets.

• Gross rental income grew 12.6% year-over-year to €413.3 million, with like-for-like rental growth of 4.7% and high occupancy at 93%.

• Net profit for the period was €100 million, down sharply from €625.8 million in the prior year, mainly due to a negative net valuation result on investment property.

• Portfolio expanded to nearly 15 million sqm, with 2 million sqm under construction and a 33 million sqm land bank, including expansion into Italy and Vietnam.

• High retention rate of nearly 90%, rent collection above 99%, and a WAULT of 6.1 years maintained.

Financial highlights

• Net rental income rose 12.4% year-over-year to €404.8 million, with a margin of 97.9%.

• Adjusted EPRA earnings increased 11.2% to €240.9 million; adjusted EPRA EPS up 9% to €0.50 per share.

• Net valuation result was negative €83 million, with a negative €147 million revaluation in the standing portfolio, partially offset by €69 million positive revaluation from developments.

• Gross asset value at €18.9 billion, up 11% year-over-year; EPRA NTA per share at €20.23, up 4.5%.

• Liquidity position at €2.1 billion as of June 30, 2026.

Outlook and guidance

• On track to achieve €1 billion annualized rental income by 2027, supported by 2 million sqm under construction and robust leasing pipeline.

• 2026 adjusted EPRA EPS guidance is €1.01–€1.03 per share, implying 9–11% year-over-year growth.

• Interim dividend of €0.345 per share, up 11.3% year-over-year, with a 70% payout ratio.

• Expects stable ERVs for the rest of 2026, with rental growth resuming in 2027.

• Majority of pipeline projects expected to be completed within 12–15 months.