Ctp N.v. · EURONEXT:CTPNV
Ctp — Ctp N V — H1 2026 Earnings Presentation
47 slides from Ctp's earnings presentation, Jul 30, 2026
Slide 1: CTP N.V. Financial Highlights H1-2026
Save the date: Capital Markets Day September 22–23 Warsaw, Poland CTP N.V. Financial Highlights H1-2026 30 July 2026
Slide 2: H1-2026: Continuous strong leasing driving cashflow growth
H1-2026: Continuous strong leasing driving cashflow growth Financial highlights Operational highlights €413M €18.7B 93% (93% as at 31 Dec 2025) 6.1 yrs (+12.6% vs. H1-2025) (+10.5% vs. 30 June 2025) (6.1 years as at 31 Dec 2025) Gross Rental income Investment Property Occupancy WAULT €241M €0.50 (+8
Slide 3: CTP: Global platform and CEE market leader
CTP: Global platform and CEE market leader BRNO Portfolio Value by Country (%) AT IT VN NL 1.2% 1.2% 0.2% DE 2.6% 10.8% RS BG 1.9% 14.8M 3.8% sqm GLA €18.9bn 2.0M PL CZ 7.8% 39.8% GAV sqm GLA under SK construction 7.5% HU 8.6% RO 33.7M NB: Figures may not add up due to rounding 14.6% sqm landbank 3
Slide 4: A proven compounding track record since IPO
A proven compounding track record since IPO Double-digit annual growth since 2011 with steady ~95% occupancy +18% +21% +20% +18% +24% +15% CAGR since IPO: GLA Annualized Landbank EPRA NTA Investment EPRA EPS 14.8 million rental income 33.7 million per share Property €1.01-1.03 sqm €858M €20.23 €18.7
Slide 5: Proven build-to-own business delivers growth opportunities from embedded client base
Proven build-to-own business delivers growth opportunities from embedded client base, financed by growing cashflow from operator Operator Developer Growth engine Leveraging €1 billion 33.7 million sqm >1,700 clients annualised rental income of land with potential development profit to come of CTP Gr
Slide 6: Integrated & derisked business model, growth driven by existing clients
Integrated & derisked business model, growth driven by existing clients 14.8M sqm GLA in existing parks / >1,700 clients 10-15% ~89% new space client developed per year retention 2.0M sqm 65% of new leases signed under construction with existing clients 33.7M sqm landbank 55% 39% in existing parks i
Slide 7: Development deliveries on target
Development deliveries on target Development YoC Pre-let at H1 Projects under Construction 13.5% 11.6% 92% 11.0% 80%-90% 88% 10.8% 10.8% 86% 10.3% target 10.1% 10.0% 10.0% 80% range 56% 53% 51% 51% 47% 2019 2022 2024 2020 2021 2023 2025 H1 2026 - construction achieved 2022 2023 2024 2025 H1 2026 H1
Slide 8: Unlocking the landbank value through profitable development
Unlocking the landbank value through profitable development FV of landbank on balance sheet of ~€60 per sqm Average construction costs ~€500 per sqm Total investment costs (€500 + 2 * €60) ~€620 per sqm Investment properties valued at ~€1,060 per sqm Potential revaluation gains ~€440 per sqm (72%) B
Slide 9: High degree of pipeline granularity
High degree of pipeline granularity Current development pipeline split by location Diversification of development risk Average project size c.21k sqm Over 90 projects and 60 locations Developing in 10 out of 12 markets Focus in and around existing parks (86% of under construction) 9
Slide 10: Record leasing in H1-2026 with rising rents
Record leasing in H1-2026 with rising rents Leases signed, sqm Q1 Q2 Q3 Q4 FY 2024 336,000 582,000 577,000 618,000 2,113,000 +55% H1-2026 YoY increase in sqm of 2025 416,000 599,000 562,000 748,000 2,325,000 leases signed 2026 762,000 813,000 Avg. monthly rent leases signed per sqm (€). Not Q1 Q2 Q3
Slide 11: Increasing leasing activity
Increasing leasing activity Quarterly leasing activity (‘000 sqm) 900 813 800 762 748 700 618 599 600 582 577 562 500 416 400 336 300 200 100 0 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 NB: Figures may not add up due to rounding 11
Slide 12: New leasing rental tone in H1-2026 +1.7% higher than H1-2025
New leasing rental tone in H1-2026 +1.7% higher than H1-2025 (Adj. for country mix1) NL PL DE €5.46 €5.57 €8.18 €10.99 €11.83 €5.21 H1-2025 H1-2026 H1-2025 H1-2026 H1-2025 H1-2026 CZ2 SK 110,000 175,000 sqm sqm 14,000 44,000 70,000 185,000 €6.09 sqm sqm sqm sqm €6.52 €6.15 €5.64 H1-2025 H1-2026 H1-2
