A CTP N.V. eredményei a 2024-es pénzügyi évben

AMSTERDAM, 27 February 2025 – CTP N.V. (CTPNV.AS), (“CTP”, the “Group” or the “Company”) recorded Gross Rental Income of €664.1 million in the year, up 16.1% y-o-y,  and like-for-like y-o-y rental growth of 4.0%, mainly driven by indexation and reversion on renegotiations and expiring leases. As at 31 December 2024, the annualised rental income came to €742.6 million and occupancy came to 93%.

In 2024, CTP delivered 1,286,000 sqm at a Yield on Cost (“YoC”) of 10.1% with 92% let at completion, bringing the Group’s standing portfolio to 13.3 million sqm of GLA, while the Gross Asset Value (“GAV”) increased by 17.2% to €16.0 billion. EPRA NTA per share increased by 13.6% to €18.08.

Company specific adjusted EPRA earnings increased by 12.5% y-o-y to €364.0 million. CTP’s Company-specific adjusted EPRA EPS amounted to €0.80, an increase of 9.9%, in line with guidance. The Group sets a €0.86 – €0.88 Company-specific adjusted EPRA EPS guidance for 2025.

As at 31 December 2024, projects under construction totalled 1.8 million sqm, with a potential rental income of €142 million when fully leased and an expected YoC of 10.3%.

The Group’s landbank increased to 26.4 million sqm, of which 21.7 million sqm is owned and on-balance sheet. This landbank secures substantial future growth potential for CTP, mostly around the existing business parks. Combined with its industry-leading YoC, CTP expects to continue to generate double-digit NTA growth in the years to come.

During 2024, CTP also successfully completed its first accelerated bookbuild – several times oversubscribed – after the IPO, raising €300 million of equity, giving the firepower to accelerate developments and do acquisitions, like the 830,000 sqm brownfield redevelopment down-town Dusseldorf.

Főbb jellemzők[1]

A továbbra is erős bérlői kereslet ösztönzi a bérleti díjak növekedését

During 2024, CTP signed leases for 2,113,000 sqm, an increase of 7% compared to 2023, with contracted annual rental income of €144.0 million, and an average monthly rent per sqm of €5.68 (2023: €5.69). Adjusting for the differences among the country mix, rents increased on average by 3%.

Around two-thirds of leases signed were with existing tenants, in line with CTP’s business model of growing with existing tenants in existing parks.

Cashflow generálás állandó portfólión és felvásárlásokon keresztül

CTP’s average market share in the Czech Republic, Romania, Hungary, and Slovakia increased to 28.8% as at 31 December 2024 and it remains the largest owner and developer of industrial and logistics real estate assets in those markets. The Group is also the market leader in Serbia and Bulgaria.

With nearly 1,500 clients, CTP has a wide and diversified international tenant base, consisting of blue-chip companies with strong credit ratings. CTP’s tenants represent a broad range of industries, including manufacturing, high-tech/IT, automotive, e-commerce, retail, wholesale, and third-party logistics. The tenant base is highly diversified, with no single tenant accounting for more than 2.5% of the Company’s annual rent roll, which leads to a stable income stream. CTP’s top 50 tenants only account for 35.2% of its rent roll and most rent space in multiple CTParks.

The Company’s occupancy came to 93% (2023: 94%). The Group’s client retention rate remains strong at 87% (2023: 90%) and demonstrates CTP’s ability to leverage long-standing client relationships. The portfolio WAULT stood at 6.4 years (2023: 6.5 years), in line with the Company’s target of >6 years.

Rent collection level stood at 99.8% in 2024 (2023: 99.9%), with no deterioration in the payment profile of tenants.

Rental income amounted to €664.1 million, up 16.1% y-o-y on an absolute basis, mainly driven by deliveries, as well as by the accretive acquisition of 270,000 sqm of GLA in Romania in H1-2024 at an over 9% reversionary yield. On a like-for-like basis, rental income grew 4.0%, mainly driven by indexation and reversion on renegotiations and expiring leases.

