Slide 1: CTP N.V. Financial Highlights Q3-2023
CTP N.V. Financial Highlights Q3-2023 9 November 2023
Slide 2: Q3-2023: on track
Q3-2023: on track Financial highlights Operational highlights € €676m 676m (+19.6% vs. 9M-2022) €402m €402m (+22.6% vs. 9M-2022) 93% 93% (94% as at 31 Dec 2022) 6.6 6.6 yrs yrs (6.5 years as at 31 Dec 2022) (+19.6% vs. 9M-2022) (+22.6% vs. 9M-2022) (94% as at 31 Dec 2022) (6.5 years as at 31 Dec 202
Slide 3: CTP is active in 10 countries across Western Europe and CEE
CTP is active in 10 countries across Western Europe and CEE Core Markets Growth Markets 11.2m sqm GLA 20.7m Western European Markets Portfolio Value by Country (%) sqm landbank AT 97MWp NL 3.8% 1.3% DE 7.7% BG 1.7% RS 3.2% Installed PV PL €13.0bn 6.6% SK 6.6% GAV CZ 45.8% HU 8.7% RO 14.6% NB: Figure
Slide 4: Leasing activity picking up in Q2 and Q3
Leasing activity picking up in Q2 and Q3 Leases signed by sqm Q1 Q2 H1 Q3 YTD 20221 441,000 452,000 893,000 505,000 1,398,000 Size: 115,000 sqm Size: 68,000 sqm 2023 297,000 552,000 850,000 585,000 1,435,000 Park: Warsaw West Park: Belgrade City Average monthly rent leases signed Q1 Q2 H1 Q3 YTD by
Slide 5: Strong and diversified international client base
Strong and diversified international client base Low operational and financial risk 37.4% 33.2% Top 50 as a % of Top 50 as a % of Top 50 Clients portfolio GLA Rental Income Rental Income split by industry (%) 3PLs Automotive 10% 9% 3PLS: 10.8% AUTOMOTIVE: 9.0% E-COMMERCE, RETAIL, MANUFACTURING: 3.9%
Slide 6: CTP's long-lasting tenant relations drive strong operational results
CTP’s long-lasting tenant relations drive strong operational results Occupancy1 (%) 95% 92% 99.8% 94% 94% 93% Tenant retention Collection rate FY-2020 FY-2021 FY-2022 9M-2023 CTP’s market share in core markets2 (%) 27.5% 27.8% 27.5% 7.5% Like-for-like rental growth3 63% CPI linked contracts4 expecte
Slide 7: Consistent revenue growth
Consistent revenue growth Next 12 months’ revenue growth1 (€ million) Pre-letting2 Accretive acquisitions Letting Indexation + reversion captured 19.6% GROWTH Q3-2022 Standing Deliveries Future developments Acquisitions Q3-2023 1. Rent roll including service charge income (Base rent + other rental i
Slide 8: Strong track record and higher YoC thanks to decreasing construction costs and increasing rents
Strong track record and higher YoC thanks to decreasing construction costs and increasing rents Expected YoC Increased pipeline profitability Projects under construction → Construction costs started to decrease from mid-2022 13.5% 11.6% 10.8% 11.0% 10.6% → 2022: average ~€550 per sqm 10.1% → 2023E:
Slide 9: 566,000 sqm delivered YTD
566,000 sqm delivered YTD Own-built CTP developments1 446,000 sqm 84% Leased at delivery €28m €4m Contracted rental income Additional rental income potential when full occupancy is reached 10.5% YoC 72% in existing parks 1. Excluding 120,000 sqm of CTPark Amsterdam City NB: Figures may not add up du
Slide 10: Projects under construction
Projects under construction 1,947,000 10.6% 80-90% sqm under construction Expected YoC Expected pre-let at delivery 68% In existing parks 25% 77% Pre-let 2023 deliveries €139m Potential rental income In new parks with >100k sqm potential 277,000 sqm signed for future projects that haven’t started ye
