Slide 1: CTP N.V. Financial Highlights H1-2023
Invite reminder: CTP N.V. Capital Markets Day September 20 / 21 in Brno, CZ Financial Highlights H1-2023 10 August 2023 Parkmakers
Slide 2: H1-2023: on track
H1-2023: on track Financial highlights Operational highlights €654m €268m 93% 6.5 yrs (+21.5% vs. H1-2022) (+26.8% vs. H1-2022) (94% as at 31 Dec 2022) (6.4 years in H1-2022) Next 12 months’ contracted H1 Net Rental Income Occupancy2 WAULT revenues1 €158m €0.36 14.1% 7.5% (4.3% in H1-2022) (+25.4% v
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 11.0m sqm GLA 20.7m Western European Markets Portfolio Value by Country (%) sqm landbank 44MWp NL AT i 3.9% 0.9% DE 7.9% BG 1.6% RS 2.9% Installed PV PL 5.8% SK €12.4bn 6.6% GAV CZ 46.4% HU 8.9% RO 14.6% NB: Figu
Slide 4: Leasing activity picking up in Q2
Leasing activity picking up in Q2 Leases signed by sqm Q1 Q2 H1 20221 441,000 452,000 893,000 2023 297,000 552,000 850,000 Size: 54,000 sqm Size: 52,000 sqm Park: Bor Park: Blučina Average monthly rent leases signed by sqm (€) Q1 Q2 H1 German automotive 2022 4.87 4.89 4.88 technology firm 2023 5.31
Slide 5: Strong and diversified international client base
Strong and diversified international client base Low operational and financial risk Top 50 Clients 36.8% 33.3% Top 50 as a % of Top 50 as a % of Rental Income split by industry (%) Rental Income portfolio GLA 3PLS: 10.8% AUTOMOTIVE: 9.0% E-COMMERCE, RETAIL, MANUFACTURING: 3.9% WHOLESALE AND DISTRIBU
Slide 6: CTP's long-lasting tenant relations drive strong operational results
CTP’s long-lasting tenant relations drive strong operational results Occupancy1 (%) 95% 94% 92% 99.8% 93% 93% Tenant retention Collection rate FY-2020 FY-2021 FY-2022 H1-2023 7.5% 58% CTP’s market share in core markets2 (%) 27.8% 28.0% 27.5% Like-for-like rental growth3 CPI linked contracts4 expecte
Slide 7: Consistent revenue growth
Consistent revenue growth Next 12 months’ revenue growth1 Accretive acquisitions (€ million) Letting Pre-letting2 Indexation + reversion captured 21.5% GROWTH H1-2022 Standing Deliveries Future developments Acquisitions H1-2023 1. Rent roll including service charge income (Base rent + other rental i
Slide 8: Higher YoC thanks to decreasing construction costs and increasing rents
Higher YoC thanks to decreasing construction costs and increasing rents Increased pipeline profitability Expected YoC Projects under construction → Construction costs started to decrease from mid-2022 → 2022: average ~€550 per sqm 13.5% → 2023E: average ~€500 per sqm 11.6% 11.0% 10.8% 10.6% 10.1% →
Slide 9: 413,000 sqm delivered in H1-2023
413,000 sqm delivered in H1-2023 Own-built CTP developments CTPark Amsterdam City 293,000 sqm 85% Leased at delivery Picture ALC €16m Contracted rental income €3m Additional rental income potential when full occupancy is reached → Acquired during construction 10.4% YoC 65% in existing parks → → 120,
Slide 10: Projects under construction
Projects under construction 1.8m sqm 10.6% 80-90% Under construction Expected YoC Expected pre-let at delivery CTPark Szigetszentmiklós 65% 28% 56% 1 €133m In existing parks In new parks with Pre-let 2023 Potential rental income >100k sqm potential deliveries CTPark Bucharest West 196,000 sqm signed
