Warehouses De Pauw Sa · EURONEXT:WDP
Warehouses De Pauw Sa — 9M 2025 Earnings Presentation
52 slides from Warehouses De Pauw Sa's earnings presentation, Oct 17, 2025
Slide 1: Investor Presentation 9M 2025 Results
17 OCTOBER 2025 INVESTOR PRESENTATION 9M 2025 RESULTS SUSTAINABLE GROWTH: EFFECTIVE EXECUTION, ROBUST LEASING & A STRONG BALANCE SHEET 1
Slide 2: Table of contents
Table of contents 1 Introduction 2 Key highlights 9M 2025 3 Growth plan #BLEND2027 4 Outlook 2025 5 Market insights 6 Activity report 7 Property report 8 Financial results 9 WDP share 10 Q&A 2
Slide 3: Introduction on WDP
01 INTRODUCTION ON WDP Heerlen, 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 capit
Slide 5: Key highlights 9M 2025
02 KEY HIGHLIGHTS 9M 2025 Ridderkerk, NL 5
Slide 6: 9M 2025 #BLEND27-strategy demonstrates its effectiveness
9M 2025 #BLEND27-strategy demonstrates its effectiveness Effective multi-driver approach results in underlying ERPA EPS growth of +8%(1) EPRA EPS PORTFOLIO EPRA NTA €1.15 Strong leasing €8.4bn Backed by a best-in- class balance sheet, €21.3 +5% y/y activity continued. Occupancy slightly liquidity an
Slide 7: From balance sheet strength to sustainable growth
9M 2025 From balance sheet strength to sustainable growth 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 3.17
Slide 8: Towards a €10bn+ core European platform
9M 2025 Towards a €10bn+ core European platform Continuation of diverse leasing activity and strong execution of investment plan 1 2 3 4 FULL 400k m² €475m €704m FUNDING EXECUTION NEW LEASES SIGNED NEW INVESTMENTS INVESTMENT PIPELINE IN PLACE SECURED IN EXECUTION MODE Balance sheet, liquidity with I
Slide 9: Building blocks in place to execute #BLEND2027
Building blocks in place to execute #BLEND2027 Confident for what lies ahead with robust pipeline in execution 9M 2025: € 475m deals secured Deals in exclusive +171m Pre-let development projects 500m negotiation Projects and acquisitions WDP HOLDS ALL BUILDING +262m Acquisitions & land reserves comp
Slide 10: €700m investment pipeline in execution
€700m investment pipeline in execution €700m 30.09.2025 Investment pipeline in execution 10
Slide 11: Annualised rent potential as leading indicator for future earnings growth
Annualised rent potential as leading indicator for future earnings growth(1) Continuous replenishment of investment pipeline driving future EPRA EPS growth Long term DRIVING Reversion, leasing and development potential MOMENTUM TOWARDS 2027 €m TARGET WHILE Medium term UNLOCKING 2026-27 TOTAL RETURN
Slide 12: #BLEND2027 Growth Plan
03 #BLEND2027 GROWTH PLAN Genk, BE 12
Slide 13: #BLEND2027 Growth plan 2024-27
BUILD LOAD EXTRACT NEUTRALIZE Continued delivery of EPS growth - capitalizing on internal growth and developments, DISCIPLINED selective value-add acquisitions, and energy solutions, with strategic platform expansion in #BLEND2027 France and Germany. Growth plan 2024-27 This outlook is based on curr
Slide 14: 2027 growth targets confirmed
#BLEND2027 2027 growth targets confirmed Building blocks and funding in place to realize targets Based on EPRA EPS 2027 Robust investment pipeline: €700m in execution (cost to come of €558m) Organic growth: full CPI indexation & capturing rent reversion €1.70 Funding requirements covered: €1.7bn in
Slide 15: Outlook
04 OUTLOOK Bollène, FR 15
Slide 16: Outlook 2025 Confirmed