Slide 13: Supply chain professionalization and domestic consumption growth drive expansion
Supply chain professionalization and domestic consumption growth drive expansion in CTP’s portfolio Portfolio June 2026 Leases signed in the last 24 months GLA split by industry (%) GLA split by industry (%) 1 Professionalization of supply chains, following CEE countries joining Other Other Schengen
Slide 14: Over 12% of portfolio leased to Asian clients producing in Europe for Europe
Over 12% of portfolio leased to Asian clients producing in Europe for Europe GLA sqm of Asian tenants 1 900 000 1 700 000 1 500 000 ∽15% of leases signed in 1 300 000 last 24 months 1 100 000 900 000 700 000 500 000 300 000 2019 2020 2021 2022 2023 2024 2025 H1-2026 14
Slide 15: Structural trends revealed through leasing activity across markets
Structural trends revealed through leasing activity across markets Nearshoring Rising disposable E-commerce growth High-tech / Clean-tech incomes Manufacturing in Europe for Europe Supply chain professionalisation E-retailers require innovative High-tech / Clean-tech companies in the business-smart
Slide 16: Cashflow driven by strong and diversified international client base
Cashflow driven by strong and diversified international client base Low operational and financial risk 31.6% 34.3% Top 50 as a % of Top 50 as a % of Sample of clients by sector Rental Income portfolio GLA 16
Slide 17: Organic growth driven by CTP's long-lasting tenant relations
Organic growth driven by CTP’s long-lasting tenant relations Occupancy1 (%) 95% 94% 94% 94% 89% 65% 93% 93% 93% Tenant retention New leases signed with existing clients FY-2020 FY-2021 FY-2022 FY-2023 FY-2024 FY-2025 H1-2026 P’s market share in core markets2 4.7% 73% (%) 28.8% 28.4% 28.1% 27.8% 27.5
Slide 18: Deliveries in H1 2026 at 10.8% YoC, 93% leased
Deliveries in H1 2026 at 10.8% YoC (target > 10%) 93% leased 245,000 93% Leased at delivery sqm delivered €21.1M 10.8% CTPark Belgrade West, RS Contracted rental income YoC 100% In existing parks or in new parks with >100k sqm potential CTPark Toruń, PL NB: Figures may not add up due to rounding 18
Slide 19: Next growth phase locked in by projects under development
Next growth phase locked in by projects under development, scheduled to add €152 million of rental income 1,964,000 10.0% 80-90% sqm under construction Expected YoC Expected pre-let at delivery 86% In existing parks 8% 51% * Pre-let 2026 deliveries €152M Potential rental income In new parks with >10
Slide 20: Development led growth is embedded in CTP's DNA
Development led growth is embedded in CTP’s DNA Standing portfolio & under construction Deliveries rising 18 million sqm - owned 2 million sqm 1.4-1.7 16 2.0 2 2.0 1.8 1 14 2.0 1 12 1.7 1 10 1 14.6 14.8 13.3 1.3 1.3 1 1.2 8 1.0 11.8 1.0 10.5 0 0.9 6 0.7 0.6 7.6 0 5.9 4 0 2020 2021 2022 2023 2024 202
Slide 21: Vietnam market entry – strengthening relationship with Asian client base
Vietnam market entry – strengthening relationship with Asian client base • Strategic landbank in the fast-growing industrial areas • Well positioned to benefit from supply chain diversification and nearshoring trends 330,000 sqm CTPark Trang Due landbank Q4-2026 Start of construction 2027 CTPark Nho
Slide 22: Financial results
Financial results 22
Slide 23: Financial highlights
Financial highlights In € million H1-2026 H1-2025 restated1 % change Gross Rental Income 413.3 367.2 +12.6% Net Rental Income 404.8 360.3 +12.4% Net valuation result on investment property -83.0 580.6 n.m. Profit for the period 100.0 625.8 -84.0% Company specific adjusted EPRA earnings 240.9 216.6 +
Slide 24: Gross Asset Value up 10.6% y-o-y
Gross Asset Value up 10.6% y-o-y Investment Property (IP), Investment Property under Development (IPuD) and Property, Plant & Equipment (PPE) (€ million) GAV: 8 460 11 486 13 633 15 980 18 483 18 945 284 280 1 512 Q4-2021 to H1-2026 1 474 CAGR: 20% 248 1 573 1 368.1 1 292 234 1 077 920 169 1 360 763
Slide 25: Slight negative revaluation due to valuation decrease in Romania
Slight negative revaluation due to valuation decrease in Romania Revaluation (YTD) (€ million) Standing assets including stabilization of deliveries IPuD Landbank H1-2026 0 -20 -40 -60 -80 -100 -5.1 -83.0 -120 -140 -160 -146.8 +68.9 NB: Figures may not add up due to rounding 25
