Interim report 2026
Rewatch the HY2026 Analyst and Investor webcast
#BLEND2030: building towards the platform of tomorrow
- Robust earnings per share growth: EPRA Earnings per share of 0.79 euros up 5% y/y, with full-year guidance of 1.60 euros and dividend per share of 1.29 euros confirmed.
- Broad-based leasing activity continues: WDP’s commercial platform continues to capture market demand on all fronts: (i) occupancy high at 97.2%, (ii) out of the 10% leases due for renewal in 2026, 75% is already secured, and (iii) circa 200,000 m² of new leases signed during H1 2026.
- #BLEND&EXTEND2030 – building blocks for the European platform: beyond the proposed merger with ARGAN, WDP added the next layer of its European platform: 300 million euros of new investments (net of 116 million euros disposals) secured at a 6.8% NOI yield over H1 2026, including 820,000 m² of land positions for future development-led growth. In addition, selective capital recycling is added as a new driver of value creation, while execution capabilities were reinforced.
Creating a core European logistics REIT of €13bn+
On 23 July 2026, WDP proposed an all-share friendly merger with ARGAN, which will combine two complementary platforms with the same entrepreneurial DNA into a €13bn+ European logistics real estate leader across eight countries. With over 700 million euros of annualised rental income, holding #1 position in France, the Benelux and leading position in Romania, the transaction is a defining step within #BLEND&EXTEND2030.
• Value creation: EPS and NAV accretive, with long-term growth levers. Leverage broadly stable.
• Fully supported: by management, Boards of Directors and key reference shareholders.
• Subject to vote on EGM: scheduled for both WDP and ARGAN in November 2026.
• Completion expected in Q1 2027: subject to limited and customary approvals.
Building the platform of tomorrow – the ambition of our 2030 growth plan is a journey already in full motion, and our intention to join forces with ARGAN accelerates it: an industrial project bringing two leading platforms with the same DNA to European scale in one step. That scale answers a need: for our clients, a partner across Europe’s supply chains, for our investors, a liquid, listed platform of reference for core European logistics real estate – and the proposed merger delivers both, with an unchanged focus on above-average growth at a below-average risk profile.
Alongside an industrial project of this scale, #TeamWDP also made substantial progress by building additional layers of growth in our operations: solid leasing activity, a strong investment volume, land reserves for future development-led growth – and capital recycling proven as a new driver of value creation. Supported by these layers and renewed confidence among our clients and our industrial merger project, we look ahead with confidence to the second half of the year: broad-based, across all our markets. Halfway through 2026, WDP is exactly where it should be.