WDP Announces Financial Results for the First Quarter of 2025

- Strong earnings growth driven by effective multi-driver approach: EPRA Earnings of 80.6 million euros, a +12% y/y increase, or +8% y/y per share to 0.36 euro. This earnings growth was driven by diverse investment activity, organic rental growth (+1.8%) and a continued low cost of debt (2.3%).

- High occupancy rate and healthy market dynamics: with 98.1% as of 31 March 2025 (+10 bps q/q), supported by a broad leasing activity in Q1 2025 with 165,000 m² of new leases signed. This includes the existing portfolio, the ongoing development pipeline with a significant increase in pre-letting to 71%, and new pre-let development projects. In addition, 75,000 m² of fully pre-let projects were completed. The continued demand for logistics space emphasises the strong fundamentals of the sector and WDP’s portfolio. It indicates signs of market recovery in the demand for logistics space, within a context of uncertainty in the current geopolitical and macroeconomic environment.

- Modest positive portfolio revaluation: +11.4 million euros (+0.1% q/q) with a stable EPRA Net Initial Yield of 5.4%. The net reversionary yield is 6.2%, based on a fully occupied portfolio at market rent. The reversionary potential on the total portfolio amounts to approximately 10%.

- Further steps towards a full-fledged European platform: with an investment pipeline in execution of 820 million euros1 at 6.7% NOI-yield2. In Q1 2025, over 320 million euros3 of deals were secured (85% in Western Europe): 110 million euros in development projects (7.4% NOI yield), 170 million euros in acquisitions (6.3% NOI yield) and 40 million euros in energy projects (target IRR ~8%). WDP currently holds a unique, high-quality and diversified portfolio of 8+ billion euros consisting of essential supply chain infrastructure – mainly to supply the European economy – with a focus on resilient sectors, such as food, pharma, e-commerce and FMCG.

- #BLEND2027 at cruising speed: based on the above investment pipeline, commercial and financial strength, and capacity to execute with quality and precision, WDP believes all building blocks are in place to achieve the EPRA EPS target of 1.70 euros in 2027. Moreover, based on the liquidity position of 1.4 billion euros of unused credit lines and expected auto-financing of cumulatively +600 million euros over 2025-27 (via retained earnings and optional dividend), the growth plan is fully funded and capital structure neutral upon completion, with an expected net debt/EBITDA (adj.) of <8x and a loan-to-value of <40% at the end of 2027 – 7.5x and 40% respectively as of 31 March 2025.

- Outlook 2025: confirmation of an expected EPRA Earnings per share of 1.53 euros for 2025, an underlying increase of +7% y/y.

This outlook is based on current knowledge and situation and barring unforeseen circumstances, within the context of a volatile macroeconomic and geopolitical environment.

KEY POINTS FOR ROMANIA

- Unique position in Romania: WDP holds a portfolio of 1.5 billion euros, distributed over 1.9 million m² of leasable space, spread across 80 strategic locations.

- Expansion of the WDP Park Bucharest – Dragomirești with two high-quality logistics warehouses of around 47,000 m² with two high-quality logistics warehouses: a warehouse of approximately 47,000 m², with a climate-controlled area with refrigerated and freezer cells, as well as an ambient warehouse of approximately 11,000 m². Both distribution centers will be EDGE Advanced certified. The projected investment budget for WDP amounts to approximately 52 million euros. The spaces will be leased to logistics service providers on a 10-year fixed lease agreement . Completion is scheduled for the end of 2026. Additionally, over 16,000 m² of GLA is available on this site for future development.

WDP develops and invests in logistics real estate (warehouses and offices). WDP’s real estate portfolio is over 8 million square meters. This international portfolio of semi-industrial industry and logistics buildings is spread over approximately 300 sites in prime logistics locations for storage and distribution in Belgium, France, the Netherlands, Luxembourg, Germany and Romania.

WDP Romania has a strong presence on the local market, with a portfolio of almost 2 million m². The company’s industrial parks are located throughout the country, in all major urban areas – Bucharest, Timișoara, Pitești, Arad, Cluj, Brașov, Sibiu, Brăila, Deva, Constanța, Râmnicu Vâlcea and Ploiești. WDP Romania is a market leader in developing built-to-suit facilities and providing customized solutions for companies in various fields, such as manufacturing, retail, pharmaceuticals or logistics.