CTP (CTPNV) Q3 2025 earnings summary

Executive summary

• Achieved strong financial results in Q3 2025, with net rental income up 15.4% to €549 million and gross rental income up 15.1% to €562 million, driven by robust demand, supply chain professionalization, and nearshoring in Central and Eastern Europe.

• Signed 1.6 million sqm of leases in 9M-2025, up 6% year-over-year, with 73% of leases signed with existing tenants and average rent per sqm up 6%.

• Occupancy stable at 93%, with a retention rate of 82–85% and rent collection at 99.8%, underpinning stable cash flows.

• Expansion into new markets, including Italy and Vietnam, with a focus on full-service business park concepts and pre-leased developments.

• Portfolio expansion continues, with 2 million sqm under construction and a landbank supporting future growth.

Financial highlights

• Like-for-like rental growth was 4.5% in Q3 2025; occupancy stable at 93%.

• Net rental income rose 15.4% to €549 million; gross rental income up 15.1% to €562 million; annualized rental income reached €778 million.

• Adjusted EPRA earnings increased 13.1% year-over-year to €305.2 million; EPS up 7.2% to €0.64.

• Profit for the period grew 17.1% year-over-year to €862.8 million.

• Valuation gains for the first nine months totaled €802 million, with gross asset value at €17.7 billion, up 16% year-over-year.

• EPRA net tangible asset per share increased 10.5% year-to-date to €19.98.

Outlook and guidance

• On track to reach €1 billion annual rent by 2027 and 30 million sqm GLA by 2030.

• EPS guidance for 2025 confirmed at €0.86–€0.88, now expected at the lower end due to a cancelled Romanian acquisition.

• Delivery guidance for 2026 maintained at 1.4–1.7 million sqm; expects to deliver 1.3–1.6 million sqm in 2025.

• Dividend policy targets 70–80% payout of adjusted EPRA EPS, with a scrip dividend as default.

• Pipeline remains highly profitable with a YoC target above 10%.