Warehouses De Pauw Sa · EURONEXT:WDP
Warehouses De Pauw Sa — H1 2026 Earnings Presentation
59 slides from Warehouses De Pauw Sa's earnings presentation, Jul 31, 2026
Slide 1: Investor Presentation H1 2026 Results
31 JULY 2026 INVESTOR PRESENTATION H1 2026 RESULTS #BLEND2030: BUILDING TOWARDS THE Online meeting with solid fill PLATFORM OF TOMORROW Analyst31 Friday and JulyInvestor 2026 10AM videoCET call Analyst and Investor video call Friday 31 July 2026 10AM CET JOIN JOIN 1
Slide 2: Table of contents
Table of contents 1 Introduction 2 Key highlights H1 2026 3 Growth plan #BLEND&EXTEND2030 4 Outlook 2026 5 Market insights 6 Activity report 7 Property report 8 Financial results 9 WDP share 2
Slide 3: Introduction on WDP
01 INTRODUCTION ON WDP Nijverdal, 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 capita
Slide 5: Key highlights H1 2026
02 KEY HIGHLIGHTS H1 2026 Genk, BE 5
Slide 6: Strong start, attractive pipeline visibility
H1 2026 Strong start, attractive pipeline visibility Effective multi-driver approach results in underlying ERPA EPS growth of +5% EPRA EPS PORTFOLIO EPRA NTA €0.79 Broad-based leasing momentum €8.7bn Backed by a best-in- class balance sheet, €21.4 +5% y/y and high occupancy liquidity with self- fina
Slide 7: Towards a €10bn+ core European platform
H1 2026 Towards a €10bn+ core European platform Continuation of diverse leasing activity and strong execution of investment plan 1 2 3 4FUNDING FULL 200k m² €300m €760m EXECUTION NEW LEASES SIGNED NEW INVESTMENTS INVESTMENT PIPELINE IN PLACE SECURED(1) IN EXECUTION MODE Balance sheet, liquidity Acro
Slide 8: WDP x ARGAN Building Europe's leading logistics platform
WDP x ARGAN Building Europe’s leading logistics platform Proposed all-share friendly merger of WDP and ARGAN, creating Europe’s leading logistics REIT Strategic fit Leadership & scale Combined growth VALUE Credit quality & liquidity ›(1) Pure-play €13bn Top-10 EPRA Best-in-class ✓CREATION Stronger t
Slide 9: #BLEND&EXTEND2030 Status Update
03 #BLEND&EXTEND2030 STATUS UPDATE BREDA, NL 9
Slide 10: Ambition Horizon 2030
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 FOCUS pr
Slide 11: #BLEND&EXTEND2030
#BLEND& EXTEND2030 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
Slide 12: #BLEND&EXTEND2030 Targets
#BLEND2030 | GROWTH DRIVERS | BUILD | LOAD | EXTRACT | NEUTRALIZE | DISCIPLINED #BLEND&EXTEND2030 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 >€ >€ > EP
Slide 13: Building blocks of 6% p.a. cash flow growth
#BLEND2030 | GROWTH DRIVERS | BUILD | LOAD | EXTRACT | NEUTRALIZE | DISCIPLINED #BLEND&EXTEND2030 Building blocks of an ambitious, resilient 6% p.a. cash flow growth expected over 2026-30 BUILDING BLOCKS Indicative % impact FOR EPRA EPS GROWTH per share per year(1) 6% At › Internal growth least €2.0
Slide 14: Building blocks and key assumptions
#BLEND2030 | GROWTH DRIVERS | BUILD | LOAD | EXTRACT | NEUTRALIZE | DISCIPLINED #BLEND&EXTEND2030 Building blocks of an ambitious, resilient 6% p.a. cash flow growth expected over 2026-30 BUILDING BLOCKS Indicative % impact FOR EPRA EPS GROWTH per share per year(1) 6% At › Internal growth least €2.0
Slide 15: BUILD: Robust demand drivers
#BLEND2030 | GROWTH DRIVERS | BUILD | LOAD | EXTRACT | NEUTRALIZE | DISCIPLINED #BLEND&EXTEND2030 | BUILD Structural tailwinds Robust demand drivers › Short-term: demand normalizing with a gradual recovery in take-up Capitalize on › Structural: omnichannel growth, supply chain reconfiguration, and e
Slide 16: LOAD: €500m capex guidance p.a.
