WDP in the first half of 2025
“Once again, WDP demonstrates the effectiveness of its #BLEND2027 strategy. Our leasing activity remains remarkably strong and versatile. As expected, our occupancy rate bottomed out in Q2 2025, and even came in slightly ahead of expectation. This highlights the strength of our commercial teams to capture demand, even in a stabilising market whose further recovery will depend on the broader geopolitical and macroeconomic environment.
Moreover, we succeeded in securing all investments under #BLEND2027. Upon high-quality execution of our attractive investment pipeline and the successful leasing of the limited available space, we will realise our EPRA EPS target of 1.70 euros by 2027.
This is where WDP truly sets itself apart: the ability to consistently deliver earnings per share growth throughout market cycles – even beyond 2027. Our strategic pillars – client centricity, generating attractive total returns and capital discipline – remain key as we steadfastly build on our unique 10+ billion euros European logistics real estate platform", says Joost Uwents – CEO.
Strong earnings growth thanks to effective multi-driver approach: EPRA Earnings of 171.2 million euros over H1 2025, a +10% increase y/y or +6% to 0.75 euros per share. This earnings growth was driven by investment activity and organic rental growth (+2.2%) combined with high operational efficiency (90%+ operating margin) and a continued competitive cost of debt (2.3%).
Leasing activity emphasises the strength of WDP platform: over 300,000 m² of new leases signed in H1 2025. This includes the existing portfolio, pre-let for ongoing projects under development – which stand out due to a significant increase to 75% pre-let (Q4 2024: 60%) – and new pre-let development projects. Occupancy remains high at 97.3% on 30 June 2025 (98.0% at the end of 2024), a slight decrease year-to-date as announced. This rental activity highlights the strength of our commercial platform, which is characterised by a client-centric focus and a diversified portfolio. In the short term, demand is stabilising at a lower level compared to previous years, with further recovery depending on
the evolution of the geopolitical and macroeconomic environment.
Slight positive portfolio revaluation: +18.9 million euros or +0.2% since the beginning of this year (in Q1 2025: +11.4 million euros), based on a stable EPRA Net Initial Yield (5.4%). The net reversionary yield is 6.2% based on a fully occupied portfolio at market rent. The reversionary potential on the total portfolio amounts to +9%.
#BLEND2027 – all required investments fully secured: with 440 million euros of pre-let projects and acquisitions secured in H1 2025. This brings the pipeline in execution to 800 million euros at 6.7% NOI yield1. As a result, all investments that were previously in the exclusive negotiation phase, required for the achievement of the 2027 EPS target, have been secured.
#BLEND2027 – focus on execution, objectives confirmed: upon the successful execution of the investment pipeline and the further leasing of the limited available space, WDP will achieve the 2027 EPRA Earnings target of 1.70 euros per share. The growth plan is fully funded due to the ample liquidity position of 1.2 billion euros of unused credit lines and expected auto-financing of cumulatively +600 million euros over 2025–2027 (via retained earnings and optional dividends). This leaves the capital structure unchanged upon completion (with expected net debt / EBITDA (adj.) of <8x and a loan-to-value of <40% at the end of 2027) – respectively 7.7x and 41.3% as of 30 June 2025. As anticipated, this slight increase is the result of the execution of investments and the payment of the dividend (May 2025) – with a gradual decrease due to the strong cash flow generation over 2H 2025.
Further steps towards a full-fledged 10+ billion European platform: WDP’s unique, high-quality and diversified portfolio of 8+ billion euros consists of essential supply chain infrastructure primarily supplying the European economy – in stable sectors, such as food, pharma, e-commerce and FMCG. Since the launch of #BLEND2027, a solid foundation has been laid for continued growth into a fullfledged 10+ billion euros European platform. This year, WDP further strengthened its local footprint in France and Germany through the appointment of two experienced Country Managers and opening of new offices.
Outlook 2025: Confirmation of expected EPRA Earnings per share for 2025 of 1.53 euros, an underlying increase of +7% y/y. These forecasts are based on the current knowledge and situation and are barring unforeseen circumstances within the context of a volatile macroeconomic and geopolitical climate.
Key points for Romania
Strategic position in the local market: WDP maintains its position as a major player in Romania, with a portfolio valued at over €1.3 billion and a total leasable area of approximately 2 million m², distributed across more than 70 strategic locations. Through this presence, the company covers all key regions in the country and holds a market share of around 25%.
Expanding portfolio and ongoing investments: In the first half of 2025, WDP launched two major logistics projects within WDP Park Bucharest – Dragomirești, with a total value of approximately €52 million. These include a temperature-controlled warehouse of about 47,000 m² and an ambient warehouse of around 11,000 m². Both distribution centers will be EDGE Advanced certified. In addition to these developments, the park offers over 16,000 m² of space available for future expansions, in an excellent location with direct access to the current and future Bucharest Ring Road on one side, and proximity to the main highways heading west on the other.
At the beginning of 2026, WDP will start developing a new distribution center with an area of 54,000 m² on a 150,000 m² plot in WDP Park Bucharest – Ștefănești. The project, with an investment value of approximately €40 million, will achieve BREEAM Outstanding certification. WDP is using its land reserve for this purpose. Completion is scheduled for the end of 2026. Additionally, the location offers a potential GLA expansion of over 20,000 m².
WDP develops and invests in logistics real estate (warehouses and offices). WDP’s real estate portfolio totals nearly 8 million square meters. This international portfolio of light industrial and logistics buildings is spread across approximately 300 locations in prime logistics hubs for storage and distribution in Belgium, France, the Netherlands, Luxembourg, Germany, and Romania.
WDP Romania has a strong presence in the local market, with a portfolio of nearly 2 million m². The company’s industrial parks are located throughout the country in all major urban areas — Bucharest, Timișoara, Pitești, Arad, Cluj, Brașov, Sibiu, Brăila, Deva, Constanța, Râmnicu Vâlcea, and Ploiești. WDP Romania is a market leader in the development of built-to-suit facilities and in offering customized solutions for companies in various sectors such as manufacturing, retail, pharmaceuticals, and logistics.
