Earnings release
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Press release – 30 July 2021 25 JULY 2025 Press Release Regulated Information Participate in the Analyst and investor video call Friday, 25 July 2025 10 a.m. CET
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2 Press release – 25 July 2025 WDP in the first half of 2025 #BLEND2027 strategy confirms effectiveness • Strong earnings per share growth: EPRA Earnings per share +6% y/y to 0.75 euros in H1 2025. • Leasing activity emphasises the strength of WDP platform: over 300,000 m² of new leases in H1 2025 across the breadth of operations and a slightly better-than-expected occupancy rate of 97.3%. • #BLEND2027 – all required investments fully secured: 440 million euros in development projects and acquisitions secured in H1 2025 at 6.8% NOI yield. As a result, all investments that were previously in the exclusive negotiation phase have now been committed. Moreover, approximately 125,000 m² of fully pre-let projects were completed. • #BLEND2027 – focus o n execution , targets confirmed : upon qualitative execution of the investment pipeline and the successful leasing of the limited available space , WDP will achieve the 2027 EPRA Earnings target of 1.70 euros per share . All this within a fully funded framework with a robust balance sheet, strong cash generation and ample 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%. “ Once again, WDP demonstrates the effectiveness of its #BLEND2027 strategy. Our leasing activity remains remarkably strong and versatile. As expected, our occupancy rate bottomed out in Q2 2025, and even came in slightly ahead of expectation. This highlights the strength of our commercial teams to capture demand, even in a stabilising market whose further recovery will depend on the broader geopolitical and macroeconomic environment. Moreover, we succeeded in securing all investments under #BLEND2027. Upon high-quality execution of our attractive investment pipeline and the successful leasing of the limited available space, we will realise our EPRA EPS target of 1.70 euros by 2027. This is where WDP truly sets itself apart: the ability to consistently deliver earnings per share growth throughout market cycles – even beyond 2027 . Our strategic pillars – client centricity, generating attractive total returns and capital discipline – remain key as we steadfastly build on our unique 10+ billion euros European logistics real estate platform. Joost Uwents – CEO Participate in the Analyst and investor video call 25 July 2025 – 10:00 a.m. CET CESThttps://wdp.engagestream.companywebc ast.com/hy2025-wdp-investor-analyst-call
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3 Press release – 25 July 2025 • Strong earnings growth thanks to effective multi-driver approach: EPRA Earnings of 171.2 million euros over H1 2025, a +10% increase y/y or +6% to 0.75 euros per share. This earnings growth was driven by investment activity and organic rental growth (+2.2%) combined with high operational efficiency (90%+ operating margin) and a continued competitive cost of debt (2.3%). • Leasing activity emphasises the strength of WDP platform: over 300,000 m² of new leases signed in H1 2025. This includes the existing portfolio, pre-let for ongoing projects under development – which stand out due to a significant increase to 75% pre-let (Q4 2024: 60%) – and new pre-let development projects. Occupancy remains high at 97.3% on 30 June 2025 (98.0% at the end of 2024), a slight decrease year-to-date as announced. This rental activity highlights the strength of our commercial platform, which is characterised by a client-centric focus and a diversified portfolio. In the short term, demand is stabilising at a lower level compared to previous years, with further recovery depending on the evolution of the geopolitical and macroeconomic environment. • Slight positive portfolio revaluation: +18.9 million euros or +0.2% since the beginning of this year (in Q1 2025: +11.4 million euros), based on a stable EPRA Net Initial Yield (5.4%). The net reversionary yield is 6.2% based on a fully occupied portfolio at market rent. The reversionary potential on the total portfolio amounts to +9%. • #BLEND2027 – all required investments fully secured: with 440 million euros of pre-let projects and acquisitions secured in H1 2025. This brings the pipeline in execution to 800 million euros at 6.7% NOI yield 1. As a result, all investments that were previously in the exclusive negotiation phase , required for the achievement of the 2027 EPS target, have been secured. • #BLEND2027 – focus on execution, objectives confirmed: upon the successful execution of the investment pipeline and the further leasing of the limited available space, WDP will achieve the 2027 EPRA Earnings target