Warehouses De Pauw (WDP) Q4 2025 earnings summary

Executive summary

• Reported 2025 EPRA EPS of €1.53, reflecting 7% underlying growth year-on-year, with a 97.7% occupancy rate and over 550,000 m² of new leases signed.

• Portfolio value reached €9 billion, with a best-in-class balance sheet and Moody's credit rating upgraded to A3.

• Investment pipeline of €708 million in execution, with a 6.8% NOI yield and strong self-financing capacity.

• Strategic plan "Blend and Extend 2030" targets an integrated EU platform, above-average growth, and below-average risk.

• Board strengthened with new directors and international expertise, and inclusion in Euronext Amsterdam's AEX Index in September 2025.

Financial highlights

• Rental income increased by 15.9% to €449.1m; property result up 12.7% to €470.4m; EPRA Earnings at €352.6m (+6%).

• Net result (IFRS) at €353.9m, down from €435.5m in 2024 due to lower portfolio revaluations.

• Operating margin remained high at 90.3%; like-for-like rental growth at 2.3%.

• Loan-to-value at 40.1%, net debt/EBITDA (adj.) at 7.5x, and EPRA NTA per share at €21.9 (+3.6%).

• Return on equity for 2025 was 9%, with a total accounting return of 9%.

Outlook and guidance

• 2026 EPRA EPS guidance of €1.60 (+5% y/y), with a projected dividend per share of €1.29.

• Long-term targets for 2030: EPRA EPS ≥ €2.00 (≥6% CAGR), dividend per share ≥ €1.60, and total return CAGR ≥10%.

• Like-for-like rental growth expected at ~2%, with occupancy rate to remain above 97%.

• Net debt/EBITDA (adj.) to stay around 8x, loan-to-value at ~40%, and average cost of debt at 2.5%.

• Growth plan #BLEND2027 is on track, with the investment pipeline fully financed and capital structure neutral upon completion.