Slide 1: CTP N.V. Financial Highlights Q1-2024
Save the date: Capital Markets Day CTP N.V. September 25 / 26 in Bucharest, Financial Highlights Romania Q1-2024 9 May 2024
Slide 2: Q1-2024: continued strong growth
Q1-2024: continued strong growth Financial highlights Operational highlights € 676m €742 m (+19.6% vs. 9M-2022) €402m €154m (+22.6% vs. 9M-2022) 93% 93% (94% as at 31 Dec 2022) 6.6 yrs (+18.2% vs. Q1-2023) (+17.5% vs. Q1-2023) (94% as at 31 Dec 2023) (6.6 years as at 31 Dec 2023) Next 12 months’ con
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 12.0m sqm GLA 2.0m Western European Markets Portfolio Value by Country (%) sqm GLA under construction NL AT 23.1m 3.5% 1.5% DE 8.9% BG 1.8% RS 3.5% sqm landbank PL €14.0bn 108MWp 7.0% SK GAV CZ 6.9% 44.6% Install
Slide 4: Accelerated growth since IPO in March 2021
Accelerated growth since IPO in March 2021 IPO 03/2021 +103% +162% +138% 14.0 SQM of GLA (in millions) 12.0 11.8 12.0 10.5 10.0 Growth in GLA Growth in Landbank growth in Investment 2020- 2023 from 5.9 million sqm to from 8.8 million sqm to Property 8.0 7.6 CAGR: 26% 12.0 million sqm 23.1 million sq
Slide 5: Secured landbank gives significant mid-term potential
Secured landbank gives significant mid-term potential Significant embedded growth Expected YoC Projects under construction • 23.1 million sqm landbank, o/w 17.5 million sqm owned and on 13.5% balance sheet 11.6% 10.8% 11.0% 10.1% 10.3% 10.3% • 58% in existing parks, 33% in new parks with potential o
Slide 6: Leasing activity in Q1-2024 ahead of previous year
Leasing activity in Q1-2024 ahead of previous year Leases signed by sqm Q1 Q2 Q3 Q4 FY 2023 297,000 552,000 585,000 542,000 1,976,000 13% Q1-2024 YoY increase in sqm of leases signed 2024 336,000 Average monthly rent leases signed by Q1 Q2 Q3 Q4 FY sqm (€) 2023 5.31 5.56 5.77 5.81 5.69 6% Q1-2024 Yo
Slide 7: Nearshoring drives demand from manufacturing tenants
Nearshoring drives demand from manufacturing tenants, which are strongly represented in CTP’s portfolio Portfolio March 2024 Leases signed in last 24 months GLA split by industry (%) GLA split by industry (%) Services Services Other 3% Other 3% 3% 4% Wholesale Trade 7% Automotive 11% Retail Trade Ma
Slide 8: 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 1,100,000 1,000,000 900,000 800,000 700,000 600,000 500,000 400,000 300,000 2018 2019 2020 2021 2022 2023 Q1-2024 NB: Figures may not add up due to rounding 8
Slide 9: Strong and diversified international client base
Strong and diversified international client base Low operational and financial risk 35.1% 32.3% Top 50 Clients Top 50 as a % of Top 50 as a % of GLA split by industry (%) portfolio GLA Rental Income 3PLS: 10.8% AUTOMOTIVE: 9.0% E-COMMERCE, RETAIL, WHOLESALE AND DISTRIBUTION: 5.5% NB: Figures may not
Slide 10: 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% 94% 99.9% 93% Tenant retention Collection rate FY-2020 FY-2021 FY-2022 FY-2023 Q1-2024 CTP’s market share in core markets2 (%) 27.5% 27.8% 27.4% 27.4% 5.0% Like-for-like rental growth3 68% CPI linked
Slide 11: Strong revenue growth
Strong revenue growth Next 12 months’ contracted revenue growth1 Accretive (€ million) Pre-letting2 acquisitions Letting Indexation + 14 4 742 59 reversion captured 37 628 18.2% GROWTH Q1-2023 Standing Deliveries Future developments Acquisitions Q1-2024 1. Rent roll including service charge income (
Slide 12: Successful leasing of Q1-2024 deliveries
Successful leasing of Q1-2024 deliveries 169,000 95% Leased at delivery sqm €9.8m €0.6m Contracted rental income Additional rental income potential when full occupancy is reached 10.7% YoC 83% In existing parks or in new parks with >100k sqm potential NB: Figures may not add up due to rounding 12