of 1.70 euros per share. The growth plan is fully funded due to the ample liquidity position of 1.2 billion euros of unused credit lines and expected auto -financing of cumulatively +600 million euros over 2025 –2027 (via retained earnings and optional dividends). This leaves the capital structure unchanged upon completion (with expected net debt / EBITDA (adj.) of <8x and a loan-to-value of <40% at the end of 2027) – respectively 7.7x and 41.3% as of 30 June 2025. As anticipated, this slight increase is the result of the execution of investments and the payment of the dividend (May 2025) – with a gradual decrease due to the strong cash flow generation over 2H 2025. • Further steps towards a full -fledged 10+ billion European platform: WDP’s unique, high-quality and diversified portfolio of 8+ billion euros consists of essential supply chain infrastructure primarily supplying the European economy – in stable sectors, such as food, pharma, e-commerce and FMCG. Since the launch of #BLEND2027, a solid foundation has been laid for continued growth into a full - fledged 10+ billion euros European platform. This year, WDP further strengthened its local footprint in France and Germany through the appointment of two experienced Country Managers and opening of new offices. • Outlook 2025: Confirmation of expected EPRA Earnings per share for 2025 of 1.53 euros, an underlying increase of +7% y/y. These forecasts are based on the current knowledge and situation and are barring unforeseen circumstances within the context of a volatile macroeconomic and geopolitical climate . 1 The NOI Yield is defined as the annualised net operating result (gross rental income minus the non -recoverable operating costs for property) compared to the total investment.
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4 Press release – 25 July 2025 All building blocks in place to achieve the #BLEND2027 earnings target As of 31 December 2024, the investment pipeline in execution amounted to 1.1 billion euros. During the first half of 2025, 375 million euros of this was executed and transferred to the existing real estate portfolio. As a result, WDP currently holds a remaining investment pipeline in execution of 800 million euros. With this robust investment pipeline in execution across the breadth of its operations and regions, and with continued structural positive trends supported by a strong balance sheet and full funding, WDP has everything in place to achieve its earnings target of 1.70 euros in EPRA Earnings per share in 2027. Annual rental potential as an indicator of future earnings growth (1) Pro ect completions and acquisitions 2026 27 2025 L eversion, leasing and development potential nnualised rent 31.06.2025 nde ation 2025 Pro ect completions acquisitions 2025 nnualised rent 31.12.2025 nde ation for 2026 27(2) ent reversion potential Potential annualised rent 31.12.2027 Potential long term annualised rent ent potential of secured land bank m nnualised rent 31.12.2024 ent added in 1 2025 etting activity potential (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, the potential of further lettings 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%. (1) Pipeline in execution of 1.1 billion euros, of which 400 million euros of transactions are in exclusive negotiations as of 31 December 2024. (2) Deals previously in exclusive negotiations were fully secured as of 30 June 2025. (3) Cost to come: 651 million euros as of 30.06.2025. 31.12.2024 Pipeline in e ecution (1) 2025 1 ew investments secured 2025 1 Pro ects and acquisitions completed 30.06.2025 nvestment pipeline in e ecution (2)(3) Deals in e clusive negotiation (1) 00 7 Pro ects and acquisitions completed 0 2 2 E 202 0 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
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5 Press release – 25 July 2025 I. Performance 1. Operational activities 1.1. Occupancy rate and leasing activity WDP recorded strong and broad leasing activity in the first half of 2025. On a total portfolio of approximately 8 million m² of lettable area, over 300,000 m² of new leases were signed: in the existing portfolio, for ongoing projects under development and new pre-let projects (i.e. excluding renewals in the existing portfolio). Notably, the pre-letting rate for projects under development increased significantly to 75% (Q4 2024: 60%). These new leases were contracted at the market rental levels and emphasise the commercial strength of the WDP platform in capturing new demand. In addition, approximately 125,000 m² of fully leased projects were delivered in H1 2025. As of 30 June 2025, the occupancy rate of the portfolio remained high at 97.3%, slightly better than expectations. Compared to 98.0% at year-end 2024, the slight decline was expected. In 