Slide 1: CTP N.V. Financial Highlights Q3-2024
CTP N.V. Financial Highlights Q3-2024 6 November 2024
Slide 2: Q3-2024: strong performance, backed by long-term demand drivers
Q3-2024: strong performance, backed by long-term demand drivers Financial highlights Operational highlights €488m €604m 93% (93% as at 30 Sept. 2023) 6.5 yrs (+15.9% vs. 9M-2023) (-8.0% vs. 9M-2023) (6.6 years as at 30 Sept 2023) Gross Rental Income Net valuation results on Occupancy WAULT investmen
Slide 3: CTP: pan-European platform and market leader in the CEE
CTP: pan-European platform and market leader in the CEE Core Markets Growth Markets 12.6m sqm GLA 1.9m Western European Markets Portfolio Value by Country (%) sqm GLA under construction NL AU GE 3.2% 1.5% 27.1m 8.8% BU 1.8% RS 3.6% sqm landbank PL 7.3% €15.2bn 119MWp CZ 43.5% SK GAV 7.2% Installed P
Slide 4: Accelerated growth since IPO in March 2021
Accelerated growth since IPO in March 2021 IPO 03/2021 +114% +208% +160% SQM of GLA (in millions) 14.0 12.6 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% 12.6 million sqm 27.1 million sq
Slide 5: Integrated and derisked business model
Integrated and derisked business model 12.6 million sqm GLA in existing parks / >1,000 clients >90% client retention and 60% in existing parks and 2/3 of new leases signed 30% in new parks with with existing clients potential over 10 – 15% new space 100,000 sqm of GLA developed per year Business mod
Slide 6: Strong and consistent development track record
Strong and consistent development track record Expected YoC Pre-let at delivery Projects under construction 95% 94% 13.5% 11.6% 86% 86% 10.8% 11.0% 80%-90% 10.3% 10.4% target 10.1% 81% range 80% 80% 2018 2019 2020 2021 2022 2023 2024E 2018 2019 2020 2021 2022 2023 9M-2024 NB: Figures may not add up
Slide 7: Unlocking the landbank value driving double-digit NTA growth
Unlocking the landbank value driving double-digit NTA growth FV of landbank on balance sheet of: ~€50 per sqm Average construction costs: ~€500 per sqm Total investment costs1: ~€600 (€500 + 2 * €50) per sqm Investment Properties valued at €1,000 (excluding the older German DIR portfolio) per sqm Po
Slide 8: Leasing activity in 9M-2024 ahead of previous year
Leasing activity in 9M-2024 ahead of previous year Leases signed by sqm Q1 Q2 Q3 YTD Q4 FY 2022 441,000 452,000 505,000 1,398,000 485,000 1,883,000 +4% 9M-2024 YoY sqm 2023 297,000 552,000 585,000 1,435,000 542,000 1,976,000 of leases signed 2024 336,000 582,000 577,000 1,495,000 Average monthly ren
Slide 9: Adjusted for country mix, rent levels of new leases signed in 9M-2024 3% higher
Adjusted for country mix, rent levels of new leases signed in 9M-2024 3% higher than in 9M-2023 PL €4.86 €4.80 DE 9M-2023 9M-2024 €5.77 235,000 209,000 sqm sqm €4.28 Group CZ SK 9M-2023 9M-2024 €7.20 €6.97 €5.52 €5.63 €5.60 112,000 sqm 141,000 sqm €5.23 9M-2023 9M-2024 9M-2023 9M-2024 RO €4.50 €4.50
Slide 10: Increase in HoTs signed, reflecting future leasing activity
Increase in HoTs signed, reflecting future leasing activity HOTs signed 240 220 200 180 160 140 120 100 80 60 40 20 0 Jan Feb Mar Apr May Jun Jul Aug Sep YTD #HoTs '23 YTD #HoTs '24 NB: Figures may not add up due to rounding 10
Slide 11: Nearshoring drives demand from manufacturing tenants
Nearshoring drives demand from manufacturing tenants, which are strongly represented in CTP’s portfolio Portfolio September 2024 Leases signed in last 24 months GLA split by industry (%) GLA split by industry (%) 1 Professionalization of supply chains, following Other Services CEE countries joining