The Group has put measures in place to limit service charge leakage, which resulted in the improvement of the Net Rental Income to Rental Income ratio from 95.0% in 2023 to 97.4% in 2024. Consequently, the Net Rental Income increased 19.0% y-o-y.

A CTP befektetési portfóliójából származó bérleti díjbevétel egyre nagyobb hányada részesül inflációvédelemben. 2019 vége óta a Csoport minden új bérleti szerződésében szerepel a kettős indexálási záradék, amely az éves bérleti díjnövekedést a következők közül a magasabbiknak megfelelően számítja ki:

• évi 1,5%-2,5% fix emelés; vagy
• a fogyasztói árindex[2].

As at 31 December 2024, 71% of income generated by the Group’s portfolio includes this double indexation clause, and the Group expects this to increase further.

The reversionary potential stayed stable at 14.5%. New leases have been signed continuously above ERV’s, illustrating continued strong market rental growth and supporting valuations.

The annualised rental income came to €742.6 million as at 31 December 2024, an increase of 15.3% y-o-y, showcasing the strong cash flow growth of CTP’s investment portfolio.

2024 developments delivered with a 10.1% YoC and 92% let at delivery

CTP continued its disciplined investment in its highly profitable pipeline. In 2024, the Group completed a record number of 1.3 million sqm of GLA (2023: 1.2 million sqm). The developments were delivered at a YoC of 10.1%, 92% let and will generate contracted annual rental income of €83.4 million, with another €7.3 million of expected income when these reach full occupancy.

Some of the main deliveries during 2024 were: 169,000 sqm in CTPark Warsaw West (Poland), 120,000 sqm in CTPark Budapest Szigetszentmiklós (Hungary), 87,000 sqm in CTPark Ploiesti (Romania), 67,000 sqm in CTPark Bucharest West (Romania), 57,000 sqm in CTPark Warsaw South (Poland), 52,000 sqm in CTPark Novi Sad East (Serbia), 48,000 sqm in CTPark Zabrze (Poland), 44,000 sqm in CTPark Weiden (Germany), 37,000 sqm in CTPark Budapest Ecser (Hungary), 37,000 sqm In CTPark Žilina Airport (Slovakia).

While average construction costs in 2022 were around €550 per sqm, in 2023 and 2024 they came to €500 per sqm. This allows the Group to continue to deliver its industry-leading YoC above 10%, which is also supported by CTP’s unique park model and in-house construction and procurement expertise.

As at 31 December 2024, the Group had 1.8 million sqm of buildings under construction with a potential rental income of €142 million and an expected YoC of 10.3%. CTP has a long track record of delivering sustainable growth through its tenant-led development in its existing parks. 80% of the Group’s projects under construction are in existing parks, while 7% are in new parks which have the potential to be developed to more than 100,000 sqm of GLA. Planned 2025 deliveries are 35% pre-let. CTP expects to reach 80%-90% pre-letting at delivery, in line with historical performance. As CTP acts in most markets as general contractor, it is fully in control of the process and timing of deliveries, allowing the Company to speed-up or slow-down depending on tenant demand, while also offering tenants flexibility in terms of building requirements.

In 2025 the Group is expecting to deliver between 1.2 – 1.7 million sqm, depending on tenant demand. The 80,000 sqm of leases that are already signed for future projects—construction of which hasn’t started yet—are a further illustration of continued occupier demand.

CTP’s landbank amounted to 26.4 million sqm as at 31 December 2024 (31 December 2023: 23.4 million sqm), which allows the Company to reach its target of 20 million sqm GLA by the end of the decade.  The Group is focusing on mobilising the existing landbank, while maintaining disciplined capital allocation in landbank replenishment. 57% of the landbank is located within CTP’s existing parks, while 33% is in, or is adjacent to, new parks which have the potential to grow to more than 100,000 sqm. 18% of the landbank was secured by options, while the remaining 82% was owned and accordingly reflected in the balance sheet.

Assuming a build-up ratio of 2 sqm of land to 1 sqm of GLA, CTP can build over 13 million sqm of GLA on its secured landbank. CTP’s land is held on balance sheet at around €60 per sqm and construction costs amount on average to approximately €500 per sqm, bringing total investment costs to approximately €620 per sqm. The Group’s standing portfolio, excluding the older former Deutsche Industrie REIT portfolio, is valued around €1,030 per sqm.

