Warehouses De Pauw Sa · EURONEXT:WDP
Warehouses De Pauw Sa — FY2025 Earnings Presentation
67 slides from Warehouses De Pauw Sa's earnings presentation, Jan 30, 2026
Slide 1: Investor Presentation FY 2025 Results
30 JANUARY 2026 INVESTOR PRESENTATION FY 2025 RESULTS Online meeting with solid fill #BLEND: DELIVERING TODAY, Analyst30 Friday and January Investor 2026 video 10AM callCET Analyst and Investor WITH A VISION FOR TOMORROW video call Friday 30 January 2026 10AM CET JOIN JOIN 1
Slide 2: Table of contents
Table of contents 1 Introduction 2 Key highlights 2025 3 Growth plan #BLEND&EXTEND2030 4 Outlook 2026 5 Market insights 6 Activity report 7 Property report 8 ESG 9 Financial results 10 WDP share 2
Slide 3: Introduction on WDP
01 INTRODUCTION ON WDP Nijverdal, NL 3
Slide 4: WDP Developing critical supply chain infrastructure
WDP Developing critical supply chain infrastructure Towards a core €10bn+ European logistics platform GROWTH BACKED BY IRREPLICABLE ATTRACTIVE RISK/REWARD NET INVESTOR WITH ROBUST MARKET PORTFOLIO PROFILE EXECUTION POWER FUNDAMENTALS Unique core European Decade-long track record Positioned to capita
Slide 5: Key Highlights FY 2025
02 KEY HIGHLIGHTS FY 2025 Genk, BE 5
Slide 6: 2025 #BLEND-strategy delivers
2025 #BLEND-strategy delivers Effective multi-driver approach results in underlying ERPA EPS growth of +7%(1) EPRA EPS PORTFOLIO EPRA NTA €1.53 Leasing momentum €8.6bn Backed by a best-in- class balance sheet, €21.9 +7% y/y continued. Occupancy ahead liquidity with self- financing to execute 2025 GU
Slide 7: 2025 Balance sheet strength as value enabler
2025 Balance sheet strength as value enabler WDP unlocks value as one of Europe’s strongest credit profiles in listed real estate TOP-TIER CREDIT RATING UNLOCKED DEBUT ISSUANCE BENCHMARK BOND 2031 MATURITY A3 MOODY’s RATING UPGRADE FROM Baa1(1) €500m NEW EMTN PROGRAMME 80BPS SPREAD 3.175% FIXED INTE
Slide 8: 2025 Towards a €10bn+ core European platform
2025 Towards a €10bn+ core European platform Continuation of diverse leasing activity and strong execution of investment plan 1 2 3 4 FULL 550k m² €600m €708m FUNDING EXECUTION NEW LEASES SIGNED NEW INVESTMENTS INVESTMENT PIPELINE IN PLACE (o.w. 150k m² in Q4) SECURED IN EXECUTION MODE with Balance
Slide 9: #BLEND2027 Status Update
03 #BLEND2027 STATUS UPDATE BREDA, NL 9
Slide 10: #BLEND2027 | Status Update
#BLEND2027 | STATUS UPDATE Creating the pathway for new long-term growth ambitions GROWTH PLAN TARGETS BY 2027 STATUS: #BLEND2027 ON TRACK EPRA EPS 1.70 euros +6% CAGR vs. 2024(1) ✓ Leasing up limited available space ✓ Investment pipeline in execution Net debt / EBITDA (adj.) ✓ Balance sheet capacit
Slide 11: Extend horizon to 2030
EXTEND HORIZON TO 2030 Building the platform of tomorrow EXTEND WITH A AMBITION CLEAR SCALE INTO AN INTEGRATED EU PLATFORM Provide total supply chain infra solutions GOAL TO 2030 WITH A DELIVER ABOVE-AVERAGE GROWTH, WITH A BELOW-AVERAGE RISK PROFILE CLEAR Through scale, EPS growth & strong total ret
Slide 12: Introducing #BLEND&EXTEND2030
INTRODUCING #BLEND& EXTEND2030 BUILD Capture robust structural demand LOAD Pre-let developments, selective acquisitions & new markets EXTRACT Rental growth and active asset management NEUTRALIZE Total energy solutions decarbonizing logistics supply chain DISCIPLINED Robust balance sheet & risk-adjus
Slide 13: #BLEND&EXTEND2030 New targets
#BLEND2030 | GROWTH DRIVERS | BUILD | LOAD | EXTRACT | NEUTRALIZE | DISCIPLINED #BLEND&EXTEND2030 New long-term targets based on a proven blueprint for strong total returns 2030 targets per share (vs.2025 base year) of at least CAGR CAGR CAGR 6 > % 6 > % > 10% NEW 2.00 1.60 50% cumul. growth 2030 >€
