CTP N.V. Q3-2026 Results

CTP REPORTS RECORD 9M-2026 LEASING (+23%) AND 12.5% GROSS RENTAL INCOME GROWTH TO €632 MILLION; DOUBLE-DIGIT DEVELOPMENT YIELDS SUPPORT CONTINUED CASH FLOW GROWTH

AMSTERDAM, October 29, 2026–(BUSINESS WIRE)–Regulatory News:

CTP N.V. (CTPNV.AS) (“CTP”, the “Group” or the “Company”) recorded Gross Rental Income of €632.0 million in 9M-2026, up 12.5% year-on-year, with like-for-like rental growth of 4.8%, supported by indexation and rent reversion. Annualised rental income reached €871 million at 30 September 2026. With a further €130 million of potential annual rental income from 1.7 million sqm under construction, CTP remains on track to reach €1 billion of annualised rental income in 2027. Occupancy remained stable at 93%, with a WAULT of 6.3 years, underpinning resilient and visible recurring cash flow.

CTP signed a record 1,943,000 sqm of leases in 9M-2026, up 23% year-on-year. Average rents on leases signed increased by 1% year-on-year, adjusted for country mix. About 63% of new leases were signed with existing clients, demonstrating the ability of CTP’s embedded client base to drive growth across the CTPark Network.

During 9M-2026, CTP delivered 561,000 sqm at a Yield-on-Cost (“YoC”) of 10.0%, 93% leased upon completion, bringing its standing portfolio to 15.1 million sqm of GLA.

Company-specific adjusted EPRA earnings increased by 9.8% year-on-year to €365.2 million. Company-specific adjusted EPRA EPS amounted to €0.75, up 7.4% year-on-year on a restated basis1. EPRA NTA per share stood at €20.78, up 4.0% year-on-year and 1.9% since year-end 2025. CTP reiterates its 2026 Company-specific adjusted EPRA EPS guidance of €1.01–€1.03.

CTP’s 33.4 million sqm landbank provides significant embedded development potential. The Group maintained €2.1 billion of liquidity, a leverage ratio of 46.6% and 99.9% fixed or hedged debt at 30 September 2026. In 9M-2026 CTP completed €2.2 billion of financing or refinancing transactions, including a €500 million green bond issued in August at a 3.625% coupon and MS +65 bps. In October, the Company announced a share buyback programme of up to €100 million, to be executed gradually alongside its focus on growth and leverage management.

Remon Vos, CEO, comments: “Thanks to our clients and teams, we have been able to deliver strong results in the first nine months, with leasing activity up 23% year-on-year. We see demand coming from manufacturers who nearshore and produce in Europe for Europe, 3PLs as supply chains continue to professionalize and retail-wholesalers with domestic consumption across CEE continuing to grow.

“The cash flow generation from our income producing portfolio continues to increase and is on track to reach €1 billion of annualised rental income in 2027, driven by continued rental growth and deliveries coming online. This generates a strong free cash flow to reinvest in the future growth of our business globally.”

Key financial highlights

Record leasing demand drives rental growth

During 9M-2026, CTP signed leases for a record 1,943,000 sqm, up 23% from 1,577,000 sqm in 9M-2025. Of the 9M-2026 leases, 779,000 sqm were renewals or expansions and 1,164,000 sqm were new leases.

Average monthly rent on leases signed was €5.63 per sqm in Q3-2026 (Q3-2025: €5.64). Adjusting for country mix, average rent on leases signed in 9M-2026 increased 1% year-on-year.

In total, 63% of new leases were signed with existing clients, demonstrating the benefits of the CTPark Network and CTP’s long-term customer relationships.

Recurring cash flow from the standing portfolio

CTP’s average market share in the Czech Republic, Romania, Hungary and Slovakia was 28.3%, and it continues to be the largest owner and developer of industrial and logistics real estate assets in those markets. The Group is also the market leader in Serbia and Bulgaria.

With more than 1,700 clients, CTP has a broad and diversified international client base, including blue-chip companies with strong credit profiles. CTP’s clients operate across a wide range of industries, including manufacturing, high-tech/IT, automotive, e-commerce, retail, wholesale and third-party logistics. No single client accounts for more than 2% of annual rental income. The top 50 clients represent 35.8% of rental income and 36.6% of portfolio GLA, with many of the Group’s largest clients leasing space at multiple CTParks.

The Company’s occupancy remained stable at 93% (Q3-2025: 93%). The Group’s client retention rate was approximately 93%, demonstrating the strength of its long-standing client relationships. The portfolio WAULT stood at 6.3 years (FY-2025: 6.1 years).

Rent collection remained strong at 99.3%, supporting the resilient payment profile of CTP’s diversified client base.

Gross Rental Income in 9M-2026 was €632.0 million, up 12.5% year-on-year, driven by new deliveries and like-for-like growth of 4.8%.

Net Rental Income (“NRI”) increased by 12.8% year-on-year to €619.0 million.

Typically, the Group’s lease agreements include a CPI-linked indexation clause, under which annual rental increases are calculated as the higher of:

As at 30 September 2026, 73% of income generated by the Group’s portfolio included this CPI-linked indexation clause, and the Group expects this proportion to increase further over time.