Slide 13: Next growth phase locked in thanks to projects under development
Next growth phase locked in thanks to projects under development 1,961,000 10.3% 80-90% sqm under construction Expected YoC Expected pre-let at delivery 77% In existing parks 15% 43% Pre-let 2024 deliveries €146m Potential rental income In new parks with >100k sqm potential (vs. 38% at FY-2023 for 2
Slide 14: Energy
Energy 108 → 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 1-year lag between installation and income, i.e. MWp installed in 2023 drive 2024 income 6 2021 2022 2023 Q1-2024 Importan
Slide 15: 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 Q1 Million sqm - owned Million sqm Q2-Q4 14 1.2 13 2.0 2.0 1.0 12 1.7 0.9 11 2024: 10 1.0 1 - 1.5 million sqm 9 0.6 1.0 8 1.0 11.8 12.0 0.9 7 10.5 0.7 0.5 6 7.6 5 5.9 0.1 0.2 0.2
Slide 16: Financial results
Financial results 16
Slide 17: Financial highlights
Financial highlights In € million Q1-2024 Q1-2023 Increase (%) Gross Rental Income 157.5 136.0 +15.8% Net Rental Income 153.6 130.7 +17.5% Net valuation result on investment property 166.7 208.3 -20.0% Profit for the period 226.9 225.5 +0.6% Company specific adjusted EPRA earnings 87.4 78.3 +11.7% I
Slide 18: Gross Asset Value up 2.8% in Q1-2024
Gross Asset Value up 2.8% in Q1-2024 Investment Property (IP), Investment Property under Development (IPuD) and Property, Plant & Equipment (PPE) (€ million) GAV: 5,872 8,460 11,486 13,633 14,009 241 234 897 920 169 1,360 1,524 763 1,193 111 527 774 99 326 387 5,060 7,048 9,361 11,119 11,348 31 Dece
Slide 19: EPRA NTA up 3.7%, driven by positive revaluations
EPRA NTA up 3.7%, driven by positive revaluations EPRA NTA € per share +€0.37 +€0.01 €16.50 +€0.20 €15.92 FY-2023 Company specific adjusted Revaluation1 Others Q1-2024 EPRA EPS 1. At the Q1 and Q3 results only IPuD projects are revalued. Standing portfolio revalued at H1 and FY results. NB: Figures
Slide 20: Conservative valuation yields
Conservative valuation yields FY-2023 H1-2023 FY-2022 H1-2022 → At the Q1 and Q3 results only IPuD projects are revalued. Standing portfolio revalued at H1 and FY results. Gross Portfolio yield 6.7% 6.6% 6.5% 6.3% → Between H1-2022 and FY-2023 80bps reversionary yield1 widening – less yield widening
Slide 21: Low average cost of debt and favourable maturity profile
Low average cost of debt and favourable maturity profile Bonds 2.13% Conservative residual Unsecured loans maturity of debt Secured loans (€ million) 1,670 Average cost of debt 1,515 1,143 801 924 99.6% Hedged / fixed 569 536 442 39 2024 2025 2026 2027 2028 2029 2030 2031 33 2032 2033+ 5.2 yrs Avera
Slide 22: Solid liquidity and ample headroom to covenants
Solid liquidity and ample headroom to covenants €2.0bn 9.1x Normalized Net Debt 31 March 2024 Covenant Pro-forma liquidity1 to EBITDA Secured Debt Test 18.7% 40% 62% Unsecured debt 45.9% LTV Unencumbered Asset Test 180.7% 125% Interest Cover Ratio 3.4x 1.5x CREDIT RATINGS (S&P & MOODY’S) BBB- (stabl
Slide 23: Good access to credit markets, €1.1 billion raised in 2024 YTD
Good access to credit markets, €1.1 billion raised in 2024 YTD January 2024: February 2024: March 2024: May 2024: Secured Loan Green Bond Secured Loan Secured Loan Facility Facility Facility → €100 million → €750 million → €90 million → €168 million → 6-year → 6-year → 7-year → 7-year → Fixed all-in
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 Growing dividend Dividend policy1 Dividend per share €0.275 €0.250 €0.80-€0.82 €0.220 €0.230 70% - 80% 2024 Company specific €0.180 pay-out adjusted EPRA EPS €0.170 +10%-13% vs. 2023 Interim Final 2021 Interim Final 2022 Interim Final 2023 2021 2022 2023 1. Default d