Slide 11: Energy
Energy → YoC target: 15% MWp Installed → Cost per MWp: ~€750k – below market average thanks to CTP ~20-40 acquiring in bulk and PV ready roof structures since 2020 → Income potential for 2023: >€7.5 million - typically 1-year lag between installation and 38.4 97.1 income, i.e. MWp installed in 2022
Slide 12: Growth plan on track to reach 20 million sqm before end of the decade
Growth plan on track to reach 20 million sqm before end of the decade Standing portfolio & under construction Deliveries Million sqm - owned Million sqm 13 9M ~1.1 – 1.2 12 1.9 FY 1.0 1.7 11 0.9 10 0.6 9 0.6 0.5 8 1.0 11.2 0.2 7 10.5 6 0.7 0.5 0.6 7.6 0.4 0.4 5 5.9 4 2020 2021 2022 9M-2023 2020 2021
Slide 13: Financial results
Financial results 13
Slide 14: Financial highlights
Financial highlights In € million 9M-2023 9M-2022 Increase (%) Q3-2023 Q3-2022 Increase (%) Net Rental Income 402.3 328.2 +22.6% 134.1 116.7 +14.9% Net valuation result on investment property 656.3 558.1 +17.6% 239.0 59.1 +304.3% Profit for the period 732.8 595.9 +23.0% 263.1 105.7 +149.0% Company s
Slide 15: Gross Asset Value up 12.8% in 9M-2023
Gross Asset Value up 12.8% in 9M-2023 Standing: Investment Property (IP), Investment Property under Development (IPuD) and Property, Plant & Equipment (PPE) (€ million) → +11.3% vs. 31 December 2022 mainly driven by development completions GAV: 5,872 8,460 11,486 12,959 202 IPuD: 796 169 → +28.8% vs
Slide 16: Rental growth and pipeline drive valuation results
Rental growth and pipeline drive valuation results Revaluation (YTD) (€ million) 700 +62.0 -1.8 600 500 400 H1-2023 like-for-like revaluation +424.5 of +0.4% driven by like-for-like +656.3 300 ERV growth of +6.3% fully offsetting yield widening 200 100 +171.5 0 Standing assets including IPuD Landban
Slide 17: EPRA NTA up 10.6%
EPRA NTA up 10.6% EPRA NTA € per share 15.5 +€1.45 €15.28 -€0.02 15 14.5 +€0.54 14 €13.81 -€0.50 13.5 13 FY-2022 Company specific adjusted Dividend Revaluation Others 9M-2023 EPRA EPS NB: Figures may not add up due to rounding 17
Slide 18: Low average cost of debt and favourable maturity profile
Low average cost of debt and favourable maturity profile 5.2 yrs 99.5% Conservative residual Cost of debt maturity of debt (%) (€ million due in following years) 1,581 AVG DEBT MATURITY FIXED / HEDGED 1,522 1,488 2.5% 1,235 2.1% 2.0% 2.0% 904 1.5% 714 1.2% 708 712 582 559 524 443 425 438 418 227 146
Slide 19: Solid liquidity and ample headroom to covenants
Solid liquidity and ample headroom to covenants €1.6bn 9.3x Normalized Net Debt 30 Sep 2023 Covenant Pro-forma liquidity1 to EBITDA Secured Debt Test 15.9% 40% 67% Unsecured debt 45.7% LTV Unencumbered Asset Test 187.8% 125% Interest Cover Ratio 4.2x 1.5x CREDIT RATINGS (S&P & MOODY’S) BBB- Baa3 (st
Slide 20: Good access to credit markets, YTD €1.1 billion raised
Good access to credit markets, YTD €1.1 billion raised February 2023: February 2023: March 2023: May 2023: August 2023: RCF Secured Loan Secured Loan Unsecured Loan Unsecured Loan Facility Facility Facility Facility → €500 million → €95 million → €133 million → First tranche of €280 mil. → €200 mill
