CTP (CTPNV) CMD 2025 summary

Platform for growth and business model

• Targeting €1 billion annualised rental income by 2027, leveraging a 26.1 million sqm landbank and over 1,500 clients, with expansion into new markets and product innovation.

• Integrated operator-developer model with 13.5 million sqm GLA, 2.0 million sqm under construction, and 85% client retention, driving 10-15% new space developed per year.

• Local management in existing markets and CEO-led entries in new markets ensure strategic agility and tenant-led expansion.

• Successful market entries in Germany and Poland via major acquisitions, with significant landbank and redevelopment platforms established.

• GLA more than doubled since IPO in 2021, with investment property value up 191% and annualised rental income up 151%.

Growth drivers and market trends

• Diversified portfolio across industries, with strong demand from automotive, 3PL, and manufacturing sectors, and rapid growth in e-commerce and nearshoring.

• Automotive demand remains resilient, with OEMs and Asian manufacturers expanding in CEE due to tariffs and skilled labor availability.

• Nearshoring drives 20% of leasing for Asian clients, with Vietnam explored as a new market.

• Domestic consumption in CEE outpaces Western Europe, supporting long-term demand.

• German economy's focus on high-tech and defense, with increased public and private investment, supports industrial and logistics growth.

Financial strategy and capital allocation

• Funding principles prioritize stable investment-grade ratings, with active liability management, strong liquidity, and a mix of secured/unsecured debt.

• Most expensive debt from 2022-2023 repriced or repaid, slowing 2025 EPS growth but enabling double-digit growth from 2026.

• Normalised net debt to EBITDA at 9.2x, with targets below 10x and LTV between 40-45%.

• Each euro invested in development improves credit metrics, with retained earnings funding up to 2 million sqm of new GLA.

• Demonstrated access to credit and equity markets, with €1.3bn backup RCF and conservative maturity profile.