Results for Q1 2026

Disciplined growth

24 April 2026, 07:00 am CET

Press

Regulated information

Participate in the

Analyst and investor video call

Friday, 24 April 2026

Press release - 24 April 2026

10 a.m. CET

Results for Q1 2026

• Robust earnings per share growth: EPRA Earnings per share of 0.38 euros up 6% y/y, with full-year guidance of 1.60 euros and dividend per share of 1.29 euros confirmed.

• Continuous pipeline replenishment and disciplined execution: Q1 2026 net investments of 140 million euros secured at 6.9% NOI yield, including 80,000 m² GLA of new investments announced today, mainly pre-let developments. At the same time 140,000 m² pre-let developments and acquisitions have been delivered at a 6.6% NOI yield.

• Broad-based leasing activity continues: WDP's commercial platform continues to capture market demand on all fronts: (i) occupancy high at 97.3%, (ii) out of the 10% leases due for renewal in 2026, 70% is already secured, and (iii) 100,000 m² of new leases signed during Q1 2026.

• #BLEND&EXTEND2030 - building out European platform: adding local market expertise with two new Country Managers in Spain and Italy and strengthening group-level execution capabilities.

  "

  WDP has made a strong start to 2026 - across our portfolio, client partnerships and investment activity. While Q1 is early to reflect the full impact of our ongoing activities, visibility on new business is compelling and broad-based. From Zwolle to Marseille, we see possibilities emerging to seize opportunities to continuously replenish our pipeline.

  The macroeconomic and geopolitical volatility is here to stay. Europe's need for supply chain independence, energy resilience and strategic stock is not a shift, but an acceleration, reinforcing the role of logistics real estate as critical infrastructure. If anything, these developments reconfirm our longterm vision.

  Our priorities are unchanged: sustainable earnings per share growth, capital discipline and high-quality execution of our investment pipeline. This provides strong visibility on near-term cash flow growth while staying focused on long-term value creation. We are confident for the remainder of 2026, with a compelling pipeline in execution, a top-tier balance sheet and the conviction in our newly launched 2030 ambitions.

  Joost Uwents - CEO

  Participate in the Analyst and investor video call

  24 April 2026 - 10 a.m. CET

  
  
  
  
  

• Attractive earnings growth per share from effective multi-driver approach: EPRA Earnings per share rose by +6% y/y to 0.38 euros per share in Q1 2026. This earnings growth is driven by a combination of internal and external growth supported by a continued high operating margin and sharp financing cost.

• Broad-based leasing activity continues: WDP's commercial platform converts demand into leases on all fronts over Q1 2026: (i) occupancy is high at 97.3%, with the q/q change reflecting the usual tenant movement, (ii) of the 10% leases due for renewal in 2026, 70% have already been secured, and (iii) 100,000 m² new leases were signed, excluding renewals.

• Stable portfolio revaluations: +15.2 million euros or +0.2% throughout Q1 2026, based on an unchanged EPRA Net Initial Yield of 5.4%. The net reversionary yield amounts to 6.1%, based on a fully occupied portfolio at market rent. Reversionary potential on the portfolio amounts to +7% (compared to 9% at year-end 2025), reflecting the captured rent indexation and rent reversion, with estimated rental values remaining stable quarter-on-quarter. The diversified, high-quality portfolio continues to offer embedded growth through reversion and fully CPI-linked lease agreements.

• A3-rated balance sheet as structural advantage: net debt / EBITDA (adj.) of 7.5x, loan-to-value of 40.3% and Interest Coverage Ratio of 4.7x (7.5x, 40.1%, and 5.0x respectively as of 31 December 2025). Strong liquidity of 1.6 billion euros and approx. 500 million euros of annual self-financing capacity1, with debt kept within leverage targets, to support disciplined growth towards a €10bn+ European platform, with a clear focus: above-average growth with a below-average risk profile.

• #BLEND&EXTEND2030 already in execution: WDP has taken decisive steps to deliver on its 2030 ambitions: a new COO strengthening group-level capabilities, a new Country Manager in the Netherlands and two new Country Managers in Spain and Italy, laying the foundation for a gradual, disciplined entry in two new markets, reinforcing WDP's platform for the next phase of growth.

  WDP's robust pipeline provides clear cash flow visibility, with a 681 million euros pipeline in execution (cost to come: 544 million euros) at 6.9% NOI yield2, supporting near-term earnings growth through continued execution and the leasing of limited space, with compelling opportunities to further add profitable growth across the platform.

• Outlook 2026 confirmed: expected EPRA Earnings per share for 2026 of 1.60 euros, an increase of

+5% y/y and a synchronous increase of the dividend per share to 1.29 euros (payable in 2027).

These forecasts are based on the current knowledge and situation and are barring unforeseen circumstances within the context of a volatile macroeconomic and geopolitical climate.

‌1 Of which 250-300 million euros in equity via retained earnings, stock dividend and contributions in kind, and the remainder in debt raised within WDP's leverage targets

‌2 The NOI Yield is defined as the annualised net operating result (gross rental income minus the non-recoverable operating costs for property) compared to the total investment.

