Ctp N.v. · EURONEXT:CTPNV
Ctp — Q1 2026 Earnings Presentation
47 slides from Ctp's earnings presentation, Apr 30, 2026
Slide 1: CTP N.V. Financial Highlights Q1-2026
Save the date: Capital Markets Day September 22–23 Warsaw, Poland CTP N.V. Financial Highlights Q1-2026 30 April 2026
Slide 2: Q1-2026: Record leasing quarter, driving cashflow growth
Q1-2026: Record leasing quarter, driving cashflow growth Financial highlights Operational highlights €205M €164M 93% (93% as at 31 Dec 2025) 6.1 yrs (+12.3% vs. Q1-2025) (IPuD portfolio revaluation) (6.1 years as at 31 Dec 2025) Gross Rental income Net valuation result Occupancy WAULT €120M €0.25 (+
Slide 3: CTP: Pan-European platform, CEE market leader, global ambition
CTP: Pan-European platform, CEE market leader, global ambition Core Markets Growth Markets 14.7M sqm GLA 2.0M Western European Markets BRNO Portfolio Value by Country (%) sqm GLA under construction NL AU IT 2.6% 1.3% 1.1% 33.3M GE 10.7% BU 1.8% RS 3.7% sqm landbank PL €18.9bn CZ 158MWp 7.8% 40.4% GA
Slide 4: Accelerated 5-year growth since IPO in March 2021
Accelerated 5-year growth since IPO in March 2021 IPO 03/2021 +134% +104% +200% +19% p.a. CAGR +21% p.a. CAGR +25% p.a. CAGR SQM of GLA (in millions) 16.0 14.6 14.7 14.0 13.3 11.8 12.0 Growth Growth inin GLA GLA Growth Growth in in Landbank Landbank Growth growth in Investment in Investment Property
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 33.3 million sqm >1,500 clients annualised rental income of land with potential development profit to come of CTP Gr
Slide 6: Integrated & derisked business model: double-digit NTA growth p.a.
Integrated & derisked business model: double-digit NTA growth p.a. 14.7M sqm GLA in existing parks / >1,500 clients 10-15% ~95% new space client developed per year retention 2.0M sqm 73% of new leases signed under construction with existing clients 33.3M sqm landbank 55% 37% in existing parks in new
Slide 7: Development deliveries on target
Development deliveries on target Development YoC Pre-let at Q1 Projects under Construction 13.5% 11.6% 92% 11.0% 80%-90% 88% 10.8% 86% 10.3% 10.4% target 10.1% 10.0% 10.0% 80% range 49% 44% 43% 42% 40% 2019 2022 2024 2020 2021 2023 2025 construction Q1 2026 - achieved 2022 2023 2024 2025 Q1 2026 Q1
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 ~€1,050 per sqm Potential revaluation gains ~€430 per sqm (72%) B
Slide 9: High degree of granularity in our pipeline
High degree of granularity in our pipeline – resulting in a growing secured cashflow Current development pipeline split by location Diversification of development risk Average project size c.25k sqm Over 80 projects and 60 locations Developing in 10 of our 11 markets Focus in and around existing par
Slide 10: Record leasing in Q1-2026 with rising rents
Record leasing in Q1-2026 with rising rents Leases signed, sqm Q1 Q2 Q3 Q4 FY 2024 336,000 582,000 577,000 618,000 2,113,000 2025 416,000 599,000 562,000 748,0001 2,325,000 +83% Q1-2026 YoY increase in sqm of 2026 762,000 leases signed Avg. monthly rent leases signed per sqm (€). Not Q1 Q2 Q3 Q4 FY
Slide 11: Growing leasing activity
Growing leasing activity Quarterly leasing activity (‘000 sqm) 900 800 762 748 700 618 599 600 582 577 562 500 416 400 336 300 200 100 0 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126 NB: Figures may not add up due to rounding 11
Slide 12: New leasing rental tone in Q1-2026 +1% higher than Q1-2025
New leasing rental tone in Q1-2026 +1% higher than Q1-2025 (Adj. for country mix) PL €7.42 €5.03 NL €10.79 €10.61 SK Q1-2025 Q1-2026 14,000 56,000 €5.88 sqm sqm €5.57 Q1-2025 Q1-2026 2,700 3,000 sqm sqm DE CZ1 Q1-2025 Q1-2026 HU RO 38,000 89,000 €6.90 €6.43 €4.62 €4.49 sqm sqm €6.30 €6.15 €5.15 €5.2
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 Q1-2026 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 a
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 ∽20% of leases signed in 1 300 000 last 24 months 1 100 000 900 000 700 000 500 000 300 000 2018 2019 2020 2021 2022 2023 2024 2025 Q126 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 industry incomes Manufacturing in Europe for Europe Supply chain professionalisation E-retailers require innovative High-tech companies deepen in the business-smart CEE region
