Annual results for 2025
#BLEND: delivering today, with a vision for tomorrow
• Strong earnings growth: EPRA Earnings per share of 1.53 euros, underlying increase of +7% y/y.
• WDP platform captures market demand at scale: over 550,000 m² of new leases signed. Occupancy rate stays high at 97.7%, and development pipeline over 80% pre-let.
• Execution momentum of pipeline maintained: out of a 9 million m² portfolio, over 750,000 m² fully pre-let projects and acquisitions were delivered and finalized at a 6.6% NOI yield. The investment pipeline in execution of 708 million euros, provides strong visibility on future cash flow growth.
• Balance sheet strength as value enabler: Moody’s A3 upgrade and highly successful public bond market debut confirm WDP’s top-tier credit quality among European listed real estate companies.
• Governance set up for WDP’s €10bn+ EU platform: the Jos De Pauw family reaffirms long-term commitment with two Board nominees, while Board renewals add international expertise.
• #BLEND2027: ready to extend horizon: execution remains fully on track. New growth initiatives mainly drive cash flow growth beyond 2027, creating pathway for new long-term growth ambitions.
#BLEND&EXTEND2030: building the platform of tomorrow
5‑year growth plan 2026 – 2030: same multi-driver approach, new long-term targets
• Long-term targets per share in 2030 (vs. base year 2025):
- EPRA Earnings per share: min. 2.00 euros, an annual increase of min. +6%.
- Dividend per share: min. 1.60 euros, an annual increase of min. +6%.
- Total return: min. 50% cumulatively, implying double digit equity returns of min. 10%
• #BLEND multi-driver model: pre-let developments, selective acquisitions, internal growth and energy solutions in existing markets, and a gradual entrance into Spain and Italy.
• Strong self-financing capacity: 500 million euros internally funded CAPEX per year, via retained earnings, stock dividend and contributions in kind, incl. debt within leverage targets: net debt/EBITDA (adj.) ~8x and a Loan-to-Value ~40%, thereby preserving top-tier credit strength.
In 2025, WDP demonstrated once again that its multi-driver model works, with clear proof points in leasing results and disciplined EPS-driven growth. Our focus was on execution and leasing towards our 2027 EPS target, with #BLEND2027 firmly on track. We delivered.
As we step into 2026, we see leasing momentum improve and expect a gradual cyclical recovery converging with enduring structural tailwinds. Supported by our top-tier credit quality and strong selffinancing capacity, we extend our ambitions with #BLEND&EXTEND2030. In a world of omnipresent volatility, our focus is unchanged: delivering above-average growth with a below-average risk profile.
Moving into this next phase, we are supported by our reference shareholder family Jos De Pauw and a more international Board, as we build out a €10bn+ EU platform — with the same DNA.