Earnings release
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1 Persbericht – 30 januari 2025 Friday 25 April 2025, 07:00 am CEST PRESS RELEASE Regulated information
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2 Press release – 25 April 2025 Results for Q1 2025 “ 2025 has had a very promising start. The broad leasing activity – across our existing portfolio, in projects under development and for new development projects – emphasises the strong fundamentals of the sector and our portfolio. This signals a recovery in demand for logistics space , despite the prevailing uncertainty due to the volatile geopolitical and macroeconomic environment. Moreover, this quarter, deals worth 320 million euros were secured, all of which were previously in exclusive negotiation phase. With our very appealing investment pipeline of over 800 million euros, we are on track to achieve our #BLEND2027 targets. On top of that, this pipeline is fully funded and capital structure neutral upon completion. Altogether, this reaffirms our ambition: to build a unique 10+ billion euro European logistics real estate platform, with a continued focus on consistent earnings growth per share and the generation of attractive total returns. Joost Uwents – CEO Execution of growth plan #BLEND2027 at cruising speed • Strong earnings per share growth: EPRA Earnings per share increase +8% y/y to 0.36 euros. • Broad leasing activity emphasises healthy market dynamics: high occupancy rate at 98.1% and 165,000 m² of new leases signed in Q1 2025 in the existing portfolio, in the pre-let of projects under development and for new pre-let development projects. • Strong execution of investment plan: approximately 320 million euros in projects and acquisitions secured in Q1 2025, which were previously in exclusive negotiation phase. Additionally, over 75,000 m² of fully pre-let projects were completed. • #BLEND2027: an appealing, fully funded investment pipeline: of 820 million euros in execution at 6.7% NOI yield, supported by a robust balance sheet, strong cash generation and an strong liquidity position. • Outlook 2025: confirmation of expected EPRA Earnings for 2025 of 1.53 euros per share, an underlying increase of +7% y/y and based on a minimum occupancy rate of 97%. Join the Analyst and investor video call 25 April 2025 – 10:00 am CEST
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3 Press release – 25 April 2025 • Strong earnings growth driven by effective multi-driver approach: EPRA Earnings of 80.6 million euros, a +12% y/y increase, or +8% y/y per share to 0.36 euro. This earnings growth was driven by diverse investment activity, organic rental growth (+1.8%) and a continued low cost of debt (2.3%). • High occupancy rate and healthy market dynamics: with 98.1% as of 31 March 2025 (+10 bps q/q), supported by a broad leasing activity in Q1 2025 with 165,000 m² of new leases signed. This includes the existing portfolio, the ongoing development pipeline with a significant increase in pre - letting to 71%, and new pre-let development projects. In addition, 75,000 m² of fully pre-let projects were completed. The continued demand for logistics space emphasises the strong fundamentals of the sector and WDP’s portfolio. It indicates signs of market recovery in the demand for logistics space, within a context of uncertainty in the current geopolitical and macroeconomic environment. • Modest positive portfolio revaluation: +11.4 million euros (+0.1% q/q) with a stable EPRA Net Initial Yield of 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 approximately 10%. • Further steps towards a full-fledged European platform: with an investment pipeline in execution of 820 million euros1 at 6.7% NOI-yield2. In Q1 2025, over 320 million euros3 of deals were secured (85% in Western Europe): 110 million euros in development projects (7.4% NOI yield), 170 million euros in acquisitions (6.3% NOI yield) and 40 million euros in energy projects (target IRR ~8%). WDP currently holds a unique, high-quality and diversified portfolio of 8+ billion euros consisting of essential supply chain infrastructure – mainly to supply the European economy – with a focus on resilient sectors, such as food, pharma, e-commerce and FMCG. • #BLEND2027 at cruising speed: based on the above investment pipeline, commercial and financial strength, and capacity to execute with quality and precision, WDP believes all building blocks are in place to achieve the EPRA EPS target of 1.70 euros in 2027. Moreover, based on the liquidity position of 1.4 billion euros of unused credit lines and expected auto -financing of cumulatively +600 million euros over 2025-27 (via retained earnings and optional dividend), the growth plan is fully funded and capital structure neutral upon completion, with an expected net debt/EBITDA (adj.) of <8x and a loan- to-value of <40% at the end of 2027 – 7.5x and 40% respectively as of 31 March 2025. • Outlook 2025: confirmation of an expected EPRA Earnings per share of 1.53 euros for 2025, an underlying increase of +7% y/y. This outlook is based on current knowledge and situation and barring unforeseen circumstances, within the context of a volatile macroeconomic and geopolitical environment. 1 For project developments and acquisitions, excluding energy investments. 2 NOI Yield is defined as the annualised net operating result (gross rental income minus non -recoverable operating expenses) compared to the total investment made. 3 Of the deals in the exclusive negotiation phase (worth 400 million euros as of 31 December 2024), 320 million euros has since been realised and partially executed.
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4 Press release – 25 April 2025 All building blocks in place to achieve the EPRA EPS target #BLEND2027 As of 31 December 2024, the investment pipeline in execution amounted to 1.1 billion euros. During the first quarter of 2025, 310 million euros of this was transferred to the existing portfolio. As a result, WDP currently holds a remaining investment pipeline in execution of 820 million euros. With this robust investment pipeline in execution across the breadth of its activities and regions, and supported by solid underlying drivers, a strong balance sheet and full funding, WDP holds all building blocks to achieve its EPRA EPS target of 1.70 euros by 2027. Annualised rent potential as leading indicator for future earnings growth (1) Pipeline in execution of €1.1bn per 31.12.2024 of which – at that moment – 400 million euros of deals in exclusive negotiation. (2) Cost to come: 677 million euros as of 31.03.2025. (3) Of which approximately 80 million euros of deals in exclusive negotiation. WDP targets an overall NOI yield of 6-7% (excluding energy investments). (1) The information in this chart is not construed as an earnings forecast or guidance of any kind and should thus not be read as such and is thus solely intended for illustrative purposes. It depicts the short- and medium -term impact of indexation based on economic forecasts and the impact of the committed development pipeline as well as the potential from deals in exclusive negotiation, and the theoretical potential of rent reversion and rent from buildable surface of uncommitted projects on the land bank. (2) Assumption based on 5y inflation swap of 2%. ✓ Investment pipeline in execution ✓ Internal growth opportunities ✓ Robust fundamental drivers ✓ Liquidity available ✓ Balance sheet capacity CONTINUED FOCUS ON EXECUTION WDP HOLDS ALL BUILDING BLOCKS TO ACHIEVE ITS EPRA EPS TARGET OF 1.70 EUROS BY 2027 Pro ect completions and ac uisitions 202 2 2025 Re ersion and de elopment potential annualised rent 31.03.2025 ndexation 2025 Pro ect completions ac uisitions 2025 annualised rent 31.12.2025 ndexation for 202 2 2 Rent re ersion potential Potential annualised rent 31.12.202 Potential long term annualised rent Rent potential of secured land ban €m annualised rent 31.12.2024 Rent added in Q1 2025 Potential deals in exclusi e negotiation 31.12.2024 Pipeline in execution 1 2025 Q1 ew in estments secured 2025 Q1 Pro ects and ac uisitions completed 31.03.2025 n estment pipeline in execution 2 3 eals in exclusi e negotiation 1 Pro ects and ac uisitions completed
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5 Press release – 25 April 2025 1. Performance Q1 2025 1. Operational activities 1.1 Occupancy rate and leasing activity As of 31 March 2025 the portfolio occupancy rate remains at a high level with 98.1% (+10 bps q/q). The first quarter of 2025, 165,000 m² of new leases were signed through broad-based leasing activity: in the existing portfolio a significant increase in pre-letting to 71% for ongoing developments, and new pre-let developments. In addition, 75,000 m² of fully let projects were completed. These new leases were signed at market rents and show the power of the WDP platform to capture new demand. Out of the 13% of lease agreements reaching their next break in 2025, 7 9% have already been successfully extended. Compared to the end of 2024, the retention rate or lease renewal rate has normalised. As previously announced, based on the current rental market situation, WDP expects a an occupancy rate of at least 97% for 2025, along with a normalising retention rate, supported by a gradual improvement in tenant demand. These healthy dynamics indicate signs of market recovery in the demand for logistics space, within a context of uncertainty in the current geopolitical and macroeconomic environment. Over the longer term, positive structural trends continue to support demand for logistics real estate, such as limited available space and scarcity of land. Moreover, these trends are reinforced by deglobalisation, fuelling diversification and resilience in supply chains , bringing consumers and producers closer together. W P’s clients are predominantly focused on supplying the European economy and consumer, with a focus on resilient sectors such as food, pharma, e-commerce and FMCG. 1.2 Projects completed during Q1 2025 During the first quarter of 2025, WDP completed pre-let development projects with a total lettable area of around 75,000 m². The NOI yield for the total of these completed projects amounts to 6.0%4, with an investment budget of approximately 79 million euros. The average lease term is 15 years. Location Tenant Delivery date Lettable area (in m²) Investment budget (in million euros) BE Bornem Capsugel Belgium NV 1Q25 20,215 24 BE Genk Martin Mathys 1Q25 33,288 29 BE 53,503 54 NL Schiphol Kintetsu 1Q25 10,400 14 NL 10,400 14 RO Baia Mare Maravet 1Q25 11,300 11 RO 11,300 11 Total 75,203 79 4 This represents approximately 5.6% in Western Europe and 8.7% in Romania. SUSTAINABLE GROWTH
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6 Press release – 25 April 2025 1.3 320 million euros in new investments secured over past 3 months This package of investments for approximately 320 million euros and a NOI yield of 6.8%5 consists of investments secured during 2025. Over the first quarter of 2025, these were either executed or included in the ongoing investment pipeline in execution of around 820 million euros. These investments are all part of the 400 million euros of deals that were in exclusive negotiation as of 31 December 2024. Location Tenant Planned delivery date Lettable area (in m²) Investment budget ( ) NOI yield Pre- leased BE Asse - Mollem Lactalis 3Q26 1,524 NL Ridderkerk Kivits 1Q26 35,000 RO Bucharest - Dragomiresti Fully let 1Q26 11,092 RO Bucharest - Dragomiresti Fully let 1Q27 47,231 New pre-let projects under development 94,847 110 7.4% 100% BE Courcelles Centre Logistique de Wallonie 1Q25 31,105 BE Pielon Various 1Q25 9,383 BE Lokeren Kris De Leeneer 3Q25 25,647 LU Foetz / Hautcharage Various 1Q25 57,275 Acquisition of real estate 123,410 169 6.3% 100% Group Investments in Energy 42 Energy investments 42 ~8% IRR Total 218,257 321 6.8% 100% 5 Excluding energy projects. Ridderkerk (The Netherlands ) Lokeren (Belgium)
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7 Press release – 25 April 2025 1.3.1 New pre-let project developments in the first quarter of 2025 Belgium Asse-Mollem In Mollem (Asse), WDP will expand an existing warehouse by approximately 1,500 m² for its client Lactalis, a French multinational dairy company . The extension takes place on land owned by WDP. The Netherlands Ridderkerk The existing capacity for Kivits Logistics Group BV will be further expanded with the development of a brand new refrigerated logistics centre of around 34,000 m² in the Dutch Fresh Port, the cluster and hotspot for the international AGF sector 6. W P’s in estment budget amounts to approximately 55 million euros , including the existing land already owned. Delivery of this BREEAM certified site is scheduled for the first half of 2026 . Kivits will be leasing the new development for 20 years and will also extend the lease period of the existing premises to 20 years.7 Romania Bucharest – D ș Expansion of the WDP Park Bucharest – ragomirești with two high-quality logistics warehouses of around 47,000 m² with a climate-controlled area with refrigerated and freezer cells as well as an ambient warehouse of around 11,000 m². Both distribution centres will be EDGE Advanced certified. The projected investment budget for WDP amounts to approximately 52 million euros. The sites will be leased to logistics service providers on a 10 -year fixed lease agreement Completion is scheduled for the end of 2026. Additionally, over 16,000 m² of GLA is available on this site for future development.8 1.3.2 Acquisitions in the first quarter of 2025 Belgium Lokeren Agreement to sale -and-lease-back an automated high bay of around 25,000 m² in the Lokeren E17 industrial park for logistics service provider KDL. This deal is coupled with the development of a sustainable warehouse of around 18,000 m² and a temporary lease in Zele while awaiting the new building completion. This combined property deal further anchors W P’s presence in this highly connected industrial park. The transaction is expected to be completed in autumn 2025, under the suspensive condition of obtainin g the planning permit. The total investment is approximately 60 million euros, of which 40 million euros is for sale-and-lease-back.9 6 AGF sector is short for Aardappelen, Fruit, Groenten ( or Potatoes, Fruit, Vegetables) sector. 7 See the press release of 9 April 2025. 8 See the press release of 9 April 2025. 9 See the press release of 16 April 2025.
