07. 08. 2025

CTP N.V. H1-2025 Results

STRONG LEASING ACTIVITY IN H1-2025 WITH 11% MORE SQM OF LEASES SIGNED, LIKE-FOR-LIKE RENTAL GROWTH OF 4.9%, AND EPRA NTA PER SHARE UP 13.5% YOY TO €19.36

AMSTERDAM, 7 August 2025 – CTP N.V. (CTPNV.AS), (“CTP”, the “Group” or the “Company”) recorded in H1-2025 Gross Rental Income of €367.2 million, up 14.4% y-o-y, and like-for-like y-o-y rental growth of 4.9%, mainly driven by indexation and reversion on renegotiations and expiring leases.  Leasing remained strong in the first half of the year with 11% more leases signed y-o-y. The average monthly rent on the new leases signed increased by 5% y-o-y[1].

As at 30 June 2025, the annualised rental income increased to €757 million, while occupancy remained at 93% and the rent collection rate was 99.7%.

In the first half of the year, CTP delivered 224,000 sqm at a Yield on Cost (“YoC”) of 10.3% with 100% let at completion, bringing the Group’s standing portfolio to 13.5 million sqm of GLA. The like-for-like revaluation came to 4.0%, driven by ERV growth of 2.5%, with an average 11bps reversionary yield compression, while the Gross Asset Value (“GAV”) increased by 7.2% to €17.1 billion, and 15.9% y-o-y. EPRA NTA per share increased by 7.1% in H1 to €19.36 and 13.5% y-o-y, supported also by progress in the development pipeline.

Company specific adjusted EPRA earnings increased by 12.2% y-o-y to €199.3 million. CTP’s Company-specific adjusted EPRA EPS amounted to €0.42, an increase of 6.2%. The y-o-y increase in Company-specific adjusted EPRA EPS was negatively affected by the increased number of shares resulting from the equity raise in H2-2024. Thanks to our backloaded deliveries and net development income to the second half of the year, the Group is on track to reach the guidance of €0.86 – €0.88 for 2025, which represents 8 – 10% growth compared to 2024.

As at 30 June 2025, projects under construction totalled 2.0 million sqm with an expected YoC of 10.3%, and a potential rental income of €160 million when fully leased.

The Group’s landbank amounted to 26.1 million sqm, of which 22.2 million sqm is owned and on-balance sheet. This landbank secures substantial future growth potential for CTP, with 90% located around the existing business parks (58% in existing parks, 31% in new parks with a potential of over 100,000 GLA). Combined with its industry-leading YoC, CTP expects to continue to generate double-digit NTA growth in the years to come.

首席执行官 Remon Vos 评论说:

“We leased 1,015,000 sqm in H1-2025, 11% more than in the same period last year, illustrating the continued strong demand in CEE, despite the geopolitical and tariff volatility. Looking ahead, we have a strong lead-list for the second half of the year as reflected in the increased number of Heads of Terms signed.

We are benefiting particularly from the nearshoring trend, shown by our growth with Asian manufacturing tenants, who made up around 20% of our overall leasing activity in the last 18 months, compared to an over 10% share of our overall portfolio.

The annualised rental income increased to €757 million. Our next phase of growth is already locked in through our 2.0 million sqm of GLA under construction and landbank of 26.1 million sqm, meaning we can continue generating double-digit NTA growth over the coming years. We are confident that we can achieve our ambitious goals and reach 1 billion annualized rental income in 2027.”

 

 

主要亮点

单位:百万欧元 H1-2025 2024 年 H1 %變化
總租金收入 367.2 320.9 +14.4%
净租金收入 360.3 313.8 +14.8%
投资性房地产净估值结果 597.9 434.3 +37.7%
本期利润 625.8 533.7 +17.2%
公司特定调整后 EPRA 盈利 199.3 177.6 +12.2%
欧元 H1-2025 2024 年 H1 %變化
公司特定调整后 EPRA EPS 0.42 0.40 +6.2%
单位:百万欧元 30 June 2025 2024 年 12 月 31 日 %變化
投资性房地产("IP) 15,463.5 14,655.3 +5.5%
开发中投资物业(IPuD) 1,416.4 1,076.8 +31.5%
30 June 2025 2024 年 12 月 31 日 %變化
每股 EPRA NTA €19.36 €18.08 +7.1%
在建项目的预期年收益率 10.3% 10.3%
LTV 44.9% 45.3%

  

持續強勁的租戶需求推動租金成長

In H1-2025, CTP signed leases for 1,015,000 sqm, an increase of 11% compared to the same period in 2024, with an average monthly rent per sqm of €5.98 (H1-2024: €5.59). Adjusting for the differences among the country mix, rents increased on average by 5%.