Az energiaüzlet monetizálása

A CTP folytatja a fotovoltaikus rendszerek kiépítésére vonatkozó bővítési tervét. A csoport átlagosan ~750 000 €/MWp költséggel 15% YoC-t céloz meg ezekre a beruházásokra.

By year-end 2024, CTP had installed PV capacity of 138 MWp, of which 66 MWp is operational.

In 2024 the revenues from renewable energy came to €7.6 million, up 22% y-o-y.

A CTP fenntarthatósági törekvései együtt járnak azzal, hogy egyre több bérlő kéri a fotovoltaikus rendszereket, mivel azok i) nagyobb energiabiztonságot, ii) alacsonyabb lakhatási költségeket, iii) a fokozott szabályozásnak való megfelelést, iv) az ügyfelek követelményeinek való megfelelést és v) saját ESG ambícióik teljesítésének lehetőségét biztosítják számukra.

Valuation results driven by pipeline and positive revaluation of standing portfolio

Investment Property (“IP”) valuation increased from €12.0 billion as at 31 December 2023 to €14.7 billion as at 31 December 2024, driven mainly by the transfer of completed projects from Investment Property under Development (“IPuD”) to IP, accretive acquisitions and positive revaluations.

IPuD decreased by 20.8% to €1.1 billion as at 31 December 2024, driven by a significant amount of deliveries in Q4-2024, and the start of new construction projects in Q1-2025.

GAV increased to €16.0 billion as at 31 December 2024, up 17.2% compared to 31 December 2023.

Revaluation in 2024 came to €941.5 million, driven by the positive revaluation of IPuD projects (+€380.4 million), landbank (+€61.2 million), and the standings assets (+€499.9 million). The like-for-like revaluation came to 5.9%, mainly driven by positive like-for-like ERV growth of 4.9%.

The Group’s portfolio has conservative valuation yields, with 70bps of reversionary yield widening in the last two and half years, bringing it to 7.1%. CTP expects yields to have peaked in the Industrial & Logistics sector in the CEE region. With the larger yield movements in Western European markets, the yield differential between CEE and Western European logistics is back to the long-term average. CTP expects the yield differential to decrease further over time, driven by the higher growth expectations for the CEE region.

A CTP további pozitív ERV-növekedést vár a bérlők folyamatos keresletének hátterében, amelyet pozitívan befolyásolnak a kelet-közép-európai régió szekuláris növekedési mozgatórugói. A közép-kelet-európai bérleti díjak továbbra is megfizethetőek; és a tapasztalt erős növekedés ellenére lényegesen alacsonyabb abszolút szintről indultak, mint a nyugat-európai országokban. Reálértéken a bérleti díjak sok kelet-közép-európai piacon még mindig a 2010-es szint alatt maradnak.

EPRA NTA per share increased from €15.92 as at 31 December 2023 to €18.08 as at 31 December 2024, representing an increase of 13.6%. The increase is mainly driven by the revaluation (+€1.98) and Company specific adjusted EPRA EPS (+€0.80), partly offset by the dividend paid out (-€0.57).

Robusztus mérleg és erős likviditási pozíció

A proaktív és prudens megközelítéssel összhangban a Csoport szilárd likviditási pozícióval rendelkezik, amely lehetővé teszi növekedési törekvéseinek finanszírozását, fix adósságköltséggel és konzervatív törlesztési profillal.

During the year, the Group raised €2.4 billion:

• 100 millió eurós hatéves fedezett hitelkonstrukció olasz és cseh bankok szindikátusával, fix all-in költséggel 4,91 TP3T;
• 750 millió eurós hatéves zöld kötvény MS +220 bp-on 4,75% kamatszelvény mellett;
• 90 millió eurós, hét évre szóló fedezett hitelkeret egy osztrák banknál, fix összköltséggel 4,91 TP3T;
• 168 millió eurós hét évre biztosított hitelkonstrukció egy szlovák és osztrák bankok szindikátusával 5,11 TP3T fix all-in költséggel;
• A €75 million tap of the six-year green bond issued in February at MS +171 bps;
• A €500 million five-year unsecured loan facility with a syndicate of international banks at a fixed all-in cost of 4.7%;
• A €150 million seven-year secured loan facility top-up with a syndicate of Italian and Czech banks at a fixed all-in cost of 4.35%;
• A €500 million eight-year green bond at MS +173 bps at a coupon of 3.875%; and
• A €50 million five-year green bond at MS +125 bps at a coupon of 3.427%.