Slide 14: Building blocks of 6% p.a. cash flow growth
#BLEND2030 | GROWTH DRIVERS | BUILD | LOAD | EXTRACT | NEUTRALIZE | DISCIPLINED #BLEND&EXTEND2030 Building blocks of an ambitious, resilient 6% p.a. cash flow growth expected over 2026-30 BUILDING BLOCKS Indicative % impact FOR EPRA EPS GROWTH per share per year(1) 6% At › Internal growth least €2.0
Slide 15: Building blocks of 6% p.a. cash flow growth: key assumptions
#BLEND2030 | GROWTH DRIVERS | BUILD | LOAD | EXTRACT | NEUTRALIZE | DISCIPLINED #BLEND&EXTEND2030 Building blocks of an ambitious, resilient 6% p.a. cash flow growth expected over 2026-30 BUILDING BLOCKS Indicative % impact FOR EPRA EPS GROWTH per share per year(1) 6% At › Internal growth least €2.0
Slide 16: BUILD: Robust demand drivers
#BLEND2030 | GROWTH DRIVERS | BUILD | LOAD | EXTRACT | NEUTRALIZE | DISCIPLINED #BLEND&EXTEND2030 | BUILD Structural tailwinds Robust demand drivers › Short-term: demand normalizing with a gradual recovery in take-up Capitalize on › Structural: omnichannel growth, supply chain reconfiguration, and e
Slide 17: LOAD: €500m capex guidance p.a.
#BLEND2030 | GROWTH DRIVERS | BUILD | LOAD | EXTRACT | NEUTRALIZE | DISCIPLINED #BLEND&EXTEND2030 | LOAD Development & acquisition opportunities in existing and new markets €500m capex Broader country mix: guidance p.a. › Existing markets (with Romania <20%) AT ATTRACTIVE RISK-ADJUSTED › Further str
Slide 18: EXTRACT: Inflation-plus like-for-like rent growth
#BLEND2030 | GROWTH DRIVERS | BUILD | LOAD | EXTRACT | NEUTRALIZE | DISCIPLINED #BLEND&EXTEND2030 | EXTRACT Strong total return potential Inflation-plus like-for-like rent growth › Indexation (fully CPI-linked leases(1)) and capturing rent reversion (9% under-rented portfolio) EMBEDDED VALUE › Cost
Slide 19: NEUTRALIZE: Energy-as-a-service
#BLEND2030 | GROWTH DRIVERS | BUILD | LOAD | EXTRACT | NEUTRALIZE | DISCIPLINED #BLEND&EXTEND2030 | NEUTRALIZE More than a warehouse: scale that generates power Energy-as-a- › Solar PV: maximizing rooftop capacity service › On-site efficiency solutions (e.g. LED, heat pumps, EMS) REVENUE TO DOUBLE T
Slide 20: DISCIPLINED: Strong self-financing capacity
#BLEND2030 | GROWTH DRIVERS | BUILD | LOAD | EXTRACT | NEUTRALIZE | DISCIPLINED #BLEND&EXTEND2030 | DISCIPLINED Strong financial position and strict capital allocation Strong self- › Strong recurring equity strengthening in place of €250-300m p.a. financing capacity › Via retained earnings, optional
Slide 21: Building the platform of tomorrow
BUILDING THE PLATFORM OF TOMORROW From regional leader to a core €10bn+ European platform › Scale & cross-border solutions › Profitable & efficient › Enabling strong total returns › Superior access to capital 21
Slide 22: EU €10bn+ ambitions supported by strengthened governance
EU €10BN+ AMBITIONS SUPPORTED BY STRENGTHENED GOVERNANCE › Reaffirming & reinforcing the family Jos De Pauw’s long-term commitment as reference shareholder › Strengthening international expertise & governance The four board nominees at the last row (from left to right): Gwenaëlle de la Raudière, Isa
Slide 23: Delivering today, with a vision for tomorrow
DELIVERING TODAY, WITH A VISION FOR TOMORROW Above-average growth, with a below-average risk profile 23
Slide 24: Outlook 2026
04 OUTLOOK 2026 Bollène, FR 24
Slide 25: Outlook 2026
Outlook 2026 Expected EPS growth of +5% + 5% y/y + 5% y/y 2026 GUIDANCE €1.60 €1.29 EPS (EPRA) DIVIDEND PER SHARE Underlying assumptions: • Impact from developments and acquisitions in 2025-26 • Like-for-like rental growth of around 2% • A stable and strong occupancy rate of minimum 97%, in line wit
Slide 26: Market insights
05 Market insights Barendrecht, NL 26
Slide 27: Fundamentals support demand for logistics space