Slide 12: Over 10% of portfolio leases to Asian clients producing in Europe for Europe
Over 10% of portfolio leases to Asian clients producing in Europe for Europe GLA of Asian tenants 1,500,000 1,300,000 ~20% of leases signed in 2024 1,100,000 900,000 700,000 500,000 300,000 2018 2019 2020 2021 2022 2023 Q3'24 12
Slide 13: Strong and diversified international client base
Strong and diversified international client base Low operational and financial risk 36.0% 33.4% 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 14: CTP's long-lasting tenant relations are the basis for growing market share
CTP’s long-lasting tenant relations are the basis for the Company’s growing market share Occupancy1 (%) 95% 94% 94% 94% 91% 99.8% 93% Tenant retention Collection rate FY-2020 FY-2021 FY-2022 FY-2023 9M-2024 CTP’s market share in core markets2 (%) 27.5% 27.8% 27.4% 28.5% 4.4% Like-for-like rental gro
Slide 15: Successful leasing of 9M-2024 deliveries
Successful leasing of 9M-2024 deliveries CTPark Žilina Airport 545,000 95% Leased at delivery sqm €33.0m €2.0m CTPark Warsaw West Contracted rental income Additional rental income potential when full occupancy is reached 10.1% YoC 91% In existing parks or in new parks with >100k sqm potential NB: Fi
Slide 16: Next growth phase locked in thanks to projects under development
Next growth phase locked in thanks to projects under development 1,889,000 10.4% 80-90% sqm under construction Expected YoC Expected pre-let at delivery 76% In existing parks 15% 64% Pre-let 2024 deliveries €142m Potential rental income In new parks with >100k sqm potential 177,000 sqm signed for fu
Slide 17: Energy
Energy 119 → 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: 1-year lag between installation and income, i.e. MWp installed in 2023 drive 2024 income 38 → 9M-2024 revenues: €6.0 million
Slide 18: ESG integrated in CTP business model
ESG integrated in CTP business model NB: These results shall not be construed as investment advice or expert opinion as defined by the applicable legislation. 18
Slide 19: 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 9M Million sqm - owned Million sqm FY 2024: 1.2 - 1.3 million sqm 14 1.2 1.9 1.0 2.0 12 0.9 1.7 0.6 0.6 10 0.6 0.5 8 1.0 12.6 0.2 11.8 10.5 0.7 0.5 0.6 0.5 6 7.6 0.4 0.4 5.9 4 202
Slide 20: Financial results
Financial results 20
Slide 21: Financial highlights
Financial highlights In € million 9M-2024 9M-2023 % change Q3-2024 Q3-2023 % change Gross Rental Income 488.4 421.5 +15.9% 167.5 141.1 +18.8% Net Rental Income 475.9 402.6 +18.2% 162.1 134.1 +20.8% Net valuation result on investment property 604.1 656.3 -8.0% 167.4 239.1 -30.0% Profit for the period
Slide 22: Gross Asset Value up 11.8% in 9M-2024
Gross Asset Value up 11.8% in 9M-2024 Investment Property (IP), Investment Property under Development (IPuD) and Property, Plant & Equipment (PPE) (€ million) GAV: 5,872 8,460 11,486 13,633 15,244 250 1,068 2020- 2023 234 CAGR: 32.4% 920 1,616 169 1,360 763 1,193 111 527 774 99 326 387 5,060 7,048 9
Slide 23: Rental growth and pipeline drive valuation results
Rental growth and pipeline drive valuation results Revaluation (YTD) (€ million) 700 600 +26.1 500 400 +351.2 H1-2024 like-for-like revaluation of +3.0% driven by like-for-like 300 604.1 ERV growth of +2.9% 200 100 +226.8 0 Standing assets including IPuD Landbank 9M-2024 stabilization of deliveries