During the year CTP also completed three bond tender offers, buying back €950 million of short-dated bonds, realizing a capital gain of €37.1 million, reducing 2025 and 2026 debt maturities and proactively extending its maturity profile. As the spreads came down, CTP negotiated margin reduction on €569.9 million and repaid another €378.8 million of secured bank loans.

The Group’s liquidity position stood at €2.2 billion, comprised of €0.9 billion of cash and cash equivalents, and an undrawn RCF, which was upsized from €550 million to €1.3 billion.

CTP’s average cost of debt stood at 3.09% (31 December 2023: 1.95%), with 99.9% of the debt fixed or hedged until maturity. The Group doesn’t capitalise interest on developments, therefore all interest expenses are included in the P&L. The average debt maturity came to 5.0 years (31 December 2023: 5.3 years).

A Csoport első lényeges lejárata 272 millió euró[3] 2025 júniusában esedékes kötvény, amelyet a rendelkezésre álló készpénztartalékból törlesztenek.

CTP’s LTV came to 45.3% as at 31 December 2024, down from 46.0% at 31 December 2023, thanks to the equity raise in September 2024 and revaluation at the end of year.

The Group’s higher yielding assets, thanks to their gross portfolio yield of 6.6%, lead to a healthy level of cash flow leverage that is also reflected in the normalized Net Debt to EBITDA of 9.1x (31 December 2023: 9.2x), which the Group targets to keep below 10x.

The Group had 64% unsecured debt and 36% secured debt as at 31 December 2024, with ample headroom under its Secured Debt Test and Unencumbered Asset Test covenants.

A kötvénypiaci árazás racionalizálódásával a feltételek immár versenyképesebbek, mint a banki hitelpiaci árazás, ami lehetővé teszi a Csoport számára, hogy jobban egyensúlyba kerüljön a fedezetlen hitelezés irányába.

In Q3-2024, both Moody’s and S&P confirmed, respectively, CTP’s Baa3 and BBB- credit rating with a stable outlook. In January 2025, CTP was assigned an A- credit rating with a stable outlook by the Japanese rating agency JCR.

Útmutatás

Leasing dynamics remain strong, with robust occupier demand, and decreasing new supply leading to continued rental growth.  CTP is well positioned to benefit from these trends. The Group’s pipeline is highly profitable, and tenant led. The YoC for CTP’s pipeline increased to 10.3%, thanks to decreasing construction costs and rental growth. The next stage of growth is built in and financed, with 1.8 million sqm under construction as at 31 December 2024, with a target to deliver between 1.2 – 1.7 million sqm in 2025.

A CTP robusztus tőkeszerkezete, fegyelmezett pénzügyi politikája, erős hitelpiaci hozzáférése, piacvezető bankja, házon belüli építőipari szakértelme és mély bérlői kapcsolatai lehetővé teszik a CTP számára, hogy elérje céljait. A CTP várakozásai szerint 2027-ben eléri az 1,0 milliárd eurós bérbeadási bevételt a fejlesztések befejezésének, az indexálásnak és a visszaállításnak köszönhetően, és jó úton halad, hogy az évtized vége előtt elérje a 20 millió négyzetméter GLA-t és az 1,2 milliárd eurós bérleti bevételt.

The Group sets a guidance of €0.86 – €0.88 Company-specific adjusted EPRA EPS for 2025. This is driven by our strong underlying growth, with around 4% like-for-like growth, partly offset by a higher average cost of debt due to the (re)-financing in 2024 and 2025.

