Warehouses De Pauw Nv Stock Earnings Reports

WDP delivered a strong FY25 operational and financial performance: EPRA EPS EUR 1.53 (underlying +7% YoY), occupancy ~97.7%, ~550,000 m2 of new leases, portfolio value ~EUR 9bn, LTV ~40% and net debt / EBITDA ~7.5x. The company confirmed targets and a multi‑driver growth plan (BLEND&EXTEND2030): maintain a ~+6% average EPS growth rate through 2030 with an EPRA EPS target of at least EUR 2 by 2030 and double‑digit total returns (>=10% p.a.) assuming EUR 500m p.a. internally funded CapEx. 2026 guidance: EPRA EPS EUR 1.60 (+5% YoY), occupancy >97% and stable leverage. Strategic priorities include geographic scale across Western Europe (adding Spain and Italy), a blend of internal growth (indexation, rent reversion, asset management), balanced acquisitions and developments, and energy investments (solar, batteries, EV pilots). Key balance‑sheet messages: A3 Moody’s rating, funding in place for the pipeline (execution-ready pipeline ~EUR 700m), recurring annual equity strengthening (EUR 250–300m via retained earnings, scrip dividend and contributions in kind) to keep LTV ~40% and net debt/EBITDA ~8x. Management emphasizes disciplined risk‑adjusted capital allocation, selective use of equity when accretive, and that the EUR 500m p.a. plan is designed to be achievable without external equity raisings.