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8 Press release – 25 April 2025 Londerzeel Add-on acquisition of a logistics site with over 9,000 m² of lettable area on a 21,000 m² site, including space for outdoor storage and future redevelopment potential. The total property value is approximately 7 million euros. The acquisition was realised via a contribution in kind from the company that owns the site. The site is fully leased to several clients with regional operations. t further anchors W P’s presence in the Londerzeel business park that has direct access to the A12 motorway between Antwerp and Brussels.10 Courcelles In Courcelles, a logistics hub along the E42 Liège -Bergen motorway, WDP has acquir ed a distribution centre with total lettable area of around 30,000 m² on an 85,000 m² site. The site is located near three other WDP properties on rue de Liège.11 Luxembourg Hautcharage and Foetz Acquisition of two sites with a lettable area of 57,000 m² on a total land area of 140,000 m². This transaction was realised by acquiring the shares in the companies owning these sites. It is now 100% owned by WDP.12 • Innovative multi -tenant hub in Hautcharage with around 40,000 m² of GLA on concession land. This is located along the E44, leased to a range of clients active in different sectors, such as high- tech lab, start-ups, life sciences, food and furniture manufacturing. • Three buildings in Foetz with o er 1 ,000 m² of GLA on a 40,000 m² owned plot near W P’s existing cluster in Eurohub Sud. It has direct access to the A4 motorway. 10 See the press release of 19 February 2025. 11 See the press release of 27 February 2025. 12 See the press release of 27 February 2025.
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9 Press release – 25 April 2025 1.3.3 Energy investments in first quarter of 2025 WDP has added a package of energy projects to the investment pipeline, particularly PV plants and several small-scale Behind-the-Meter Battery Energy Storage System (BESS) projects, with an investment amount of approximately 42 million euros during the first quarter of 2025. WDP targets an IRR of ~8% for these investments, coupled with a yield on cost of ~10-15%. 1.4 Investment pipeline in execution of 820 million euros WDP has a total investment pipeline in execution as of 31 March 2025 of around 820 million euros 13 with an expected NOI yield of 6.7%14. The cost to come is 677 million euros. Location Tenant Planned delivery date Lettable area (in m²) Investment budget ( ) Cost to date (in ) Cost to come ( ) NOI yield (in %) Pre- leased (in %) BE Lokeren Kris De Leeneer 4Q26 17,924 20 BE Various WWRS + in commercialisation* 2Q25 123,500 25 BE Grimbergen In commercialisation 2Q26 53,500 25 BE Willebroek Duomed 1Q26 8,800 11 BE Asse - Mollem Lactalis 3Q26 1,524 4 FR Vendin -le-Vieil In commercialisation 4Q26 14,779 10 NL Breda Dentalair 2Q25 9,124 7 NL Kerkrade In commercialisation 1Q26 13,735 14 NL Zwolle Scania 1Q26 62,000 75 NL Schiphol In commercialisation 1Q26 22,507 21 NL Ridderkerk Kivits 1Q26 35,000 55 RO Timisoara In commercialisation 2Q26 33,455 24 RO Stefanestii de Jos Metro 3Q25 15,139 20 RO Bucharest - Dragomiresti Fully let 1Q27 47,231 44 RO Bucharest - Dragomiresti Fully let 1Q27 11,092 8 Projects under development 469,310 362 124 238 7.2% 71% BE Lokeren Kris De Leeneer 3Q25 25,647 40 FR Reims Various 2Q25 74,000 6 FR Bollène Boulanger/other 4Q26 76,077 96 NL Zwolle / Nijverdal Fully let 1Q27 74,000 90 Acquisition of real estate 249,724 232 0 232 6.0% 100% Group Investments in Energy Battery park 4Q28 65 Group Investments in Energy Solar panels 1Q27 78 Energy investments N.R. 143 15 128 ~8% IRR N.R. Total secured pipeline in execution 719,034 737 139 598 6.7% 82% Deals in exclusive negotiation 80 Total deals in negotiation 80 0 80 Target 6-7% Total pipeline in execution (secured + deals in exclusive negotiation) 719,034 817 139 677 The projects under development, representing approximately 362 million euros and a lettable area of about 469,000 m² are 71% pre-let. This marks a notable increase compared to the end of 2024 (Q4 2024: 61%), despite the completion of 75,000 m² of fully pre-let projects in the first quarter of 2025. WDP remains committed to its policy of pre-leasing the project before development start-up. However, exceptions may occur in practice, such as the expansion of existing sites or clusters, brownfield projects with soil remediation and construction obligations, or multi-tenant projects that address the demand for smaller units in specific locations. 13 Of which approximately 80 million euros in transactions are in exclusive negotiation. These investments include development p rojects, acquisitions, and energy investments for which WDP targets an overall NOI yield of 6 -7% (excluding energy investments). 14Excluding energy projects.
