Warehouses De Pauw Sa · EURONEXT:WDP
Warehouses De Pauw Sa — Q1 2025 Earnings Presentation
48 slides from Warehouses De Pauw Sa's earnings presentation, Apr 25, 2025
Slide 1: Results Q1 2025
Results Q1 2025 25 April 2025 1
Slide 2: Table of contents
Table of contents 00 1 2 Introduction Key highlights Q1 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
Introduction on WDP 01 3 Breda (The Netherlands)
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 Q1 2025
Key highlights Q1 2025 02 5 Ridderkerk (The Netherlands)
Slide 6: Q1 2025 Execution of #BLEND27 is in full swing
Q1 2025 Execution of #BLEND27 is in full swing Effective multi-driver approach results in +8% EPS growth EPRA EPS PORTFOLIO EPRA NTA €0.36 Driven by profitable growth, strong €8.1bn Backed by a strong balance sheet and €21.7 +8% y/y leasing activity and healthy market fully funded & capital structur
Slide 7: Q1 2025 Towards a €10bn+ core European platform
Q1 2025 Towards a €10bn+ core European platform Diverse leasing activity and strong execution of investment plan 1 2 3 4 FULL 165k m² €320m €820m FUNDING EXECUTION NEW LEASES SIGNED NEW INVESTMENTS INVESTMENT PIPELINE IN PLACE SECURED IN EXECUTION MODE Balance sheet, liquidity with In existing portf
Slide 8: Building blocks in place to execute #BLEND2027
Building blocks in place to execute #BLEND2027 Confident for what lies ahead with robust pipeline in execution Q1 2025: € 320m deals secured - previously in exclusive negotiation +110m Pre-let development projects 310m Deals in +170m Projects and exclusive Acquisitions acquisitions completed negotia
Slide 9: €820m investment pipeline in execution
€820m investment pipeline in execution €820m 31.03.2025 Investment pipeline in execution 9
Slide 10: Annualised rent potential as leading indicator for future earnings growth
annualised rent potential as leading indicator for future earnings growth Continuous replenishment of investment pipeline driving future EPRA EPS growth Long term Reversion and development potential DRIVING MOMENTUM TOWARDS 2027 €m TARGET WHILE Medium term UNLOCKING 2026-27 TOTAL RETURN POTENTIAL Sh
Slide 11: #BLEND2027 Growth plan
#BLEND2027 Growth plan 03 11
Slide 12: #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 13: #BLEND2027 2027 growth targets confirmed
#BLEND2027 2027 growth targets confirmed Building blocks and funding in place to reach targets Based on EPRA EPS 2027 ▪ Robust investment pipeline: €820m in execution (cost to come: €680m) €1.70 ▪ Organic growth: full CPI indexation & capturing rent reversion ▪ Funding requirements covered: €1.4bn i
Slide 14: Outlook 2025
Outlook 2025 04 14
Slide 15: Outlook 2025 Confirmed
Outlook 2025 Confirmed 7% underlying EPS growth +7% EPRA EPS €/share 0.02 €1.53 1.58 -0.05 +0.05 CPI and rent reversion 0.09 -0.03 Occupancy (minimum 97%) 1.53 +0.03 one-off 1.47 +7% underlying DPS €1.23 EPRA EPS 2024 Investment activity Like-for-like rental Underlying EPS Impact abolishment EPRA EP
Slide 16: Market insights
Market insights 05 16
Slide 17: Market insights
Market insights Market vacancy rates to stabilize and remain low coupled with lower development activity and a gradual recovery in tenant demand Vacancy rate (in %) Prime yield (in %) Prime rent (base 100, 2020) 8% 8% 160 7% 7% 150 6% 6% 140 5% 5% 130 4% 4% 120 3% 3% 2% 2% 110 1% 1% 100 0% 0% 90 202
Slide 18: Fundamentals bolster demand for logistics space
