Warehouses De Pauw (WDP) Q3 2025 earnings summary

Executive summary

• EPRA Earnings per share rose 8% year-over-year to €1.15 for 9M 2025, or 5% including the -3% impact from the Dutch FBI regime abolition.

• 400,000 sq m of new leases signed, maintaining a high occupancy rate of 97.4% (+10 bps q/q), slightly ahead of expectations.

• Investment pipeline of €700 million in execution, with €475 million in new investments secured and €704 million in funding in place.

• Moody’s upgraded credit rating to A3; €500 million green bond issued at attractive terms, nearly 7x oversubscribed.

• Management and operations remain stable following the passing of a key founder, with succession planning underway.

Financial highlights

• Net rental income rose 17.7% year-over-year to €334.9 million for 9M 2025.

• EPRA Earnings increased 8.6% to €263.7 million.

• EPRA EPS reached €1.15 (+5.2% year-over-year).

• Net result (IFRS) was €246.7 million, down from €306.3 million due to lower portfolio revaluations.

• Operating margin improved to 90.4%.

Outlook and guidance

• 2025 EPRA EPS guidance confirmed at €1.53, an underlying increase of 7% year-over-year.

• 2027 target of €1.70 EPRA EPS reaffirmed, with all investments and funding secured.

• Dividend per share projected at €1.23 gross for 2025 (80% payout ratio), with 2027 DPS target of €1.36.

• Loan-to-value expected to remain below 40%, cost of debt below 2.5% through 2027.

• Impact from Dutch REIT regime abolishment: -€0.05 per share annually from 2025.