Warehouses De Pauw (WDP) Q1 2026 earnings summary

Executive summary

• Launched a new 2030 vision to build a €10 billion+ European platform, expanding presence from Helsinki to Madrid and Rome, leveraging a multi-driver growth model (#BLEND & EXTEND2030).

• Achieved strong Q1 2026 results with EPRA EPS up 6% year-over-year to €0.38, supported by broad-based leasing momentum and high occupancy of 97.3%.

• Net investments of €140 million in Q1 2026 secured at a 6.9% NOI yield, with 80,000 m² of new pre-let developments and 140,000 m² of delivered pre-let projects and acquisitions.

• Activity and demand have increased across business segments, with clients seeking solutions in more countries.

• Expansion into Spain and Italy with new Country Managers and a new COO to strengthen execution capabilities.

Financial highlights

• EPRA Earnings for Q1 2026 reached €88.9 million, up 10% year-over-year; net result (IFRS) was €95.5 million, up from €68.1 million in Q1 2025.

• Rental income rose 7.5% year-over-year to €118.3 million; property result increased by 10.1% to €119.1 million.

• Operating margin remained high at 90%, with like-for-like rental growth of 1.7%.

• Portfolio fair value rose to €8.72 billion, with a gross rental yield of 6.3% and EPRA Net Initial Yield of 5.4%.

• Confirmed €1.6 earnings per share guidance for 2026 and dividend per share of €1.29.

Outlook and guidance

• 2026 guidance confirmed: EPRA EPS and dividend per share expected to grow by 5% year-over-year, with EPS targeted at €1.60 and DPS at €1.29.

• Assumptions include stable occupancy (≥97%), like-for-like rental growth of ~2%, and average cost of debt at 2.5%.

• Five-year #BLEND & EXTEND2030 plan targets minimum 6% CAGR in EPRA EPS and dividend per share through 2030.

• Annual investment envelope of €500 million maintained, with all current opportunities fitting within this limit.

• ERVs expected to grow in line with inflation over the longer term, though Q1 was flat.