CTP (CTPNV) Q1 2025 Q&A earnings summary

Executive summary

• Q1 2025 saw strong leasing activity, with 416,000 sq m of leases signed, up 25% year-on-year, and continued rental growth of 3% on new leases compared to Q1 2024.

• Gross rental income rose 15.9% year-on-year to EUR 182.5 million, with like-for-like rental growth of 4.2% and a 24% increase in leasing activity.

• Business remains diversified across industries and geographies, with a focus on tenant satisfaction and retention, maintaining a 90% retention rate and stable 93% occupancy.

• Annualized rental income climbed to EUR 748 million, with a target of EUR 1 billion by 2027.

• 1.9 million sq m under construction, with a landbank of 26.4 million sq m and significant developments in Poland, Germany, and Romania.

Financial highlights

• Net rental income increased 16.8% year-on-year to EUR 179.4 million.

• Adjusted EPRA EPS grew 6.9% year-on-year to EUR 0.21, on track for EUR 0.25 guidance.

• EPRA NTA per share increased 2.8% quarter-on-quarter and 12.6% year-on-year to EUR 18.58.

• Total gross asset value reached EUR 16.3 billion, up 2.3% in Q1 and 16.7% year-on-year.

• Cash and cash equivalents rose to EUR 1.85 billion, with total liquidity at EUR 3.1 billion.

Outlook and guidance

• EPS guidance for 2025 is EUR 0.86–0.88, representing 8–10% growth over 2024.

• Targeting delivery of 1.2–1.7 million sq m of developments in 2025, with 42% pre-let.

• Annualized rental income goal of EUR 1 billion by 2027 and 20 million sq m GLA by decade's end.

• Dividend for 2024 set at EUR 0.59 per share, a 12.4% increase year-on-year, with a 74% payout ratio.

• Expecting further yield compression and positive valuation growth in CEE markets in 2025.