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10 Press release – 25 April 2025 million m² Potential leasable area million m² Total surface area These exceptions help explain why the pre-letting rates may temporarily be lower. Given the continued scarcity and the overall decline in development activity in the market, WDP remains confident in the successful commercialisation of these projects upon delivery. 1.5 Further development potential WDP currently holds a land reserve for future development of approximately 2.0 million m² of leasable area, spread over the regions in which the company is active. Breda (The Netherlands) Bucharest (Romania) Ridderkerk (The Netherlands) Genk, Battery Park (Belgium)
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11 Press release – 25 April 2025 2. WDP ENERGY 2.1 Solar energy Currently, WDP has a total installed solar energy capacity of 240 MWp, in line with its ambition to reach 350 MWp of solar capacity by the end of 2027. As a result, expected annual revenues from solar energy could reach 40 million euros over time. 15 It is important to note that this contribution to the income statement will be gradual, due to the increased complexity and longer lead time of these projects (e.g. grid connection challenges) and the impact of lower energy prices. As of 31 March 2025, 111 MWp of additional capacity is under development. WDP targets an IRR of ~8% for these investments, coupled with a yield on cost of ranging between 10-15%. 2.2 Front-of-meter battery park WDP plans to install a large battery park at an existing site in Genk (Bosdel) in Belgium. Specifically, this involves a Front- of-the-Meter (FTM) Battery Energy Storage System (BESS) , which will help balance the electricity grid by storing and managing excess energy on the grid, for instance, during sunny or windy periods. The storage capacity of such projects should provide the necessary stability and flexibility with the electricity grid. It should also ensure that capacity can be created and reserved to help balance the grid during peaks or shortages and respond to variability in energy prices. These sites are also a crucial link in th e required energy infrastructure and complement renewable energy. The battery project will provide a capacity of 60 MW and provide an energy storage capacity of up to 240 MWh. This investment is estimated at 65 million euros. WDP is responsible for implementing this project and the investment. It will work with a specialist partner for the operation side. The permit has since been obtained and WDP aims to have the battery farm operational by the end of 2028 subject to connection to the high-voltage grid. The project is located on the same site near the Albert Canal where WDP is realising a European distribution centre for paint 15 Includes annual revenue of 7 million euros from green energy certificates for projects in Belgium delivered before 2013, whic h will gradually expire in the period 2028 -32. FUTURE LOGISTICS 113 MWp 2022 182 MWp 234 MWp 2023 1Q 2025 2027 Target Under development In operation 350 MWp 2024 240 MWp
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12 Press release – 25 April 2025 manufacturer Rust-Oleum (Martin Matthijs).16 The location is not a coincidence. The site is next to an Elia high-voltage substation. In parallel, the installation of some smaller battery projects at other sites in the Belgian portfolio is being rolled out for a capacity of 25 MW and energy storage capacity of 100 MWh, accounting for an investment of approximately 25 million euros. WDP envisages a project IRR of 10-15%. 2.3 Integrated energy projects WDP also has several small-scale Behind-the-Meter (BTM) BESS projects, some operational and some planned. These on-site projects with a PV system and high consumption by the client on site (e.g. in the context of an e-mobility hub with many EV fast charging needs) maximise local solar consumption and reduce dependence on the grid. For example, for CEVA in Heerlen, a battery was installed on -site to optimise the balance with locally generated energy. It also ensures that periods of high solar irradiation are offset against periods of insufficient power generation for high energy demand. This implementation ensures clients can continue operations without worrying about power because they use the best sustainable and GHG -friendly methods. 2.4 More than a warehouse: the logistics powerhouse The acceleration in electrification and decarbonisation of transport is creating increased demand for investment in its supporting infrastructure. As a real estate partner, WDP can play a crucial role for its clients by upgrading its warehouse sites into charging hubs that optimise the client’s energy profile. n fact, e - transport will significantly change that profile. A sophisticated combination of on- site energy generation by solar panels, smart charging facilities and batteries will provide an answer to this. 16 See 1.4 Investment pipeline in execution of 820 million euros. Green electricity through PV for warehouse EV charging infrastructure Batteries supporting EV charging Intelligent energy management system Low carbon exploitation of warehouse site with heat pump
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13 Press release – 25 April 2025 +12% 2. Financial results 80.6 million euros 8.1 billion euros 90.0% EPRA Earnings Fair value of the portfolio Operating margin 0.36 euros 98.1% 1.8% EPRA Earnings per share Occupancy rate Like-for-like rental growth 5.4 years 21.7 euros Average term of the leases EPRA NTA per share EPRA key performance indicators 31.03.2025 31.12.2024 EPRA Earnings (in euros per share) 0.36 0.33 EPRA NTA (in euros per share) 21.7 21.1 EPRA NRV (in euros per share) 23.7 23.0 EPRA NDV (in euros per share) 21.8 21.4 EPRA LTV (in %) 41.6 39.3 EPRA Net Initial Yield (in %) 5.4 5.4 EPRA Topped -up Net Initial Yield (in %) 5.4 5.4 EPRA vacancy rate (in %) 1.9 2.0 EPRA Cost Ratio (incl. direct vacancy costs) (in %) 10.0 11.5 EPRA Cost Ratio (excl. direct vacancy costs) (in %) 10.3 11.2 The definition and reconciliation of the Alternative Performance Measures (APM), for example the EPRA key performance measures, used by WDP, are to be consulted in the Annexes of this document. +8%
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14 Press release – 25 April 2025 Consolidated key figures Operational 31.03.2025 31.12.2024 Fair value of property portfolio (including solar panels) (in million euros) 8,146.1 7,869.8 Gross initial yield (including vacancies)¹ (in %) 6.2 6.2 Net initial yield (EPRA) (in %) 5.4 5.4 Average lease term (until first break) (in years) 5.4 5.7 Occupancy rate² (in %) 98.1 98.0 Like-for-like rental growth (in %) ♦ 1.8 2.6 Operating margin³ (in %)♦ 90.0 88.6 Financial 31.03.2025 31.12.2024 Loan-to-value (in %) ♦ 40.2 38.3 Gearing ratio (proportionate) (in line with the GVV/SIR Royal Decree) (in %) 42.4 40.5 Net debt / EBITDA (adjusted) (in x)♦ 7.5 7.2 nterest Co erage Ratio⁴ in x 5.0 6.9 Average cost of debt (in %) ♦ 2.3 1.9 Average remaining duration of outstanding debt (in years) 4.5 4.9 Weighted average maturity of all drawn and undrawn credit lines 4.9 5.2 Hedge ratio (in %) ♦ 82 89 A erage remaining term of hedges⁵ in years) 4.6 4.8 Result (in million euros) 31.03.2025 31.03.2024 Property result 108.2 89.5 Operating result (before the result on the portfolio) 97.4 79.2 Financial result (excluding change in the fair value of financial instruments) ♦ -17.8 -6.9 EPRA Earnings♦ 80.6 72.3 Result on the portfolio - Group share♦ -8.2 26.9 Change in the fair value of financial instruments - Group share -0.7 5.9 Depreciation and write -down on solar panels - Group share -3.5 -1.7 Net result (IFRS) - Groupe share 68.1 103.4 Details per share (in euros) 31.03.2025 31.03.2024 EPRA Earnings♦ 0.36 0.33 Result on the portfolio - Group share♦ -0.04 0.12 Change in fair value of the financial instruments - Group share 0.00 0.03 Depreciation and write-down on solar panels - Group share -0.02 -0.01 Net result (IFRS) - Group share 0.30 0.47 FRS AV⁶ 21.4 20.7 EPRA NTA♦ 21.7 20.5 EPRA NRV♦ 23.7 22.4 EPRA NDV♦ 21.8 21.2 The Alternative Performance Measures (APM), for example the EPRA key performance measures, used by WDP, are accompanied by a symbol ( ♦). Their definition and reconciliation can be consulted in the Annexes of this document. 1 Calculated by dividing annualised contractual gross (cash) rents by fair value. The fair value is the value of the property investments after deduction of transaction costs (mainly transfer tax). 2 Calculated based on the rental values for the leased properties and the non -leased surfaces. Ongoing projects and/or renovations are not considered. 3 Based on the comparison between Q1 2025 and Q1 2024. 4 Defined as operating result (before the result on the portfolio) divided by interest charges less interest and dividends collected less the fee for financial leasing and other. 5 The remaining duration of debt at fixed rate and interest rate hedges entered into to hedge the debt against interest rate fluctu ations. 6 IFRS NAV: Net asset value before profit distribution of the current year in accordance with the IFRS balance sheet. The IFRS NAV is calculated as the shareholders’ e uity as per FRS di ided by the number of shares entitled to di idend on the balance she et date.
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15 Press release – 25 April 2025 1. Notes to the earnings statement as of 31 March 2025 (analytical scheme) 1.1. Property result The property result amounts to 108.2 million euros for Q1 2025, marking an increase of + 20.9% compared to last year (89.5 million euros). The increase comes from strong investment activity with pre-let new construction projects and acquisitions combined with further organic growth in rents. The like-for-like rental growth amounted to +1.8%, driven by indexation and rental growth of a combined +3.0%, partly offset by temporary vacancy ( -1.2%). Gross rental income by country (in euros x 1,000) Belgium The Netherlands France Germany Luxembourg Romania Total IFRS Joint ventures¹ I. Rental income 30,444 43,548 6,446 2,022 1,926 26,592 110,978 2,307 III. Costs related to leases² -741 124 0 0 0 -257 -874 0 Rental income, net of rental-related expenses 29,703 43,672 6,446 2,022 1,926 26,335 110,103 2,307 1 Taking into account the proportional share in WDP's rental income for joint ventures. 2 The heading Costs related to leases consists of Provisions for trade receivables and Rent to be paid for leased premises. The property result also includes 4.5 million euros in solar panel income compared to 3.6 million euros last year. This evolution is driven by increased solar capacity and more favourable weather conditions. Capacity will be further expanded. Contribution to the income statement, however, will be gradual, due to the increased complexity and longer lead time of these projects (e.g. grid connection challenges) and the impact of lower energy prices. 1.2. Operating result (before the result on the portfolio) The operating result (before the result on the portfolio) amounts to 97.4 million euros over Q1 2025, up by +22.9% compared to the same period last year (79.2 million euros). Property and other general expenses amount to 10,8 million euros for the first quarter of 2025 compared to 10.2 million euros for the first quarter of 2024. The operating margin remains high at 90.0%, up from 88.6% in the same period last year. WDP expects to maintain its high annualised operating margin of above 90%. 1.3. Financial result (excluding changes in the fair value of the financial instruments) Total financial debt (as per IFRS) increased to 3,331.8 million euros as of 31 March 2025, compared to 3,063.8 million euros as of 31 December 2024. This increase reflects W P’s strong in estment activity over 2024 and in the first quarter of 2025. The financial result (excluding changes in the fair value of financial instruments) increased due to this growth to -17.8 million euros over Q1 2025, compared to -6.9 million euros over Q1 2024. As a result of W P’s proacti e financial management, the hedge ratio remains high at 82%, while the average all-in cost of debt remains low at 2.3% over Q1 2025 - despite context of higher interest rates (3-month Euribor rate ranged between 3.9% at the end of March 2024 and 2.3% at 31 March 2025). This result takes into account +2 million euros of capitalised interest on development projects. This financial result also includes the recurring interest cost for land under concession of -1.3 -1,3 million euros, which are recognised through the Financial result in accordance with IFRS 16.
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16 Press release – 25 April 2025 Together with the increase in the operating result (before the result on the portfolio), the Interest Coverage Ratio remains high at 5.0x (6.9x at the end of 2024). 1.4. Share of EPRA Earnings from associated companies and joint ventures The result of 5.0 million euros over Q1 2025 mainly involves the contribution following the participation in Catena. 1.5. Taxes As of 1 January 2025, the FBI regime no longer applies to W P’s utch activities. This change results from an amendment by the Dutch government, excluding real estate investments from the FBI regime. This change is expected to result in an estimated additional annual tax burden on EPRA Earnings of approximately -11 million euros from 2025 onwards, equivalent to -0.05 euros per share. However, this impact has already been incorporated in the earnings target of the #BLEND2027 growth plan.17 In addition, this change means a deferred tax liability must now also be recognised on the portfolio result for the Dutch property portfolio. While this deferred tax has no impact on cash flows or EPRA earnings, it reflects the tax effect on revaluations and fiscal depreciation (see below 1.7. Result on the portfolio). 1.6. EPRA Earnings W P’s EPRA earnings for Q1 2025 amount to 80.6 million euros, representing an increase of +11.5% compared to the result of 72.3 million euros for the same period a year earlier. This result was further supported by W P’s proacti e financial management, which helped eep the a erage cost of debt low. In addition, at the beginning of 2025, WDP acquired the remaining 15% stake in WDP Romania, which led to the elimination of the minority interest line item in the income statement. EPRA Earnings per share rose +8% to 0.36 euros, including a +3% increase in the weighted average number of shares outstanding, mainly due to the strengthening of capital in Q2 2024 (103 million euros via optional dividend) and Q3 2024 (40 million euros via contribution in kind). 1.7. Result on the portfolio including the share of oint entures – Group share The portfolio revaluation (excluding deferred taxes on the portfolio result and the result on sales of investment properties) is +11.4 million euros over Q1 2025 (Q1 2024: +26.9 million euros), an increase of +0.1% year-to-date based on a stable EPRA Net Initial Yield of 5.4%. %. This breaks down by country as follows: Belgium (-5.4 million euros), the Netherlands (+12.0 million euros), France (+2.4 million euros), Romania (+0.4 million euros), Germany (+1.8 million euros) and Luxembourg (+0.2 million euros). The result on the portfolio including deferred taxes for Q1 2025 is -8.2 million euros or -0.04 euros per share for Q1 2025. For the same period last year, this result amounted to 26.9 million euros or 0.12 euros per share. 1.8. Changes in the fair alue of financial instruments – Group share Changes in the fair value of financial assets and liabilities – Group share18 are -0.7 million euros or 0.00 euros per share for Q1 2025 (compared to 5.9 million euros or 0.03 euros per share for Q1 2024). 17 See 4. Outlook 18 Changes in the fair alue of financial assets and liabilities – Group share a non -cash item) is calculated based on the mark -to-market (M-t-M) value of interest rate hedges concluded.