Outlook 2025 Confirmed 7% underlying EPS growth +7% EPRA EPS €/share 0.02 1.58 €1.53 -0.05 +0.05 CPI and rent reversion 0.09 -0.03 Occupancy (minimum 97%) 1.53 +0.03 One-off 1.47 Recurring +7% underlying DPS €1.23 EPRA EPS 2024 Investment activity Like-for-like rental growth Underlying EPS Impact ab
Slide 17: Market insights
05 Market insights Barendrecht, NL 17
Slide 18: 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 a normalized pace Cold storage space OUTBOUND Last-mile & reverse logistics Reshoring Grid connection Land scarcity Optimization of distribution net
Slide 19: 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 NORWAY The Netherlands 24Q4 25Q2 OSLO STOCKHOLM Vacancy (%) 4.3 4.5 Structural demand drivers SWEDEN Prime yield (%) 4.8 4.8 remain supportive, dri
Slide 20: 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 21: Activity report
06 ACTIVITY REPORT De Lier, NL 21
Slide 22: 9M 2025 New investments secured
9M 2025 New investments secured Investments secured in 9M 2025 Investment (Planned) Lettable area budget Investment Location Tenant delivery date (in m²) (in € m) NOI yield Pre-leased (Planned) Lettable area budget BE Asse - Mollem Lactalis 3Q26 1,524 Location Tenant delivery date (in m²) (in € m) N
Slide 23: 1. See press release of 09 April 2025, 25 May 2025 and 2 October
23 1. See press release of 09 April 2025, 25 May 2025 and 2 October 2025.
Slide 24: Pre-let development projects delivered in 9M 2025
9M 2025 Pre-let development projects delivered in 9M 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 6.2%(1) 1. Western-Europe: 5.5% a
Slide 25: Acquisitions completed
9M 2025 Acquisitions completed Acquisition completed in 9M 2025 100% 6y Leased Lease duration Vilvoorde (Belgium) Investment €374m NOI yield 6.7%(1) Timisoara (Romania) 1. Western-Europe: 6.7% and in Romania: 9.0% 25
Slide 26: 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 27: €700 million investment pipeline in execution
9M 2025 €700 million investment pipeline in execution Committed investments(1)(2) 1. NOI yield excludes energy projects. 2. Two projects in the Netherlands - Ridderkerk and Schiphol - have a revised delivery date due to congestion on the electricity grid. 27 As a result, WDP has not yet started the
Slide 28: Zwolle, NL
Zwolle, NL 28
Slide 29: Future development potential
Future development potential ~5,100,000 m² ~2,200,000 m² Land bank Development potential GLA €118 MILLION LONG-TERM RENT POTENTIAL 29
Slide 30: WDP Energy
WDP ENERGY Decarbonisation of supply chain Solar capacity Energy integrated in projects Targeted capacity 350 MWp Installed capacity 257 MWp 113 MWp 2008 2022 3Q 2025 2027 101 MWp under development Green electricity through PV for warehouse EV charging infrastructure for cars and trucks Target IRR ~
Slide 31: Property report
07 PROPERTY REPORT Baia Mare (Romenia) 31
Slide 32: Developing essential supply chain infrastructure
Developing essential supply chain infrastructure Towards a core €10bn + European platform WDP PORTFOLIO 8.7 million m² GLA lettable area 434k m² GLA under construction 257 MWp solar capacity installed HIGH-QUALITY, DIVERSIFIED PLATFORM The Netherlands 37% of the portfolio €8.4bn 5.5y 3.0 million m²
Slide 33: Portfolio fair value split
Portfolio fair value split1 Fair value Investment properties €/m² 952 1. 33 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
Slide 34: 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 60% 344 properties green 9 years certified warehouse Average age 375 clients 56% sh
Slide 35: 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 36: 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 5.6% 16% Retail (food) FMCG 13% 2. Kuehn