按平方米计算的已签订租约 Q1 Q2 年度 Q3 第四季 風雲
2023 297,000 552,000 849,000 585,000 542,000 1,976,000
2024 336,000 582,000 919,000 577,000 618,000 2,113,000
2025 416,000 599,000 1,015,000  
年成長 +24% +3% +11%      

 

每平方米签订的平均月租租赁合同(欧元) Q1 Q2 年度 Q3 第四季 風雲
2023 5.31 5.56 5.47 5.77 5.81 5.69
2024 5.65 5.55 5.59 5.69 5.79 5.68
2025 6.17 5.91 5.98  

簽訂的租約中約有三分之二是與現有租戶簽訂的,這符合 CTP 與現有公園現有租戶共同成長的商業模式。

 

透過常設投資組合和收購產生現金流

CTP’s average market share in the Czech Republic, Romania, Hungary, and Slovakia came to 28.2% as at 30 June 2025 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 2.5% of the Company’s annual rent roll, which leads to a stable income stream. CTP’s top 50 tenants only account for 36.0% of its rent roll and the vast majority of clients rent space in multiple CTParks.

The Company’s occupancy came to 93% (FY-2024: 93%). The Group’s client retention rate remains strong at 85% (FY-2024: 87%) and demonstrates CTP’s ability to leverage long-standing client relationships. The portfolio WAULT stood at 6.2 years (FY-2024: 6.4 years), in line with the Company’s target of >6 years.

Rent collection level stood at 99.7% in H1-2025 (FY-2024: 99.8%), with no deterioration in the payment profile of tenants.

Rental income in H1-2025 amounted to €367.2 million, up 14.4% 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 4.9%, thanks to 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 97.8% in H1-2024 to 98.1% in H1-2025. Consequently, the Net Rental Income increased 14.8% y-o-y.

CTP 投資組合產生的租金收入中,越來越多的收入受益於通膨保護。自 2019 年底以來,集團所有新的租賃協議均包含與 CPI 掛鉤的指數化條款,該條款將年度租金增長計算為以下兩者中的較高者:

  • 每年固定增加 1.5%-2.5% ;或
  • 消费者价格指数[2].

 

As at 30 June 2025, 72% of income generated by the Group’s portfolio includes this double indexation clause, and the Group expects this to increase further.

The reversionary potential came to 14.9%. New leases have been signed continuously above the Estimated Rental Value (「ERV」),顯示市場租金持續強勁成長並支持估值。

The annualised rental income came to €757 million as at 30 June 2025, an increase of 11.5% y-o-y, showcasing the strong cash flow growth of CTP’s investment portfolio.

 

H1 developments delivered with a 10.3% YoC and 100% let at delivery

CTP 继续对其高利润管道进行严格投资。

In H1-2025, the Group completed 224,000 sqm of GLA (H1-2024: 328,000 sqm). The developments were delivered at a YoC of 10.3%, 100% let and will generate contracted annual rental income of €12.1 million. As usual, the deliveries in 2025 are skewed to the fourth quarter.

While average construction costs in 2022 were around €550 per sqm, in 2023 and 2024 they came to €500 per sqm and remained stable in H1-2025. 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 30 June 2025, the Group had 2.0 million sqm of buildings under construction with a potential rental income of €160 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. 79% of the Group’s projects under construction are in existing parks, while 9% are in new parks which have the potential to be developed to more than 100,000 sqm of GLA. Planned 2025 deliveries are 53% pre-let, up from 35% as at FY-2024. Pre-let in existing parks stood at 47%, while the new parks pre-let was at 80%, showcasing the low risk embedded in the pipeline. CTP expects to reach 80%-90% pre-letting at delivery, in line with historical performance. As CTP acts as general contractor in most 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 2025 the Group is expecting to deliver between 1.2 – 1.7 million sqm, depending on tenant demand. The 106,000 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 26.1 million sqm as at 30 June 2025 (31 December 2024: 26.4 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. 58% of the landbank is located within CTP’s existing parks, while 31% is in, or is adjacent to, new parks which have the potential to grow to more than 100,000 sqm. 15% of the landbank was secured by options, while the remaining 85% 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 is valued around €1,040 per sqm, resulting in a revaluation potential of around €400 per sqm built.