#BLEND2030 | GROWTH DRIVERS | BUILD | LOAD | EXTRACT | NEUTRALIZE | DISCIPLINED #BLEND&EXTEND2030 | LOAD Development & acquisition opportunities in existing and new markets €500m capex Broader country mix: guidance p.a. › Existing markets (with Romania <20%) AT ATTRACTIVE RISK-ADJUSTED › Further str
Slide 17: EXTRACT: Inflation-plus like-for-like
#BLEND2030 | GROWTH DRIVERS | BUILD | LOAD | EXTRACT | NEUTRALIZE | DISCIPLINED #BLEND&EXTEND2030 | EXTRACT Strong total return potential Inflation-plus like-for-like › Indexation (fully CPI-linked leases(1)) and capturing rent reversion (9% under-rented portfolio) EMBEDDED VALUE › Cost effectivenes
Slide 18: NEUTRALIZE: Energy-as-a-service
#BLEND2030 | GROWTH DRIVERS | BUILD | LOAD | EXTRACT | NEUTRALIZE | DISCIPLINED #BLEND&EXTEND2030 | NEUTRALIZE More than a warehouse: scale that generates power Energy-as-a- › Solar PV: maximizing rooftop capacity service › On-site efficiency solutions (e.g. LED, heat pumps, EMS) REVENUE TO DOUBLE T
Slide 19: DISCIPLINED: Strong self-financing capacity
#BLEND2030 | GROWTH DRIVERS | BUILD | LOAD | EXTRACT | NEUTRALIZE | DISCIPLINED #BLEND&EXTEND2030 | DISCIPLINED Strong financial position and strict capital allocation Strong self- › Strong recurring equity strengthening in place of €250-300m p.a. financing capacity › Via retained earnings, optional
Slide 20: Building the platform of tomorrow
BUILDING THE PLATFORM BUILDING THE 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 21: Delivering today, with a vision for tomorrow
DELIVERING TODAY, WITH A VISION FOR TOMORROW Above-average growth, with a below-average risk profile 21
Slide 22: Outlook 2026
04 OUTLOOK 2026 Bollène, FR 22
Slide 23: Outlook 2026: Guidance confirmed
Outlook 2026 Confirmed outlook of +5% EPS and DPS growth + 5% y/y + 5% y/y 2026 GUIDANCE €1.60 €1.29 CONFIRMED EPS (EPRA) DIVIDEND PER SHARE 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 24: Market insights
05 Market insights Barendrecht, NL 24
Slide 25: 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 Cold storage & specialization a normalised pace Last-mile & reverse logistics OUTBOUND Power & grid connectivity Land scarcity Optimisation of distr
Slide 26: Market insights
Market insights European logistics markets have stabilised, underpinned by resilient occupier demand. Germany 25Q4 26Q1 Vacancy (%) 3.6 3.6 Prime yield (%) 4.4 4.4 The Netherlands 25Q4 26Q1 Prime rent (€/m² pa) 132 132 Structural demand drivers, Vacancy (%) 5.2 5.5 Take-up1 (000m²) 5,200 5,170 inclu
Slide 27: 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 28: Activity report
06 ACTIVITY Lokeren, BE REPORT 28
Slide 29: H1 2026 New investments secured
H1 2026 New investments secured Investments secured in H1 2026 Le Havre (France) * The investment/divestment presented for the Luxembourg transactions reflect the property values of the underlying share swaps.(3) Capex €300m(1) NOI yield 6.8%(2) During the first half of 2026, these investments were
Slide 30: Deepening partnership with Seafrigo in Port of Le Havre
DEEPENING New: sale-and-leaseback with Seafrigo Total cluster in France’s main container terminal ✓ €23m investment • sale-and-leaseback with seafrigo ✓ €81m investment1 • 3 buildings & yard leased to Seafrigo PARTNERSHIP ✓ 27 years triple net • 100% occupied ✓ 6.8% NOI yield • over 12 years triple
Slide 31: H1 2026 Execution of the investment pipeline
H1 2026 Execution of the investment pipeline Completed projects and executed acquisitions that have become income-generating during the year Pre-let developments delivered TOTAL PROJECTS GLA DELIVERED & 111,000m² ACQUISITIONS Acquisitions executed EXECUTED GLA H1 2026(1) 78,000m² Land reserve replen
Slide 32: €13 million future-proof brownfield development
€13 million future-proof brownfield development 10,000 m² brownfield redevelopment A++++ energy class Gasless / off-grid energy solution BREEAM Excellent FUTURE-PROOF & GASLESS ✓ Off-grid energy solution ✓ Highest energy class A+++++ ✓ Solar PV, BESS & smart meter Unlock value in existing portfolio
Slide 33: €760 million investment pipeline in execution
H1 2026 €760 million investment pipeline in execution Robust pipeline in execuction provides strong cash flow visibility(1) 1. NOI yield excludes energy projects. 33
Slide 34: Annualised rent potential as leading indicator
Annualised rent potential as leading indicator for future earnings growth(1,2) Continuous replenishment of investment pipeline driving future EPRA EPS growth Long term Reversion, leasing and development potential € million Medium term 2027 Short term 2026 Annualised Rent added in Annualised Indexati
