Slide 1: CTP N.V. Financial Highlights FY-2023
Save the date: Capital Markets Day CTP N.V. September 25 / 26 in Bucharest, Financial Highlights Romania FY-2023 7 March 2024
Slide 2: FY-2023: delivering on promises
FY-2023: delivering on promises Financial highlights Operational highlights €676m €719m (+19.6% vs. 9M-2022) €402m €543m (+22.6% vs. 9M-2022) 93% 94% (94% as at 31 Dec 2022) 6.6 6.6 yrs yrs (6.5 years as at 31 Dec 2022) (+22.1% vs. 2022) (+20.1% vs. 2022) (94% as at 31 Dec 2022) (6.5 years as at 31
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 11.8m sqm GLA Western European Markets Portfolio Value by Country (%) 23.4m sqm landbank NL AT 100MWp 3.6% 1.5% DE 8.9% BG 1.8% RS 3.4% Installed PV PL 6.7% €13.6bn SK 6.8% GAV CZ 44.9% HU 8.2% RO 14.3% NB: Figur
Slide 4: Leasing activity picking up over the course of 2023
Leasing activity picking up over the course of 2023 Leases signed by sqm Q1 Q2 Q3 Q4 FY 2022 441,000 452,000 505,000 485,000 1,883,000 2023 297,000 552,000 585,000 542,000 1,976,000 Size: 115,000 sqm Size: 67,000 sqm Park: Warsaw West Park: Belgrade City Increase -33% +22% +16% +12% +5% Average mont
Slide 5: Leasing mix reflecting nearshoring
Leasing mix reflecting nearshoring Portfolio December 2023 Leases signed in last 24 months GLA split by industry (%) GLA split by industry (%) Services Other 3% Services 3% Other 3% Wholesale Trade 4% 7% Automotive 10% Retail Trade 8% Manufacturing 31% 3PL 31% Wholesale Trade 11% Automotive 20% Reta
Slide 6: Nearly 10% of portfolio leases to Asian clients producing in Europe for Europe
Nearly 10% of portfolio leases to Asian clients producing in Europe for Europe GLA of Asian tenants 1,000,000 900,000 800,000 700,000 600,000 500,000 400,000 300,000 2018 2019 2020 2021 2022 2023 NB: Figures may not add up due to rounding 6
Slide 7: Strong and diversified international client base
Strong and diversified international client base Low operational and financial risk 36.2% 33.1% Top 50 Clients Top 50 as a % of Top 50 as a % of Rental Income split by industry (%) portfolio GLA Rental Income 3PLS: 10.8% AUTOMOTIVE: 9.0% E-COMMERCE, RETAIL, WHOLESALE AND DISTRIBUTION: 5.5% NB: Figur
Slide 8: CTP’s long-lasting tenant relations drive strong operational results
CTP’s long-lasting tenant relations drive strong operational results Occupancy1 (%) 95% 94% 94% 94% 90%Tenant retention 99.9% Collection rate FY-2020 FY-2021 FY-2022 FY-2023 CTP’s market share in core markets2 (%) 27.5% 27.8% 27.4% 7.4% Like-for-like rental growth3 66% CPI linked contracts4 23.9% 1.
Slide 9: Consistent revenue growth
Consistent revenue growth Next 12 months’ revenue growth1 Accretive (€ million) Pre-letting2 acquisitions Letting Indexation + reversion captured 22.1% GROWTH FY-2022 Standing Deliveries Future developments Acquisitions FY-2023 1. Rent roll including service charge income (Base rent + other rental i
Slide 10: Strong development track record
Strong development track record Expected YoC Increased pipeline profitability Projects under construction → Construction costs started to decrease from mid-2022 13.5% 11.6% 10.8% 11.0% → 2022: average ~€550 per sqm 10.1% 10.3% → 2023 and 2024E: average ~€500 per sqm → Rents continue to increase on t
Slide 11: Successful leasing of 2023 deliveries
Successful leasing of 2023 deliveries 1.2 million 86% Leased at delivery sqm €73m €16m Contracted rental income Additional rental income potential when full occupancy is reached 10.8% YoC 89% In existing parks or in new parks with >100k sqm potential NB: Figures may not add up due to rounding 11
Slide 12: Next growth phase locked in thanks to projects under development
Next growth phase locked in thanks to projects under development 1,972,000 10.3% 80-90% sqm under construction Expected YoC Expected pre-let at delivery 72% In existing parks 13% 38% Pre-let 2024 deliveries €142m Potential rental income In new parks with >100k sqm potential (vs. 32% at FY-2022 for 2