 

能源業務貨幣化

CTP 繼續實施其光伏系統推廣計劃。每MWp 的平均成本約為75 萬歐元,集團這些投資的目標成本為15%。

CTP has an installed PV capacity of 138 MWp, of which 108 MWp is fully operational.

In H1-2025 the revenues from renewable energy came to €8.0 million, up 136% y-o-y mainly driven by the increase in capacity installed throughout 2024.

随着越来越多的租户要求使用光伏系统,CTP 的可持续发展目标也随之实现,因为光伏系统可为租户提供 i) 更好的能源安全;ii) 更低的使用成本;iii) 符合更严格的法规;iv) 符合客户要求;v) 能够实现其自身的 ESG 目标。

 

估值結果受產品線和現有投資組合積極重估推動

Investment Property (“IP”) valuation increased from €14.7 billion as at 31 December 2024 to €15.5 billion as at 30 June 2025, driven by the transfer of completed projects from Investment Property under Development (“IPuD”) to IP and positive revaluation of standing portfolio.

IPuD increased by 31.5% from 31 December 2024 to €1.4 billion as at 30 June 2025, driven by the CAPEX spent, the revaluation due to increase pre-letting and construction progress, and the start of new construction projects in H1-2025.

GAV increased to €17.1 billion as at 30 June 2025, up 7.2% compared to 31 December 2024.

The revaluation in H1-2025 came to €597.9 million, driven by the positive revaluation of IPuD projects (+€181.3 million), landbank (+€43.1 million), and the standings assets (+€373.6 million).

On a like-for-like basis, CTP’s portfolio saw a valuation increase of 4.0% during H1-2025, driven by an ERV growth of 2.5%.

CTP 預計,在持續的租戶需求的推動下,ERV 將進一步實現正成長,而中東歐地區長期成長動力也將對這一需求產生積極影響。中東歐的租金水準仍然可承受;儘管它們的成長勢頭強勁,但其起點絕對水準卻遠低於西歐國家。實際上,許多中東歐市場的租金仍低於 2010 年的水準。

The Group’s portfolio has conservative valuation yields of 7.0%. CTP saw further yield compression during the first half of 2025 of 11bps on average across the portfolio and expects further yield compression over second part of 2025. 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 and increasing activity in the investment markets.

EPRA NTA per share increased from €18.08 as at 31 December 2024 to €19.36 as at 30 June 2025, representing an y-o-y increase of 13.5% and an increase of 7.1% in H1-2025. The increase is mainly driven by the revaluation (+€1.25), Company specific adjusted EPRA EPS (+€0.42) and offset by final 2024 dividend paid out in May (-€0.30) and other items (-€0.09).

 

稳健的资产负债表和强劲的流动性

按照积极稳健的方针,集团拥有稳健的流动资金,以固定的债务成本和保守的还款方式,为实现增长目标提供资金支持。

During H1-2025, the Group secured €1.7 billion to fund its organic growth:

  • A €1.0 billion dual-tranche green bond with a €500 million six-year tranche at MS +145bps at a coupon of 3.625% and a €500 million ten-year tranche at MS +188bps at a coupon of 4.25%;
  • A JPY30 billion (€185 million equivalent) five-year unsecured loan facility with a syndicate of Asian banks at TONAR +130bps and fixed all-in cost of 4.1%; and
  • A €500 million five-year unsecured sustainability-linked loan facility with a syndicate of 13 European and Asian banks at fixed all-in cost of 3.7%, undrawn as of 30 June 2025.

 

CTP continued to actively manage its bank loan portfolio in H1-2025. Margin reduction on a further €159 million of secured bank loans was negotiated and €441 million of unsecured term loan signed in 2023 was prepaid and will be refinanced by the new €500 million unsecured loan. Both allowed CTP to achieve material interest rate savings and reduce the overall cost of debt going forward.

The Group’s liquidity position stood at €2.1 billion, comprised of €0.8 billion of cash and cash equivalents, and an undrawn RCF of €1.3 billion.

CTP’s average cost of debt stood at 3.2% (FY-2024: 3.1%), slightly up compared to year-end 2024, due to new funding. 99.9% of the debt is fixed rate or hedged until maturity.

本集團不將開發利息資本化,因此所有利息支出均計入損益表。平均債務期限為 5.1 年(2024 財政年度:5.0 年)。

The Group repaid €272 million bond in June 2025 from its available cash. Next upcoming maturity is a €185 million bond due in October 2025, which will also be repaid from available cash reserves.

