CTP N.V. Q1-2026 Results

AMSTERDAM, 30 April 2026 – CTP N.V. (CTPNV.AS), (“CTP”, the “Group” or the “Company”) recorded in Q1-2026 Gross Rental Income of €205.1 million, up 12.3% y-o-y with like-for-like rental growth of 4.6% – an accelerated growth rate versus FY-2025 and primarily driven by indexation and reversion on renegotiations and expiring leases. As at 31 March 2026, the annualised rental income increased to €849.3 million. Together with potential rental income of €154 million coming from 2.0 million sqm of GLA under construction, CTP remains on track to achieve €1 billion of annualised rental income by 2027, generating a strong cashflow to finance further growth. Occupancy remained strong at 93% and the rent collection rate stood at 99.5% with a WAULT of 6.1 years, illustrating the stability of CTP’s cashflow.

In the first quarter, CTP delivered 116,000 sqm at a Yield-on-Cost (“YoC”) of 10.4%, 96% let at completion, bringing the Group’s standing portfolio up to 14.7 million sqm of GLA. Record leasing demand supported by structural tailwinds mainly related to reshoring, production in Europe for Europe alongside wider regionalisation trends, translated into a quarterly record of 762,000 sqm of leases signed at 1% higher rent levels year on year adjusting for country mix. The leasing consisted of 327,000 sqm of prolongations, with which nearly half of the 2026 expires is addressed, and 435,000 sqm of new leases.

The Gross Asset Value (“GAV”) increased by 2.0% to €18.9 billion. EPRA NTA per share increased by 2.7% in Q1-2026 to €20.95 and +12.7% y-o-y, maintaining CTP’s industry leading growth and return profile.

Company-specific adjusted EPRA earnings increased by 11.4% y-o-y to €119.5 million. CTP’s Company-specific adjusted EPRA EPS amounted to €0.25, an increase of 8.7% y-o-y. The Group reiterates Company specific adjusted EPRA EPS guidance for 2026 of €1.01 – €1.03. This implies y-o-y growth of 9% – 11% compared to the 2025 result, adjusted for capitalised interest.

CTP also confirms its guidance to deliver between 1.4 million sqm – 1.7 million sqm in 2026, utilizing its industry-leading landbank of 33.3 million sqm. This landbank secures substantial future growth potential for the company, with 55% located in or around existing parks and 37% located in new parks, each with a potential of over 100,000 sqm GLA. Combined with its industry-leading YoC, CTP expects to continue to generate double-digit NTA growth in the years to come.

Principalele evidențe financiare

Continued solid tenant demand drives rental growth

During Q1-2026, CTP signed leases for 762,000 sqm, an increase of 83% compared to Q1-2025, with an average monthly rent per sqm of €5.90 (Q1-25: €6.17). Adjusting for the differences in country mix, rents signed increased on average by 1%.

În total, 73% contracte de închiriere au fost semnate cu chiriași existenți, în conformitate cu modelul de afaceri al CTP de creștere alături de chiriașii existenți în parcurile existente.

Cashflow generation through standing portfolio

CTP’s average market share in the Czech Republic, Romania, Hungary, and Slovakia came to 28.4% as at 31 March 2026 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 more than 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 3PLs. The tenant base is highly diversified, with no single tenant accounting for more than 2% of the Company’s annual rent roll, which leads to a stable income stream. CTP’s top 50 tenants only account for 33% of its rent roll and the majority of our largest clients rent space at multiple CTParks.

The Company’s occupancy remains stable at 93% (Q1-2025: 93%). The Group’s client retention rate was high at 95% (Q1-2025: 86%) and demonstrates CTP’s ability to leverage long-standing client relationships. The portfolio WAULT stood at 6.1 years (FY-2025: 6.1 years).

Rent collection level stood at 99.5% in Q1-2026 (Q1-2025: 99.7%), supportive of the resilient payment profile of tenants.