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17 Press release – 25 April 2025 Changes in the fair value have no impact on cash flow and are an unrealised item, hence it is excluded from the financial result in the analytical presentation of results and presented separately in the earnings statement. 1.9. Depreciation and write -down on solar panels including share oint entures – Group share The solar panels are valued on the balance sheet at fair value based on the revaluation model per IAS 16 Tangible fixed assets. In compliance with IAS 16, WDP must include a depreciation component in its IFRS accounts according to the residual service life of the solar panel parks. The depreciation is calculated based on the fair value from the previous balance sheet date. This n ewly calculated net book value is subsequently revalued at the fair value. This revaluation is booked directly in the equity capital insofar that it still exceeds the historical cost price, plus accumulated depreciations. If it does not, it is then accounted for in the earnings statement. The depreciation component and write-down is -3.5 million euros. Since this impact of the depreciation and amortisation of solar panels involves a non-cash and unrealised item, it is excluded from the operating result in the analytical presentation of the results and is shown separately in the earnings statement. 1.10. et result FRS – Group share The EPRA Earnings along with the result on the portfolio, changes in the fair value of financial instruments and the depreciation and write-down on solar panels result in a net result (IFRS) – Group share of 68.1 million euros in Q1 2025 (compared to the same period last year, when this figure was 103.4 million euros). The difference between net income (IFRS) – Group share of 68.1 million euros and EPRA Earnings of 80.6 million euros is mainly attributable to the result on the portfolio and solar panel depreciation and amortisation.
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18 Press release – 25 April 2025 2. Notes to the balance sheet as of 31 March 2025 2.1. Property portfolio 19 According to independent real estate experts Stadim, JLL, CBRE and BNP Paribas Real Estate, the fair value 20 of W P’s property portfolio in accordance with AS 40 is 7,968.2 million euros as of 31 March 2025 compared to 7,685.1 million euros at the start of the financial year (including the Assets held for sale heading). Together with the valuation at fair value of the solar panel investments 21, the total portfolio value evolved to 8,146.1 million euros compared to 7,869.8 million euros at the end of 2024. This value of 8,146.1 million euros includes 7,585.1 million euros in completed properties (standing portfolio).22 Projects under development account for a value of 192.6 million euros. Moreover, WDP has land reserves with a fair value of 190.5 million euros. Investments made in solar panels were valued on 31 March 2025 at a fair value of 177.9 million euros. Overall, the portfolio is valued at a gross rental yield of 6.2%23. Currently, the portfolio is valued at an EPRA Net Initial Yield of 5.4%%. The current contractual rent is approximately 10% lower than the market rent. The net reversionary yield 24 is 6.2% based on full letting at market rent. Portfolio statistics by country Belgium The Netherlands France Germany Luxembourg Romania Total Number of lettable sites 109 114 19 3 5 80 330 Gross lettable area (in m²) 2,742,945 2,920,363 540,312 121,207 133,301 1,959,129 8,417,256 Land (in m²) 5,160,719 4,994,056 1,415,251 204,309 257,884 8,642,684 20,674,903 Fair value (in million euros) 2,506 3,008 565 160 209 1,520 7,968 % of total fair value 31% 38% 7% 2% 3% 19% 100% % change in fair value (YTD) -0.2% 0.4% 0.4% 1.1% 0.1% 0.0% 0.2% Vacancy rate EPRA ¹′² 2.2% 1.1% 2.0% 0.0% 1.1% 3.4% 1.9% Average lease length till break (in y)² 4.7 5.4 6.1 4.4 4.1 6.0 5.4 WDP gross initial yield³ 5.6% 6.0% 5.1% 5.0% 6.1% 8.4% 6.2% Effect of vacancies -0.1% -0.1% -0.1% 0.0% -0.1% -0.3% -0.1% Adjustment gross to net rental income (EPRA) -0.3% -0.4% -0.1% -0.1% -0.3% -0.5% -0.4% Adjustments for transfer taxes -0.1% -0.5% -0.2% -0.4% -0.4% -0.1% -0.3% EPRA net initial yield¹ 5.0% 5.0% 4.8% 4.6% 5.3% 7.5% 5.4% 1 Financial performance indicator calculated according to EPRA's (European Public Real Estate Association) Best Practices Recommendations. Please see www.epra.com. 2 Excluding solar panels. 3 Calculated by dividing the annualised contractual gross (cash) rents and the rental value of the unlet properties by fair value. The fair value is the value of the property investments after deduction of transaction costs (mainly transfer tax). 19 Onder IFRS 11 Gezamenlijke overeenkomsten , worden de joint ventures verwerkt volgens de vermogensmutatiemethode. Wat de statistieken van de rapportering inzake de portefeuille betreft, wordt het proportionele deel van WDP in de portefeuille in WDPort of Ghent Big Box (50%), WDP Luxembourg (55%) en Gosselin-WDP (29%) weergegeven. 20 For the exact valuation method, we refer to the BE-REIT press release of 10 November 2016. 21 Investments in solar panels are valued per IAS 16 by applying the revaluation model. 22 Including a right of use of 92 million euros, related to the land held through a concession in accordance with IFRS 16. 23 Calculated by dividing the annualised contractual gross (cash) rents and the rental value of the unlet parts by the fair valu e. The fair value is the value of the investment properties after deducting transaction costs (mainly transfer tax). 24 The re ersionary yield is calculated by di iding the estimated mar et rent alue – less non-reco erable property operating costs – by the market value of the property including (estimated) acquisition costs. The reversionary yield relates to the expected return to which the net yield will rise (or fall) once rent reaches the full estimated rental value.
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19 Press release – 25 April 2025 2.2. NAV per share The EPRA NTA per share amounted to 21.7 euros on 31 March 2025. This represents an increase of +0.6 euros (2.7%) compared to an EPRA NTA per share of 21.1 euros on 31 December 2024 due to EPRA Earnings generation (+0.36 euros). The IFRS NAV per share25 is 21.4 euros as of 31 March 2025 compared to 21.0 euros as of 31 December 2024. 25 The IFRS NAV is calculated as the equity capital as per IFRS divided by the total number of shares entitled to dividend on th e balance sheet date. This is the net value according to Belgian GVV/SIR legislation.
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20 Press release – 25 April 2025 3. Management of financial resources GEARING RATIO 7.5x Net debt / EBITDA (adj.) 5.0x Interest Coverage Ratio LIQUIDITY billion euros MATURITY OF OUTSTANDING DEBT 4.5 years 82% Maturity of debt Hedge ratio GREEN FINANCING billion euros LOAN-TO-VALUE 40.2% 2.3% Cost of debt 4.6 years Maturity of hedges van de uitstaande financiering 58% CREDIT RATINGS Fitch BBB Stable Outlook Moody’s B Positive Outlook 6 % Outstanding debt 100% FINANCING NEEDS COVERED 100% refinancing until at least the end of 2026 100% committed CAPEX 100% commercial paper ~1.4 Undrawn credit facilities
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21 Press release – 25 April 2025 1. Financial position The total financial debt (as per IFRS) increased to 3,331.8 million euros as of 31 March 2025, compared to 3,063.8 million euros at the end of 2024, based on its investment activity in 2025. The balance sheet total evolved from 8,203.2 million euros as of 31 December 2024 to 8,508.4 million euros as of 31 March 2025. The loan-to-value, which compares the net financial debt to the portfolio value26, remains low at 40.2% as of 31 March 2025, compared to 38.3% as of 31 December 2024. Moreover, the overarching metric for the capital structure, the net debt / EBITDA (adj.) ratio – which measures the actual debt repayment capacity – is very strong at 7.5x. The weighted average maturity of W P’s outstanding financial debt as of per 31 March 2025 amounts to 4.5 years27, compared to 4.9 years at the end of 2024. Despite an environment of high interest rates (the 3-month Euribor rate ranged between 3.9% at the end of March 2024 and 2.3% as of 31 March 2025), WDP has managed to keep the cost of debt notably low through proactive financial management, with an all-in cost of debt expected at 2.3% in 2025. As of 31 March 2025, the hedge ratio is 82% with an average maturity of hedges of 4.6 years. Together with the increase in the Operating result (before the result on the portfolio), this implies a continued high Interest Coverage Ratio of 5.0x (6.9x as of 31 December 2024). In addition, WDP can continue to rely on a solid liquidity position, with approximately 1.4 billion euros of unused and confirmed long-term credit facilities 28. This provides WDP with sufficient resources to cover its ongoing investment pipeline in execution totalling 820 million euros (cost to come: 677 million euros), as well as debt maturities through the end of 2026 (500 million euros). This is in addition to the expected auto-financing capacity – driven by retained earnings and optional dividends – amounting to a cumulative +600 million euros over 2025-27, alongside potential refinancing of credit facilities. As a result, WDP has the financial capacity to finance and execute its growth plan, which is expected to be capital structure neutral upon completion by the end of 2027. Taking into account the expected auto- financing of around 200 million euros per year over 2025 -27, the loan-to-value – based on the current valuation of the portfolio – remains <40% and the net debt / EBITDA (adj.) <8x by the end of 2027. Moreover, this annual auto -financing of around 200 million euros has an annual impact of around -3 percentage points on the loan-to-value and -0.5x on net debt / EBITDA (adj.). 26 Based on IFRS accounts, including solar panels and receivables to and shareholdings in joint ventures and associates. 27 Including short -term debt. 28 Excluding credit facilities to cover the commercial paper programme.
