CTP (CTPNV) Q2 2025 earnings summary

Executive summary

• Gross rental income rose 14.4% year-over-year to €367.2 million in H1-2025, with like-for-like rental growth of 4.9% and 11% more leases signed compared to H1-2024, driven by robust demand and a diversified, pan-European portfolio.

• Occupancy remained high at 93%, with a WAULT of 6.2 years, tenant retention at 85%, and rent collection rate at 99.7%, reflecting stable operations and long-term client relationships.

• Portfolio expanded to 13.5 million sqm GLA, with 2.0 million sqm under construction and a landbank of 26.1 million sqm supporting future growth.

• Over 70% of new business comes from existing clients, with Asian (notably Chinese) companies accounting for 20% of new business in the last 18 months.

• Energy segment revenues surged 136% year-over-year to €8.0 million, with 138 MWp installed capacity supporting tenant ESG ambitions.

Financial highlights

• Net rental income rose 14.8% year-over-year to €360.3 million, with a net rental income to rental income ratio of 98.1%.

• Net valuation result on investment property was €597.9 million, up 37.7% year-over-year; profit for the period was €625.8 million, up 17.2% year-over-year.

• Company-specific adjusted EPRA earnings increased 12.2% year-over-year to €199.3 million; adjusted EPRA EPS up 6.2% to €0.42.

• EPRA NTA per share increased 7.1% since year-end 2024 to €19.36; Gross Asset Value at €17.1 billion, up 7.2% since December 2024.

• LTV decreased to 44.9% as of June 2025, with average cost of debt at 3.2%.

Outlook and guidance

• Guidance for 2025 Company-specific adjusted EPRA EPS is €0.86–€0.88, representing 8–10% growth over 2024.

• Targeting €1.0 billion annualised rental income in 2027 and 20 million sqm GLA by decade's end.

• 2.0 million sqm under construction and 1.2–1.7 million sqm targeted for delivery in 2025, with pre-let ratios expected within 80–90%.

• Interim dividend of €0.31 per share announced, up 6.9% year-over-year, with a 74% payout ratio; dividend policy payout 70–80%.

• Double-digit EPS growth anticipated from 2026 onwards.