CTP (CTPNV) Q1 2026 earnings summary

Executive summary

• Achieved record Q1-2026 leasing activity of 762,000 sqm, up 83% year-over-year, with 445,000 sqm from new deals and the remainder from renewals, mainly with existing clients; occupancy stable at 93% and WAULT at 6.1 years.

• Annualized rental income rose 14% year-over-year to €849.3 million, with a target of €1 billion by 2027, supported by a robust development pipeline and high occupancy.

• Portfolio reached 14.7 million sqm GLA, with 2 million sqm under construction and a 33.3 million sqm landbank, supporting future growth.

• Maintained high client retention (95%) and rent collection (99.5%), with a diversified tenant base and no single tenant exceeding 2% of rent roll.

• Company-specific adjusted EPRA EPS increased 8.7% year-over-year to €0.25.

Financial highlights

• Gross Rental Income for Q1-2026 was €205.1 million, up 12.3% year-over-year; Net Rental Income reached €199.6 million, up 11.3%.

• Profit for the period was €212.5 million, an 8.3% increase year-over-year.

• Like-for-like rental growth was 4.6% in Q1 2026, up from 4.2% in Q1 2025, driven by indexation and rent reversion.

• Portfolio revaluation in Q1 2026 was €164.1 million, with a yield on cost of 10.4% for delivered projects.

• EPRA NTA per share increased 12.3% year-over-year to €20.95.

Outlook and guidance

• Confident in achieving €1 billion annualized rental income by 2027, with a medium-term ambition to double portfolio to 30 million sqm.

• Full-year 2026 adjusted EPRA EPS guidance maintained at €1.01–€1.03, implying 9–11% growth year-over-year.

• Targeting delivery of 1.4–1.7 million sqm in 2026 and continued double-digit NTA growth per annum.

• Progressive dividend policy with 70–80% payout of adjusted EPRA EPS; default scrip dividend with cash option.

• Expect continued strong leasing in Q2, supported by structural demand drivers and tenant expansion.