Reversionary potential stood at 14.3% at 30 September 2026, with continued opportunities to capture market rental growth on new lettings and renewals.

Annualised rental income reached €871 million at 30 September 2026, providing a growing recurring income base to support the development pipeline.

9M-2026 developments delivered at a 10.0% YoC and 93% leased at delivery

During 9M-2026, CTP delivered 561,000 sqm at a YoC of 10.0%, 93% leased at completion, representing €23.4 million of contracted annual rental income. All deliveries were in existing parks or new parks with potential to exceed 100,000 sqm of GLA.

At 30 September 2026, CTP had 1,677,000 sqm under construction with potential annual rental income of €130 million and expected YoC of 10.0%. Some 93% of projects under construction were in existing parks and a further 4% in new parks with potential for more than 100,000 sqm. Planned 2026 deliveries were 55% pre-let, and 165,000 sqm had been signed for future projects before construction started.

CTP expects to reach 80%-90% pre-letting at delivery, in line with its historical performance. As CTP acts as general contractor in most of its markets, it retains control over the process and timing of deliveries, enabling the Company to accelerate or slow construction depending on tenant demand while offering clients flexibility in building specifications. For 2026, the Group now expects deliveries at the lower end of its previously announced range of 1.4 million sqm to 1.7 million sqm of GLA, reflecting the timing of project completions and its disciplined, tenant-led approach to development.

CTP’s landbank totalled 33.4 million sqm at 30 September 2026, with potential to support approximately 17 million sqm of additional GLA and more than €7 billion of illustrative development valuation uplift over time, based on the illustrative assumptions in the Q3 presentation.

Assuming a build-up ratio of approximately 2 sqm of land to 1 sqm of GLA, CTP can develop around 16.7 million sqm of GLA on its secured landbank. CTP’s land is held on balance sheet at approximately €60 per sqm and average construction costs are around €500 per sqm, resulting in total investment costs of approximately €620 per sqm. The Group’s standing portfolio is valued at approximately €1,060 per sqm, implying potential revaluation gains of around €440 per sqm developed and more than €7 billion of potential development profit from the current landbank.

Valuation result and conservative portfolio yield

Investment Property (“IP”) increased to €17,400.6 million at 30 September 2026, up 3.4% since year-end 2025.

Investment Property under Development (“IPuD”) increased to €1,680.3 million at 30 September 2026, up 22.8% since year-end 2025.

GAV increased to €19.4 billion as at 30 September 2026, up 5.0% compared with 31 December 2025 and 9.8% year-on-year.

The net valuation result on investment property in 9M-2026 was €56.0 million, comprising €215.3 million on investment property under development, offset by negative €150.3 million on standing assets, including the stabilisation of deliveries, and €-9.0 million on landbank.

Following the strong rental growth in recent years, CTP expects broadly stable estimated rental values (ERVs) for the remainder of 2026, with rental growth expected to resume in 2027.

EPRA NTA per share stood at €20.78 as at 30 September 2026, up 4.0% year-on-year and 1.9% compared with 31 December 2025.

Robust balance sheet and strong liquidity position

CTP maintains strong liquidity and diversified access to funding markets, supporting its development pipeline and financial flexibility.

In 9M-2026, the Group completed €2.2 billion of financing and refinancing transactions:

– a €500 million green bond with a 4.5-year maturity, priced at MS +92 bps and a coupon of 3.375%;
– a dual-tranche five-year unsecured sustainability-linked term loan facility with a syndicate of 15 Asian banks, comprising JPY 22.5 billion at TONA +115 bps and USD 180 million at SOFR +135 bps;
– a €500 million unsecured syndicated term loan extended to a five-and-a-half-year tenor at a reduced margin of 135 bps;
– a new €400 million revolving credit facility with a five-year tenor and a margin of 140 bps, provided by five key relationship banks; and
– a €500 million green bond with a 3-year maturity, priced at MS +65 bps and a coupon of 3.625%.

Liquidity of €2.1 billion at 30 September 2026 provides substantial capacity to fund development and address upcoming maturities.

The average cost of debt stood at 3.3%, with 99.9% of debt fixed or hedged and an average debt maturity of 4.5 years.

In September 2026, the Group repaid a €275 million bond from available cash reserves. There are no remaining debt maturities in 2026, with the next bond maturity of €500 million in February 2027, CTP’s last bond maturity until June 2029.

The Group’s leverage ratio was 46.6% as at 30 September 2026, compared with its medium-term target range of 40–45%. The Group remains committed to returning the leverage ratio to its target range over time through earnings growth, retained cash flow and disciplined capital allocation. CTP has no plans to raise equity and does not require an equity issuance to fund its current development programme.

The Group’s higher-yielding assets, with a gross portfolio yield of 6.5%, support a healthy level of cash flow leverage. Normalised Net Debt to EBITDA came to 9.5x, within the Group’s target of below 10x.

The Interest Cover Ratio stood at 2.5x, well above the covenant threshold of 1.5x. Unsecured debt represented 72% of total debt, and the Group maintained ample headroom under its Secured Debt Test and Unencumbered Asset Test covenants.

