Warehouses De Pauw SA · EURONEXT:WDP
Warehouses De Pauw SA — 9M 2026 Earnings Presentation
54 slides from Warehouses De Pauw SA's earnings presentation, Oct 23, 2026
Slide 1: Investor Presentation 9M 2026 Results
23 October 2026 INVESTOR PRESENTATION 9M 2026 RESULTS Graphic 21 DELIVERING TODAY. BUILDING TOMORROW. Analyst23 Friday and October Investor 2026 video 10AM call CET Analyst and Investor video call Friday 23 October 2026 10AM CET JOIN JOIN
Slide 2: Table of Contents
9M 2026 RESULTS Table of Contents Future logistics 01 Introduction 06 Activity report 02 Key highlights 9M 2026 07 Property report 03 Growth plan #BLEND2030 08 Financial results 04 Outlook 2026 09 WDP share 05 Market insights
Slide 3: Introduction on WDP
01 INTRODUCTION ON WDP Nijverdal, NL
Slide 4: WDP Developing critical supply chain infrastructure
WDP Developing critical supply chain infrastructure Towards a core €10bn+ European logistics platform ATTRACTIVE RISK/REWARD NET INVESTOR WITH GROWTH BACKED BY ROBUST IRREPLICABLE PORTFOLIO PROFILE EXECUTION POWER MARKET FUNDAMENTALS Unique core European platform Decade-long track record of Position
Slide 5: Key Highlights 9M 2026
02 KEY HIGHLIGHTS 9M 2026 Genk, BE
Slide 6: Building blocks for growth, now in execution
9M 2026 Building blocks for growth, now in execution Decisive steps taken towards our 2030 ambitions, broad-based across all our markets POSITIONED FOR INCREASED ENTRY BALANCE SHEET ARGAN MERGER DEVELOPMENT- SCALE INTO ITALY STRENGTHENED ON TRACK LED GROWTH IN GERMANY Leasing momentum remains Furthe
Slide 7: Delivering on 2026 and ready for the future
9M 2026 Delivering on 2026 and ready for the future Effective multi-driver approach results in EPRA EPS growth of +5% EPRA EPS PORTFOLIO EPRA NTA Backed by a best-in- Continuation of class balance sheet, broad-based leasing €1.21 momentum and high €9.0bn liquidity with self- financing to execute €21
Slide 8: Steady towards a €10bn+ European platform
9M 2026 Steady towards a €10bn+ European platform Pipeline replenished at a 7.0% NOI yield, funded and in execution 300k m² €490m €790m FUNDING FULL EXECUTION NEW LEASES SIGNED NEW INVESTMENTS INVESTMENT PIPELINE IN PLACE SECURED¹ IN EXECUTION MODE Across the existing Continuous replenishment €581m
Slide 9: WDP x ARGAN Building Europe's leading logistics platform
WDP x ARGAN Building Europe’s leading logistics platform Unanimously recommended by both Boards; EGMs in November, completion foreseen in Q1 2027 Strategic fit Leadership & scale Combined growth liquidity ›(1)VALUE Credit quality & Pure-play €13bn Top-10 EPRA Best-in-class ✓CREATION Stronger togethe
Slide 10: #BLEND2030 Status Update
03 #BLEND2030 STATUS UPDATE Breda, NL
Slide 11: Horizon 2030: Building the platform of tomorrow
HORIZON 2030 Building the platform of tomorrow WITH A AMBITION CLEAR SCALE INTO AN INTEGRATED EU PLATFORM 2030 GOAL Provide total supply chain infra solutions WITH A DELIVER ABOVE-AVERAGE GROWTH, WITH A BELOW-AVERAGE RISK PROFILE CLEAR Through scale, EPS growth & strong total returns, and a proven m
Slide 12: #BLEND2030
#BLEND2030 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-adjusted capital allocati
Slide 13: Long-term targets based on a proven blueprint
#BLEND2030 | GROWTH DRIVERS | BUILD | LOAD | EXTRACT | NEUTRALIZE | DISCIPLINED #BLEND2030 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% 2.00 1.60 50% cumul. growth 2030 TARGETS >€ >€ > EPS
Slide 14: Building blocks of 6% p.a. cash flow growth
#BLEND2030 | GROWTH DRIVERS | BUILD | LOAD | EXTRACT | NEUTRALIZE | DISCIPLINED #BLEND2030 Building blocks of an ambitious, resilient 6% p.a. cash flow growth expected over 2026-30 BUILDING BLOCKS Indicative % impact per FOR EPRA EPS GROWTH share per year(1) At least €2.00 6% CAGR › › Internal growt
Slide 15: Building the platform of tomorrow
BUILDING BUILDING THE THE PLATFORM PLATFORM OF OF TOMORROW TOMORROW From regional leader to a core €20bn+ European logistics Platform › Enhancing scale & offering cross-border solutions › Profitable & efficient › Delivering strong total returns › Superior access to capital & improved cost of capital
Slide 16: Delivering today, with a vision for tomorrow
DELIVERING TODAY, WITH A VISION FOR TOMORROW Above-average growth, with a below-average risk profile
Slide 17: Outlook 2026
OUTLOOK 2026 s-OCEIDRONE oP ey Obed oe
Slide 18: Confirmed outlook of +5% EPS and DPS growth