Slide 35: Future development potential
Future development potential ~5,800,000 m² ~2,400,000 m² Development potential Land bank GLA €132 MILLION LONG-TERM RENT 135,000 m² POTENTIAL 140,000 m² 93,000 m² Existing land reserves New land reserves secured over 2026 221,000 m² 235,000 m² 35
Slide 36: 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 37: Property report
07 PROPERTY REPORT Veghel, NL 37
Slide 38: Developing essential supply chain infrastructure
Developing essential supply chain infrastructure Towards a core €10bn+ European platform WDP PORTFOLIO 8.9 million m² GLA lettable area 410k m² GLA under construction 274 MWp solar capacity installed HIGH-QUALITY, DIVERSIFIED PLATFORM The Netherlands 37% of the portfolio €8.7bn 5.5y 3.1 million m² G
Slide 39: Portfolio fair value split
Portfolio fair value split(1) Fair value Investment properties €/m² 959 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, those joint ventures are reflected t
Slide 40: 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 344 properties 75% green certified warehouse(1) 445 clients 57% share of property p
Slide 41: 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 42: 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 ~22%1 Dedicated Dedicated e-commerce e-commerce 1. Ahold Delhaize 5.4% 2. Kuehne + Nagel 2.9% 16% Retail (
Slide 43: Financial results H1 2026
08 FINANCIAL RESULTS H1 2026 Dudelange, LU 43
Slide 44: Consolidated results
Consolidated results Analytical P&L 1 2026 H1 2025 Ayly (abs.) A yly (%) Rental income, net of rental-related expenses 238,669 220,831 17,839 8.1% Indemnification related to early lease terminations 2,569 0 2,569 ne. Income from energy investments 14,010 13,280 730 5.5% Other operating income/costs
Slide 45: Consolidated results
Consolidated results 1. Including the proportional share of WDP in the portfolio of the joint ventures. 45
Slide 46: Consolidated results B/S
Consolidated results B/S 30.06.2026 31.12.2025 A (abs.) A (%) Intangible fixed assets 1,297 1,408 “12 ne. Investment properties 8,436,827 8,207,921 228,907 2.8% Other tangible fixed assets (energy assets inclusive) 202,819 186,941 15,877 8.5% Financial fixed assets 43,084 40,262 2,822 7.0% Trade deb
Slide 47: Consolidated results B/S metrics
WwDP Consolidated results B/S Metrics 30.06.2026 31.12.2025 A (abs.) A(%) IFRS NAV 20.9 21.3 0.5 -2.3% EPRA NTA 214 21.9 0.4 2.0% EPRA NRV 23.4 23.9 0.5 -1.9% EPRA NDV 21.3 21.8 0.5 2.2% Share price 22.1 22.1 04 0.3% Premium / (discount) vs. EPRA NTA 3.1% 1.2% 1.8% ne Loan-to-value 41.6% 40.1% 14% n
Slide 48: Financial management
Financial management Ensuring consistency of financial strategy Leverage 7.6 2.4 Net debt / EBITDA (adj.)(1) Cost of debt Loan-to-value x % Moody’s Fitch 41.6% Coverage A3 BBB+ / A- 4.9 82 Interest Coverage Ratio Hedge ratio Issuer & instrument rating Issuer & instrument rating 100 of financing % ne
Slide 49: Debt overview
Debt overview Solid debt metrics and active liquidity management DEBT MATURITIES 2.4 Cost of debt % 65% Bank 82 financing Hedge ratio % 35% Bonds CP 4.2 years Average debt maturity ▪ Well-spread debt maturities with 4-year debt duration on average ▪ Solid access to unsecured lending through bank loa
Slide 50: Hedging profile
Hedging profile Stable cost of debt and strong hedging profile 4y 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 4y ▪ Manageable and gradual hedge maturity, safeguar
Slide 51: Cost of debt simulation debt and hedging renewals
Cost of debt | simulation debt and hedging renewals Cost of debt reset manageable and only gradual SIMULATION COST OF DEBT (at constant debt level per 31.12.2025)(1) 4.0% Cumulative impact limited to 85bps Incremental fixed-rate cost of debt (5y duration) Cost of debt evolution by 2030 3.5% Included
Slide 52: 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 41.6% 5.5% Loan-to-value EPRA NIY ✓ No leverage on historic revaluations ✓ No impact on Net debt / EBITDA ✓ Financial robus
Slide 53: 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 54: WDP share
09 WDP SHARE Saint-Caradec, FR 54
Slide 55: 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 56: Share statistics
Share statistics WDP share performance ▪ Market cap >5.5bn euros ▪ Free float of 81% - Family Jos De Pauw 19% ▪ Member of EPRA, Euronext BEL20, AEX, DJSI Sustainability Index World/Europe and GPR indices 56
Slide 57: Q&A
Q&A Saint-Martin, FR 57
Slide 58: 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 59: investorrelations@wdp.eu www.wdp.eu
investorrelations@wdp.eu www.wdp.eu 59