Slide 37: Financial results 9M 2025
08 FINANCIAL RESULTS 9M 2025 Dudelange, LU 37
Slide 38: Consolidated results
WwDP Consolidated results Analytical P&L 9M 2025 9M 2024 _A yly (abs.) A yly (%) Rental income, net of rental-related expenses 334,914 284,655 50,259 17.7% Indemnification related to early lease terminations ° 0 o ne. Income from solar energy 20,008 18,258 2,740 15.0% Other operating income/costs 2,
Slide 39: Consolidated results
Consolidated results 1. Including the proportional share of WDP in the portfolio of the joint ventures. 39
Slide 40: Consolidated results B/S
WwDP Consolidated results B/S in euros x 30.09.2025 31.12.2024 A (abs.) A (%) Intangible fixed assets 4,375 1,599 224 ne. Investment properties 8,058,457 7,513,487 544,969 7.3% Other tangible fixed assets (solar panels inclusive) 181,044 180,962 83 0.0% Financial fixed assets 39,914 70,150 -30,236 4
Slide 41: Consolidated results B/S
WwDP Consolidated results B/S Metrics 30.09.2025 31.12.2024 A (abs.) A(%) IFRS NAV 20.8 21.0 -0.2 1.0% EPRA NTA 21.3 2441 02 1.1% EPRANRV 233 230 03 1.3% EPRANDV 212 214 -02 “1.1% ‘Share price 213 19.0 23 12.0% Premium / (discount) vs. EPRA NTA 0.2% 9.9% 9.7% ne Loan-to-value 40.8% 38.3% 2.5% ne. De
Slide 42: Financial management
Financial management Ensuring consistency of financial strategy Leverage 7.6 2.3 Net debt / EBITDA (adj.)(1) Cost of debt Loan-to-value x % Moody’s Fitch 40.8 % Coverage A3 BBB+ 5.0 76 Interest Coverage Ratio Hedge ratio UPGRADED(3) 100 of financing % needs covered x % Stable Outlook Stable Outlook
Slide 43: Debt overview
Debt overview Solid debt metrics and active liquidity management DEBT MATURITIES 2.3 Cost of debt % 60% Bank financing 76 Hedge ratio(1) % 40% Bonds CP 4.2 years Average debt maturity (1) ▪ Well-spread debt maturities with 4-year debt duration on average ▪ Solid access to unsecured lending through b
Slide 44: Hedging profile
Hedging profile Stable cost of debt despite increased interest rates 4y Average hedge duration EVOLUTION COST OF DEBT EVOLUTION HEDGE RATIO ▪ Cost of debt expected at ~2.3% over 2025 and below 2.5% until end-2027 ▪ Thanks to strong debt hedging profile with average hedge maturity of 4y ▪ Prior to 20
Slide 45: 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 40.8 % 5.4% Loan-to-value EPRA NIY ✓ No leverage on historic revaluations ✓ No impact on Net debt / EBITDA ✓ Financial robu
Slide 46: Financial management driven by cash-flow leverage
Financial management driven by cash-flow leverage Strong track record of issuing equity to calibrate leverage 7.6 x 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 / EBITD
Slide 47: WDP Share
09 WDP SHARE Bucharest, RO 47
Slide 48: Superior total returns by navigating the capital cycle
Superior total returns by navigating the capital cycle Supported by strong dividend & earnings growth CAGRs 2014-24 TOTAL ACCOUNTING RETURN SINCE 2014 (in % per year)(1) RETURN ON EQUITY1 + 21% 7% 18% 23% 23% 22% 30% 32% 18% 46% 2% 10% EPRA EPS 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 49: Share statistics
Share statistics WDP share performance and AEX Index inclusion on Euronext Amsterdam (Sept 2025)(1) 45 1.80 40 1.60 35 1.40 30 1.20 25 1.00 20 0.80 15 0.60 10 0.40 5 0.20 0 0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20
Slide 50: Q&A
10 Q&A Saint-Martin, FR 50
Slide 51: 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 52: investorrelations@wdp.eu www.wdp.eu
investorrelations@wdp.eu www.wdp.eu 52