Fundamentals support demand for logistics space Sustained structural demand drivers Digital economy &Omnichannel Challenges Outbound demand to grow at Cold storage & specialization a normalized pace Last-mile & reverse logistics OUTBOUND Power & grid connectivity Land scarcity Optimization of distri
Slide 28: Market insights
Market insights FINLAND Market vacancy rates to stabilize and remain low coupled with lower development activity and a gradual recovery in tenant demand The Netherlands 24Q4 25Q4 Vacancy (%) 4.3 4.6 STOCKHOLM Structural demand drivers Prime yield (%) 4.8 4.8 SWEDEN remain strong, driven by a.o. e- P
Slide 29: Focused strategy, adapted to capital market cycle
Focused strategy, adapted to capital market cycle Unmatched track record of execution in each phase of the capital cycle Share of CAPEX invested Integrated developer-investor model: majority of WDP portfolio developed in-house on a pre-let basis, value-add acquisitions and strategic platform expansi
Slide 30: Activity report
06 ACTIVITY Lokeren, BE REPORT 30
Slide 31: 2025 New investments secured
2025 New investments secured Investments secured in 2025 Le Havre (France) Ridderkerk (The Netherlands) Capex €600m NOI yield 6.8%(1) In 2025, these investments were either executed or further incorporated into the €708 million investment pipeline in execution. 1. NOI yield excludes energy investmen
Slide 32: See the press releases
32 See the press releases of 09 April 2025, 25 May 2025 and 2 October 2025.
Slide 33: Pre-let development projects delivered in 2025
2025 Pre-let development projects delivered in 2025 Completed development projects that have become income-generating during the year 100% 14y Leased Lease duration Genk (Belgium) Bornem (Belgium) Genk (Belgium) Schiphol (The Netherlands) Capex €121m NOI yield 6.6%(1) 1. Western-Europe: 5.9% and in
Slide 34: 2025 Acquisitions completed
2025 Acquisitions completed Acquisition completed in 2025 97% 7y Leased Lease duration Vilvoorde (Belgium) Investment €461m NOI yield 6.6%(1) Saint-Caradec (France) 1. Western-Europe: 6.6% and in Romania: 9.0%, excluding land reserves. 34
Slide 35: Transaction illustrative of cluster approach and customised solutions
Transaction illustrative of Sale-and-leaseback via WDP Lokeren cluster approach and contribution in kind as a lever for sustainable self-financing industrial cluster customised solutions 1. Sale-and-leaseback: ~25,000m² | 20y lease 2. New development: ~18,000m² | 15y lease 25,000m² automated high ba
Slide 36: Capital recycling into France's key container gateway
CAPITAL RECYCLING INTO Railway access FRANCE’S KEY Located directly opposite the container terminal CONTAINER GATEWAY Container yard Scaling French platform with key logistics hub Value crystallization in Liège ✓ Disposal of vacancy in Port of Liège for €35m ✓ At a premium to fair value, reflecting
Slide 37: €700 million investment pipeline in execution
2025 €700 million investment pipeline in execution Committed investments(1) 1. NOI yield excludes energy projects. 37
Slide 38: Annualised rent potential as leading indicator for future earnings growth
Annualised rent potential as leading indicator for future earnings growth(1) Long term Continuous replenishment of investment pipeline driving future EPRA EPS growth Reversion, leasing and development potential #BLEND2027 DELIVERS. +30% €m ANNUALIZED Medium term 2027 RENTS IN Short term 2026 2024-25
Slide 39: Future development potential
Future development potential ~5,100,000 m² ~2,100,000 m² Land bank Development potential GLA €116 MILLION LONG-TERM RENT POTENTIAL 39
Slide 40: WDP Energy: the logistics powerhouse