Fundamentals bolster demand for logistics space Sustained structural demand drivers Challenges Digital economy & Omnichannel 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: 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 100% 7% model: developments (majority of WDP portfolio developed in-house), 80% 6% value-add acquisitions and strategic platf
Slide 20: Activity report
Activity report 06 20 Ridderkerk (The Netherlands)
Slide 21: Pre-let development projects delivered in Q1 2025
Q1 2025 Pre-let development projects delivered in Q1 2025 Completed development projects that have become income-generating during the year 100% 15y Leased Lease duration Genk (Belgium) Bornem (Belgium) Genk (Belgium) Schiphol (The Netherlands) Capex €79m NOI yield(1) 6.0% (1) Western-Europe: 5.6% a
Slide 22: Q1 2025 New investments secured
Q1 2025 New investments secured Investments secured in Q1 2025 Ridderkerk (The Netherlands) Lokeren (Belgium) (1) Excluding energy investments. 22
Slide 23: WDP & KDL: €60m off-market
WDP & KDL: €60m off-market Link with solid fill WDP Lokeren integrated real estate deal industrial cluster Tailored solution supporting KDL’s growth ambition Sale-and-leaseback: ~25,000m² | 20y lease New development: ~18,000m² | 15y lease 25,000m² automated high bay with MOVU pallet storage system:
Slide 24: €820 million investment pipeline in execution
Q1 2025 €820 million investment pipeline in execution Committed investments and deals in exclusive negotiation (1) (1) Excluding energy projects. 24
Slide 25: Future development potential
Future development potential 4,800,000 m² ~2,000,000 m² Land bank Development potential GLA 25
Slide 26: WDP Energy
WDP ENERGY Decarbonisation of supply chain Solar capacity Energy integrated in projects Targeted capacity 350 MWp Installed capacity 240 MWp 113 MWp 2008 2022 1Q 2025 2027 111 MWp under development Green electricity through PV for warehouse Target IRR ~8% EV charging infrastructure for cars and truc
Slide 27: Property report
Property report 07 27 Baia Mare (Romenia)
Slide 28: Developing essential supply chain infrastructure
Developing essential supply chain infrastructure Towards a core €10bn + European platform WDP PORTFOLIO 8.4 million m² GLA lettable area 470k m² GLA under construction 240 MWp solar capacity installed HIGH-QUALITY, DIVERSIFIED PLATFORM The Netherlands 38% of the portfolio €8.1bn 5.4y 2.9 million m²
Slide 29: Portfolio fair value split
Portfolio fair value split (1) Fair value Investment properties €/m² 950 Belgium The Netherlands France Germany Luxembourg Romania Total Number of lettable sites 109 114 19 3 5 80 330 Gross lettable area (in m²) 2,742,945 2,920,363 540,312 121,207 133,301 1,959,129 8,417,257 Land (in m²) 5,160,719 4
Slide 30: High-quality portfolio
High-quality portfolio WAREHOUSE QUALITY WAREHOUSE TYPE ▪ Locations on strategic logistic corridors with around 55% suitable for urban logistics ▪ Robust building quality, integrating sustainability & flexibility throughout lifecycle ▪ Diversified portfolio and integrated property management to tail
Slide 31: Occupancy
Occupancy High occupancy and strong client retention HISTORICAL OCCUPANCY RATE LEASE MATURITY PROFILE (TILL FIRST BREAK) 10% Rent reversion potential ▪ Occupancy rate remains high at 98.1% on 31 March 2025 (+10 bps q/q). ▪ 79% of the 13% leases maturing in 2025 already extended. ▪ Lease renewal rate
Slide 32: Diversified
Diversified Well-spread tenant profile TOP-10 TENANTS (EXCL. SOLAR ~24%) (1) TENANT INDUSTRY ACTIVITIES BE NL 14% Dedicated e-commerce ▪ Diversified client base across multiple industries and predominantly large (inter)national corporates ▪ Clients mainly active in resilient sectors such as food, he