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 35.2% 32.9% Top 50 Clients Top 50 as a % of Top 50 as a % of GLA split by industry (%) portfolio GLA Rental Income NB: Figures may not add up due to rounding 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% 95% 73% 93% 93% 93% Tenant retention New leases signed with existing clients FY-2020 FY-2021 FY-2022 FY-2023 FY-2024 FY-2025 Q1-2026 CTP’s market share in core markets2 4.6% 73% (%) 28.8% 28.4% 28.4% 27.8% 27
Slide 18: Deliveries in Q1 2026 at 10.4% YoC (target > 10%) 96% leased
Deliveries in Q1 2026 at 10.4% YoC (target > 10%) 96% leased 116,000 96% Leased at delivery sqm delivered €9.2M 10.4% CTPark Trnava North, SK Contracted rental income YoC 100% In existing parks or in new parks with >100k sqm potential CTPark Budapest Érd, HU NB: Figures may not add up due to roundin
Slide 19: Next growth phase locked in by projects under development
Next growth phase locked in by projects under development, scheduled to add €154 million of rental income 2,022,000 10.0% 80-90% sqm under construction Expected YoC Expected pre-let at delivery 82% 10% 40% * €154M In existing parks In new parks with Pre-let 2026 deliveries Potential rental income >1
Slide 20: Landbank offers opportunity to more than double portfolio
Landbank offers opportunity to more than double portfolio to over 30 million square meters 2:1 build-up ratio allows to GLA potential from owned Additional runway secured via landbank land options double GLA from current landbank 35.0 31.8 Constant global screening for 5.4 new acquisition opportunit
Slide 21: 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 14.7 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 22: Financial results
Financial results 22
Slide 23: Financial highlights
Financial highlights In € million Q1-2026 Q1-2025 restated1 % change Gross Rental Income 205.1 182.5 +12.3% Net Rental Income 199.6 179.4 +11.3% Net valuation result on investment property 164.1 147.6 +11.2% Profit for the period 212.5 196.3 +8.3% Company specific adjusted EPRA earnings 119.5 107.3
Slide 24: Gross Asset Value up 15.4% y-o-y
Gross Asset Value up 15.4% 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 18,857 283 280 1 452 Q4-2021 – Q1-2026 1 474 CAGR: 21% 248 1 614 1 368.1 1 292 234 1 077 920 169 1 360 763
Slide 25: Attractive double-digit total return track record
Attractive double-digit total return track record € per share EPRA NTA growth 25 DPS paid €20.95 €0.56 22% CAGR 20 -€0.61 €2.92 €2.73 -€0.57 Total Return: +16% 15 €2.59 -€0.48 Total Return: +17% €2.15 -€0.40 -€0.17 Total Return: +19% 10 €3.91 Total Return: +18% €8.32 Total Return: +47% 5 0 31 Decemb
Slide 26: Favourable maturity profile reflects active liquidity management
Favourable maturity profile reflects active liquidity management 3.2% Conservative residual Bonds maturity of debt Unsecured loans (EUR) (€ million) Unsecured loans (JPY) Unsecured loans (USD) Average cost of debt Secured loans 2 438 2 094 99.9% 1 338 Hedged / fixed 1 199 583 4.8 yrs 478 513 397 327
Slide 27: Strong liquidity position and ample headroom to covenants
Strong liquidity position and ample headroom to covenants €1.9B Liquidity 9.4x Normalized Net Debt 31 March 2026 Covenant to EBITDA Secured Debt Test 13.4% 40% 71% 46.4% Unencumbered Asset Test 187.1% 125% Unsecured debt LTV Interest Cover Ratio 2.5x 1.5x CREDIT RATINGS BBB Baa3 A- LTV target betwee
Slide 28: €500 million green bond and new Asian loan raised in Q1 2026
€500 million green bond and new Asian loan raised in Q1 2026 Green Bond and Tender Offer January 2026 → €500 million, 4.5-year at a coupon of 3.375% and MS +92bps, lowest since 2021 → Orderbook at €4.4 billion, 8.8x oversubscribed, largest ever for a CTP bond → Repurchased €216 million of February 2
Slide 29: Guidance
Guidance Guidance 2026 Progressive dividend Dividend policy1 Dividend per share €1.01-€1.03 70% - 80% €0.63 €0.59 €0.53 €0.45 2026 Company specific €0.35 pay-out of Company specific adjusted EPRA EPS adjusted EPRA EPS +9-11% vs. 2025 (incl. capitalization of development interest costs) 2021 2022 202
