Results on 30 September 2025
Replay WDP’s investor and analyst call — 17.10.2025
Sustainable growth driven by execution, leasing and a strong balance sheet
• Strong earnings per share growth: EPRA Earnings per share increase underlying +8% y/y to 1.15 euros in 9M 2025, or +5% including the negative impact of ‑3% from the abolition of the FBI regime in the Netherlands.
• WDP platform continues to capture market demand: approx. 400,000 m² of new leases over 9M 2025 across the breadth of operations and a continued high occupancy rate of 97.4% (+10 bps q/q).
• Execution of investment pipeline strengthens European scale: out of an 8.5 million m² portfolio, 680,000 m² of fully pre-let projects and acquisitions have been delivered and completed over 9M 2025 at a 6.7% NOI yield.
• Value creation via balance sheet: The upgrade to A3 by Moody’s, followed by a successful debut on the public bond market – with a 500 million euros issuance at exceptional attractive conditions – confirms WDP’s credit quality and robust financial strength.
• #BLEND2027 – required investments fully secured, focus on execution and leasing: with an investment pipeline under execution of 700 million euros all the required investments within the current growth plan have been secured. Upon qualitative execution of the investment pipeline and successful leasing of the limited available space, WDP will achieve the 2027 earnings target of 1.70 euros per share. All of this within a fully funded framework, supported by a robust balance sheet, strong cash generation and ample liquidity.
• Outlook 2025: confirmation of expected EPRA Earnings for 2025 of 1.53 euros per share, an underlying increase of +7% y/y, based on a strong occupancy rate of minimum 97%.
The third quarter began on an emotional note, with the passing of Tony De Pauw, my compagnon de route. His vision, entrepreneurial spirit and client-centric approach remain deeply embedded in our DNA. In this spirit, our results clearly reflect what WDP stands for: customer-driven entrepreneurship, discipline and sustainable growth.
The strong year-to-date leasing activity demonstrates our ability – through our commercial platform – to structurally capture demand in a stable market whose recovery depends on growth in consumer spending and business confidence. Together with the execution of the investment pipeline, we continue to work steadily and purposefully towards achieving our 2027 earnings per share target. In addition, the successful issuance of our first green benchmark bond and the recent upgrade to an A3 credit rating confirm WDP’s strong balance sheet and robust financial strength.