Slide 26: EPRA NTA up 4.5% y-o-y
EPRA NTA up 4.5% y-o-y EPRA NTA € per share +€0.62 +€0.97 €20.23 -€0.63 -€0.09 €19.36 H1-2025 Company specific adjusted Revaluation Dividend Others H1-2026 EPRA EPS NB: Figures may not add up due to rounding 26
Slide 27: Conservative valuation yields
Conservative valuation yields H1-2026 FY-2025 FY-2024 FY-2023 FY-2022 → Reversionary yield1 stable in H1-2026 Gross Portfolio yield 6.5% 6.5% 6.6% 6.7% 6.5% → Yield differential between CEE and Western European logistics yield back to long term average H1-2026 FY-2025 FY-2024 FY-2023 FY-2022 • Expec
Slide 28: Attractive double-digit total return track record
Attractive double-digit total return track record € per share EPRA NTA growth DPS paid 25 €0.16 €20.23 18% CAGR 20 -€0.61 €2.92 -€0.32 €2.73 -€0.57 Total Return: +16% 15 €2.59 -€0.48 €2.15 -€0.40 Total Return: +17% -€0.17 Total Return: +19% €8.32 10 €3.91 Total Return: +18% Total Return: +47% 5 0 31
Slide 29: Favourable maturity profile reflects active liquidity management
Favourable maturity profile reflects active liquidity management Bonds (EUR) 3.4% Conservative residual Unsecured loans (EUR) maturity of debt (€ million) Unsecured loans (JPY) Unsecured loans (USD) Secured loans (EUR) Average cost of debt Unsecured liquidity RCF (EUR) 2 488 2 093 1 699 99.4% Hedged
Slide 30: Strong liquidity position and ample headroom to covenants
Strong liquidity position and ample headroom to covenants €2.1B Liquidity 9.6x Normalized Net Debt 30 June 2026 Covenant to EBITDA Secured Debt Test 13.5% 40% 71% 53% Unencumbered Asset Test 187.6% 125% Unsecured debt Bonds Interest Cover Ratio 2.5x 1.5x CREDIT RATINGS Leverage Ratio Test 46.8% 60%
Slide 31: Total €1.7 billion of debt raised and refinanced in H1 2026
Total €1.7 billion of debt raised and refinanced in H1 2026 Green Bond and Tender Offer Asian Loan Facility January 2026 March 2026 → €500 million, 4.5-year at a coupon of 3.375% → Dual-tranche syndicated facility with a total of 15 Asian banks → MS +92bps, lowest since 2021 → JPY 22.5 billion (€122
Slide 32: Guidance
Guidance Guidance 2026 Progressive dividend Dividend policy1 Dividend per share €1.01-€1.03 70% - 80% €0.630 €0.590 €0.525 €0.450 2026 Company specific €0.350 €0.345 pay-out of Company specific adjusted EPRA EPS adjusted EPRA EPS +9-11% vs. 2025 2021 2022 2023 2024 2025 Interim 2026 1. Default divid
Slide 33: Long-term cash flow generation potential
Long-term cash flow generation potential Annualized rent in € million Medium to long-term Short-term >1,000 106 43 18 152 21 858 Annualized rent Completion of Filling up vacancy Indexation Reversion 2026- Future deliveries Annualized rent Reversion ≥2028 Full development 30/06/2026 existing pipeline
Slide 34: Investment case outlook
Investment case outlook → Leasing dynamics are strong, with growing occupier demand, supporting ongoing rental growth → Ongoing long-term structural trends including the professionalisation of supply chains, manufacturing in Europe for Europe and growing domestic consumption in CEE → The Group’s pip
Slide 35: Appendices
Appendices 35
Slide 36: Top Parks
Top 20 Parks Since: 2015 Since: 2006 Since: 2004 Since: 2015 Since: 2006 The Top 20 parks represent the core of the CTPark Network. They are thriving business communities, with a dynamic mix of clients from a broad range of RO CZ CZ RO CZ industries. Bucharest West Bor Brno Bucharest Ostrava GLA: 98
Slide 37: Top Parks
Top 20 Parks Since: 2024 Since: 2020 Since: 2007 Since: 2002 Since: Since:2011 2021 The Top 20 parks represent the core of the CTPark Network. They are thriving business communities, with a dynamic PL PL CZ CZ SK mix of clients from a broad range of industries. Iłowa Warsaw West Žatec Hranice Námest
Slide 38: Energy
Energy 161 154 → Cost per MWp: ~€750k – below market average thanks to CTP MWp Installed 138 acquiring in bulk and PV ready roof structures since 2020 100 → Income: 1-year lag between installation and income, i.e. MWp installed in 2025 drive 2026 income → H1 2026 revenues: €8.3 million (4% y-o-y vs.
