Warehouses De Pauw (WDP) Q3 2026 earnings summary

Executive summary

• 9M 2026 EPRA EPS rose 5% YoY to €1.21; FY2026 EPS guidance of €1.60 and dividend guidance of €1.29 per share were confirmed.

• Occupancy was 97.2%, portfolio fair value €9.0bn and annualised rent €507m; the €791m execution pipeline was 91% pre-let.

• Blend & Extend 2030 targets a larger integrated European logistics platform, with a proposed ARGAN merger on track for Q1 2027 completion.

Financial highlights

• Rental income net of rental-related expenses was €361.360m, up 7.9% YoY; property result was €382.986m, up 9.3%.

• Operating result before portfolio result rose 10.0% to €348.471m; EPRA Earnings increased 8.8% to €286.861m.

• IFRS net result was €283.652m versus €246.684m in 9M 2025; per-share net result was €1.19 versus €1.08.

• Like-for-like rental growth was 1.6%, operating margin 91.0%, and occupancy 97.2% versus 97.7% in 9M 2025.

Outlook and guidance

• FY2026 guidance confirmed at EPRA EPS of €1.60 and DPS of €1.29, each up 5% YoY; dividend is payable in 2027 on an 80% payout ratio.

• Guidance assumptions include like-for-like rental growth of ~2%, occupancy of at least 97%, average cost of debt of 2.5% and LTV of ~38%.

• 2030 minimum targets include EPRA EPS of €2.00 and DPS of €1.60, each implying at least 6% CAGR; cumulative total return target is at least 50%.

• Energy revenue is targeted to double to €50m by 2030; like-for-like rental growth is expected to improve in 2027 through indexation, with ERVs expected to track inflation.