WDP Energy: the logistics powerhouse Integrated energy solutions for future logistics Energy investments in Battery energy storage execution per 31 December › Front-of-the-Meter BESS 2025 of €112m › Permit & grid connection obtained › Total capacity: 60 MW › Energy storage capacity: 240 MWh › Invest
Slide 41: Property report
07 PROPERTY REPORT BUCHAREST, RO 41
Slide 42: Developing essential supply chain infrastructure
Developing essential supply chain infrastructure Towards a core €10bn+ European platform WDP PORTFOLIO 8.8 million m² GLA lettable area 480k m² GLA under construction 261 MWp solar capacity installed HIGH-QUALITY, DIVERSIFIED PLATFORM The Netherlands 37% of the portfolio €8.6bn 5.6y 3.0 million m² G
Slide 43: Portfolio fair value split
Portfolio fair value split1 Fair value Investment properties €/m² 958 1. Excluding solar panels and including projects, land reserve and assets held for sale. Including the proportional share of WDP in the portfolio of the joint ventures (mainly WDP Luxembourg). In the IFRS accounts, those joint ven
Slide 44: Large, diversified and high-quality portfolio
Large, diversified and high-quality portfolio Best-in-class portfolio comprising of class A assets BREAKDOWN OF FAIR VAUE BY QUALTY BREAKDOWN OF FAIR VALUE BY TYPE BREAKDOWN BY TYPE OF GROWTH DIVISION OF THE PROPERTY 71% 345 properties green certified warehouse 445 clients 56% share of property port
Slide 45: Robust and well spread cash flow profile
Robust and well spread cash flow profile Outstanding cash flow visibility from a resilient tenant and lease profile in a market characterized by scarcity Historical occupancy rate (>97% long-term average) ~6 years lease maturity profile (till first break)(1) Inflation proof-cash flow Rent collection
Slide 46: Diversified, resilient and high-quality tenant base
Diversified, resilient and high-quality tenant base Well-spread industry profile across mix of defensive, growing sectors and multiple end-markets Rental income by category Top 10 share of rent ~24%1 Dedicated Dedicated e-commerce e-commerce 1. Ahold Delhaize 5.5% 17% Retail (food) FMCG 13% 2. Kuehn
Slide 47: ESG
08 ESG BAIA MARE, RO 47
Slide 48: Climate Action Plan
Download with solid fill Climate Action Plan Document in full Target 2021 2025 WDP Electricity 100% 56% 100% Procurement Green(1) each FY Renewable ENERGY 350 MWp WDP Energy capacity by 2027 95 MWp 261 MWp Lead the transition towards renewable ENERGY Monitoring >85% 73% 86% energy generation and Sys
Slide 49: Certified
Certified § Certified § Certified MAY 2025-MAY 2026 MAY 2025-MAY 2026 MAY 2025-MAY 2026 BELGIUM ROMANIA WDP WITH BRAINS
Slide 50: Financial results 2025
09 FINANCIAL RESULTS 2025 Dudelange, LU 50
Slide 51: Consolidated results
WwDP Consolidated results Analytical P&L i FY 2025 FY 2024 A yly (abs.) A yly (%) Rental income, net of rental-related expenses 449,143 387,396 61,747 15.9% Indemnification related to early lease terminations 978 11,000 10,022 ne. Income from solar energy 25,500 22,830 2,660 1.7% Other operating inc
Slide 52: Consolidated results
Consolidated results 1. Including the proportional share of WDP in the portfolio of the joint ventures. 52
Slide 53: Consolidated results B/S
Consolidated results B/S 34.12.2025 31.12.2024 A (abs.) A (%) Intangible fixed assets 1,408 1,599 -191 ne Investment properties 8,207,921 7,513,487 694,433 0.2% Other tangible fixed assets (solar panels inclusive) 186,941 180,962 5.979 3.3% Financial fixed assets 40,262 70,150 20,888 42.6% Trade deb
Slide 54: Consolidated results B/S: metrics
WwDP Consolidated results B/S Metrics 31.12.2025 31.12.2024 A (abs.) A(%) IFRS NAV 213 21.0 03 1.4% EPRA NTA 21.9 244 08 3.6% EPRA NRV 23.9 23.0 08 3.5% EPRANDV 218 214 04 1.9% ‘Share price 22.4 19.0 34 16.4% Premium / (discount) vs. EPRA NTA 1.2% 9.9% 11.2% ne Loan-to-value 40.1% 38.3% 1.9% ne Debt