OUTLOOK 2026 Confirmed outlook of +5% EPS and DPS growth + 5% y/y + 5% y/y 2026 GUIDANCE €1.60 €1.29 EPS (EPRA) DIVIDEND PER SHARE CONFIRMED Underlying assumptions: • Impact from developments and acquisitions in 2025-26 • Like-for-like rental growth of around 2% • A stable and strong occupancy rate
Slide 19: Market Insights
05 MARKET INSIGHTS Barendrecht, NL 19
Slide 20: Fundamentals support demand for logistics space
Fundamentals support demand for logistics space Sustained structural demand drivers Challenges Digital economy & omnichannel Outbound demand to grow at Cold storage & specialization Power & grid connectivity a normalised pace Last-mile & reverse logistics OUTBOUND Land scarcity More stringent regula
Slide 21: Market insights
Market insights European logistics leasing demonstrate continued resilience Germany 25Q4 26Q2 Vacancy (%) 3.6 3.5 Prime yield (%) 4.4 4.5 Tenant demand continues to The Netherlands 25Q4 26Q2 favour modern, well-located Vacancy (%) 5.2 5.6 Prime rent (€/m² pa) 132 134 warehouses, supported by e- Prim
Slide 22: 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 Integrated developer-investor model: majority of WDP portfolio developed in-house on a pre-let basis, value-add acquisitions and strategic platform expansion Net-investor navigati
Slide 23: Activity Report
06 ACTIVITY REPORT Lokeren, BE
Slide 24: 9M 2026 New investments secured
9M 2026 New investments secured Investments secured in 9M 2026 Capex €490m(1) NOI yield 7.0%(2) During the first nine months of 2026, these investments were either executed and added to the standing portfolio, or further incorporated into the €791 million investment pipeline in execution per 30 Sept
Slide 25: 55 million euros build-to-suit redevelopment for Delhaize in Zellik
55 million euros build-to-suit redevelopment for Delhaize in the Zellik logistics cluster LONG-TERM VALUE CREATION REPEAT BUSINESS, CLUSTER GROWTH Off-market transaction within WDP’s established Zellik cluster, adjacent to Delhaize’s existing supply-chain operations, where development land is scarce
Slide 26: 9M 2026 Execution of the investment pipeline
9M 2026 Execution of the investment pipeline Strong income generation from delivered projects and acquisitions, value crystallised through capital recycling Pre-let developments delivered TOTAL PROJECTS GLA 125,000m² DELIVERED & ACQUISITIONS Acquisitions executed EXECUTED GLA 9M 2026(1) 155,000m² La
Slide 27: €13M future-proof brownfield development
€13M FUTURE-PROOF BROWNFIELD DEVELOPMENT 10,000 m² A+++++ GASLESS BREEAM BROWNFIELD REDEVELOPMENT ENERGY CLASS OFF-GRID ENERGY SOLUTION EXCELLENT FUTURE-PROOF & GASLESS ✓ Off-grid energy solution ✓ Highest energy class A+++++ ✓ Solar PV, BESS & smart meter UNLOCK VALUE IN EXISTING PORTFOLIO ✓ €13m i
Slide 28: €791 million investment pipeline in execution
9M 2026 €791 million investment pipeline in execution Robust pipeline in execution provides strong cash flow visibility(1) 28 1. NOI yield excludes energy projects
Slide 29: Annualised rent potential as leading indicator for future earnings growth
Annualised rent potential as leading indicator for future earnings growth(1,2) Continuous replenishment of investment pipeline driving future EPRA EPS growth Long term Leasing, external growth, reversion and development potential Medium term 136 756 2027 Short term 2026 35 € million 564 15 31 6 12 5
Slide 30: Future development potential
Future development potential ~5,900,000 m² ~2,450,000 m² Development potential Land bank GLA €136 MILLION LONG-TERM RENT POTENTIAL 135,000 m² 125,000 m² 93,000 m² 140,000 m² Existing land reserves New land reserves secured over 2026 221,000 m² 235,000 m² 30
Slide 31: WDP Energy: the logistics powerhouse
WDP Energy: the logistics powerhouse Integrated energy solutions for future logistics Battery energy storage › Front-of-the-Meter BESS › Permit & grid connection obtained › Total capacity: 60 MW › Energy storage capacity: 240 MWh › Investment: €40m › Delivery date: end-2029 Solar panels › Target IRR
Slide 32: Property Report
07 PROPERTY REPORT Veghel, NL
Slide 33: Developing essential supply chain infrastructure
Developing essential supply chain infrastructure WDP PORTFOLIO Towards a core €10bn+ European platform 9.0 million m² GLA lettable area 470k m² GLA under construction 274 MWp solar capacity installed HIGH-QUALITY, DIVERSIFIED PLATFORM The Netherlands 37% of the portfolio 3.0 million m² GLA 4% 5% €9.