2025, 13% of lease agreement will reach their next break: of these, 90% have already been successfully renewed, while the remaining 10% vacated , have been partly relet and are fully absorbed into the occupancy rate per 30 June 2025. This corresponds to a limited numbers of terminations, as previously outlined in the Q3 2024 results of 30 September 2024 . The retention rate has normalised compared to year- end, with 90% in line with the multi -year average. As previously communicated, WDP expects a minimum occupancy rate of 97% and a normalising retention rate for 2025, based on current rental market conditions. These healthy dynamics point to early signs of market recovery in the demand for logistics space. In the short term, demand is stabilising at a lower level compared to recent years . However, f urther recovery is dependent on developments in the g eopolitical and macroeconomic environment, which are currently delaying clients’ decision-making. Over the longer term, positive trends continue to support demand for logistics real estate, such as limited available space and the scarcity of land. Moreover, these trends seem to be reinforced by deglobalisation, which fuels diversification and resilienc e in supply chains and brings consumers and producers closer together. WDP’s clients are also 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. 440 million euros in new investments were signed in the first half of 2025 During 2025, WDP signed for approximately 440 million euros in investments. This package delivers a NOI yield of 6.8%2 and comprises new pre-let project developments and acquisitions as well as energy investments. Over the first half of 2025 , these investments were either executed or further added in the ongoing 1.5. investment pipeline in execution of approximately 800 million euros. These investments include the 400 million euros package of deals that was in exclusive negotiation as of 31 December 2024. Now that the negotiations are completed and the investment pipeline is secured, 2 Excluding energy projects. This concerns 6.2% in Western Europe and 8.6% in Romania. SUSTAINABLE GROWTH
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6 Press release – 25 July 2025 WDP has the required investment volume to achieve its EPRA Earnings target of 1.70 euros per share by 2027. 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 Aquila 1Q27 47,231 RO Bucharest - Dragomiresti Fully let 1Q26 11,092 RO Bucharest - Dragomiresti Fully let 4Q26 54,000 New pre-let projects under development 148,847 150 7.7% 100% BE Courcelles Centre Logistique de Wallonie 1Q25 31,105 BE Food logistics portfolio Sligro / Horeca Van Zon 2Q25 25,000 BE Lokeren Kris De Leeneer 3Q25 25,647 BE Londerzeel Various tenants 1Q25 9,383 FR Loudéac ID Logistics 3Q25 49,792 LU Foetz / Hautcharage Various tenants 1Q25 57,275 RO Timisoara Various tenants 2Q25 26,240 Acquisition of real estate 224,442 248 6.3% 98% Group Investments in Energy 1Q27 42 Energy investments 42 ~8% IRR Total 373,289 440 6.8% 99% 1.2.1. New pre -let project developments in the first half 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.
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7 Press release – 25 July 2025 The Netherlands Ridderkerk The existing capacity for Kivits Logistics Group BV will be further expanded with the development of a brand new refrigerated logistics warehouse of approximately 3 5,000 m² in the Dutch Fresh Port, the cluster and hotspot for the international AGF sector 3 . WDP’s investment 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 lease the new location for a 20 - year period and, at the same time, extend the lease of the existing premises to 20 years. 4 Romania B – D ș Expansion of the WDP Park Bucharest – Dragomirești with two high -quality logistics warehouses of around 47,000 m² with a climate- conditioned area with refrigeration and freezing as well as an ambient warehouse of around 11,000 m². Both distribution centres will be EDGE dvanced certified. WDP’s pro ected investment budget is approximately 52 million euros. Logistics service providers will lease the sites for 10 years. Moreover, over 16,000 m² of GLA is still available for future development on this site. 5 B – Ș fă ș In early 2026, WDP will start developing a new 54,000 m² distribution centre on a 150,000 m² site at WDP Park Bucharest – Ștefănești. The site has been pre -let to an international retailer with a triple-net lease of at least 15 years. The development – with an investment value of approximately 40 million euros – will attain the BREEAM Outstanding certification. WDP uses its 3 AGF sector is short for Aardappelen, Fruit, Groenten (or Potatoes, Fruit, Vegetables) sector. 4 See the press release of 9 April 2025. 5 See the press release of 9 April 2025.