Slide 30: Long-term cash flow generation potential
Long-term cash flow generation potential Annualized rent in € million Medium to long-term Short-term >1,000 107 43 18 154 26 849 Annualized rent Completion of Filling up vacancy Indexation Reversion 2026- Future deliveries Annualized rent Reversion ≥2028 Full development 31/03/2026 existing pipeline
Slide 31: Investment case outlook
Investment case outlook → Leasing dynamics are strong, with growing occupier demand, supporting ongoing rental growth → The Group’s pipeline is highly profitable with a YoC target of 10%+ and delivers tenant led growth. The YoC for CTP’s current pipeline remains at an industry leading 10.0% → Next s
Slide 32: Save the Date: 2026 Capital Markets Day
Save the Date: 2026 Capital Markets Day Warsaw, Poland 22-23 September 32
Slide 33: Appendices
warenous: FOR RENT
Slide 34: 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 Ostrava Brno Bucharest GLA: 98
Slide 35: Top Parks
Top 20 Parks Since: 2024 Since: 2007 Since: 2002 Since: 2021 Since: 2018 The Top 20 parks represent the core of the CTPark Network. They are thriving business communities, with a dynamic PL CZ SK RS mix of clients from a broad range of CZ industries. Warsaw West Žatec Hranice Námestovo Belgrade West
Slide 36: Energy
Energy 154 158 → 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 → Q1 2026 revenues: €3.3 million (71% y-o-y vs
Slide 37: EPRA EPS
EPRA EPS Q1-2025 EPRA Earnings (€ million) Q1-2026 restated2 Earnings per IFRS income statement 212.6 196.3 Adjustments to calculate EPRA Earnings, exclude: Changes in value of investment properties, development properties held for investment and other interests 164.1 147.6 Profits or losses on disp
Slide 38: 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 205.1 1.3 206.3 Service charge income 25.5 - 25.5 Property operating expenses -31.0 - -31.0 Net rental income 199.6 1.3 200.8 Net income / expenses from renewa
Slide 39: EPRA NAV
EPRA NAV EPRA Net Asset Value Metrics (€ million) EPRA NTA EPRA NRV EPRA NDV 31 March 2026 31 December 2025 31 March 2026 31 December 2025 31 March 2026 31 December 2025 IFRS Equity attributable to shareholders 8,679.8 8,462.2 8,679.8 8,462.2 8,679.8 8,462.2 Include / Exclude: i) Hybrid instruments
Slide 40: EPRA NIY
EPRA NIY EPRA NIY and 'topped-up' NIY (€ million) 31 March 2026 31 December 2025 Investment property – wholly owned 18,574.6 18,203.1 Investment property – share of JVs/Funds Trading property (including share of JVs) Less: developments 1,613.9 1,368.1 Less: landbank 1,452.1 1,473.6 Completed propert
Slide 41: LTV
LTV LTV (€ million) 31 March 2026 31 December 2025 Investment Property 16,960.6 16,835.1 Investment Property under Development 1,614.2 1,368.1 Property, Plant and Equipment 282.6 279.8 Gross Asset Value 18,857.4 18,483.0 Bonds 5,030.0 5,142.6 Interest-bearing loans and borrowings from financial inst
Slide 42: Cost of debt
Cost of debt Cost of Debt (€ million) 31 March 2026 31 December 2025 Net finance costs (IFRS) -325.6 -323.2 Capitalized interest -13.3 To be excluded: Profit in loss from fin assets and liabilities for trading -1.8 -1.0 Exchange rate differences -13.7 -22.4 Other financial income 0.1 0.1 Other finan
Slide 43: Portfolio
Portfolio GAV1 Standing2 Landbank2 IPuD PPE Portfolio split by value (in %) (€18,857m) (€15,509m) (€1,452m) (€1,614m) (€283m) Czech Republic 40% 42% 27% 31% 62% Romania 15% 17% 10% 5% 8% Germany 11% 10% 18% 12% 6% Hungary 8% 9% 7% 4% 5% Poland 8% 6% 13% 18% 3% Slovakia 8% 7% 10% 10% 2% Serbia 4% 4%
Slide 44: Portfolio
Portfolio Standing IPuD Landbank Portfolio split by sqm (‘000) (14,702 sqm) (2,022 sqm) (33,350 sqm) Czech Republic 4,830 33% 489 24% 7,571 23% Romania 3,234 22% 268 13% 3,987 12% Germany 1,764 12% 142 7% 1,530 5% Hungary 1,376 9% 158 8% 2,336 7% Slovakia 1,091 7% 123 6% 2,546 8% Poland 1,022 7% 353
Slide 45: Financial calendar
Financial calendar Event: Date: Annual General Meeting 20 May 2026 H1-2026 results 30 July 2026 Capital Market Days in Warsaw, Poland 22-23 September 2026 Q3-2026 results 29 October 2026 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; Pavel Švihálek, Funding and IR Manager
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