CTP continues to benefit from strong access to diversified funding markets. The scale and diversification of the Group’s operations support its strategy of increasing the proportion of unsecured funding over time.

Monetisation of the energy business

CTP had 161 MWp of installed photovoltaic capacity at 30 September 2026, up from 154 MWp at year-end 2025. The Group plans to continue expanding its solar capacity across the CTPark Network subject to tenant requirements.

Against a backdrop of volatile energy prices, CTP’s sustainability ambitions align with growing client demand for renewable energy from on-site photovoltaic systems. These systems provide clients with improved energy security, a lower cost of occupancy, support for regulatory compliance and the ability to meet their own and their customers’ ESG objectives.

Share buyback

In October, CTP announced the launch of a 12-month share buyback programme of up to €100 million. The programme reflects an opportunity to repurchase shares at a significant discount to intrinsic value, with gradual execution and a limited expected impact on leverage.

Guidance

CTP’s development pipeline remains tenant-led and is expected to deliver a 10.0% yield on cost. With 1.7 million sqm under construction as at 30 September 2026, the Group now expects 2026 deliveries at the lower end of its 1.4 million–1.7 million sqm guidance range. The continued healthy occupier market is reflected in an additional 165,000 sqm of leases signed for future projects ahead of construction start, representing over €13 million of potential annual rental income upon completion. Growth is supported by recurring cash flow from the standing portfolio, established client relationships and the existing landbank.

CTP’s robust capital structure, disciplined financial policy, strong credit market access, industry-leading landbank, in-house construction expertise and deep client relationships position it to deliver on its targets. CTP expects to reach €1.0 billion of annualised rental income in 2027, driven by development completions, indexation and rent reversion.

The Group reiterates its Company-specific adjusted EPRA EPS guidance for 2026 of €1.01-€1.03. This implies year-on-year growth of 9% at the lower end of the range and 11% at the upper end compared with the 2025 result3, adjusted for capitalised interest.

EPS growth is expected to be driven by development deliveries becoming income-producing alongside continued like-for-like rental growth, partly offset by the refinancing of remaining low-coupon bonds. CTP expects double-digit Company-specific adjusted EPRA EPS growth in the years thereafter, supported by its embedded development pipeline and cash flow growth trajectory.

Dividend

CTP paid an interim dividend of €0.345 per ordinary share in October, representing a pay-out of approximately 70% of the Company specific adjusted EPRA EPS, in line with the Group’s 70% – 80% dividend policy pay-out ratio. The default is a scrip dividend, but shareholders can opt for payment of the dividend in cash.

WEBCAST AND CONFERENCE CALL FOR ANALYSTS AND INVESTORS

Today at 9am (GMT) / 10 am (CET), the Company will host a video presentation and Q&A session for analysts and investors via a live webcast and audio conference call.

To view the live webcast, please register ahead at:
https://www.investis-live.com/ctp/6abcf7c777fedc00161391b8/fgertd

To join the presentation by telephone, please dial one of the following numbers and enter the participant access code 992921.

Press *1 to ask a question, *2 to withdraw your question, or *0 for operator assistance.

A recording will be available on CTP’s website within 24 hours after the presentation: https://www.ctp.eu/investors/financial-results/

CTP FINANCIAL CALENDAR

About CTP

CTP is Europe’s largest listed developer, owner, and operator of logistics and industrial real estate by gross leasable area (“GLA”), with a portfolio of 15.1 million sqm of GLA in 12 countries and 1.7 million sqm under construction as at 30 September 2026. Our ready-built factories and warehouses, together with our custom-built solutions, serve over 1,700 clients ranging from large blue-chip multinationals to local SMEs. We build long-term partnerships through a client-first approach, maintaining an annual client retention of 90% and generating approximately 65% of new business from existing client expansion. All new buildings are certified to the BREEAM standard “Very Good” or higher, underscoring our commitment to sustainable development. CTP has Investment Grade ratings from S&P: BBB (Stable), Moody’s: Baa2 (Stable), and JCR: A (Stable). For more information, visit CTP’s website: www.ctp.eu.

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”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “targets”, “may”, “aims”, “likely”, “would”, “could”, “can have”, “will” or “should” or, in each case, their negative or other variations or comparable terminology. Forward-looking statements may and often do differ materially from actual results. As a result, undue influence should not be placed on any forward-looking statement.

This press release contains inside information as defined in article 7(1) of Regulation (EU) 596/2014 of 16 April 2014 (the Market Abuse Regulation).

View source version on businesswire.com: https://www.businesswire.com/news/home/20261028899795/en/

Contacts

CONTACT DETAILS FOR ANALYST AND INVESTOR ENQUIRIES:
Maarten Otte, Chief Investment Officer
Mobile: +420 730 197 500
Email: maarten.otte@ctp.eu

Pavel Švihálek, Funding and IR Manager
Mobile: +420 724 928 828
Email: pavel.svihalek@ctp.eu

CONTACT DETAILS FOR MEDIA ENQUIRIES:
Email: ctp@secnewgate.co.uk