Ctp N.V.

CTP reported net rental income of EUR 738 million, up 14.1% year over year. Company-specific adjusted EPRA earnings increased 11.3% to EUR 405 million, and company-specific adjusted EPS was EUR 0.85, up 6.3% year over year and EUR 0.01 below guidance. Like-for-like rental growth was 4.5% in FY '25, up from 4.0% in FY '24, and annualized rental income increased 13% to EUR 840 million. The portfolio revaluation was over EUR 1.1 billion, with gross asset value at EUR 18.5 billion, up 15.6% from FY '24, and EPRA NTA per share rose from EUR 18.08 to EUR 20.39. Year-end occupancy was 93%. For 2026, management guided company-specific adjusted EPRA EPS to EUR 1.01 to EUR 1.03. Development guidance for 2026 remains 1.4 million to 1.7 million square meters, and management said this range includes Italy, where 200,000 square meters are expected to be delivered in 2026.

Remon Vos framed 2025 as both a strong year and a milestone marking 25 years of growth, stressing that CTP’s model remains centered on building and expanding business parks with long-term tenants. He highlighted growth opportunities in Central Europe, Italy, and potentially Vietnam, and said the company is focused on growing with existing clients, who represent about 70% of new business. His tone was upbeat and long-term oriented, with repeated emphasis on demand from near-shoring, manufacturing, and client expansion.

Robert Jones emphasized the financial strength of the platform: net rental income of EUR 738 million, annualized rental income of EUR 840 million, and adjusted EPRA earnings of EUR 405 million. He pointed to a strong revaluation gain of over EUR 1.1 billion, EPRA NTA per share of EUR 20.39, and liquidity of EUR 2 billion, including EUR 700 million of cash and a EUR 1.3 billion RCF. He also noted a weighted average cost of debt of 3.3%, average debt maturity of 4.8 years, LTV of 46.1%, and that the company does not need additional equity to fund the 2026 pipeline because project yields are around 10%.

Analysts focused on whether development guidance should be higher after Italy and whether capitalized interest would make EPS guidance look stronger. Management said the 1.4 million to 1.7 million square meter development range already includes Italy and that they are very comfortable with it, while also explaining that capitalizing interest aligns CTP with market practice and simplifies comparison with peers. Questions also targeted pre-letting, vacancy, and retention; management said pre-letting is 30% at the start of 2026, the delivery target at completion is still 80% to 90%, vacancy is not structural in the core portfolio, and retention is expected to normalize around 80% to 85%.