NET RENTAL INCOME UP 14.1% YOY, LIKE-FOR-LIKE RENTAL GROWTH OF 4.5% AND EPRA NTA PER SHARE UP 12.8% YOY TO EUR20.39 WITH MEDIUM-TERM GROWTH AMBITION REITERATED
AMSTERDAM--(BUSINESS WIRE)--February 26, 2026--
Regulatory News:
CTP N.V. (CTPNV.AS), ("CTP", the "Group" or the "Company") recorded Gross Rental Income of EUR759.8 million in the year, up 14.4% y-o-y with like-for-like rental growth of 4.5% - an accelerated growth rate versus FY-2024 and mainly driven by indexation and reversion on renegotiations and expiring leases. As at 31 December 2025, the annualised rental income increased to EUR839.7 million. Together with potential rental income of EUR152 million coming from 2.0 million sqm of GLA under construction, CTP is on track for the EUR1 billion rental income target by 2027. Occupancy remained at 93% and the rent collection rate stood at 99.7%.
In 2025, CTP delivered 1,325,000 sqm at a Yield on Cost ("YoC") of 10.4% with 88% let at completion, bringing the Group's standing portfolio to 14.6 million sqm of GLA. Strong leasing demand supported by structural tailwinds mainly related to rising disposable incomes in the CEE markets and nearshoring and localisation trends, translated to a record 2,325,000 sqm of leases signed at 4% higher rent levels compared to 2024.
The Gross Asset Value ("GAV") increased by 15.7% to EUR18.5 billion. EPRA NTA per share increased by 12.8% to EUR20.39 resulting in a Total Accounting Return of 16.1% in 2025, maintaining CTP's industry-leading growth and return profile.
Company-specific adjusted EPRA earnings increased by 11.3% y-o-y to EUR405.0 million. CTP's Company-specific adjusted EPRA EPS amounted to EUR0.85, an increase of 6.3%, slightly below the guidance mainly due to the timing of some development completions moving to Q1-2026. The Group sets Company specific adjusted EPRA EPS guidance for 2026 of EUR1.01 -- EUR1.03. This implies y-o-y growth of 9% - 11% compared to the 2025 result, adjusted for capitalised interest, still affected by moderate refinancing headwind in 2026, with an acceleration expected for the years after.
CTP expects to deliver between 1.4 million sqm -- 1.7 million sqm in 2026, utilizing its industry-leading landbank of 33.8 million sqm, of which 23.9 million sqm is owned and on-balance sheet. This landbank secures substantial future growth potential for CTP, with 55% located in or around existing parks, and 39% located in new parks, each with a potential of over 100,000 sqm GLA. Combined with its industry-leading YoC, CTP expects to continue to generate double-digit NTA growth in the years to come.
The strength of CTP's platform was underlined in September by S&P's credit rating upgrade from BBB- to BBB with a stable outlook. The upgrade follows the Q2-2025 action of Moody's, upgrading CTP's outlook from Stable to Positive.
Remon Vos, CEO, comments: "On the back of strong tenant demand we signed 2,325,000 sqm of new leases in 2025, 10% more than in the same period last year and record 1,325,000 sqm of development completions, while overall supply was constrained across our markets in 2025, allowing us to win market share.
"We made our first investment in Italy in 2025 -- our 11(th) country. We have already made a strong start - the deal secured an 8.7 million sqm landbank including immediate development potential, with 200,000 sqm scheduled for completion in 2026. CTP expects to deliver 250,000 sqm - 300,000 sqm annually in Italy from 2027 onwards, with a target YoC between 8.5% - 9.5% - a key contributor to the group's GLA growth moving forward.
"Our landbank of 33.8 million sqm represents significant upside for continued shareholder value creation. Our unique integrated model as operator, developer, and growth engine gives us the capacity and flexibility to capture opportunities, both in our existing markets and potential new markets, in line with our global ambitions.
"Structural trends such as nearshoring and manufacturing 'in Europe, for Europe' are accelerating, illustrated by the continued growth of Asian manufacturing tenants in our portfolio. In the strong and resilient CEE region we continue to see growth in domestic consumption, while in Germany we benefit from the modernisation of the economy."
