CTP (CTPNV) H1 2024 earnings summary

Executive summary

• Business has doubled in size since IPO in March 2021, with significant growth in lettable area, rental income, and value.

• Gross rental income rose 14.4% year-on-year to €321m in H1 2024, with net rental income up 17% to €314m.

• Company specific adjusted EPRA EPS increased 11.2% to €0.40; EPRA NTA per share up 7.1% to €17.05.

• Land bank totals 25.5 million sqm, with 2.0 million sqm under construction and strong portfolio expansion.

• 918,000 sqm of leases signed in H1-2024, up 8% year-on-year, with 93% occupancy and strong tenant demand.

Financial highlights

• Net rental income increased 17% year-on-year, with NRI to GRI ratio at 97.8%.

• Net valuation result on investment property was €437m, up 4.7% year-on-year.

• Profit for the period increased 13.6% to €534m.

• Portfolio value reached €14.8 billion, up 8.5% from year-end 2023.

• Like-for-like rental growth was 4.8% in H1 2024, driven by indexation and strong rent reversion.

Outlook and guidance

• Company specific adjusted EPRA EPS guidance for 2024 confirmed at €0.80–€0.82.

• Targeting €1 billion annual rental income by 2027 and 20 million sqm GLA before decade's end.

• Targeting 1–1.5 million sqm deliveries in 2024, with 2.0 million sqm under construction.

• Dividend policy maintained at 70–80% payout, with growing dividend per share.

• Development pipeline and deliveries expected to remain strong, with potential for higher volumes in 2025 if demand persists.