CTP (CTPNV) H2 2024 earnings summary

Executive summary

• Achieved record profit of €1.1 billion for FY 2024, up 17.2% year-over-year, with strong leasing activity and 2.1 million sqm of leases signed (+7% YoY), driven by high client retention and a diversified client base.

• Portfolio expanded to 13.3 million sqm GLA, with 1.8 million sqm under construction and a landbank of 26.4 million sqm; occupancy at 93% and WAULT of 6.4 years.

• Gross rental income rose 16.1% year-over-year to €664.1 million; net rental income up 19.0% to €646.8 million.

• Expanded presence in Germany with major brownfield acquisitions and continued strong growth in CEE; welcomed new Asian tenants, with 20% of 2024 leases signed with Asian companies.

• Tenant retention at 87% and collection rate at 99.8%, with over 1,000 clients and significant exposure to manufacturing, automotive, and 3PL sectors.

Financial highlights

• Company specific adjusted EPRA EPS rose 9.9% to €0.80; EPRA NTA per share up 13.6% to €18.08.

• Net valuation result on investment property increased 7.1% YoY to €941.5 million.

• Total gross asset value reached €16 billion, up 17.2% in 2024.

• Annualized rental income increased to €743 million; total accounting return was 17%.

• LTV improved to 45.3% (from 46.0%); normalized net debt to EBITDA at 9.1x; average cost of debt at 3.09%.

Outlook and guidance

• Guidance for 2025: company specific adjusted EPRA EPS of €0.86–€0.88 (+8–10% YoY); targeting annualized rental income of €1 billion by 2027 and 20 million sqm GLA before decade's end.

• Targeting delivery of 1.2–1.7 million sqm in 2025, with 1.8 million sqm under construction and YoC target above 10%.

• Dividend for 2024 proposed at €0.59 per share, a 12.4% increase, with a 74% payout ratio.

• Funding needs for 2025 estimated at around €2 billion, split between CapEx and refinancing.

• Committed to maintaining yield on cost above 10% across the group, even as Western European developments ramp up.