Slide 55: Financial management
Financial management Ensuring consistency of financial strategy Leverage 7.5 2.4 Net debt / EBITDA (adj.)(1) Cost of debt Loan-to-value x % Moody’s Fitch 40.1 % Coverage A3 BBB+ 5.0 89 Interest Coverage Ratio Hedge ratio UPGRADED(3) 100 of financing % needs covered x % Stable Outlook Stable Outlook
Slide 56: Debt overview
Debt overview Solid debt metrics and active liquidity management DEBT MATURITIES 2.4 Cost of debt % 60% Bank financing 89 Hedge ratio % 40% Bonds CP 4.2 years Average debt maturity ▪ Well-spread debt maturities with 4-year debt duration on average ▪ Solid access to unsecured lending through bank loa
Slide 57: Hedging profile
Hedging profile Stable cost of debt and strong hedging profile 4y Average hedge duration EVOLUTION COST OF DEBT EVOLUTION HEDGE RATIO ▪ Cost of debt at 2.4% over 2025 with a modest increase to 2.5% in 2026 ▪ Thanks to strong debt hedging profile with average hedge maturity of 4y ▪ Manageable and gra
Slide 58: Cost of debt | simulation debt and hedging renewals
Cost of debt | simulation debt and hedging renewals Cost of debt reset manageable and only gradual SIMULATION COST OF DEBT (at constant debt level per 31.12.2025)(1) 4.0% Cumulative impact limited to 85bps Incremental fixed-rate cost of debt (5y duration) Cost of debt evolution by 2030 3.5% Included
Slide 59: Prudent financial policy throughout the cycle
Prudent financial policy throughout the cycle Strict capital discipline and well-balanced capital structure Historic policy of not adding leverage against revaluations based on 40.1% 5.4% Loan-to-value EPRA NIY ✓ No leverage on historic revaluations ✓ No impact on Net debt / EBITDA ✓ Financial robus
Slide 60: Financial management driven by cash-flow leverage
Financial management driven by cash-flow leverage Strong track record of issuing equity to calibrate leverage 7.5x 7.8x Net debt / 10-year EBITDA (adj.) average ✓ Real measure of leverage on the business ✓ Within control of management ✓ Not impacted by property valuations ▪ Policy: Net debt / EBITDA
Slide 61: WDP Share
10 WDP SHARE Saint-Caradec, FR 61
Slide 62: Valuation
Valuation Return on equity(1) +9% Return on Equity in 2025 +2.05 +0.43 23.90 +1.53 -1.20 21.85 21.09 20.00 15.00 EPRA NTA Dividend distribution EPRA Earnings Portfolio result and EPRA NTA Transfer taxes EPRA NRV 2024 other 2025 2025 (1) 1. Return on Equity or total accounting return is calculated as
Slide 63: Superior total returns by navigating the capital cycle
Superior total returns by navigating the capital cycle Supported by strong dividend & earnings growth CAGRs 2015-25 TOTAL ACCOUNTING RETURN SINCE 2014 (in % per year)(1) RETURN ON EQUITY1 + 19% 7% 23% 23% 22% 30% 32% 18% 46% 2% 10% 9% EPRA EPS 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 +
Slide 64: Share statistics
Share statistics WDP share performance and AEX Index inclusion on Euronext Amsterdam (Sept 2025) (1) ▪ Market cap >5bn euros ▪ Free float of 81% - Family Jos De Pauw 19% ▪ Member of EPRA, Euronext BEL20, AEX, DJSI Sustainability Index World/Europe and GPR indices 1. See press release of 9 September
Slide 65: Q&A
Q&A Saint-Martin, FR 65
Slide 66: Disclaimer
Disclaimer Warehouses De Pauw NV/SA, abbreviated WDP, having its registered office at Blakebergen 15, 1861 Wolvertem (Belgium), is a public regulated real estate company, incorporated under Belgian law and listed on Euronext. This presentation contains forward-looking information, forecasts, beliefs
Slide 67: investorrelations@wdp.eu www.wdp.eu
investorrelations@wdp.eu www.wdp.eu 67