Osztalék

CTP proposes a final 2024 dividend of €0.30 per ordinary share, which will, subject to approval by the AGM, be paid on 15 May 2025. This will bring the total 2024 dividend to €0.59 per ordinary share, which represents a Company specific adjusted EPRA EPS pay-out of 74% – in line with the Groups’ dividend policy to pay-out 70%-80% – and  growth of 12.4% compared to 2023.

Az alapértelmezett osztalék csekély, de a részvényesek választhatják az osztalék készpénzben történő kifizetését.

WEBCAST ÉS KONFERENCIAHÍVÁS ELEMZŐK ÉS BEFEKTETŐK SZÁMÁRA

Today at 12:00 (GMT) and 13:00 (CET), the Company will host a video presentation and Q&A session for analysts and investors, via a live webcast and audio conference call.

Az élő webcast megtekintéséhez kérjük, regisztráljon a következő címen:

https://www.investis-live.com/ctp/678e4096cddd8c000f42d182/mabgk

Ha telefonon szeretne csatlakozni az előadáshoz, kérjük, tárcsázza az alábbi számok egyikét, és adja meg a résztvevői hozzáférési kódot 527498.

Germany                         +49 32 22109 8334
France                             +33 9 70 73 39 58
The Netherlands          +31 85 888 7233
United Kingdom           +44 20 3936 2999
United States               +1 646 233 4753
Nyomja meg a *1-et a kérdés feltevéséhez, a *2-t a kérdés visszavonásához, vagy a *0-t a kezelői segítséghez.

Az előadásról készült felvétel az előadást követő 24 órán belül elérhető lesz a CTP honlapján: https://www.ctp.eu/investors/financial-reports/

CTP PÉNZÜGYI NAPTÁR
 

AZ ELEMZŐI ÉS BEFEKTETŐI MEGKERESÉSEK ELÉRHETŐSÉGEI:
Maarten Otte, Befektetői kapcsolatok vezetője
Mobil: +420 730 197 500
E-mail: maarten.otte@ctp.eu

ELÉRHETŐSÉGEK A MÉDIA MEGKERESÉSÉRE:
Patryk Statkiewicz, a csoport marketing és PR vezetője
Mobil: +31 (0) 629 596 119
E-mail: patryk.statkiewicz@ctp.eu

A CTP-ről
CTP is Europe’s largest listed owner, developer, and manager of logistics and industrial real estate by gross lettable area, owning 13.3 million sqm of GLA across 10 countries as at 31 December 2024. CTP certifies all new buildings to BREEAM Very good or better and earned a negligible-risk ESG rating by Sustainalytics, underlining its commitment to being a sustainable business. For more information, visit CTP’s corporate website: www.ctp.eu

Felelősségi nyilatkozat

The audit procedures by statutory auditors are in progress.

Ez a közlemény bizonyos, a jövőre vonatkozó kijelentéseket tartalmaz a CTP pénzügyi helyzetével, működési eredményeivel és üzleti tevékenységével kapcsolatban. Ezek a jövőre vonatkozó kijelentések azonosíthatók a jövőre vonatkozó terminológia használatával, beleértve a "úgy véli", "becslések", "tervez", "tervez", "tervez", "előrevetít", "várakozik", "szándékozik", "céloz", "lehet", "céloz", "valószínű", "lenne", "lehetne", "lehet", "lehet", "lesz" vagy "kellene" kifejezéseket, illetve minden esetben ezek negatív vagy más változatait vagy hasonló terminológiát. A jövőre vonatkozó kijelentések jelentősen eltérhetnek a tényleges eredményektől, és ez gyakran így is van. Ennek eredményeképpen nem szabad túlzott befolyást gyakorolni egyetlen jövőre vonatkozó kijelentésre sem. Ez a sajtóközlemény a 2014. április 16-i 596/2014/EU rendelet (a piaci visszaélésekről szóló rendelet) 7. cikkének (1) bekezdésében meghatározott bennfentes információkat tartalmaz.

[1] Nem auditált

^[2] Helyi és EU-27 / eurózóna fogyasztói árindex keverékével, csak korlátozott számú felső határ.

^[3] A pályázati ajánlat 2024. június 28-i elszámolását követően fennálló összeg.