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22 Press release – 25 April 2025 2. Implementation of financing strategy in 2025 • Capital increase through contribution in kind of approximately 6.5 million euros29 The sale-and-lease-back transaction of a site in Londerzeel (Belgium) was realised on 19 February 2025 via a contribution in kind against payment of 311,295 new WDP shares at an issue price of (rounded) 20.77 euros. This transaction resulted in a reinforcement of equity capi tal by 6.5 million euros. 29 See the press release of 19 February 2025.
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23 Press release – 25 April 2025 4. Outlook 1. Outlook 2025 WDP confirms the expected EPRA Earnings per share for 2025 of 1.53 euros. This represents an underlying increase of +7% y/y . To establish a comparable basis and accurately assess the expected business performance, this increase was calculated by excluding a one-off gain of +0.03 euros in 2024 and the impact of the abolition of the Dutch REIT regime (effective from 2025, with a -0.05 euros impact). Based on this outlook, a dividend per share of 1.23 euros gross is projected for 2025 (payable in 2026), taking into account a low payout ratio of 80%. Underlying assumptions • Growth via pre-let development projects and acquisitions (including minority stake WDP Romania). • Organic growth through indexation of leases at +2.6% and impact of upward rent reviews of +0.4% (based on 500,000 m² reviewed in 2024 at +12%). • A minimum occupancy rate of 97% and stable client payment behaviour. • An additional annual tax burden of -11 million euros per year or -0.05 euros per share based on the abolition of the Dutch REIT regime. • A loan-to-value – based on the current valuation of the portfolio – of around 40%, a net debt / EBITDA (adj.) <8x and an average cost of debt of 2.25%. This outlook is based on current knowledge and situation and barring unforeseen circumstances, within the context of a volatile macroeconomic and geopolitical environment.
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24 Press release – 25 April 2025 2. Growth plan 2024 -27: #BLEND2027 targets confirmed #BLEND2027 = multiple drivers in multiple markets approach #BLEND2027, the four-year growth plan for 2024-27, was launched in early 2024 and aims to continue earnings growth per share – capitalising on growth opportunities internally as well as externally through investments in new project developments, selective value-add acquisitions and energy solutions, and the strategic expansion of the platforms in France and Germany. EPRA Earnings target per share of 1.70 euros confirmed, all building blocks and funding in place As of 31 December 2024, the investment pipeline in execution amounted to 1.1 billion euros. During the first quarter of 2025, 310 million euros of this was transferred to the existing portfolio. As a result, WDP currently holds a remaining investment pipeline in execution of 820 million euros. In addition, WDP has the balance sheet capacity in place with a loan -to-value of 40.2%, a net debt / EBITDA (adj.) of 7.5x, and, thanks to 1.4 billion euros in unused credit lines, the company has the liquidity to finance this investment pipeline. Moreover, the latter are complemented by cumulatively around 600 million euros of expected auto-financing for 2025-27, based on retained earnings and optional dividends. With this combination, the implementation of the growth plan will be capital structure neutral with an expected net debt / EBITDA (adj.) of <8x and a loan-to-value of <40% by the end of 2027. With this robust investment pipeline in execution across the breadth of its activities and regions, and supported by solid underlying drivers , a strong balance sheet and full funding, WDP holds all building blocks to achieve its EPRA EPS target of 1.70 euros by 2027. #BLEND2027 1. 0 euros +6% CAGR (1) EPRA EPS 202 DPS 1.3 euros Based on: - Robust investment pipeline: 820 million euros investment pipeline in execution - Organic growth: CPI indexation in full and interest reversion - Financing requirements covered: 1.4 billion euros in unused credit lines and 600 million euros in auto -financing expected 2025-27 - Key financial metrics by the end of 2027: o Net debt / EBITDA (adj.) <8x o Loan-to-value <40% o Cost of debt <2.5%(2) (1) Representing an underlying CAGR of +6% ersus EPRA EPS of €1.50 in 2024, ad usted for one-offs of €0.03 per share in 2024 and the impact of the abolishment of the Dutch REIT status as from 2025 of -€0.05 per share. (2) Based on the current interest rate curve.
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25 Press release – 25 April 2025 Assumptions and underlying hypotheses: • Sustained structural demand for logistics property with a gradual recovery in demand. • Stable operational metrics (high occupancy rate, long lease terms and high client retention). • The abolition of the Dutch REIT regime implies an annual impact on EPRA Earnings per share of - 0.05 euros as of 2025. The drivers in this plan BUILD | The continued structurally positive trends within the logistics property market provide opportunities to continue helping our clients expand critical logistics infrastructure for various industries (both on the inbound and outbound side of the supply chain). LOAD | Investments via a combination of sustainable developments and acquisitions within the existing markets in Benelux and Romania ( <20% in Romania) and continu ed deployment and anchoring of operations in France and Germany. Return hurdles are aligned with the cost of capital. EXTRACT | Creation of added value within the existing portfolio through indexation, rent review potential in the medium -term with a commercial approach, optimisations involving innovation, energy and decarbonisation and further expansion of our client -centric approach by further unburdening clients. NEUTRALISE | Investments in solar energy and other energy solutions such as e -mobility contribute to the decarbonisation of the supply chain: 350 MWp in aspired solar energy capacity with a revenue potential of 40 million euros. These investments provide a solid foundation for the further development of energy infrastructure at the sites, such as batteries, e-truck charging and other innovative solutions. DISCIPLINED | Continued strict capital allocation through a focus on returns. W P’s strong financial position ensures sufficient means to finance intended investments (based on the current unused credit lines as well as the expected retained earnings and optional dividends). This outlook is based on current knowledge and situation and barring unforeseen circumstances, within the context of a volatile macroeconomic and geopolitical environment.
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26 Press release – 25 April 2025 5. Financial statement Earnings statement (analytical) (in euros x 1,000) Q1 2025 Q1 2024 ∆ y/y (abs.) ∆ y/y (%) Rental income, net of rental -related expenses 110,103 90,455 19,648 21.7% Indemnification related to early lease terminations 0 0 0 n.r. Income from solar energy 4,546 3,619 928 25.6% Other operating income/costs -6,473 -4,605 -1,868 n.r. Property result 108,177 89,469 18,708 20.9% Property charges -5,279 -4,504 -775 17.2% General Company expenses -5,490 -5,718 228 -4.0% Operating result (before the result on the portfolio) 97,407 79,246 18,161 22.9% Financial result (excluding change in the fair value of the financial instruments) -17,805 -6,940 -10,865 156.5% Taxes on EPRA Earnings -4,000 -787 -3,213 n.r. Deferred taxes on EPRA Earnings 0 -500 500 n.r. Share in the result of associated companies and joint ventures 5,005 3,335 1,669 n.r. Minority interests 0 -2,089 2,089 -100.0% EPRA Earnings 80,607 72,266 8,341 11.5% Variations in the fair value of investment properties (+/ -) 11,205 26,609 -15,404 n.r. Result on disposal of investment property (+/ -) 205 -46 250 n.r. Deferred taxes on the result on the portfolio (+/ -) -20,050 -5,933 -14,117 n.r. Share in the result of associated companies and joint ventures 402 6,751 -6,348 n.r. Result on the portfolio -8,237 27,381 -35,619 n.r. Minority interests 0 -488 488 n.r. Result on the portfolio - Group share -8,237 26,894 -35,131 n.r. Change in the fair value of financial instruments -1,442 8,560 -10,001 n.r. Share in the result of associated companies and joint ventures 735 -2,701 3,435 n.r. Change in the fair value of financial instruments -707 5,859 -10,001 n.r. Minority interests 0 0 0 n.r. Change in the fair value of financial instruments - Group share -707 5,859 -6,566 n.r. Depreciation and write-down on solar panels -3,476 -1,634 -1,841 n.r. Share in the result of associated companies and joint ventures -39 -29 -10 n.r. Depreciation and write -down on solar panels -3,514 -1,663 -1,851 n.r. Minority interests 0 12 -12 n.r. Depreciation and write -down on solar panels - Group share -3,514 -1,651 -1,863 n.r. Net result (IFRS) 68,149 105,932 -37,783 n.r. Minority interests 0 -2,564 2,564 n.r. Net result (IFRS) - Group share 68,149 103,367 -35,219 n.r.
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27 Press release – 25 April 2025 Key ratios (in euros per share) Q1 2025 Q1 2024 ∆ y/y (abs.) ∆ y/y (%) EPRA Earnings¹ 0.36 0.33 0.03 8.5% Result on the portfolio - Group share¹ -0.04 0.12 -0.16 n.r. Change in the fair value of financial instruments - Group share¹ 0.00 0.03 -0.03 n.r. Depreciation and write -down on solar panels - Group share¹ -0.02 -0.01 -0.01 n.r. Net result (IFRS) - Group share¹ 0.30 0.47 -0.17 n.r. EPRA Earnings² 0.36 0.33 0.03 8.4% Weighted average number of shares 225,673,029 219,433,809 6,239,220 2.8% Number of shares entitled to dividend 225,845,971 219,433,809 6,412,162 2.9% 1 Calculation based on the weighted average number of shares. 2 Calculation based on the number of shares entitled to dividend.