Rental income in Q1-2026 amounted to €205.1 million, up 12.3% y-o-y on an absolute basis, mainly driven by deliveries and like-for-like growth. On a like-for-like basis, rental income grew 4.6%, supported by indexation and reversion on renegotiations and expiring leases.

Net Rental Income (NRI) for Q1-2026 rose 11.3% y-o-y to €199.6 million, with service charge leakage driving the NRI to Rental Income ratio of 97.3% (FY-2025: 97.1%).

An increasing proportion of the rental income generated by CTP’s investment portfolio benefits from inflation protection. Typically the Group’s lease agreements include a CPI-linked indexation clause, which calculates annual rental increases as the higher of:

• o creștere fixă de 1,5%-2,5% pe an; sau
• indicele prețurilor de consum[2].

As at 31 March 2026, 73% of income generated by the Group’s portfolio includes this CPI-linked indexation clause, and the Group expects this to increase further over time.

The reversionary potential stood at 14.6% at Q1-2026 with CTP also continuing to successfully capture rent reversion.

The annualised rental income came to €849.3 million as at 31 March 2026, an increase of 13.6% y-o-y, showcasing the strong cash flow growth of CTP’s investment portfolio.

Q1-2026 developments delivered with a 10.4% YoC and 96% let at delivery

CTP continued its disciplined investment in its highly profitable development pipeline. In Q1-2026, the Group completed 116,000 sqm of GLA, +22% y-o-y (Q1-2025: 95,000 sqm). These developments were delivered at a YoC of 10.4%, 96% let. The 2,022,000 sqm CTP currently has under development is expected to deliver contracted annual rental income of €154 million once let at a YoC of 10.0%.

CTP has a long track record of achieving sustainable growth through tenant-led development at its existing parks. 82% of the Group’s projects under construction are at existing parks, with a further 10% across new parks which have the potential to be developed to more than 100,000 sqm of GLA. Planned 2026 deliveries are 40% pre-let (Q1-2025: 42%). This Q1-2026 result represents a substantial increase from the 30% figure reported at FY-2025. The pre-let rate in existing parks stood at 27% where we have solid visibility of potential tenant demand, whilst at new parks the pre-let figure was at 60%, showcasing the low risk embedded in the pipeline.

CTP again expects to reach 80%-90% pre-letting at delivery, in line with historical performance. As CTP acts as general contractor in most of its markets, 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 their building requirements. In 2026, the Group reiterates its expectation to deliver between 1.4 million sqm – 1.7 million sqm of GLA.

CTP’s landbank amounted to 33.3 million sqm as at 31 March 2026. The Group is focusing on mobilising its existing landbank, as well as looking selectively globally for additional land acquisition opportunities. 55% of the landbank is located at CTP’s existing parks, while 37% is in, or is adjacent to, new parks which have the potential to grow to more than 100,000 sqm. 30% of the landbank was secured by options, while the remaining 70% is 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 approximately 16.6 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 is valued around €1,050 per sqm, resulting in a revaluation potential of around €430 per sqm built.

Rezultatele evaluării sunt determinate de pipeline și de reevaluarea pozitivă a portofoliului actual

Investment Property (“IP”) valuation increased from €16.8 billion as at 31 December 2025 to €17.0 billion as at 31 March 2026, driven mainly by the transfer of completed projects from Investment Property under Development (“IPuD”) to IP.

IPuD increased by 18.0% from 31 December 2025 to €1.6 billion as at 31 March 2026, driven by the CAPEX spent, the revaluation due to increased pre-letting and construction progress, and the start of new construction projects in Q1-2026.

GAV increased to €18.9 billion as at 31 March 2026, up 2.0% compared to 31 December 2025. The total revaluation in Q1-2026 came to €164.1 million, driven by the revaluation of IPuD projects.

The Group’s portfolio has conservative Reversionary yields of 6.9% and saw yield compression throughout 2025  (FY-2025: 6.9%).The yield differential between CEE and Western European logistics is expected to decrease over time, driven by the higher growth expectations for the CEE region.