Slide 21: Outlook
Outlook → Leasing dynamics remain strong, with robust occupier demand, low vacancy across CTP’s markets and new supply decreasing, leading to continued rental growth → The Group’s pipeline is highly profitable and tenant led. The YoC for CTP’s pipeline increased to 10.6%, while the target for new pr
Slide 22: Dividend and guidance confirmed
Dividend and guidance confirmed Guidance 2023 Guidance 2024 Dividend policy1 €0.72 €0.80-€0.82 70% - 80% 2023 Company specific 2024 Company specific pay-out ratio adjusted EPRA EPS adjusted EPRA EPS +18% vs. 2022 +11%-14% vs. 2023 guidance 1. Default dividend is scrip with option to receive cash 22
Slide 23: Appendices
Appendices 23
Slide 24: EPRA EPS
EPRA EPS EPRA Earnings (€ million) 9M-2023 9M-2022 Earnings per IFRS income statement 732.8 601.8 Adjustments to calculate EPRA Earnings, exclude: Changes in value of investment properties, development properties held for investment and other interests 656.3 558.1 Profits or losses on disposal of in
Slide 25: EPRA NAV
EPRA NAV EPRA Net Asset Value Metrics (€ million) EPRA NRV EPRA NTA EPRA NDV 30 September 2023 31 December 2022 30 September 2023 31 December 2022 30 September 2023 31 December 2022 IFRS Equity attributable to shareholders 5,915.5 5,284.5 5,915.5 5,284.5 5,915.5 5,284.5 Include / Exclude: i) Hybrid
Slide 26: EPRA NIY
EPRA NIY EPRA NIY and 'topped-up' NIY (€ million) 30 September 2023 31 December 2022 Investment property – wholly owned 11,960.8 10,554.6 Investment property – share of JVs/Funds Trading property (including share of JVs) Less: developments 1,537.5 1,193.3 Completed property portfolio 10,423.3 9,361.
Slide 27: LTV
LTV LTV (€ million) 30 September 2023 31 Dececember 2022 Investment Property 11,219.3 10,124.2 Investment Property under Development 1,537.5 1,193.3 Property, Plant and Equipment 202.2 168.9 Gross Asset Value 12,958.9 11,486.4 Bonds 3,987.6 3,981.4 Interest-bearing loans and borrowings from financia
Slide 28: Portfolio
Portfolio GAV1 Standing2 IPuD Landbank2 PPE Portfolio split by value (in %) (€12,959m) (€10,423m) (€1,537m) (€796m) (€202m) Czech Republic 46% 49% 31% 29% 76% Romania 15% 16% 5% 14% 9% Hungary 9% 9% 8% 12% 4% Germany 8% 9% 2% 1% 2% Slovakia 7% 6% 7% 12% 1% Poland 7% 3% 29% 16% 1% Netherlands 4% 4% 0
Slide 29: Portfolio
Portfolio Standing IPuD Landbank Portfolio split by sqm (‘000) (11,190 sqm) (1,947 sqm) (20,685 sqm) Czech Republic 3,893 35% 537 28% 6,636 32% Romania 2,599 23% 95 5% 3,504 17% Germany 1,729 15% 33 2% 155 1% Hungary 1,017 9% 200 10% 2,255 11% Slovakia 795 7% 100 5% 1,553 8% Poland 297 3% 587 30% 2,
Slide 30: Financial calendar
Financial calendar Event: Date: FY-2023 results 7 March 2024 2024 Annual General Meeting 23 April 2024 Q1-2024 results 9 May 2024 Payment 2023 final dividend May 2024 H1-2024 results 8 August 2024 30
Slide 31: 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 32: Maarten Otte, Head of Investor Relations
Maarten Otte, Head of Investor Relations Mobile: +420 730 197 500 Email: maarten.otte@ctp.eu 32