Slide 33: Financial results
Financial results 08 33 De Lier (The Netherlands)
Slide 34: Consolidated results
Consolidated results Analytical P&L 1,0¢ 1 2025 012024 _A yly (abs.) A yly (%) Rental income, net of rental-related expenses 110,103 90,455 19,648 21.7% Indemnification related to early lease terminations 0 ° 0 ne. Income from solar energy 4,546 3,619 928 25.6% Other operating income/costs -6,473 -4
Slide 35: Consolidated results
Consolidated results (1) Including the proportional share of WDP in the portfolio of the joint ventures. 35
Slide 36: Consolidated results B/S
Consolidated results B/S ino ) 31.03.2025 31.12.2024 A abs.) A(%) Intangible fixed assets 1,528 1,599 ” ne Investment properties 7,794,598 7,513,487 281,111 3.7% Other tangible fixed assets (solar panels inclusive) 173,948 180,962 “7.014 -3.9% Financial fixed assets 62,600 70,150 -7,549 -10.8% ‘Trad
Slide 37: Consolidated results B/S
Consolidated results B/S Metrics 31.03.2025 31.12.2024 A (abs.) Ah) IFRS NAV 214 21.0 03 1.5% EPRA NTA 217 2441 06 2.7% EPRA NRV 23.7 23.0 06 2.8% EPRANDV 218 24 04 17% ‘Share price 219 19.0 29 15.4% Premium / (discount) vs. EPRA NTA 1.2% 9.9% 11.1% nt. Loan-to-value 40.2% 38.3% 1.9% ae Debt ratio (
Slide 38: Financial management
Financial management Ensuring consistency of financial strategy Leverage Net debt / EBITDA (adj.)(1) Cost of debt Loan-to-value 7.5 x 2.3 % Moody’s Fitch 40.2 % Coverage Baa1 BBB+ 5.0 Interest Coverage Ratio Hedge ratio 100 of financing % needs covered x 82 % Positive Outlook Stable Outlook Financin
Slide 39: Debt overview
Debt overview Solid debt metrics and active liquidity management DEBT MATURITIES 1,000 Cost of debt 00 800 2.3 % 700 60% 600 Bank financing Green financing 40% 500 400 64 % 300 Bonds CP 200 Average debt maturity 100 0 2025 2026 2027 2028 202 2030 2031 2032 2033 2034 2035 4.6 years Commercial paper &
Slide 40: Hedging profile
Hedging profile Stable cost of debt despite increased interest rates 5y Average EVOLUTION COST OF DEBT EVOLUTION HEDGE RATIO hedge duration 4% 3. % 2.7% 3% 2.3% 2% 2.1% 1% 2.2 2.1 2.0 1.9 1.9 1.9 2.3 0% 201 2020 2021 2022 2023 2024 1 2025 1% 0.4% 0.5% 0.6% Average cost of debt (in %) Euribor 3m (in
Slide 41: 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 8 60% 40.2% 5.4% 7 6 55% Loan-to-value EPRA NIY 50% oan to value (%) 5 ield (%) 4 45% ✓ No leverage on historic revaluation
Slide 42: Financial management driven by cash-flow leverage
Financial management driven by cash-flow leverage Strong track record of issuing equity to calibrate leverage 7.5 x 8.0x 14.0 12.0 1 0. 88 104 235 88 147 285 101 358 675 468 23 87 0.8 Net debt / 10-year 10.0 0.7 EBITDA (adj.) average 0.6 8.0 0.5 6.0 0.4 ✓ Real measure of leverage on the business 4.0
Slide 43: WDP share
WDP share 9 Aricestii Rahtivani43(Romania)
Slide 44: 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 RETURN ON TOTAL ACCOUNTING RETURN SINCE 2014 (in % per year)(1) EQUITY(1) + 21% 7% 2% 18% 23% 23% 22% 30% 32% 18% 46% 10% EPRA EPS 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 202
Slide 45: Share statistics
Share statistics WDP Share ▪ Market cap ~5bn euros ▪ Free float of 79% - Family Jos De Pauw 21% ▪ Member of EPRA, Euronext BEL20, AMX, DJSI Sustainability Index World/Europe and GPR indices 45
Slide 46: Q&A
Q&A 10 46
Slide 47: 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 48: investorrelations@wdp.eu www.wdp.eu
investorrelations@wdp.eu www.wdp.eu 48
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