Slide 13: Energy
Energy → YoC target: 15% MWp Installed 100 → Cost per MWp: ~€750k – below market average thanks to CTP acquiring in bulk and PV ready roof structures since 2020 → Income: 38 €6.3 million in 2023 - typically 1-year lag between installation and income, i.e. MWp installed in 2023 drive 2024 income 6 20
Slide 14: 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 14 1.2 13 2.0 1.0 12 1.7 0.9 11 10 9 0.6 8 1.0 11.8 7 10.5 6 0.7 7.6 5 5.9 4 2020 2021 2022 2023 2020 2021 2022 2023 Under option 3 Acquisitions La
Slide 15: Financial results
Financial results 15
Slide 16: Financial highlights
Financial highlights 2022 In € million 2023 Increase (%) Q4-2023 Q4-2022 Increase (%) restated Net Rental Income 543.2 452.1 +20.1% 140.9 123.9 +13.7% Net valuation result on investment property 878.7 697.3 +26.0% 222.4 165.4 +34.5% Profit for the period 922.6 764.2 +20.7% 189.9 200.6 +26.2% Company
Slide 17: Gross Asset Value up 18.7% in 2023
Gross Asset Value up 18.7% in 2023 Standing: Investment Property (IP), Investment Property under Development (IPuD) and Property, Plant & Equipment (PPE) (€ million) → +18.8% vs. 31 December 2022 mainly driven by development completions GAV: 5,872 8,460 11,486 13,633 IPuD: 234 → +13.9% vs. 31 Decemb
Slide 18: Rental growth and pipeline drive valuation results
Rental growth and pipeline drive valuation results Revaluation (YTD) (€ million) 1000 900 +14.6 800 +103.9 700 600 2023 like-for-like revaluation of 500 +2.0% driven by like-for-like ERV +561.4 +878.7 400 growth of +10.1% fully offsetting yield widening 300 200 100 +198.6 0 Standing assets including
Slide 19: EPRA NTA up 15.2%, driven by positive revaluations
EPRA NTA up 15.2%, driven by positive revaluations EPRA NTA € per share 16.5 +€1.94 €15.92 16 -€0.06 15.5 15 +€0.73 14.5 14 €13.81 -€0.50 13.5 13 12.5 FY-2022 Company specific adjusted Dividend Revaluation Others FY-2023 EPRA EPS NB: Figures may not add up due to rounding 19
Slide 20: 80 bps reversionary yield widening in last 18 months, offset by ERV growth
80 bps reversionary yield widening in last 18 months, offset by ERV growth FY-2023 H1-2023 FY-2022 H1-2022 → 40bps reversionary yield1 widening vs. FY-2022 and 80bps vs. H1-2022 – less yield widening seen in gross portfolio yield as in-place rent doesn’t Gross Portfolio yield 6.7% 6.6% 6.5% 6.3% gro
Slide 21: Low average cost of debt and favourable maturity profile
Low average cost of debt and favourable maturity profile 1.95% Conservative residual maturity of debt (€ million) 1,515 Average cost of debt 1,263 99.5% 922 836 841 Hedged / fixed 563 528 442 46 2024 2025 2026 2027 2028 2029 2030 2031 33 2032 2033+ 5.3 yrs Average debt maturity 21
Slide 22: Solid liquidity and ample headroom to covenants
Solid liquidity and ample headroom to covenants €1.9bn 9.2x Normalized Net Debt 31 Dec 2023 Covenant Pro-forma liquidity1 to EBITDA Secured Debt Test 18.5% 40% 60% Unsecured debt 46.0% LTV Unencumbered Asset Test 189.1% 125% Interest Cover Ratio 3.8x 1.5x CREDIT RATINGS (S&P & MOODY’S) BBB- Baa3 (st
Slide 23: Good access to credit markets, €1.6 billion raised in 2023
Good access to credit markets, €1.6 billion raised in 2023 2023 October 2023: December 2023: December 2023: Secured Loan Unsecured Loan Secured Loan → €500 million RCF, 3-year with two 1-year Facility Facility Facility extension options → €96 million → €81 million → €143 million → €641 million unsec
Slide 24: Outlook
Outlook → Leasing dynamics remain strong, with robust occupier demand, and decreasing new supply leading to continued rental growth → The Group’s pipeline is highly profitable and tenant led. The YoC for CTP’s pipeline increased to 10.3%, while the target for new projects across the CEE markets is 1