Slide 26: Long-term potential
Long-term potential Annualized rent in million EUR Medium to long-term Short-term >1,200 71 >1,000 22 15 47 146 656 Annualized rent Completion of Filling up Indexation Reversion Future Annualized rent Reversion 20 million sqm Potential Full 31/3/2024 existing pipeline vacancy 2025-2027 2025-2027 1 d
Slide 27: Appendices
Appendices 27
Slide 28: Top Parks
Top 20 Parks 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 industries. RO CZ RO RO CZ CZ Bucharest West Bor Bucharest Brno Ostrava GLA: 857,000 sqm GLA: 642,000 sqm GLA: 571,000 sqm GLA: 540,000
Slide 29: Top Parks
Top 20 Parks 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 industries. RO CZ CZ RO RO SK CZ CZ Brno Líšeň Hranice Timișoara Námestovo Pohořelice GLA: 175,000 sqm GLA: 152,000 sqm GLA: 144,000 sqm
Slide 30: EPRA EPS
EPRA EPS EPRA Earnings (€ million) Q1-2024 Q1-2023 Earnings per IFRS income statement 226.9 255.5 Adjustments to calculate EPRA Earnings, exclude: Changes in value of investment properties, development properties held for investment and other interests 166.7 208.3 Profits or losses on disposal of in
Slide 31: EPRA NAV
EPRA NAV EPRA Net Asset Value Metrics (€ million) EPRA NRV EPRA NTA EPRA NDV 31 March 2024 31 December 2023 31 March 2024 31 December 2023 31 March 2024 31 December 2023 IFRS Equity attributable to shareholders 6,389.2 6,166.9 6,389.2 6,166.9 6,389.2 6,166.9 Include / Exclude: i) Hybrid instruments
Slide 32: EPRA NIY
EPRA NIY EPRA NIY and 'topped-up' NIY (€ million) 31 March 2024 31 December 2023 Investment property – wholly owned 13,768.3 13,398.8 Investment property – share of JVs/Funds Trading property (including share of JVs) Less: developments 1,523.6 1,359.6 Less: landbank 896.6 919.8 Completed property po
Slide 33: LTV
LTV LTV (€ million) 31 March 2024 31 December 2023 Investment Property 12,244.8 12,039.2 Investment Property under Development 1,523.6 1,359.6 Property, Plant and Equipment 241.0 233.8 Gross Asset Value 14,009.3 13,632.6 Bonds 4,089.0 3,590.0 Interest-bearing loans and borrowings from financial inst
Slide 34: Cost of debt
Cost of debt Cost of Debt (€ million) 31 March 2024 31 December 2023 Net finance costs (IFRS) -101.7 -111.7 To be excluded: Profit in loss from fin assets and liabilities for trading 0.4 -1.7 Exchange rate differences 23.0 9.2 Other financial income 12.9 1.0 Other financial expense -8.5 -8.5 Interes
Slide 35: Portfolio
Portfolio GAV1 Standing2 IPuD Landbank2 PPE Portfolio split by value (in %) (€14,009m) (€11,348m) (€1,524m) (€897m) (€241m) Czech Republic 45% 48% 26% 30% 64% Romania 14% 16% 6% 12% 10% Germany 9% 10% 3% 8% 2% Hungary 8% 8% 10% 12% 4% Slovakia 7% 6% 10% 10% 2% Poland 7% 3% 31% 15% 2% Netherlands 3%
Slide 36: Portfolio
Portfolio Standing IPuD Landbank Portfolio split by sqm (‘000) (11,958 sqm) (1,961 sqm) (23,063 sqm) Czech Republic 4,182 35% 450 23% 7,682 33% Romania 2,646 22% 180 9% 3,465 15% Germany 1,683 14% 48 2% 524 2% Hungary 1,018 9% 214 11% 2,953 13% Slovakia 880 7% 137 7% 1,567 7% Poland 476 4% 565 29% 2
Slide 37: Financial calendar
Financial calendar Event: Date: Payment date - 2023 final dividend 20 May 2024 H1-2024 results 8 August 2024 Capital Markets Day (Bucharest, Romania) 25/26 September 2024 Q3-2024 results 6 November 2024 FY-2024 results 27 February 2025 37
Slide 38: 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 39: Maarten Otte, Head of Investor Relations
Maarten Otte, Head of Investor Relations Mobile: +420 730 197 500 Email: maarten.otte@ctp.eu 39