Key Highlights(1)
In EUR
million FY-2025 FY-2024 % change Q4-2025 Q4-2024 % change
------------- ----------- ------------ -------- ------- ------- --------
Gross Rental
Income 759.8 664.1 +14.4% 197.8 175.7 +12.6%
Net Rental
Income 738.0 646.8 +14.1% 189.1 170.9 +10.6%
Net valuation
result on
investment
property 1,139.9 941.5 +21.1% 338.3 337.4 +0.3%
Profit for
the period 1,081.8 1,081.4 +0.0% 218.9 344.3 -36.4%
Company
specific
adjusted
EPRA
earnings 405.0 364.0 +11.3% 99.8 94.2 +6.0%
------------- ----------- ------------ -------- ------- ------- --------
In EUR FY-2025 FY-2024 % change Q4-2025 Q4-2024 % change
------------- ----------- ------------ -------- ------- ------- --------
Company
specific
adjusted
EPRA EPS 0.85 0.80 +6.3% 0.21 0.20 +3.5%
In EUR 31 Dec.
million 2025 31 Dec. 2024 % change
------------- ----------- ------------ -------- ------- ------- --------
Investment
Property
("IP") 16,835.1 14,655.3 +14.9%
Investment
Property
under
Development
("IPuD") 1,368.1 1,076.8 +27.1%
------------- ----------- ------------ -------- ------- ------- --------
31 Dec.
2025 31 Dec. 2024 % change
------------- ----------- ------------ -------- ------- ------- --------
EPRA NTA per
share EUR20.39 EUR18.08 +12.8%
Expected YoC
of projects
under
construction 10.0% 10.3%
LTV 46.1% 45.3%
(1) Unaudited
Continued solid tenant demand drives rental growth
During 2025, CTP signed leases for 2,325,000 sqm including Italy, an increase of 10% compared to 2024, with an average monthly rent per sqm of EUR5.81 (2024: EUR5.68). Adjusting for the differences among the country mix, market rents increased on average by 4%. This is ahead of inflation, reflecting the healthy supply / demand balance in the CEE region.
Leases signed by sqm Q1 Q2 Q3 Q4 FY 2023 297,000 552,000 585,000 542,000 1,976,000 2024 336,000 582,000 577,000 618,000 2,113,000 ------------------ ------- ------- ------- ---------- --------- 2025 416,000 599,000 562,000 748,000(2) 2,325,000 ------------------ ------- ------- ------- ---------- --------- Average monthly rent leases signed per sqm (EUR) Q1 Q2 Q3 Q4 FY 2023 5.31 5.56 5.77 5.81 5.69 2024 5.65 5.55 5.69 5.79 5.68 -------------------------------------- ---- ---- ---- ---- ---- 2025 6.17 5.91 5.64 5.70 5.81 -------------------------------------- ---- ---- ---- ---- ----
In total, 71% of leases signed were with existing tenants, in line with CTP's business model of growing with existing tenants at existing parks.
Cashflow generation through standing portfolio
CTP's average market share in the Czech Republic, Romania, Hungary, and Slovakia came to 28.4% as at 31 December 2025 and it remains 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 1,500 clients, CTP has a wide and diversified international tenant base, consisting of blue-chip companies with strong credit ratings. CTP's tenants represent a broad range of industries, including manufacturing, high-tech/IT, automotive, e-commerce, retail, wholesale, and 3PLs. The tenant base is highly diversified, with no single tenant accounting for more than 2.2% of the Company's annual rent roll, which leads to a stable income stream. CTP's top 50 tenants only account for 33% of its rent roll and the vast majority of our largest clients rent space at multiple CTParks.
(2) Including Italy
The Company's occupancy remains flat at 93% (2024: 93%). The Group's client retention rate remains strong at 81% (2024: 87%) and demonstrates CTP's ability to leverage long-standing client relationships. The portfolio WAULT stood at 6.1 years (2024: 6.4 years).
Rent collection level stood at 99.7% in 2025 (2024: 99.8%), with no deterioration in the payment profile of tenants.
Rental income in 2025 amounted to EUR759.8 million, up 14.4% y-o-y on an absolute basis, mainly driven by deliveries and like-for-like growth. On a like-for-like basis, rental income grew 4.5%, thanks to indexation and reversion on renegotiations and expiring leases.
Net Rental Income increased 14.1% y-o-y to EUR738.0 million, with a service charge leakage of the Net Rental Income to Rental Income ratio of 97.1% (2024: 97.4%)
An increasing proportion of the rental income generated by CTP's investment portfolio benefits from inflation protection. Since end-2019, the Group's new lease agreements include a CPI-linked indexation clause, which calculates annual rental increases as the higher of:
-- a fixed increase of 1.5%--2.5% a year; or -- the Consumer Price Index3.
As at 31 December 2025, 73% of income generated by the Group's portfolio includes this double indexation clause, and the Group expects this to increase further.
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