CTP also expects further positive ERV growth on the back of continued tenant demand, which is positively affected by the secular growth drivers in the CEE region. CEE rental levels remain affordable; despite the strong growth seen as they have started from significantly lower absolute levels than in Western European countries.

EPRA NTA per share increased from €20.39 as at FY-2025 to €20.95 as at 31 March 2026, representing an y-o-y increase of 12.7% and q-o-q increase of 2.7%. The increase is mainly driven by the revaluation (+€0.34) and Company adjusted EPRA EPS (+€0.25).

Bilanț robust și poziție solidă de lichiditate

In line with its proactive and prudent approach, the Group benefits from a solid liquidity position to fund its growth, with a fixed cost of debt and conservative repayment profile.

During Q1-2026, the Group raised €0.8 billion to fund its organic growth:

• a €500 million green bond with a 4.5 year maturity at MS +92bps and a coupon of 3.375%, CTP’s lowest spread issuance since 2021;
• a dual-tranche 5 year unsecured sustainability-linked term loan facility with a syndicate of 15 Asian banks,
  • JPY 22.5 billion (€122.7 million equivalent) at TONA + 115 bps, and
  • USD 180 million (€156.5 million equivalent) at SOFR +135 bps

The Group’s liquidity position stood at €1.9 billion, comprised of €0.6 billion in cash and cash equivalents, and an undrawn RCF of €1.3 billion.

CTP’s average cost of debt stood at 3.2% (FY-2025: 3.3%). The decrease compared to year-end 2025 is due to new funding over the past 12 months at a lower rate than the higher coupon instruments which were either repriced or refinanced. We expect a minimal average cost increase in 2026 given further refinancings in the year only amount to €327 million, mainly comprised of a €275 million bond due in September 2026. 99.9% of the debt is fixed rate or hedged until maturity. The average debt maturity came to 4.8 years (FY-2024: 4.8 years).

The Group repaid a €350 million bond due in January from its available cash reserves and repurchased total €216 million of high coupon bond with a tender offer, achieving material future interest savings.

CTP’s LTV came to 46.4% as at 31 March 2026, slightly above the target range of 40%-45%.

The Group’s higher yielding assets, thanks to their gross portfolio yield of 6.5%, lead to a healthy level of cash flow leverage that is also reflected in the normalised Net Debt to EBITDA of 9.4x (FY-2024: 9.3x), which the Group targets to keep below 10x.

The ICR stood at 2.5x, well above the covenant threshold of 1.5x. The Group’s debt comprised of 71% unsecured debt and 29% secured as at 31 March 2026, with ample headroom under its Secured Debt Test and Unencumbered Asset Test covenants.

The conditions provided by capital markets remain more competitive than the pricing in the bank lending market. That together with increasing preference of the lenders to provide the funding on the Group level, benefiting from diversified and large-scale Group operations, allows the Group to continue rebalancing towards the unsecured lending.

Monetizarea afacerii energetice

CTP has an installed PV capacity of 158 MWp. In Q1-2026 revenues from renewable energy came to €3.3 million, up 71% y-o-y. We look to continue to grow our solar MWp installed going forward.

Against a backdrop of volatile energy prices, CTP’s sustainability ambitions go hand-in-hand with an increasing number of tenants requesting green energy from photovoltaic systems, as they provide them with i) improved energy security, ii) a lower cost of occupancy, iii) compliance with increased regulation iv) compliance with their clients’ requirements and v) the ability to fulfil their own ESG ambitions.

