Warehouses De Pauw (WDP) Q2 2026 earnings summary

Executive summary

• Operations and expansion remained robust, with strong leasing, high occupancy of 97.2%, and new projects and acquisitions across multiple European countries.

• EPRA Earnings per share rose 5% year-over-year to €0.79 in H1 2026, with full-year guidance of €1.60 and a dividend per share of €1.29 confirmed.

• Announced a proposed all-share merger with ARGAN, creating a €13bn+ European logistics REIT, combining platforms across eight countries and reinforcing long-term growth targets.

• Investment pipeline in execution totals €760m at a 6.8% NOI yield, with €300m of new investments and €116m of disposals in H1 2026.

• Strong balance sheet with A3/BBB+ ratings, €1.4bn in liquidity, and disciplined capital allocation.

Financial highlights

• Rental income rose 8.1% year-over-year to €238.7m; property result up 9.7% to €250.4m, driven by new developments, acquisitions, and organic rental growth of 1.6%.

• EPRA Earnings for H1 2026: €186.7m, up 9% year-over-year; net result (IFRS) for H1 2026: €186.6m, up from €139.2m in H1 2025.

• Operating margin remained high at 90.2%; occupancy at 97.2%.

• EPRA NTA per share: €21.4 as of 30 June 2026; portfolio fair value at €8.7bn.

• Loan-to-value at 41.6%, net debt/EBITDA (adj.) at 7.6x, interest coverage ratio at 4.9x, and average cost of debt at 2.4%.

Outlook and guidance

• 2026 guidance confirmed: EPRA EPS of €1.60 (+5% y/y), DPS of €1.29 (+5% y/y), with stable occupancy (≥97%) and like-for-like rental growth of ~2%.

• Five-year growth plan targets EPS of at least €2.00 and DPS of at least €1.60 by 2030, with >6% EPS CAGR and >10% total return CAGR.

• Vacancy is expected to remain below 3% in 2027, with normalized occupancy rates between 97% and 98%.

• ERV growth is expected to resume in the mid to long term, driven by inflation and scarcity.

• ARGAN deal expected to be 3% EPS accretive in 2028 after full integration and realization of €10 million in synergies.