Slide 11: Energy
Energy MWp Installed → YoC target: 15% ~ 100 → Cost per MWp: ~€750k – below market average thanks to CTP acquiring in bulk and PV ready roof structures since 2020 38.4 → Income potential for 2023: >€7.5 million - typically 1-year lag between installation and income, 6.1 44.1 i.e. MWp installed in 20
Slide 12: 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 13 Million sqm - owned Million sqm 12 1.8 H1 1.7 11 H2 1.0 >1.0 10 0.9 9 8 1.0 0.6 0.9 11.0 0.7 7 10.5 0.7 0.4 6 7.6 0.4 5 5.9 0.2 0.2 0.2 4 2020 2021 2022 H1-2023 2020 2021 2022
Slide 13: Financial results
Financial results 13
Slide 14: Financial highlights
Financial highlights H1-2023 (€m) H1-2022 (€m) Increase (%) Net Rental Income 268.3 211.5 +26.8% Net valuation result on investment property 417.2 499.0 -16.4% Profit for the period 469.6 490.2 -4.2% Company specific adjusted EPRA earnings 158.1 126.0 +25.4% H1-2023 (€) H1-2022 (€) Increase (%) Comp
Slide 15: Gross Asset Value up 8.2% in H1-2023
Gross Asset Value up 8.2% in H1-2023 Standing: Investment Property (IP), Investment Property under Development (IPuD) and Property, Plant & Equipment (PPE) (€ million) → +8.7% vs. 31 December 2022 mainly driven by development completions GAV: 5,872 8,460 11,486 12,428 IPuD: 187 169 → +4.6% vs. 31 De
Slide 16: Rental growth and pipeline drive valuation results
Rental growth and pipeline drive valuation results Revaluation (YTD) 450 (€ million) 400 -1.8 +62.2 350 Like-for-like revaluation of 300 +0.4% driven by like-for-like ERV growth of +6.3% fully +165.6 250 offsetting yield widening 200 +417.2 150 100 +191.2 50 0 Standing assets including IPuD Landbank
Slide 17: 30bps reversionary yield widening in H1
30bps reversionary yield widening in H1 H1-2023 FY-2022 H1-2022 Upward yield pressure continued in H1-2023 Gross Portfolio yield 6.6% 6.5% 6.3% → 30bps reversionary yield1 widening vs. FY-2022 and 70bps vs. H1-2022 – less yield widening seen in gross portfolio yield as in-place rent doesn’t grow as
Slide 18: EPRA NTA
EPRA NTA EPRA NTA 15 € per share +€0.94 €14.84 14.8 -€0.03 14.6 14.4 14.2 +€0.36 14 €13.81 -€0.24 13.8 13.6 13.4 13.2 FY-2022 Company specific adjusted Dividend Revaluation Others H1-2023 EPRA EPS NB: Figures may not add up due to rounding 18
Slide 19: Low average cost of debt and favourable maturity profile
Low average cost of debt and favourable maturity profile Conservative residual Cost of debt 5.3 yrs 99.4% maturity of debt (%) (€ million due in following years) 1,488 1,461 2.5% FIXED / HEDGED AVG DEBT MATURITY 1,235 2.1% 1,112 2.0% 1,039 1.8% 904 1.5% 708 1.2% 655 565 543 524 425 430 418 415 156 1
Slide 20: Solid liquidity and ample headroom to covenants
Solid liquidity and ample headroom to covenants 30 June €1.5bn 9.5x Covenant 2023 Pro-forma liquidity1 Normalized Net Debt to EBITDA Secured Debt Test 15.8% 40% 67% Unsecured debt 45.9% LTV Unencumbered Asset Test 187.5% 125% Interest Cover Ratio 4.3x 1.5x CREDIT RATINGS (S&P & MOODY’S) BBB- (stable
Slide 21: Good access to credit markets, YTD €811 million raised
Good access to credit markets, YTD €811 million raised February 2023: February 2023: March 2023: May 2023: RCF Secured Loan Facility Secured Loan Facility Unsecured Loan Facility → €500 million → €95 million → €133 million → First tranche of €280 million → 3-year with two → 7-year → 7-year → 5/7-yea