#Q1 2026 achievements | Continuation of leasing activity & strong execution of pipeline

#TeamWDP

New COO & Country Managers: NL, ES, IT

New markets. Stronger team. CIose to cIients.

6.9%

NOI yield on new investments

Attractive capitaI depIoyment

100k m²

New leases signed

Strong Ieasing activity. Capturing market rents

~€140m

New investments

secured Q1 2026

PipeIine repIenished

140k m²

Pipeline execution Q1 2026

DeIivered. FuIIy Iet. Cash fIow growth

>97%

Occupancy rate

at high level

CIient-centric & high-quaIity portfoIio

DISCIPLINED GROWTH -FOCUSED ON ATTRACTIVE RETURNS & POTENTIAL TO DELIVER

EPRA EPS

Resilient cash flow growth ›

High-quality portfolio, strong occupancy underpinned by indexed-linked, while capturing market rents & external growth

NOI Yield

pipeline in 6.9%

execut ion

Compelling pipeline ›

Pre-let projects & selective value-add acquisition, replenishing cash flow growth at attractive returns

Pipeline in execut ion

€680m

Balance sheet as value enabler

A3 rated, strong liquidity & self-financing capacity, providing optionality to support disciplined, accretive growth

Liquidity

Self-financing

€1.6bn

6

Annual rental potential as an indicator of future earnings growth(1,2)

Long term

Reversion, leasing and development potential

119 721

€ million

Short term

2026

Medium term

2027

37

14

24 551

481

14 495 6

10

15 517

Annualised

Rent added in

Annualised

Indexation

Project

Annualised

Indexation

Project

Potential

Letting

Rent

Rent potential

Potential long-

rent

Q1 2026

rent

2026

completions &

rent

for 20272

completions & annualised rent

activity

reversion

of secured

term

31.12.2025

31.03.2026

acquisitions 2026

31.12.2026

acquisitions 2027

31.12.2027

potential

potential

land bank

annualised rent

(1) The information in this chart is not construed as an earnings forecast or guidance of any kind and should thus not be read as such and is thus solely intended for illustrative purposes. It depicts the short- and medium-term impact of indexation based on economic forecasts and the impact of the already committed development pipeline, the potential of further lettings and the theoretical potential of rental growth and rent from buildable surface of uncommitted projects on the land bank.

(2) Assumption based on 5y inflation swap of 2%.

I. Performance

1. Operational activities

   1. Occupancy rate and leasing activity

SUSTAINABLE GROWTH

Leasing activity in Q1 2026 remains broad-based and resilient. WDP's commercial platform signed 100,000 m² of new leases at market rental levels: across the existing portfolio (excluding renewals) as well as for ongoing and new pre-let development projects. The pre-letting rate for projects under development holds steady at 80% (Q4 2025: 81%), after 80,000 m² of fully let projects completions in Q1 2026. Over the same period, four new pre-let development projects were launched adding over 60,000 m² to the development pipeline. This underlines the commercial power of the WDP platform to convert new demand into leasing.

Per 31 March 2026, the portfolio occupancy rate remains strong at 97.3% (97.7% per 31 December 2025), with the quarterly change reflecting usual tenant movements. Of the 10% lease agreements reaching their next break in 2026, 70% have already been extended. WDP expects occupancy to stay strong, above 97% for full-year 2026 - in line with the multi-decade-average - based on a normalised retention rate of around 90% and current rental market conditions.

Logistics real estate has become critical infrastructure. In a world of omnipresent volatility - as reflected by today's geopolitical events - Europe's need for supply chain independence, energy resilience and strategic stock is a structural driver - driving regionalisation and de-globalisation.

Market demand for logistics real estate is normalising from an exceptional peak during pandemic years towards the pre-pandemic average, a healthy baseline. Tenants continue to optimise inventory and operations, while new construction starts remain at low levels, keeping supply constrained. The pace of further market demand continues to depend on consumer spending and business confidence.

Within this context, the demand picture is progressively broadening: activity remains dynamic for smaller units up to 10,000 m², and since last quarter has selectively extended into larger-sized units, led by tenants capable of taking strategic, long-term decisions, including food, e-commerce, pharma, as well as strong-performing companies expanding their market position - sectors characterised by resilient, non-discretionary demand. Importantly, Q1 2026 brought first signs of renewed tender activity for larger surfaces driven by end-users and retailers with direct supply chain needs. While still selective, this is a confirmation and meaningful indicator that decision-making confidence is returning. This excludes the traditional large-volume 3PL operators, whose demand for space is still selective and more linked to the broader economic climate.

The medium- to long-term fundamentals for logistics and industrial real estate remain firmly supportive: limited land availability zoning restrictions, constrained supply and the structural need for more resilient, regionally diversified supply chains. These trends align directly with WDP's client base: predominantly exposed to European consumption-driven activity in stable, resilient sectors, supporting predictable and sustainable cash flow generation across the portfolio, over the cycle.

Against this backdrop, WDP remains well-positioned to capture demand: a high-quality portfolio with integrated energy and supply chain solutions, deep-rooted local network, and the flexibility to adapt buildings to evolving client needs.