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8 Press release – 25 July 2025 land bank to this end. Completion is scheduled for the end of 2026. An additional 20,000 m² of expansion potential is available.6 1.2.2 Acquisitions in the first half of 2025 Belgium Lokeren Agreement to sale -and-lease-back an automated high bay of approximately 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 temporar y lease in Zele while awaiting the new building completion. This combined property deal further anchors WDP’s presence in this superbly connected industrial park. The transaction is expected to be completed in autumn 2025, under the suspensive condition of obtaining the planning permit. The total investment is about 60 million euros, of which 40 million euros is for sale-and-lease-back.7 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. This further anchors WDP’s presence in the onderzeel business park that has direct access to the A12 motorway between Antwerp and Brussels.8 Courcelles In Courcelles, a logistics hub along the E42 Liège -Bergen motorway, WDP is acquiring 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.9 6 See the press release of 25 June 2025. 7 See the press release of 16 April 2025. 8 See the press release of 19 February 2025. 9 See the press release of 27 February 2025.
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9 Press release – 25 July 2025 okeren, BE WDP okeren industrial cluster f 25,000m 20y lease 2 N 18,000m 15y lease L 4,500m bridging delivery of new development in 2026 through multiple levers: upporting client s growth strategy cquisition e pertise n house land development E isting portfolio optimisation 0 E N E ED E L E E DE L E17 highway Ghent ntwerp
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10 Press release – 25 July 2025 Five urban sites in Antwerp, Namur, Sint -Katelijne -Waver, Wevelgem and Evergem WDP acquired five urban distribution sites covering 25,000 m² of lettable area on 75,000 m² of land. The sites are fully let to Sligro and Horeca Van Zon with long -term triple-net leases of at least 10 years. The transaction with a property value of 30 million euros was completed through a contribution in kind paid in new WDP shares. The sites’ strategic location reinforces their clustering within the WDP portfolio and supports efficient urban distribution for the food sector.10 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 achieved by acquiring the shares in the companies owning the sites. These are now 100% owned by WDP. 11 • 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 a high -tech lab, start-ups, life sciences, food and furniture manufacturing. • Three buildings in Foetz with over 17,000 m² of GLA on a 40,000 m owned plot near WDP’s existing cluster in Eurohub Sud. It has direct access to the A4 motorway. 10 See the press release of 11 June 2025. 11 See the press release of 27 February 2025.
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11 Press release – 25 July 2025 “ France Loudéac WDP completed the acquisition of a recently developed, fully leased distribution centre in Loudéac, located in the heart of Brittany. The site comprises about 50,000 m² of lettable area, supplemented by 3,500 m² of outdoor storage space. The warehouse was developed to Class A standards, is BREEAM Excellent -certified and is equipped with solar panels. It is fully leased to ID Logistics via a fixed triple -net lease until at least 2030.12 The 41 million euros investment generates a net yield of 6.3%. The site is strategically located along the Arc Atlantique axis, which is developing into a new logistics axis in France. Romania Timisoara WDP bought a standalone logistics site of around 26,000 m² within the city limits of Timisoara. This acquisition, driven by the site’s strategic location and attractive purchase price, supports sustainable urban logistics and last-mile distribution. Approximately 30% of the site is currently in use. Advanced negotiations are ongoing for the remaining space. 1.2.3 Investment in energy in the first half of 2025 During first half of 2025 , WDP added approximately 42 million euros of new energy investments to its investment pipeline. WDP targets an IRR of ~8% for these investments, coupled with a yield on cost of ~10–15%. 12 See the press release of 9 July 2025. Since the launch of its #BLEND2027 growth plan in 2024, WDP has achieved a breakthrough in France – growing its portfolio from 165 million euros towards 750 million euros. By building a strong local presence, both through a portfolio reaching critical mass and through a dedicated on-the-ground team based in Paris, WDP has laid the foundation for sustained growth.
