Q1 2026 Ctp NV Earnings Call Transcript
Key Points
- CTP NV (CTPVF) achieved a record high leasing take-up of over 762,000 square meters in Q1 2026, indicating strong demand.
- The company reported a stable occupancy rate of 93%, consistent with the past five years.
- Annualized rental income increased by 14% year-on-year to EUR 849 million, showcasing strong cash flow generation.
- CTP NV (CTPVF) is on track to achieve its target of EUR 1 billion in annualized rental income by 2027.
- The company successfully raised nearly EUR 800 million in new debt, including EUR 500 million in green bonds, demonstrating strong access to capital markets.
- Construction costs remain a concern, with potential long-term impacts if energy prices persistently increase.
- The company's loan-to-value ratio stood at 46.4%, slightly above the target range of 40% to 45%, due to recent acquisitions.
- There is a noted disparity in rental terms across different countries, with some regions experiencing negative rental growth.
- The number of new construction starts in Q1 was relatively low, potentially indicating timing issues or a slowdown in new developments.
- Geopolitical uncertainties, particularly in regions like Vietnam, could impact future expansion plans.
So good morning, everyone, from Prague. It's me here with the Q1 results for '26, which is good because we have seen an all-time record high leasing take-up of more than 762,000 square meter of new deals, around 445,000 square meter of that is new build, new deals and the rest is some renewals throughout the region, mostly for existing clients, long-term tenants as historically around one third of all of what we lease, we lease to our existing clients.
So those are logistics service providers, DSV, Raben and many others, but also we have been able to close in Q1 a number of deals in Germany, in Krefeld, which is one of our new projects in Germany, but also some renewals in Romania, for example, Valeo and TimiÈoara, we have done a deal with (inaudible) in Bucharest. So all kind of different industries. But yes, very good.
So a record high. We have never seen so much leasing as we have seen in Q1. And I think Q2 going to be a record again in terms of take-up, but let's see how far we get. This confirms a strong client base,
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