CTP (CTPNV) Q1 2025 earnings summary

Executive summary

• Q1 2025 gross rental income rose 15.9% year-over-year to €183m, with net rental income up 16.8% to €179.4m and like-for-like rental growth of 4.2%.

• Leasing activity surged with 416,000 sqm leased in Q1 2025, up 24% year-over-year, and rental growth of 3% on new leases.

• Occupancy remained high at 93%, with a WAULT of 6.5 years, strong tenant retention, and a diversified portfolio across industries.

• Portfolio GAV reached €16.3bn, with 13.4m sqm GLA and 1.9m sqm under construction.

• Strong demand in Central and Eastern Europe, driven by nearshoring, de-globalization, and increased Asian client activity.

Financial highlights

• Net rental income rose 16.8% YoY to €179.4m; adjusted EPRA EPS increased 6.9% YoY to €0.21.

• Net valuation result on investment property was €156.2m, down 5.6% YoY; profit for the period was €196.3m, down 13.5% YoY.

• EPRA NTA per share rose 2.8% in Q1 to €18.58, up 12.6% YoY; total accounting return of 16% over 12 months.

• Gross Asset Value increased 2.3% in Q1 and 16.7% YoY to €16.3bn.

• Annualized rental income reached €748m, up 148% since 2020.

Outlook and guidance

• Guidance for 2025 company-specific adjusted EPRA EPS is €0.86–€0.88, up 8–10% from 2024.

• Targeting delivery of 1.2–1.7m sqm in 2025 and 20m sqm GLA before decade's end.

• Aims to reach €1bn rental income in 2027 and €1.2bn before 2030.

• Dividend policy targets 70–80% payout, with growing dividends per share.

• Expecting double-digit EPS growth from 2026 onwards.