Slide 22: Outlook
Outlook → Leasing dynamics remain strong, with robust occupier demand, low vacancy across CTP’s markets and new supply decreasing, leading to continued rental growth. → The Group’s pipeline is highly profitable and tenant led. The YoC for CTP’s pipeline increased to 10.6%, while the target for new p
Slide 23: Dividend and guidance confirmed
Dividend and guidance confirmed Guidance 2023 Dividend €0.25 €0.72 2023 Company specific adjusted EPRA EPS 70% pay-out ratio +14% vs. 2022 interim dividend +18% vs. 2022 Dividend policy1: 70% - 80% pay-out 1. Default dividend is scrip with option to receive cash 23
Slide 24: Appendices
Appendices 24
Slide 25: EPRA EPS
EPRA EPS EPRA Earnings (€ million) H1-2023 H1-2022 Earnings per IFRS income statement 469.6 496.3 Adjustments to calculate EPRA Earnings, exclude: Changes in value of investment properties, development properties held for investment and other interests 417.2 499.0 Profits or losses on disposal of in
Slide 26: EPRA NAV
EPRA NAV EPRA Net Asset Value Metrics (€ million) EPRA NRV EPRA NTA EPRA NDV 30 June 2023 31 December 2022 30 June 2023 31 December 2022 30 June 2023 31 December 2022 IFRS Equity attributable to shareholders 5,681.8 5,284.5 5,681.8 5,284.5 5,681.8 5,284.5 Include / Exclude: i) Hybrid instruments Dil
Slide 27: EPRA NIY
EPRA NIY EPRA NIY and 'topped-up' NIY (€ million) 30 June 2023 31 Dec 2022 Investment property – wholly owned 11,420.1 10,554.6 Investment property – share of JVs/Funds Trading property (including share of JVs) Less: developments 1,247.9 1,193.3 Completed property portfolio 10,172.2 9,361.3 Allowanc
Slide 28: LTV
LTV LTV (€ million) 30 June 2023 31 Dec 2022 Investment Property 10,992.7 10,124.2 Investment Property under Development 1,247.9 1,193.3 Property, Plant and Equipment 187.1 168.9 Gross Asset Value 12,427.7 11,486.4 Bonds 3,986.7 3,981.4 Interest-bearing loans and borrowings from financial institutio
Slide 29: Portfolio
Portfolio GAV1 Standing2 IPuD Landbank2 PPE Portfolio split by value (in %) (€12,428m) (€10,172m) (€1,247m) (€820m) (€187m) Czech Republic 46% 49% 31% 29% 78% Romania 15% 16% 6% 14% 8% Hungary 9% 9% 9% 12% 2% Germany 8% 9% 1% 1% 2% Slovakia 7% 6% 8% 13% 1% Poland 6% 3% 27% 19% 1% Netherlands 4% 4% 0
Slide 30: Portfolio
Portfolio Standing IPuD Landbank Portfolio split by sqm (‘000) (11,012 sqm) (1,845 sqm) (20,665 sqm) Czech Republic 3,867 35% 577 31% 6,483 31% Romania 2,533 23% 186 10% 3,610 17% Hungary 1,017 9% 194 11% 2,253 11% Germany 1,692 15% 28 2% 155 1% Slovakia 776 7% 48 3% 1,788 9% Poland 277 3% 448 24% 2
Slide 31: Financial calendar
Financial calendar Event: Date: Ex-dividend 2023 interim dividend 14 August 2023 Record date 2023 interim dividend 15 August 2023 Start election period scrip or cash 2023 interim dividend 16 August 2023 End election period 2023 interim dividend 29 August 2023 (including) Payment 2023 interim dividen
Slide 32: 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 33: Maarten Otte, Head of Investor Relations
Maarten Otte, Head of Investor Relations Mobile: +420 730 197 500 Email: maarten.otte@ctp.eu 33