CTP (CTPNV) Q4 2025 earnings summary

Executive summary

• Net rental income rose 14.1% to €738 million in FY 2025, with gross rental income up 14.4% to €759.8 million, driven by robust demand, indexation, and lease renegotiations.

• Portfolio expanded to 14.6 million sqm GLA, with a 20% CAGR since 2020, and over 2 million sqm under construction, supporting future growth.

• Entered Italy in 2025, securing an 8.7 million sqm landbank and over 200,000 sqm under construction, with a five-year target of 1 million sqm lettable area.

• Signed 2.3 million sqm of new leases in 2025, a 10% increase year-over-year, with rental rates up nearly 5% and 71% of leases signed with existing tenants.

• Maintains a diversified tenant base, with 70–71% of new business from existing clients and an 81% retention rate.

Financial highlights

• Net rental income rose 14.1% to €738 million; gross rental income reached €759.8 million (+14.4% YoY).

• Like-for-like rental growth was 4.5% in FY 2025; annualized rental income increased 13% to €840 million.

• Adjusted EPRA earnings grew 11.3% to €405 million; adjusted EPRA EPS up 6.3% to €0.85.

• EPRA NTA per share increased 12.8% to €20.39; gross asset value up 15.7% to €18.5 billion.

• Net valuation result on investment property was €1.14 billion, up 21.1% year-over-year.

Outlook and guidance

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

• Targeting €1 billion annualized rental income by 2027 and ambition to reach 30 million sqm GLA by 2030.

• Development pipeline for 2026 set at 1.4–1.7 million sqm, including 200,000 sqm in Italy.

• Dividend for 2025 proposed at €0.63 per share, a 6.8% increase, with a payout ratio of 70–80%.

• Interest cost capitalization and refinancing to moderately impact EPS in 2026.