Global ambition

CTP’s growth will be primarily delivered from the existing landbank, complimented with accretive land-led acquisitions. The ‘Growth Engine’ of CTP, leveraging strong existing tenant relationships who wish to grow with us, also drives expansion into new geographies. CTP continues to visit Vietnam on a regular basis as part of its due diligence process for market entry and will update the market when a shareholder-value accretive opportunity is secured. The Group’s landbank has the potential to deliver significant future development profit – value that CTP will unlock to continue to create industry leading shareholder returns

Confirming FY-2026 guidance

Despite the geopolitical backdrop, leasing dynamics are strong, with growing occupier demand leading to continued rental growth.  CTP continues to benefit from multiple structural trends for space in its markets. The Group’s pipeline is highly profitable, and remains tenant led. The YoC for CTP’s current pipeline stands at an industry leading 10.0%. The next stage of growth is built-in and financed throught the strong cashflow from the standing portfolio, with 2.0 million sqm under construction as at 31 March 2026 and a confirmed target to deliver between 1.4 million sqm – 1.7 million sqm in 2026.

CTP’s robust capital structure, disciplined financial policy, strong credit market access, industry-leading landbank, in-house construction expertise and deep tenant relationships allows it to deliver on its targets. CTP expects to reach €1.0 billion annualised rental income in 2027, driven by development completions, indexation and income reversion. Our medium-term ambition remains to double the current portfolio to 30m sqm – providing best in class product to our expanding tenant base.

The Group reiterates Company specific adjusted EPRA EPS guidance for 2026 of €1.01 – €1.03. This implies year-on-year growth of 9% at the lower end of the range, rising to 11% at the top end of the range when compared to the 2025 result, adjusting for capitalised interest.

The EPS growth is driven by development deliveries becoming income-producing, alongside strong underlying growth, with around 4% like-for-like rental growth expected (Q1-2026: +4.6%), primarily driven by indexation, but also incorporating the light headwind due to refinancing of low coupon bonds in 2026. We expect double-digit Company adjusted EPRA EPS growth for the years after given our growth trajectory and we also expect to maintain our leading returns profile.

WEBCAST ȘI CONFERINȚĂ TELEFONICĂ PENTRU ANALIȘTI ȘI INVESTITORI

Astăzi, la ora 9.00 (GMT) și 10.00 (CET), compania va găzdui o prezentare video și o sesiune de întrebări și răspunsuri pentru analiști și investitori, prin intermediul unei transmisiuni în direct pe internet și al unei conferințe telefonice audio.

Pentru a viziona transmisiunea în direct pe internet, vă rugăm să vă înregistrați în avans la:
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CALENDARUL FINANCIAR AL CTP

DETALII DE CONTACT PENTRU SOLICITĂRI DE INFORMAȚII DIN PARTEA ANALIȘTILOR ȘI A INVESTITORILOR:
Maarten Otte, Chief Investment Officer
Mobil: +420 730 197 500
Email: [email protected]

Pavel Švihálek, manager de finanțare și IR
Mobil: +420 724 928 828
Email: [email protected]

CONTACT PENTRU PRESĂ:
Email: [email protected]

Despre CTP
CTP is Europe’s largest listed owner, developer, and manager of logistics and industrial real estate by gross lettable area, owning 14.7 million sqm of GLA across 11 countries as at 31 March 2026. 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

Disclaimer
Acest anunț conține anumite declarații cu caracter prospectiv cu privire la situația financiară, rezultatele operațiunilor și activitatea CTP. Aceste declarații anticipative pot fi identificate prin utilizarea terminologiei anticipative, inclusiv a termenilor "crede", "estimează", "planifică", "proiectează", "anticipează", "se așteaptă", "intenționează", "țintește", "poate", "urmărește", "probabil", "ar putea", "ar putea", "ar putea avea", "va avea" sau "ar trebui" sau, în fiecare caz, forma negativă a acestora sau alte variante sau terminologie comparabilă. Declarațiile prospective pot să difere și deseori diferă în mod semnificativ de rezultatele reale. Prin urmare, nu trebuie să se acorde o influență nejustificată niciunei declarații prospective. Acest comunicat de presă conține informații privilegiate, astfel cum sunt definite la articolul 7 alineatul (1) din Regulamentul (UE) 596/2014 din 16 aprilie 2014 (Regulamentul privind abuzul de piață).

[1] Including Italy
^[2] Cu o combinație de IPC local și UE-27/zona euro, doar un număr limitat de plafoane.