Warehouses De Pauw (WDP) Q4 2025 earnings summary

Executive summary

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

• Portfolio value reached €9 billion, supported by a strong balance sheet, Moody's A3 credit rating, and €1.7bn in unused credit facilities.

• Strategic plan 'Blend and Extend 2030' targets integrated EU platform status, aiming for above-average growth with below-average risk.

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

• Board strengthened with new directors and increased international expertise to support European expansion.

Financial highlights

• Rental income increased by 15.9% year-over-year to €449.1 million; property result up 12.7% to €470.4 million.

• EPRA Earnings for FY 2025 reached €352.6 million, up 6% y/y; net result (IFRS) was €353.9 million, down from €435.5 million in 2024 due to lower portfolio revaluation.

• Operating margin remained high at 90.3%, with a low average cost of debt at 2.4%.

• Secured €600 million in new investments at a net initial yield of 6.8%, maintaining a €700 million investment pipeline.

• Dividend per share for 2025 set at €1.23, with a payout ratio of 82%.

Outlook and guidance

• 2026 guidance targets +5% EPRA EPS growth to €1.60 and a dividend per share of €1.29, with occupancy expected to remain above 97%.

• On track for €1.70 EPS in 2027 and targeting at least €2 EPRA EPS by 2030, with a projected +6% average annual growth rate.

• Double-digit total returns of at least 10% per year anticipated through 2030, measured as NAV growth plus dividends.

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

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