#BLEND: delivering today, with a vision for tomorrow
• Strong earnings growth from effective multi-driver approach: delivering on FY 2025 EPRA Earnings per share guidance of 1.53 euros, +2% y/y reported1 and an underlying increase of +7% y/y when filtering for one-offs in 2024 and the impact starting from 2025 due to the abolishment of the FBI regime in the Netherlands. The business performance is driven by a combination of internal and external growth supported by a continued high operating margin and sharp financing cost. The target dividend per share confirmed at 1.23 euros
• WDP platform captures market demand at scale: over 550,000 m² of new leases signed at market rental values across the existing portfolio and development projects. This leads to a continued high occupancy rate of 97.7% at 31 December 2025 and a significant y/y increase in pre-let projects under development to over 80% (Q4 2024: 60%). The exceptional leasing outcome illustrates the strength of WDP's commercial platform, characterised by a customer-centric approach and a diversified highquality
portfolio.
• Modest positive portfolio revaluation: +71.1 million euros or +0.8% throughout 2025, based on a stable EPRA Net Initial Yield of 5.4%. Net reversionary yield is 6.1% based on a fully occupied portfolio at market rent. Reversionary potential on the total portfolio amounts to +9%.
• Balance sheet strength as value enabler: total equity strengthened with 279 million euros over 2025, underscoring WDP's strong self-financing capacity.2 In parallel, Moody's A3 upgrade, and a 500 million euro debut on the public bond market under exceptionally attractive conditions (80 bps spread), confirm WDP's top-tier credit quality and reinforces its robust financial strength, firepower and reliable capital market access to execute the next phase of growth.
• #BLEND2027: ready for the next chapter: with 750,000 m² of fully pre-let projects and acquisitions delivered, strong leasing activity and a 708 million euro investment pipeline in execution (cost to come: 514 million euros) at 6.8% NOI yield3, WDP will reach the 2027 target upon successful pipeline execution and leasing of limited space. Given that new growth initiatives mainly drive cash flow growth beyond 2027, this enables WDP to define ambitious new long-term targets.
• #BLEND&EXTEND2030 – same multi-driver approach, new long-term targets: by 2030, WDP aims to further scale into an integrated European €10bn+ platform and provide total supply chain infrastructure solutions, with a clear focus: above-average growth with a below-average risk profile.
New per share targets by 2030 (vs. 2025): EPRA Earnings per share: >2.00 euros (>6% CAGR); dividend per share >1.60 euros (>6% CAGR); and cumulative total return4 of >50% (>10% CAGR).
Strong self-financing capacity: approx. 500 million euros of internally funded CAPEX per year, with debt kept within leverage targets, with net debt / EBITDA (adj.) of ~8x and a loan-to-value of ~40%, compared to 7.5x and 40.1%, respectively, as of 31 December 2025.
Governance set up for €10bn+ European platform: the Jos De Pauw family reaffirmed long-term commitment with two Board nominees, while proposed Board renewals add international expertise.
• Outlook 2026: EPRA Earnings per share expected for 2026 of 1.60 euros, an increase of +5% y/y and a synchronous increase of the dividend per share to 1.29 euros (payable in 2027).
Key points for Romania
• Strengthened strategic position: WDP maintains its position as a major player on the local market, with a portfolio valued at approximately EUR 1.6 billion and a total leasable area of over 2 million m² in Romania, distributed in over 80 strategic locations in the main urban and industrial centers. Through this presence, the company covers all key regions in the country and holds an estimated market share of approximately 25% in the modern logistics space segment.
• Significant pre-leased developments: In 2025, WDP launched several new pre-leased development projects, totaling approximately 150,000 m² of modern logistics space, developed on its own land reserves and intended for both existing and new clients, active in key sectors.
WDP develops and invests in logistics real estate (warehouses and offices). WDP’s real estate portfolio amounts to almost 8 million square meters. This international portfolio of light industry and logistics buildings is spread across approximately 300 locations in prime logistics centers for warehousing and distribution in Belgium, France, the Netherlands, Luxembourg, Germany and Romania.
WDP Romania has a strong presence on the local market, with a portfolio of over 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 developing built-to-suit facilities and providing customized solutions for companies in various fields, such as manufacturing, retail, pharmaceuticals or logistics.
