Trading update H1 2026
Trading update H1 2026
In connection with today’s announcement of the proposed friendly merger of ARGAN and WDP0F[1]. WDP publishes a trading update over the first half of 2026, ahead of the scheduled publication of its half-year financial report on Friday 31 July 2026, which remains unchanged. This update is intended to provide the market with the current information on WDP’s operational and financial performance.
A separate analyst call will be held in relation to the announcement of the proposed merger tomorrow Friday 24 July 2026 (register here) and an earnings call will be scheduled as usual on Friday 31 July 2026.
[1] See the press release of 23 July 2026.
- 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.
- Continuous pipeline replenishment: over 300 million euros of new investments (net of 116 million euros disposals) secured at 6.8% NOI yield, comprising pre-let developments, selective acquisitions and over 820,000 m² of land reserves (90% Western Europe).
- Disciplined execution: 190,000 m² pre-let developments and acquisitions have been delivered at a 6.7% NOI yield. This brings the pipeline in execution to 760 million euros (cost to come: 588 million euros) at a 6.8% NOI yield.
- 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) ca. 200,000 m² of new leases signed during H1 2026.
- #BLEND&EXTEND2030 – building blocks for the European platform: WDP added the next layer of its European platform: pre-let projects, selective acquisitions, prime land positions for future development-led growth — alongside selective capital recycling as a new driver of value creation and execution capabilities that were reinforced.
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.
An industrial project of this scale does not distract #TeamWDP from our daily work. Alongside, we continued to add 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.