CTP’s LTV decreased to 44.9% as at 30 June 2025 mainly due to the positive revaluation of standing portfolio and investment properties under development.

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 9.2x (FY-2024: 9.1x), which the Group targets to keep below 10x.

The Group had 66% unsecured debt and 34% secured debt as at 30 June 2025, with ample headroom under its Secured Debt Test and Unencumbered Asset Test covenants.

隨著債券市場定價的合理化,目前的條件比銀行貸款市場的定價更具競爭力,這將使集團能夠更多地重新平衡無抵押貸款。

30 June 2025 公约
担保债务测试 15.7% 40%
未支配资产测试 194.9% 125%
利息保障比率 2.4x 1.5x

 

In Q3-2024, S&P confirmed CTP’s 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. In Q2-2025, Moody’s upgraded outlook from stable to positive on Baa3 credit rating.

 

指導

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 current pipeline remained at industry leading 10.3%. The next stage of growth is built in and financed, with 2.0 million sqm under construction as at 30 June 2025, with a target to deliver between 1.2 – 1.7 million sqm in 2025.

CTP 強大的資本結構、嚴謹的財務政策、強大的信貸市場准入、業界領先的土地儲備、內部建築專業知識和深厚的租戶關係使 CTP 能夠實現其目標。 CTP 預計,在開發完成、指數化和回歸的推動下,2027 年的租金收入將達到 10 億歐元,並預計在 2020 年前達到 2,000 萬平方公尺的 GLA 和 12 億歐元的租金收入。

The Group set 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.

 

股息

CTP announces an interim dividend of €0.31 per ordinary share, an increase of 6.9% compared to interim dividend 2024, and which represents a pay-out of 74% of the Company specific adjusted EPRA EPS, in line with the Group’s 70% – 80% dividend policy pay-out ratio. The default is a scrip dividend, but shareholders can opt for payment of the dividend in cash.

 

 

面向分析师和投资者的网络广播和电话会议

今天上午 9 点(格林尼治标准时间)和上午 10 点(欧洲中部时间),公司将通过网络直播和电话音频会议为分析师和投资者举行视频演示和问答会。

要观看网络直播,请提前在以下网址注册:

https://www.investis-live.com/ctp/6863c5976c0d660016f95b35/kalwt
如需通过电话参加演讲,请拨以下任一号码并输入与会者接入代码 893972.
荷蘭 +31 85 888 7233
英國 +44 20 3936 2999
United States               +1 646 664 1960
按 *1 可提问,按 *2 可撤回问题,按 *0 则可获得接线员帮助。

演讲结束后 24 小时内可在 CTP 网站上查阅录音: https://ctp.eu/investors/financial-results/

 

CTP 财务日历

行动 日期
資本市場日(德國伍珀塔爾) 2025年9月24-25日
2025 年第 3 季結果 2025 年 11 月 6 日
2025財年業績 2026年2月26日

 

 

 分析师和投资者咨询的详细联系方式:
Maarten Otte,投資人關係與資本市場主管
手机: +420 730 197 500+420 730 197 500
电子邮件: maarten.otte@ctp.eu

媒体垂询联系方式:
电子邮件: ctp@secnewgate.co.uk

 

 

 

关于 CTP
CTP is Europe’s largest listed owner, developer, and manager of logistics and industrial real estate by gross lettable area, owning 13.5 million sqm of GLA across 10 countries as at 30 June 2025. 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

免责声明
本公告包含若干有关 CTP 财务状况、经营业绩和业务的前瞻性陈述。这些前瞻性表述可以通过使用前瞻性术语来识别,包括 "相信"、"估计"、"计划"、"项目"、"预计"、"期望"、"打算"、"目标"、"可能"、"旨在"、"可能"、"会"、"可能"、"可以"、"可以有"、"将 "或 "应该 "等术语,或在每种情况下,其反义词或其他变体或类似术语。前瞻性陈述可能而且经常与实际结果存在实质性差异。因此,不应对任何前瞻性声明施加不当影响。本新闻稿包含 2014 年 4 月 16 日欧盟第 596/2014 号法规(《市场滥用法规》)第 7(1)条所定义的内部信息。

[1] 針對鄉村風格進行了調整。

[2] 結合本地和 EU-27/歐元區 CPI,上限數量有限。

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