Slide 25: Guidance confirmed
Guidance confirmed Guidance 2024 €0.80-€0.82 2024 Company specific adjusted EPRA EPS +10%-13% vs. 2023 25
Slide 26: 2023 dividend of €0.525 per share, up 16.7%
2023 dividend of €0.525 per share, up 16.7% Growing dividend Dividend policy1 Dividend per share €0.275 €0.220 €0.230 €0.250 70% - 80% €0.180 pay-out ratio €0.170 Interim 2021 Final 2021 Interim 2022 Final 2022 Interim 2023 Final 2023 1. Default dividend is scrip with option to receive cash 26
Slide 27: Long-term potential
Long-term potential Annualized rent in million EUR Medium to long-term >1,200 Short-term 93 33 828 142 9 644 Annualized rent Completion of Filling up vacancy Indexation Annualized rent Reversion 20 million sqm of Potential long-term Full landbank 31/12/2023 existing pipeline to 95% 2025 and 2026 sho
Slide 28: Appendices
Appendices 28
Slide 29: EPRA EPS
EPRA EPS EPRA Earnings (€ million) 2023 2022 Restated Earnings per IFRS income statement 922.6 766.6 Adjustments to calculate EPRA Earnings, exclude: Changes in value of investment properties, development properties held for investment and other interests 878.7 697.3 Profits or losses on disposal of
Slide 30: EPRA NAV
EPRA NAV EPRA Net Asset Value Metrics (€ million) EPRA NRV EPRA NTA EPRA NDV 31 December 2022 31 December 2022 31 December 2022 31 December 2023 31 December 2023 31 December 2023 Restated Restated Restated IFRS Equity attributable to shareholders 6,166.9 5,421.0 6,166.9 5,421.0 6,166.9 5,421.0 Inclu
Slide 31: EPRA NIY
EPRA NIY EPRA NIY and 'topped-up' NIY (€ million) 31 December 2023 31 December 2022 Investment property – wholly owned 12,478.9 10,554.6 Investment property – share of JVs/Funds Trading property (including share of JVs) Less: developments 1,359.6 1,193.3 Completed property portfolio 11,119.4 9,361.3
Slide 32: LTV
LTV LTV (€ million) 31 December 2023 31 December 2022 Investment Property 12,039.2 10,124.2 Investment Property under Development 1,359.6 1,193.3 Property, Plant and Equipment 233.8 168.9 Gross Asset Value 13,632.6 11,486.4 Bonds 3,590.0 3,981.4 Interest-bearing loans and borrowings from financial i
Slide 33: Cost of debt
Cost of debt Cost of Debt (€ million) 31 December 2023 31 December 2022 Net finance costs (IFRS) -111.7 -96.6 To be excluded: Profit in loss from fin assets and liabilities for trading -1.7 4.1 Exchange rate differences 9.2 -2.2 Other financial income 1.0 0.2 Other financial expense -8.5 -17.9 Inter
Slide 34: Portfolio
Portfolio GAV1 Standing2 IPuD Landbank2 PPE Portfolio split by value (in %) (€13,633m) (€11,119m) (€1,360m) (€920m) (€234m) Czech Republic 45% 49% 21% 31% 64% Romania 14% 15% 7% 11% 10% Germany 9% 10% 2% 8% 2% Hungary 8% 8% 9% 11% 4% Slovakia 7% 6% 10% 10% 2% Poland 7% 2% 36% 16% 2% Netherlands 4% 4
Slide 35: Portfolio
Portfolio Standing IPuD Landbank Portfolio split by sqm (‘000) (11,790 sqm) (1,972 sqm) (23,359 sqm) Czech Republic 4,182 35% 370 19% 7,600 33% Romania 2,620 22% 203 10% 3,465 15% Germany 1,655 14% 76 4% 546 2% Hungary 1,018 9% 214 11% 3,537 15% Slovakia 881 7% 109 6% 1,525 7% Serbia 426 4% 171 9% 1
Slide 36: Financial calendar
Financial calendar Event: Date: 2024 Annual General Meeting 23 April 2024 Ex-dividend date - 2023 final dividend 29 April 2024 Record date - 2023 final dividend 30 April 2024 Q1-2024 results 9 May 2024 Payment date - 2023 final dividend 20 May 2024 H1-2024 results 8 August 2024 Capital Markets Day (
Slide 37: Disclaimer
Disclaimer The 2023 audit procedures by CTP’s statutory auditors are in progress and have been substantially completed. This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and business of CTP. These forward-looking statements m
Slide 38: Maarten Otte, Head of Investor Relations
Maarten Otte, Head of Investor Relations Mobile: +420 730 197 500 Email: maarten.otte@ctp.eu 38