Slide 34: Portfolio fair value split
Fair value Portfolio fair value split(1) €/m² Investment properties 976 1. Excluding energy assets and including projects, land reserve and assets held for sale. Including the proportional share of WDP in the portfolio of the joint ventures. In the IFRS accounts, 34 those joint ventures are reflecte
Slide 35: 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 351 properties 75% green certified warehouse(1) 452 clients 58% share of property p
Slide 36: 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) ~5 years lease maturity profile (till first break)(1) Inflation proof-cash flow Rent collection
Slide 37: 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 Dedicated Rental income by category Dedicated Top 10 share of rent ~22%1 e-commerce e-commerce 1. Ahold Delhaize 5.3% 16% Retail (food) FMCG 13% 2. Kuehn
Slide 38: Financial Results 9M 2026
08 FINANCIAL RESULTS 9M 2026 Dudelange, LU 38
Slide 39: Consolidated results: Analytical P&L
Consolidated results Analytical P&L 9M 2026 9M 2025 _A yly (abs.) A yly (%) Rental income, net of rental-related expenses 361,360 334,914 26,446 7.9% Indemnification related to early lease terminations 2,569 ° 2,569 ne Income from energy investments 22,812 20,998 1814 8.6% Other operating income/cos
Slide 40: Consolidated results: Operational and per share data
Consolidated results Operational 9M 2026 9M 2025 _Ayly (abs.) % Growth Occupancy rate 97.2% 97.7% 0.5% ne. Like-for-like rental growth 1.6% 2.3% 0.7% ne. Operating margin’ 91.0% 90.5% 0.5% ne. Per share data 9M 2026 9M 2025 _Ayly (abs.) % Growth EPRA Earnings 1.21 1.15 0.05 4.7% Result on the portfo
Slide 41: Consolidated results B/S
Consolidated results B/S 30.09.2026 31.12.2025 A (abs.) A (%) Intangible fixed assets 4,205, 1,408 -203 ne. Investment properties 8,689,007 8,207,921 481,087 5.9% Other tangible fixed assets (energy assets inclusive) 203,235 186,941 16,204 8.7% Financial fixed assets 70,216 40,262 29,954 74.4% Trade
Slide 42: Consolidated results B/S pro forma
Consolidated results B/S Pro forma for the October 2026 €400m ABB1 37.5% 6.9x 87% €2.4Bn Loan-to-value Net debt/EBITDA Hedge ratio Liquidity (adj.) 1. On 2 October 2026, after the balance sheet date, WDP completed a 400 million euros capital increase via accelerated bookbuild (ABB). 42 The ABB is th
Slide 43: Financial management
Financial management Ensuring consistency of financial strategy Leverage 6.9 2.5 Net debt / EBITDA (adj.)(1) Cost of debt Loan-to-value x % Moody’s Fitch 37.5 % Coverage A3 BBB+ / A- 4.8 87 Interest Coverage Ratio Hedge ratio Issuer & instrument rating Issuer & instrument rating 100 of financing % n
Slide 44: Debt overview
Debt overview Solid debt metrics and active liquidity management DEBT MATURITIES 2.5 Cost of debt % 65% Bank financing 87 Hedge ratio 35% % Bonds CP 3.5 Average debt maturity years ▪ Well-spread debt maturities with 4-year debt duration on average ▪ Solid access to unsecured lending through bank loa
Slide 45: Hedging profile
Hedging profile 3.5y Stable cost of debt and strong hedging profile Average hedge duration EVOLUTION COST OF DEBT EVOLUTION HEDGE RATIO ▪ Cost of debt expected at ~2.5% over 2026 ▪ Thanks to strong debt hedging profile with average hedge maturity of 3.5y per 30 September 2026 ▪ Manageable and gradua
Slide 46: 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 Fully let basis 37.5 % 5.7% Loan-to-value EPRA NIY ✓ No leverage on historic revaluations ✓ No impact on Net debt / EBITDA ✓ Financi
Slide 47: Financial management driven by cash-flow leverage
Financial management driven by cash-flow leverage Strong track record of issuing equity to calibrate leverage 6.9 7.7 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 48: WDP Share
09 WDP SHARE Saint-Caradec, FR 48
Slide 49: 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 50: Share statistics
Share statistics WDP share performance ▪ Market cap >5bn euros ▪ Free float of 82% - Family Jos De Pauw 18% ▪ Member of EPRA, Euronext BEL20, AEX, DJSI Sustainability Index World/Europe and GPR indices 50
Slide 51: WDP expands its Euronext presence
WDP expands its Euronext presence Third listing on Euronext Paris, following Brussels and Amsterdam Strengthening WDP’s visibility and accessibility among French investors 51
Slide 52: Q&A
Q&A Saint-Martin, FR 52
Slide 53: 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 54: investorrelations@wdp.eu www.wdp.eu
investorrelations@wdp.eu www.wdp.eu