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28 Press release – 25 April 2025 Consolidated balance sheet (analytical) (in euros x 1,000) 31.03.2025 31.12.2024 ∆ (abs.) ∆ (%) Intangible fixed assets 1,528 1,599 -71 n.r. Investment property 7,794,598 7,513,487 281,111 3.7% Other tangible fixed assets (including solar panels) 173,948 180,962 -7,014 -3.9% Financial fixed assets 62,600 70,150 -7,549 -10.8% Trade receivables and other fixed assets 494 563 -69 -12.2% Participations in associated companies and joint ventures 378,930 357,741 21,189 5.9% Fixed assets 8,412,099 8,124,502 287,597 3.5% Assets held for sale 0 0 0 n.r. Trade receivables 47,343 27,722 19,621 n.r. Tax receivables and other current assets 20,453 26,402 -5,949 n.r. Cash and cash equivalents 11,563 10,374 1,189 n.r. Accruals and deferrals 16,942 14,211 2,731 n.r. Current assets 96,301 78,709 17,593 n.r. Total assets 8,508,400 8,203,210 305,190 3.7% (in euros x 1,000) 31.03.2025 31.12.2024 ∆ (abs.) ∆ (%) Capital 233,656 233,356 300 0.1% Issue premiums 2,165,426 2,159,254 6,172 0.3% Reserves 2,358,088 1,917,802 440,286 23.0% Net result for the financial year 68,149 435,499 -367,351 -84.4% Shareholders' equity attributable to Group shareholders 4,825,319 4,745,912 79,406 1.7% Minority interests 0 91,647 -91,647 -100.0% Shareholders' equity 4,825,319 4,837,559 -12,240 -0.3% Non-current financial debt 2,993,999 2,990,736 3,262 0.1% Other non-current liabilities 196,710 155,654 41,056 26.4% Non-current liabilities 3,190,709 3,146,390 44,319 1.4% Current financial debt 337,825 73,016 264,809 362.7% Other current liabilities 154,548 146,246 8,302 5.7% Current liabilities 492,373 219,262 273,111 124.6% Liabilities 3,683,082 3,365,652 317,430 9.4% Total liabilities 8,508,400 8,203,210 305,190 3.7% Key ratios (in euros per share) 31.03.2025 31.12.2024 ∆ (abs.) ∆ (%) IFRS NAV 21.4 21.0 0.3 1.5% EPRA NTA♦ 21.7 21.1 0.6 2.7% Share price 21.9 19.0 2.9 15.4% Premium/Discount with respect to EPRA NTA 1.2% -9.9% n.r. n.r. (in euros x million) Fair value of the portfolio (including solar panels)¹ 8,146.1 7,869.8 276.4 3.5% Loan-to-value♦ 40.2% 38.3% 1.9% n.r. Gearing ratio (proportional)² ♦ 42.4% 40.5% 1.9% n.r. Net debt / EBITDA (adjusted) ♦ 7.5x 7.2x 0.3x n.r. The Alternative Performance Measures (APM), for example the EPRA key performance measures, used by WDP, are accompanied by a symbol ( ♦). Their definition and reconciliation can be consulted in the Annexes of this document. 1 Based on 100% of the fair value for the fully consolidated entities (including WDP Romania) and the proportionate share for the joint ventures (i.e. 55% for WDP Luxembourg, 50% for WDPort of Ghent Big Box and 29% for Gosselin -WDP). 2 For the method used to calculate the gearing ratio, please refer to the Belgian Royal Decree on GVVs/SIRs.
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29 Press release – 25 April 2025 Earnings statement (IFRS) in euros (x 1,000) Q1 2025 FY 2024 Q1 2024 Rental income 110,978 398,183 90,000 Costs related to leases -874 213 455 Net rental result 110,103 398,396 90,455 Recovery of property costs 0 0 0 Recovery of rental charges and taxes normally paid by the tenant on let properties 25,078 40,179 21,843 Costs payable by tenants and paid out by the owner for rental damage and refurbishment at end of lease 0 0 0 Rental charges and taxes normally paid by the tenant on let properties -32,017 -47,799 -26,880 Other income and charges related to leases 5,012 26,742 4,051 Property result 108,177 417,519 89,469 Technical costs -3,262 -10,738 -2,841 Commercial costs -536 -1,614 -395 Property management costs -1,482 -6,351 -1,268 Property charges -5,279 -18,703 -4,504 Property operating results 102,898 398,816 84,964 General Company expenses -5,490 -22,230 -5,718 Other operating income and expenses (depreciation and write -down on solar panels) -3,476 -10,553 -1,634 Operating result (before the result on the portfolio) 93,932 366,032 77,612 Result on disposals of investment properties 205 717 -46 Variations in the fair value of investment properties 11,205 151,138 26,609 Operating result 105,341 517,887 104,175 Financial income 224 893 236 Net interest charges -17,193 -38,620 -6,443 Other financial charges -836 -3,017 -733 Change in the fair value of financial instruments -1,442 -23,667 8,560 Financial result -19,247 -64,411 1,619 Share in the result of associated companies and joint ventures 6,103 19,415 7,357 Result before taxes 92,198 472,891 113,151 Taxes -24,049 -23,342 -7,220 Net result 68,149 449,549 105,932 Attributable to: Minority interests 0 14,050 2,564 Shareholders of the Group 68,149 435,499 103,367 Weighted average number of shares 225,673,029 222,736,116 219,433,809 Net result per share (in euros) 0.30 1.96 0.47 Diluted net result per share (in euros) 0.30 1.96 0.47
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30 Press release – 25 April 2025 Balance sheet (IFRS) (in euros x 1,000) 31.03.2025 31.12.2024 31.03.2024 Fixed assets 8,412,099 8,124,502 7,277,055 Intangible fixed assets 1,528 1,599 1,314 Investment property 7,794,598 7,513,487 6,684,919 Other tangible fixed assets (including solar panels) 173,948 180,962 170,377 Financial fixed assets 62,600 70,150 98,609 Trade receivables and other fixed assets 494 563 1,688 Participations in associated companies and joint ventures 378,930 357,741 320,148 Current assets 96,301 78,709 90,966 Assets held for sale 0 0 0 Trade receivables 47,343 27,722 36,914 Tax receivables and other current assets 20,453 26,402 12,872 Cash and cash equivalents 11,563 10,374 18,703 Accruals and deferrals 16,942 14,211 22,477 Total assets 8,508,400 8,203,210 7,368,021 (in euros x 1,000) 31.03.2025 31.12.2024 31.03.2024 Shareholders' equity 4,825,319 4,837,559 4,618,200 I. Shareholders' equity attributable to the parent company shareholders 4,825,319 4,745,912 4,538,030 Capital 233,656 233,356 226,644 Issue premiums 2,165,426 2,159,254 2,023,908 Reserves 2,358,087 1,917,802 2,184,110 Net result for the financial year 68,149 435,499 103,367 II. Minority interests 0 91,647 80,170 Liabilities 3,683,082 3,365,652 2,749,821 I. Non-current liabilities 3,190,709 3,146,390 2,486,824 Provisions 236 236 160 Non-current financial debt 2,993,999 2,990,736 2,358,671 Other non-current financial liabilities 79,557 79,020 64,794 Trade payables and other non -current liabilities 9,332 9,068 7,599 Deferred taxes - liabilities 107,585 67,330 55,600 II. Current liabilities 492,373 219,262 262,997 Current financial debt 337,825 73,016 107,908 Other current financial liabilities 189 189 189 Trade payables and other current debts 108,720 91,792 106,624 Other current liabilities 10,679 10,363 7,269 Accrued charges and deferred income 34,961 43,902 41,007 Total liabilities 8,508,400 8,203,210 7,368,021
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31 Press release – 25 April 2025 Cash flow statement (IFRS) in euros (x 1,000) Q1 2025 FY 2024 Cash and cash equivalents, opening balance 10,374 13,029 Net cash flows concerning operating activities 101,655 356,120 Net result 68,149 449,549 Taxes¹ 24,049 23,342 Net interest charges 17,193 38,620 Financial income -224 -893 Gain(-)/loss (+) on disposals -205 -717 Cash flows from operating activities before adjustment of non-monetary items, working capital and interest paid 108,962 509,900 Variations in the fair value of financial derivatives 1,442 23,667 Variations in the fair value of investment properties -11,205 - 151,138 Depreciations and write -downs (addition/reversal) on fixed assets 3,892 11,918 Share in the result of associated companies and joint ventures -6,103 -19,415 Other adjustments for non -monetary items -820 -8,346 Adjustments for non -monetary items -12,795 - 143,313 Increase (-)/decrease (+) in working capital 5,488 -10,468 Net cash flows concerning investment activities -306,853 - 776,892 Investments -306,711 - 744,284 Payments regarding acquisitions of real estate investments -68,012 - 656,934 Payments for acquisitions of shares in real estate companies -232,597 -58,083 Purchase of other tangible and intangible fixed assets -6,103 -29,267 Disposals 34 11,139 Receipts from the disposal of investment properties 34 11,139 Investments in and financing provided to entities not fully controlled -177 -43,747 Investments in and financing provided to entities not fully controlled -2,300 -53,147 Repayment of financing provided to entities not fully controlled 2,123 9,400 Net cash flows concerning financing activities 206,388 418,116 Loan acquisition 335,284 686,110 Loan repayment -105,324 -79,442 Dividends paid² 0 - 143,255 Capital increase 0 0 Interest paid -23,573 -49,517 Dividends received 0 4,220 Net increase (+)/decrease ( -) in cash and cash equivalents 1,189 -2,655 Cash and cash equivalents, closing balance 11,563 10,374 1 Including the deferred taxes on the investment portfolio as well as the deferred income tax. 2 This is only the cash-out: after all, in 2024 an optional dividend was offered, with 60% of the shareholders, respectively, opting for payout of the dividend in shares instead of cash.
