Half Year 2026 Ctp NV Earnings Call Transcript
Key Points
- Record leasing activity of 1.6 million square meters in H1 2026, up 55% year-on-year, demonstrating strong demand.
- High retention rate of almost 90% and rent collection over 99%, indicating stable tenant relationships and cash flow.
- On track to achieve EUR1 billion annualized rental income by 2027, supported by EUR152 million potential rent from 2 million sqm under construction.
- Strong balance sheet with 99.4% of debt hedged or fixed rate, weighted average cost of debt at 3.4%, and no need for additional equity capital.
- Successful expansion into new markets like Italy and Vietnam, with a 33 million sqm land bank providing long-term growth potential.
- Negative net valuation result of EUR83 million in H1 2026, driven by a EUR147 million write-down on the standing portfolio.
- Romanian portfolio saw a 4.5% decline in ERVs due to increased competition from local trade developers, pressuring valuations.
- Leverage ratio rose to 46.8%, above the 40%-45% target range, partly due to the Italian land bank acquisition and negative revaluations.
- Rental levels in Germany for H1 2026 were lower in absolute terms compared to H1 2025, reflecting a mix shift toward the lower-yielding Deutsche Industrie portfolio.
- Uncertainty around the pace of deleveraging back to the target range, with no specific timeline provided by management.
Good morning. Thank you for joining this half year of 2026 results, which are positive so far. We have been able to do a lot of leasing, 55% more than we've done in '25, over the first six months, which is 1.6 million square meter of deals over the past two quarters. So good take-up in different countries in Romania, for example, where we have done deals with Pepco renewal, a new deal with FM Logistics, Bulgaria and Sofia, a new deal for Metro and in Ilawa, Poland, we've seen a significant take-up. I've done a deal with Chinese e-commerce business.
So far, first half this year in terms of take-up, very good. And this confirms and demonstrates that there is a high demand for CTP's ready-built factories and warehouses within the CTP business parks. The growth drivers remain in Europe for Europe, companies need to be in Europe to serve and support their clients here. That's why they come over from Asia, other places to be here on the ground. This is one in Europe for Europe.
It's also more consumer spending. It's also Central
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