Slide 24: EPRA NTA up 10.1%, driven by positive revaluations
EPRA NTA up 10.1%, driven by positive revaluations EPRA NTA € per share +€1.29 €17.52 -€0.28 -€0.02 +€0.60 €15.92 FY-2023 Company specific adjusted Revaluation Dividend Others 9M-2024 EPRA EPS NB: Figures may not add up due to rounding 24
Slide 25: Conservative valuation yields
Conservative valuation yields H1-2024 FY-2023 H1-2023 FY-2022 H1-2022 → At the Q1 and Q3 results only IPuD projects are revalued, the standing Gross Portfolio yield 6.5% 6.7% 6.6% 6.5% 6.3% portfolio revalued at H1 and FY results → Between H1-2022 and H1-2024 80bps reversionary yield1 widening H1-20
Slide 26: Favourable maturity profile reflects active liquidity management
Favourable maturity profile reflects active liquidity management Bonds 2.73% Conservative residual Unsecured loans maturity of debt Secured loans (€ million) Average cost of debt 1,751 1,660 1,453 916 99.7% Hedged / fixed 653 570 589 442 16 95 5.0 yrs Average debt maturity 2024 2025 2026 2027 2028 2
Slide 27: Strong liquidity position and ample headroom to covenants
Strong liquidity position and ample headroom to covenants €1.8bn 9.0x Normalized Net Debt 30 Sept. 2024 Covenant Liquidity to EBITDA Secured Debt Test 19.5% 40% 59% Unsecured debt 44.9% LTV Unencumbered Asset Test 190.6% 125% Interest Cover Ratio 2.75x 1.5x CREDIT RATINGS (S&P & MOODY’S) BBB- (stabl
Slide 28: Good access to credit markets, €1.8 billion raised in 9M-2024
Good access to credit markets, €1.8 billion raised in 9M-2024 January 2024: February 2024: March 2024: RCF Secured Loan Green Bond Secured Loan → Increased to €550 million Facility Facility → First extension option exercised, new maturity → €100 million → €750 million → €90 million date: February 20
Slide 29: Outlook
Outlook → Leasing dynamics remain strong, with robust occupier demand, and decreasing new supply supporting continued rental growth → The Group’s pipeline is highly profitable with a YoC target of >10% and tenant led. The YoC for CTP’s current pipeline increased to 10.4%, thanks to decreasing constr
Slide 30: Guidance confirmed
Guidance confirmed Guidance 2024 Growing dividend Dividend policy1 Dividend per share €0.290 €0.275 70% - 80% €0.250 €0.80-€0.82 €0.220 €0.230 2024 Company specific €0.180 pay-out adjusted EPRA EPS €0.170 +10%-13% vs. 2023 Interim Final Interim Final Interim Final Interim 2021 2021 2022 2022 2023 20
Slide 31: Long-term potential
Long-term potential Annualized rent in million EUR Medium to long-term Short-term >1,200 >1,000 81 20 18 52 142 702 Annualized rent Completion of Filling up Indexation Reversion Future Annualized rent Reversion 20 million sqm Potential Full 30/9/2024 existing pipeline vacancy 2025-2027 Q4‘24-2027 de
Slide 32: Appendices
Appendices 32
Slide 33: Total return
Total return € per share EPRA NTA growth 20 DPS paid 18 €17.52 €1.88 -€0.28 16 -€0.48 €2.59 14 Total Return: +11% €2.15 -€0.40 12 Total Return: +18% -€0.17 10 €3.91 Total Return: +18% €8.32 8 Total Return: +47% 6 4 2 0 31 December NTA growth 2021 Dividend NTA growth2022 Dividend NTA growth 2023 Divi
Slide 34: Top 20 Parks
Top 20 Parks Since: 2015 Since: 2006 Since: 2015 Since: 2004 Since: 2006 The Top 20 parks represent the core of the CTPark Network. They are thriving business communities, with a dynamic mix of clients RO RO CZ RO RO CZ CZ CZ from a broad range of industries. Bucharest West Bor Bucharest Brno Ostrav