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32 Press release – 25 April 2025 6. Appendices 1. EPRA Performance measures EPRA Earnings Recurring earnings from the core operational acti ities. This figure is to be considered a ey measure of a company’s underlying operating results from its property rental business and an indicator of the extent to which current dividend payments are sup ported by earnings. All zero-line items have been removed from the table below for clarity. in euros (x 1,000) Q1 2025 Q1 2024 Earnings per IFRS income statement 68,149 103,367 Adjustments to calculate the EPRA Earnings, exclude: I. Changes in value of investment properties, development properties held for investment and other investment interests -7,730 -24,975 - Changes in the value of the real estate portfolio -11,205 -26,609 - Depreciation and write -down on solar panels 3,476 1,634 II. Profits or losses on disposal of investment properties, development properties held for investment and other investment interests -205 46 VI. Changes in fair value of financial instruments and associated close -out costs 707 -5,859 X. Deferred tax in respect of EPRA adjustments 20,050 5,933 XI. Adjustments (I.) to (X.) to the above in respect of joint ventures -364 -6,722 XII. Non-controlling interests in respect of the above 0 476 EPRA Earnings 80,607 72,266 Weighted average number of shares 225,673,029 219,433,809 EPRA Earnings per share (EPS) (in euros) 0.36 0.33
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33 Press release – 25 April 2025 EPRA NAV indicators The EPRA NAV metrics make adjustments to the IFRS NAV in order to provide stakeholders with the most relevant information on the fair value of the assets and liabilities. The three different EPRA NAV metrics are calculated based on the following rationales: - EPRA NRV: the aim of the metric is to also reflect what would be needed to recreate the company through the investment market s based on its current capital and financing structure, including real estate transfer taxes. - EPRA NTA: this is the NAV adjusted to include properties and other investments at their fair value and exclude certain line i tems that are not expected to take shape in a business model with investment properties over the long term. - EPRA NDV: the EPRA Net Disposal Value provides the reader with a scenario of the disposal of the company's assets resulting i n the settlement of deferred taxes and the liquidition of debt and financial instruments. All zero-line items have been removed from the table below for clarity. in euros (x 1,000) 31.03.2025 31.12.2024 EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV IFRS NAV 4,825,319 4,825,319 4,825,319 4,745,912 4,745,912 4,745,912 IFRS NAV/share (in euros) 21.4 21.4 21.4 21.0 21.0 21.0 Diluted NAV at fair value (after the exercise of options, convertibles and other equity interests) 4,825,319 4,825,319 4,825,319 4,745,912 4,745,912 4,745,912 Exclude: (V) Deferred tax in relation to fair value gains of investments properties 124,751 124,751 71,362 71,362 (VI) Fair value of financial instruments -53,907 -53,907 -58,063 -58,063 (VIII.b) Intangibles as per the IFRS balance sheet -1,528 -1,599 Subtotal 4,896,163 4,894,635 4,825,319 4,759,211 4,757,612 4,745,912 Include: (IX) Fair value of fixed interest rate debt 88,217 80,024 (XI) Real estate transfer tax 454,065 438,920 NAV 5,350,228 4,894,635 4,913,536 5,198,131 4,757,612 4,825,936 Number of shares 225,845,971 225,845,971 225,845,971 225,534,676 225,534,676 225,534,676 NAV/share (in euros) 23.7 21.7 21.8 23.0 21.1 21.4
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34 Press release – 25 April 2025 EPRA cost ratio Administrative/operating costs including or minus the direct vacancy costs, divided by gross rental income. This figure is to be considered a key indicator to enable meaningful measurement of the changes in operating costs of a real estate company. All zero-line items have been removed from the table below for clarity. in euros (x 1,000) Q1 2025 FY 2024 Include: I. Administrative/operating expenses (IFRS) -13,619 -48,946 I-1. Impairments of trade receivables -1,040 -393 I-2. Recovery of property charges 0 0 I-3. Recovery of rental charges and taxes normally paid by the tenant on let properties -1,810 -7,619 I-4. Costs payable by tenants and paid out by the owner for rental damage and refurbishment at end of lease 0 0 I-5. Property charges -5,279 -18,703 I-6. General company expenses -5,490 -22,230 III. Management fees less actual/estimated profit element 448 1,517 V. Administrative/operating expenses of joint ventures expense -108 -403 Exclude (if part of the above): VI. Investment property depreciation 18 301 Administrative/operating expenses related to solar panels 1,647 2,447 EPRA costs (including direct vacancy costs) A -11,614 -45,084 IX. Direct vacancy costs 421 1,085 EPRA costs (excluding direct vacancy costs) B -11,193 -43,999 X. Gross rental income (IFRS) 110,978 387,183 Less net ground rent costs -780 -2,645 XII. Gross rental income of joint ventures 2,307 8,652 Less net ground rent costs -236 -576 Gross rental income C 112,269 392,614 EPRA Cost Ratio (including direct vacancy costs) A/C 10.3% 11.5% EPRA Cost Ratio (excluding direct vacancy costs) B/C 10.0% 11.2%
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35 Press release – 25 April 2025 EPRA NIY and EPRA Topped-up NIY The EPRA NIY relates to an annualised rental income based on the cash rents passing at the balance sheet date, less non -recoverable property operating expenses, di ided by the mar et alue of the property, increased with estimated purchasers’ costs. t i s a comparable measure around Europe for portfolio valuations. In the past, there has been debate about portfolio valuations acro ss Europe. This measure should make it easier for investors to judge themselves, how the valuation of portfolio X compares with portfolio Y. The EPRA TOPPED -UP NIY is a measure that incorporates an adjustment to the EPRA NIY in respect of the expiration of rentfree periods (or other unexpired lease incentives such as discounted rent periods and step rents) and provides detail on the calculation of the measure and reconciliation between the EPRA NIY and EPRA TOPPED -UP NIY. in euros (x 1,000) 31.03.2025 31.12.2024 Investment property - wholly owned 7,794,598 7,513,487 Investment property - share of joint ventures 173,620 171,579 Less developments, land reserves and the right of use of consessions -522,460 -546,703 Completed property portfolio 7,445,758 7,138,363 Allowance for estimated purchasers' costs 433,084 418,821 Gross up completed property portfolio valuations A 7,878,842 7,557,184 Annualised cash passing rental income 451,864 429,481 Property outgoings -27,310 -24,529 Annualised net rent B 424,554 404,952 Notional rent expiration of rent free period or other lease incentives 0 0 Topped-up net annualised rent C 424,554 404,952 EPRA NIY B/A 5.4% 5.4% EPRA TOPPED -UP NIY C/A 5.4% 5.4%
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36 Persbericht – 25 april 2025 EPRA LTV A key (shareholder -gearing) metric to determine the percentage of debt comparing to the appraised value of the properties. The EPRA LTV is obtained by dividing debt by the sum of the fair value of the property portfolio and the fair value of the solar panels. 31.03.2025 31.12.2024 Proportionate consolidation Proportionate consolidation in euros (x 1,000) Group As reported Share of Joint Ventures Share of Material Associates Non controlling interests (NCI) Combined Group As reported Share of Joint Ventures Share of Material Associates Non controlling interests (NCI) Combined Include: Borrowings from Financial Institutions 2,442,741 71,332 2,514,073 2,256,194 70,304 -124,928 2,201,571 Commercial paper 81,450 81,450 0 0 Hybrids (including convertibles, preference shares, debt, options, perpetuals) 0 0 0 0 Bond loans 807,632 807,632 807,558 807,558 Foreign currency derivatives -518 -518 -6,584 -6,584 Net (trade) payables 79,695 4,465 84,160 87,422 5,242 -2,390 90,274 Owner-occupied property (debt) 0 0 0 0 Current accounts (equity characteristics) 0 0 0 0 Exclude: Cash and cash equivalents -11,563 -906 -12,470 -10,374 -1,073 800 -10,647 Investments in non -material associates x Loan -to- value -118,601 -118,601 -113,060 -113,060 Net Debt A 3,280,837 74,891 0 0 3,355,727 3,021,155 74,474 0 -126,518 2,969,111 Include: Owner-occupied property 0 0 0 0 Investment properties at fair value 7,530,360 152,838 7,683,198 7,247,279 152,919 -217,873 7,182,324 Properties held for sale 0 11 11 0 13 13 Properties under development 188,092 4,518 192,610 193,267 2,436 -7,861 187,841 Intangibles 1,528 3,275 4,803 1,599 3,272 4,870 Net (trade) receivables 0 0 0 0 Financial assets 2,763 2,763 2,763 2,763 Solar panels 167,121 10,786 177,907 174,202 10,483 -3,665 181,020 Total Property Value B 7,889,864 171,428 0 0 8,061,292 7,619,109 169,122 0 -229,399 7,558,832 Loan-to-value A/B 41.6% 41.6% 39.7% 39.3%
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37 Persbericht – 25 april 2025 2. Alternative Performance Measures R f ( f ) – G This relates to the realised and unrealised capital gains/losses with respect to the latest valuation by the property expert, taking into account the effective or deferred capital gains tax due, including W P’s proportionate share in the portfolio of associated companies and joint ventures and excluding the minority interests. in euros (x 1,000) Q1 2025 Q1 2024 Movement in the fair value of investment property 11,205 26,609 Result on disposal of investment property 205 -46 Deferred taxation on result on the portfolio -20,050 -5,933 Participation in the result of associated companies and joint ventures 402 6,751 Result on the portfolio -8,237 27,381 Minority interests 0 -488 Result on the portfolio - Group share -8,237 26,894 Changes in gross rental income with an unchanged portfolio This is the organic growth of the gross rental income year -on-year on the basis of an unchanged portfolio, excluding development projects, acquisitions and disposals during both periods of this comparison. in euros (x 1,000) Q1 2025 Q1 2024 ∆ y/y (%) Properties owned throughout the two years 87,177 85,642 1.8% Development projects 10,042 6,011 n.r. Acquisitions 16,004 178 n.r. Disposals 62 190 n.r. Total 113,285 92,021 n.r. To be excluded: Rental income of joint ventures -2,307 -2,021 n.r. Indemnification related to early lease terminations n.r. Rental income (IFRS) 110,978 90,000 n.r.
