Results on 30 September 2026
Delivering today. Building tomorrow.
- Robust earnings per share growth: EPRA Earnings per share of 1.21 euros over 9M 2026, up 5% y/y with full-year guidance of 1.60 euros and dividend per share of 1.29 euros confirmed.
- Commercial platform converts demand into leases: approximately 300,000 m² of new leases signed year-to-date, and the pre-letting rate for development projects has risen to 88%. Occupancy remains high at 97.2%.
- Disciplined investments at attractive yields: 490 million euros of new investments signed year-to-date, net of 116 million euros disposals, at a 7.0% NOI yield. This includes approximately 1,000,000 m² of land positions to support future development-led growth.
- Strong visibility on earnings growth: broad-based growth drivers supported by a 790 million euros investment pipeline in execution (7.0% NOI yield) underpin further earnings growth towards 2030.
- Reinforced A3-rated balance sheet: pro forma for the 400 million euros ABB, settled on 2 October 2026, loan-to-value stands at 37.5% (41.9% at 30 September) and net debt/EBITDA (adj.) at 6.9x (7.7x at 30 September). In addition to WDP’s self-financing capacity, this provides optionality to pursue new opportunities at attractive risk-adjusted returns, even amid a volatile macroeconomic and interest rate environment, carrying that strength into the proposed merger with ARGAN.
Creating a core European logistics REIT of €13bn+
On 23 July 2026, WDP and ARGAN announced a friendly all-share merger, creating a €13bn+ European logistics real estate leader across eight countries.
- Value creation: EPS and NAV accretive, with long-term growth levers. Leverage broadly stable with annual self-financing capacity rising from 500 million euros to approximately 700 million euros.
- Fully supported: both Boards of Directors unanimously recommend that shareholders vote in favour of the merger at the EGMs, backed by voting commitments 52% (ARGAN) and WDP (18%).
- Progression on track: in line with the announced timetable. EGMs on 20 November 2026 (ARGAN) and 24 November 2026 (WDP), with completion expected in Q1 2027.
When we extended our ambitions to 2030, we set out to build the platform of tomorrow. Nine months in, that is exactly what we are doing, broad-based across all our markets: our clients keep choosing WDP, our investment pipeline is replenished and we are securing future earnings growth.
Our priorities remain unchanged: sustainable earnings per share growth, capital discipline and high-quality execution. This is where WDP makes the difference. The strong investor support for our recent capital increase has further strengthened our fortress balance sheet to pursue attractive opportunities while maintaining our disciplined risk profile.
As we enter the final months of the year and head towards the shareholder meetings, we have every reason to look ahead with confidence: towards a successful completion of our combination with ARGAN, and beyond. Building tomorrow starts with what we do today.