Slide 39: EPRA EPS
EPRA EPS H1-2025 EPRA Earnings (€ million) H1-2026 restated2 Earnings per IFRS income statement 100.0 625.8 Adjustments to calculate EPRA Earnings, exclude: Changes in value of investment properties, development properties held for investment and other interests -83.0 580.6 Profits or losses on disp
Slide 40: Company Specific Adjusted EPRA Earnings P&L
Company Specific Adjusted EPRA Earnings P&L EPRA Earnings Company specific (€ million) IFRS Adjustments adjusted EPRA Earnings Rental Income 413.3 2.5 415.8 Service charge income 49.7 - 49.7 Property operating expenses -58.3 - -58.3 Net rental income 404.8 2.5 407.3 Net income / expenses from renewa
Slide 41: EPRA NAV
EPRA NAV EPRA Net Asset Value Metrics (€ million) EPRA NTA EPRA NRV EPRA NDV 30 June 2026 31 December 2025 30 June 2026 31 December 2025 30 June 2026 31 December 2025 IFRS Equity attributable to shareholders 8,480.7 8,462.2 8,480.7 8,462.2 8,480.7 8,462.2 Include / Exclude: i) Hybrid instruments Dil
Slide 42: EPRA NIY
EPRA NIY EPRA NIY and 'topped-up' NIY (€ million) 30 June 2026 31 December 2025 Investment property – wholly owned 18,660.5 18,203.1 Investment property – share of JVs/Funds Trading property (including share of JVs) Less: developments 1,572.5 1,368.1 Less: landbank 1,512.0 1,473.6 Completed property
Slide 43: Cost of debt
Cost of debt Cost of Debt (€ million) 30 June 2026 31 December 2025 Net finance costs (IFRS) -322.0 -323.2 Capitalized interest -27.9 To be excluded: Profit in loss from fin assets and liabilities for trading -4.5 -1.0 Exchange rate differences -16.8 -22.4 Other financial income 0.2 0.1 Other financ
Slide 44: Portfolio
Portfolio Standing IPuD Landbank Portfolio split by sqm (‘000) (14,834 sqm) (1,964 sqm) (33,675 sqm) Czech Republic 4,830 33% 548 28% 7,584 23% Romania 3,234 22% 258 13% 3,976 12% Germany 1,764 12% 107 5% 1,595 5% Hungary 1,389 9% 255 13% 2,124 6% Slovakia 1,091 7% 135 7% 2,562 8% Poland 1,077 7% 29
Slide 45: Financial calendar
Financial calendar Event: Date: Capital Market Days in Warsaw, Poland 22-23 September 2026 Q3-2026 results 29 October 2026 FY-2026 results 25 February 2027 45
Slide 46: Disclaimer
Disclaimer This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and business of CTP. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “pla
Slide 47: Maarten Otte, Chief Investment Officer
Maarten Otte, Chief Investment Officer Pavel Švihálek, Funding and IR Manager Mobile: +420 730 197 500 Mobile: +420 724 928 828 Email: maarten.otte@ctp.eu Email: pavel.svihalek@ctp.eu 47