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38 Persbericht – 25 april 2025 Average cost of debt This refers to the weighted average yearly interest rate for the reporting period, taking into account the average outstandin g debt and the hedging instruments during that same period. in euros (x 1,000) Q1 2025 FY 2024 Financial result (IFRS) -19,247 -64,411 To be excluded: Changes in fair value of financial assets and liabilities 1,442 23,667 Interest capitalised during construction -2,156 -11,871 Interest cost related to leasing debts booked in accordance with IFRS 16 1,033 3,500 Other financial costs and revenues -190 -645 To be included: Interest expenses of joint ventures -497 -2,292 Effective financial expenses (proportional) A -19,614 -52,051 Average outstanding financial debt (IFRS) 3,271,788 2,631,471 Average outstanding financial debt of joint ventures 70,818 69,585 Average outstanding financial debt (proportional) B 3,342,606 2,701,056 Annualised average cost of debt A/B 2.3% 1.9% Financial result (excluding changes in the fair value of financial instruments) This is the financial result according to IFRS exclusive of the change in fair value of financial assets and liabilities, and reflects the actual financial expenses of the company. in euros (x 1,000) Q1 2025 Q1 2024 Financial result -19,247 1,619 To be excluded: Changes in fair value of financial instruments 1,442 -8,560 Financial result (excluding the changes in fair value of financial instruments) -17,805 -6,940
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39 Persbericht – 25 april 2025 Operating margin The operating margin, obtained by dividing the operating result (before the result on the portfolio) by the property result. Operating margin is a measure of profitability that can indicate how well the company is managing its operating property operations. in euros (x 1,000) Q1 2025 Q1 2024 Property result (IFRS) 108,177 89,469 Operating result (before the portfolio result) (excluding depreciation and write -downs on solar panels) 97,407 79,246 Operating margin 90.0% 88.6% Hedge ratio Percentage of fixed -rate and floating -rate debts hedged against interest rate fluctuations by means of derivatives. This economic parameter is not an obligatory parameter under the Belgian regulated real -estate investment companies Law (Wet betreffende de gereglementeerde vastgoedvennootschappen or 'GVV -Wet'). in euros (x 1,000) 31.03.2025 31.12.2024 Notional amount of Interest Rate Swaps 1,682,425 1,682,425 Fixed rate financial debt 1,113,715 1,112,558 Fixed-interest financial debt at balance sheet date and hedging instruments A 2,796,139 2,794,983 Current and non -current financial debt (IFRS) 3,331,824 3,063,752 Proportional share in joint ventures in current and non -current financial debt 71,332 70,304 Financial debt at balance sheet date B 3,403,156 3,134,056 Hedge ratio A/B 82.2% 89.2%
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40 Persbericht – 25 april 2025 Gearing ratio in euros (x 1,000) 31.03.2025 31.03.2025 31.12.2024 31.12.2024 IFRS Proportionate IFRS Proportionate Non-current and current liabilities 3,683,082 3,798,343 3,365,652 3,479,788 To be excluded: - I. Non-current liabilities A. Provisions 236 236 236 236 - I. Non-current liabilities C. Other non -current financial liabilities - Permitted hedging instruments 5,148 5,148 8,500 8,500 - I. Non-current liabilities F. Deferred taxes - Liabilities 107,585 124,751 67,330 83,951 - II. Current liabilities A. Provisions 0 0 0 0 - II. Current liabilities E. Other current liabilities Other: Hedging instruments 0 0 0 0 - II. Current liabilities F. Accruals and deferred income 34,961 36,636 43,902 45,461 Total debt A 3,535,151 3,631,572 3,245,684 3,341,640 Total assets 8,508,400 8,623,661 8,203,210 8,317,347 To be excluded: - E. Financial fixed assets - Financial instruments at fair value through profit and loss - Permitted hedging instruments 59,055 59,055 66,563 66,563 Total assets taken into account for the calculation of the gearing ratio B 8,449,345 8,564,606 8,136,648 8,250,784 Gearing ratio A/B 41.8% 42.4% 39.9% 40.5%
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41 Persbericht – 25 april 2025 Loan-to-value The loan-to-value is obtained from the IFRS statements by dividing the net financial liabilities by the sum of the fair value of the property portfolio, the fair value of the solar panels and financing to and holdings in associated companies and joint ventures. in euros (x 1,000) 31.03.2025 31.12.2024 IFRS IFRS Non-current and current financial debt 3,331,824 3,063,752 Cash and cash equivalents -11,563 -10,374 Net financial debt A 3,320,260 3,053,378 Fair value of the real estate portfolio (excluding right of use concessions) 7,718,452 7,440,545 Fair value of the solar panels 167,121 174,202 Financing of and participations in associated companies and joint ventures 383,712 362,523 Total portfolio B 8,269,285 7,977,270 Loan-to-value A/B 40.2% 38.3%
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42 Persbericht – 25 april 2025 Net debt / EBITDA (adjusted) The net debt / EBITDA (adjusted) is calculated starting from the proportional accounts (WDP's joint ventures are included for their proportionate share): in the denominator taking into account the trailing-twelve-months normalized EBITDA and adjusted to reflect the annualized impact of external growth; in the numerator taking into consideration the net financial indebtedness adjusted for the projects under development multiplied by the loan -to-value of the group (as these projects are not yet income contributing but already (partially) financed on the balance sheet). For associated companies only the dividends are taken into account. in euros (x 1,000) 31.03.2025 31.12.2024 Non-current and current financial debt (IFRS) 3,331,824 3,063,752 - Cash and cash equivalents (IFRS) -11,563 -10,374 Net debt (IFRS) A 3,320,260 3,053,378 Operating result (before the result on the portfolio) (IFRS) (TTM)¹ B 382,660 366,352 + Depreciation and write -down on solar panels 12,086 10,233 + Share in the EPRA Earnings of joint ventures 6,169 5,812 + Dividends received from associated companies 4,220 4,220 EBITDA (IFRS) C 405,135 386,617 Net debt / EBITDA A/C 8.2x 7.9x in euros (x 1,000) 31.03.2025 31.12.2024 Non-current and current financial debt (proportionate) 3,403,156 3,134,056 - Cash and cash equivalents (proportionate) -12,470 -11,447 Net debt (proportional) A 3,390,686 3,122,610 - Projects under development x Loan -to-value -78,104 -75,773 - Financing to joint ventures x Loan -to-value -1,120 -1,069 Net debt (proportional) (adjusted) B 3,311,462 3,045,767 Operating result (before the result on the portfolio) (IFRS) (TTM)¹ C 382,660 366,352 + Depreciation and write -down on solar panels 12,086 10,233 + Operating result (before the result on the portfolio) of joint ventures (TTM)¹ 9,575 9,198 + Dividends received from associated companies (TTM)¹ 4,220 4,220 Operating result (before the result on the portfolio) (proportionate) (TTM)¹ D 408,541 390,003 Adjustment for normalized EBITDA² 33,159 31,444 EBITDA (proportionate) (adjusted) E 441,700 421,447 Net debt / EBITDA (adjusted) B/E 7.5x 7.2x 1 For the calculation of this APM, it is assumed that the operating result (before the result on the portfolio) is a proxy fo r EBITDA. TTM stands for trailing 12 months and means that the calculation is based on financial figures for the past 12 months. 2 On a normalized basis and including the annualized impact of organic growth (such as indexation) and external growth (in fu nction of realised disposals, acquisitions and projects).
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43 Persbericht – 25 april 2025 3. Financial calendar 31 March 2025 Publication of annual report for financial year 2024 25 April 2025 Announcement of Q1 2025 results 30 April 2025 Annual General Meeting on the 2024 financial year 2 May 2025 Ex-date dividend 2024 5 May 2025 Record date dividend 2024 21 May 2025 Dividend payment date 25 July 2025 Publication of HY 2025 results 17 October 2025 Publication of Q3 2025 results 30 January 2026 Publication of 2025 annual results For any changes, reference is made to the financial agenda on the WDP website.
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44 Persbericht – 25 april 2025 4. ESG-benchmark performance Gold AA Prime C C Inclusion in DJSI Europe and DJSI World
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45 Persbericht – 25 april 2025 More information WDP NV/SA Joost Uwents – CEO Blakebergen 15 Mickael Van den Hauwe – CFO B-1861 Wolvertem Alexander Makar – Head of IR & Capital markets www.wdp.eu investorrelations@wdp.eu ___ W P de elops and in ests in logistics real estate warehouses and offices . W P’s property portfolio comprises more than 8 million m². This international portfolio of semi-industrial and logistics buildings is spread over more than 350 sites at prime logistics locations for storage and distribution in Belgium, the Netherlands, France, Luxembourg, Germany and Romania. ___ WDP NV/SA – BE-REIT (public regulated real estate company under Belgian law). Company number 0417.199.869 (Register of legal Entities of Brussels, Dutch section) WDP is listed on Euronext Brussels (BEL 20) and Amsterdam (AMX) and is, among other things, part of the European Real Estate Association (EPRA), MSCI, STOXX, and the Dow Jones Sustainability Index (DJSI). A close up of a logo Description A close up of a logo Description A close up of a sign Description A picture containing drawing A close up of a logo Description
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46 Persbericht – 25 april 2025 7. Disclaimer Warehouses De Pauw NV/SA, abbreviated WDP, having its registered office at Blakebergen 15, 1861 Wolvertem (Belgium), is a public regulated real estate company under Belgian law and listed on Euronext. This press release contains forward-looking information, forecasts, beliefs, opinions and estimates prepared by WDP, relating to the currently expected future performance of W P and the mar et in which W P operates ‘forward -looking statements’ . By their ery nature, forward-looking statements involve inherent risks, uncertainties and assumptions, both general and specific, and risks exist that the forward-looking statements will not prove accurate. Investors should be aware that a number of important factors could cause actual resul ts to differ materially from the plans, objectives, expectations, estimates and intentions expressed in, or implied by, such forward -looking statements. Such forward-looking statements are based on various hypotheses and assessments of known and unknown ri sks, uncertainties, and other factors which seemed sound at the time they were made, but which may or may not prove to be accurate. Some events are difficult to predict and can depend on factors on which WDP has no control. Statements contained in this pre ss release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. This uncertainty is further increased due to financial, operational, and regulatory risks and risks related to the economic outlook, which reduces the predictability of any declaration, forecast, or estimate made by WDP. Consequently, the reality of the ea rnings, financial situation, performance, or achievements of WDP may prove substantially different from the guidance regarding the future earnings, financial situation, performance, or achievements set out in, or implied by, such forward-looking statements. Given these uncertainties, investors are advised not to place undue reliance on these forward- looking statements. Additionally, the forward -looking statements only apply on the date of this press release. WDP expressly disclaims any obligation or underta king, unless if required by applicable law, it must release any update or revision in respect of any forward-looking statement, to reflect any changes in its expectations or any change in the events, conditions, assumptions, or circumstances on which such forward-looking statements are based. Neither WDP, nor its representatives, officers, or advisors, guarantee that the assumptions underlying the forward -looking statements are free from errors, and neither do they make any representation, warranty, or pred iction that the results anticipated by such forward-looking statements will be achieved.