Slide 35: Top 20 Parks
Top 20 Parks Since: 2015 Since: 2020 Since: 2002 Since: 2021 Since: 2015 The Top 20 parks represent the core of the CTPark Network. They are thriving business communities, with a dynamic mix of clients SK RO CZ CZ CZ CZ SK RO RO from a broad range of industries. Trnava Brno Líšeň Hranice Námestovo T
Slide 36: EPRA EPS
EPRA EPS EPRA Earnings (€ million) 9M-2024 9M-2023 Earnings per IFRS income statement 737.0 732.8 Adjustments to calculate EPRA Earnings, exclude: Changes in value of investment properties, development properties held for investment and other interests 604.1 656.3 Profits or losses on disposal of in
Slide 37: Company Specific Adjusted EPRA Earnings P&L
Company Specific Adjusted EPRA Earnings P&L Non-recurring Company specific (€ million) IFRS Adjustments adjusted EPRA Earnings Rental Income 488.4 0.6 489.0 Service charge income 54.9 54.9 Property operating expenses -67.4 -67.4 Net rental income 475.9 0.6 476.5 Net income / expenses from renewable
Slide 38: EPRA NAV
EPRA NAV EPRA Net Asset Value Metrics (€ million) EPRA NRV EPRA NTA EPRA NDV 30 September 2024 31 December 2023 30 September 2024 31 December 2023 30 September 2024 31 December 2023 IFRS Equity attributable to shareholders 7,056.6 6,166.9 7,056.6 6,166.9 7,056.6 6,166.9 Include / Exclude: i) Hybrid
Slide 39: EPRA NIY
EPRA NIY EPRA NIY and 'topped-up' NIY (€ million) 30 September 2024 31 December 2023 Investment property – wholly owned 14,994.8 13,398.8 Investment property – share of JVs/Funds Trading property (including share of JVs) Less: developments 1,616.4 1,359.6 Less: landbank 1,068.2 919.8 Completed prope
Slide 40: LTV
LTV LTV (€ million) 30 September 2024 31 December 2023 Investment Property 13,378.5 12,039.2 Investment Property under Development 1,616.4 1,359.6 Property, Plant and Equipment 249.6 233.8 Gross Asset Value 15,244.5 13,632.6 Bonds 3,683.1 3,590.0 Interest-bearing loans and borrowings from financial
Slide 41: Cost of debt
Cost of debt Cost of Debt (€ million) 30 September 2024 31 December 2023 Net finance costs (IFRS) -139.5 -111.7 To be excluded: Profit in loss from fin assets and liabilities for trading -3.6 -1.7 Exchange rate differences 16.3 9.2 Other financial income 32.5 1.0 Other financial expense -7.0 -8.5 In
Slide 42: Portfolio
Portfolio GAV1 Standing2 IPuD Landbank2 PPE Portfolio split by value (in %) (€15,244m) (€12,310m) (€1,616m) (€1,068m) (€250m) Czech Republic 44% 46% 31% 30% 63% Romania 15% 17% 7% 10% 9% Germany 9% 10% 4% 9% 3% Hungary 8% 7% 11% 11% 4% Poland 7% 4% 26% 17% 2% Slovakia 7% 7% 8% 10% 2% Serbia 4% 4% 2%
Slide 43: Portfolio
Portfolio Standing IPuD Landbank Portfolio split by sqm (‘000) (12,573 sqm) (1,889 sqm) (27,111 sqm) Czech Republic 4,227 34% 444 24% 8,852 33% Romania 2,960 24% 260 14% 4,278 16% Germany 1,604 13% 86 5% 756 3% Hungary 1,053 8% 181 10% 3,645 13% Slovakia 900 7% 192 10% 2,151 8% Poland 697 6% 368 19%
Slide 44: Financial calendar
Financial calendar Event: Date: FY-2024 results 27 February 2025 Annual General Meeting 22 April 2025 Q1-2025 results 8 May 2025 H1-2025 results 7 August 2025 Capital Market Days 24-25 September 2025 Q3-2025 results 6 November 2025 44
Slide 45: 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 46: Maarten Otte, Head of Investor Relations
Maarten Otte, Head of Investor Relations Mobile: +420 730 197 500 Email: maarten.otte@ctp.eu 46