CTP (CTPNV) Q4 2025 earnings summary

Executive summary

• Celebrated 25 years of growth, expanding from a single site to a pan-European platform with over 1,000 employees and a 14.6 million sqm GLA portfolio, achieving a 20% CAGR since 2020.

• Achieved strong FY 2025 results, with gross rental income up 14.4%, net rental income up 14.1% to €738 million, and occupancy stable at 93%.

• Signed 2.3 million sqm of new leases in 2025, with rental rates up nearly 5% year-over-year and 71% of new leases with existing clients.

• Expanded into Italy, securing an 8.7 million sqm landbank and 200,000 sqm under construction, targeting 1 million sqm lettable area in five years.

• Focused on long-term growth, aiming to double portfolio to 30 million sqm GLA by 2030 and targeting €1 billion annualized rental income by 2027.

Financial highlights

• Net rental income rose 14.1% to €738 million; gross rental income reached €759.8 million (+14.4% YoY).

• Annualized rental income increased to €840 million; occupancy stable at 93%.

• Adjusted EPRA earnings up 11.3% to €405 million; adjusted EPRA EPS up 6.3% to €0.85.

• Portfolio revaluation added over €1.1 billion; gross asset value reached €18.5 billion, up 15.7%.

• EPRA NTA per share increased 12.8% to €20.39.

Outlook and guidance

• 2026 adjusted EPRA EPS guidance set at €1.01–€1.03, implying 9–11% growth.

• Targeting €1 billion annualized rental income by 2027 and 30 million sqm GLA by 2030.

• Targeting 1.4–1.7 million sqm of deliveries in 2026, including 200,000 sqm in Italy.

• Dividend payout ratio maintained at 70–80%, with scrip option and 2025 dividend proposed at €0.63 per share (+6.8%).

• Interest capitalization and refinancing to moderately impact EPS in 2026.