Warehouses De Pauw (WDP) Q2 2025 earnings summary

Executive summary

• EPRA EPS rose 6% year-over-year to €0.75 in H1 2025, fully in line with expectations and confirming the #BLEND2027 strategy.

• Over 300,000 sqm of new leases signed, with occupancy at 97.3%, slightly above expectations.

• €800M investment pipeline in execution, with all €440M deals in exclusive negotiation now secured.

• 2027 EPRA EPS target of €1.70 and DPS of €1.36 reaffirmed, with all building blocks in place.

• Robust balance sheet and liquidity position support continued growth and execution of the strategic plan.

Financial highlights

• H1 2025 rental income rose 19.2% year-over-year to €220.8M; property result up 18.7% to €228.3M.

• EPRA Earnings increased 9.7% year-over-year to €171.2M; EPRA EPS at €0.75, up 6.5%.

• Net result (IFRS) at €139.2M, down from €214.6M in H1 2024 due to negative fair value adjustments.

• Occupancy rate at 97.3% as of June 30, 2025; like-for-like rental growth at 2.2%.

• Net debt/EBITDA (adj.) at 7.7x; loan-to-value at 41.3%.

Outlook and guidance

• 2025 EPRA EPS guidance confirmed at €1.53 (+7% y/y); 2027 target of €1.70 reaffirmed.

• Dividend per share projected at €1.23 gross for 2025, with 80% payout ratio.

• Assumes minimum 97% occupancy, stable operational metrics, and gradual demand recovery.

• Guidance incorporates the impact of the Dutch REIT regime abolition (-€0.05 per share from 2025).

• Cost of debt expected at ~2.3% in 2025 and below 2.5% until end-2027.