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12 Press release – 25 July 2025 1.3. 94 million euros of projects were completed during the first half of 2025 During the first half of 2025, WDP completed a total lettable area in approximately 125,000 m² in pre- let projects. The NOI yield for the total of these projects, with an investment amount of approximately 94 million euros, is 6.1%13. 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 Various WWRS* 2Q25 39,500 8 BE total 93,003 62 NL Breda Dentalair 2Q25 9,124 7 NL Schiphol Kintetsu 1Q25 10,400 14 NL total 19,524 21 RO Baia Mare Maravet 1Q25 11,300 11 RO total 11,300 11 Total 123,827 94 *Joint venture 1.4. 273 million euros in acquisitions were completed during the first half of 2025 During the first half of 2025 , WDP completed the acquisition of a total lettable area in approximately 410,000 m² in acquisitions. The NOI yield for the total of these acquisitions, with an investment amount of approximately 273 million euros, is 6.7% 14. The average lease term is 5 years. Location Tenant Acquisition date Lettable area (in m²) Investment budget (in million euros) BE Courcelles Centre Logistique de Wallonie 1Q25 31,105 15 BE Londerzeel Various tenants 1Q25 9,383 7 BE Vilvoorde Various tenants 1Q25 186,000 100 BE Food logistics portfolio Sligro / Horeca Van Zon 2Q25 25,000 31 BE total 251,488 152 FR Reims Various tenants 2Q25 74,000 6 FR total 74,000 6 LU Foetz / Hautcharage Various tenants 1Q25 57,275 107 LU total 57,275 107 RO Timisoara Various tenants 2Q25 26,240 7 RO total 26,240 7 Total 409,003 273 13 This represents approximately 5.8% in Western Europe and 8.7% in Romania. 14 This represents approximately 6.7% in Western Europe and 9.0% in Romania.
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13 Press release – 25 July 2025 1.5. Investment pipeline in execution of approximately 800 million euros As of 30 June 2025, WDP has a total investment pipeline in execution of approximately 800 million euros with an expected NOI yield of 6.7%15. The cost to come is 651 million euros. Location Tenant Planned delivery date Lettable area (in m²) Investment budget Cost to date Cost to come m) NOI yield (in %) Pre- leased (in %) BE Lokeren Kris De Leeneer 4Q26 17,924 20 BE Various WWRS + in commercialisation* 2Q26 84,000 17 BE Grimbergen In commercialisation 4Q26 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 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 Aquila 1Q27 47,231 44 RO Bucharest – Ștefănești Fully let 4Q26 54,000 40 RO Bucharest - Dragomiresti Fully let 1Q26 11,092 8 Projects under development 474,686 387 123 264 7.3% 75% BE Lokeren Kris De Leeneer 3Q25 25,647 40 FR Bollène Boulanger/other 4Q26 76,077 96 FR Saint-Caradec ID Logistics 3Q25 49,792 41 NL Zwolle / Nijverdal Fully let 1Q27 74,000 90 Acquisition of real estate 225,516 267 0 267 5.9% 100% Group Investments in Energy Battery park 4Q28 65 ~10- 15% IRR Group Investments in Energy Solar panels 1Q27 77 ~8% IRR Energy investments N.R. 142 22 120 ~10% IRR N.R. Total pipeline in execution 700,202 796 145 651 6.7% 85% *Joint venture The development projects in execution amounting to approximately 387 million euros and a lettable area of about 475,000 m² are 75% pre-let. This represents a marked increase compared to the end of 2024 (Q4 2024: 60%), despite the completion of approximatel y 125,000 m² of fully pre -let projects in the first half of 2025. WDP remains committed to its policy of pre-leasing the projects before development start-up. However, exceptions may occur in practice, such as the expansion of existing sites or clusters, projects with remediation and construction obligations, or multi -tenant projects responding to demand for small(er) units in certain locations. These exceptions combined help explain why the pre -letting rates may temporarily be lower. Given the c ontinued scarcity and the overall decline in development activity in the market, WDP remains confident in the successful commercialisation of these projects upon delivery. 15 Excluding energy projects.
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14 Press release – 25 July 2025 2 0 million m² Potential leasable area 7 million m² Total surface area 1.6. 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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15 Press release – 25 July 2025 2. WDP ENERGY 2.1. Solar energy Currently, WDP has a total solar energy capacity of 245 MWp. This aligns with the ambition to achieve a capacity of 350 MWp by 2027. The expected annual revenues from solar energy could reach 40 million euros. 16 It is important to note that their gradual contribution to the earnings statement will be gradual due to the increased complexity and lead time of these projects (e.g. grid connection), and lower energy prices. As of 30 June 2025 , the installation of a capacity of 113 MWp is in execution, representing an investment budget of 77 million euros. 17 WDP targets an IRR of ~8% for these investments, coupled with a yield on cost of ~10%–15%. 2.2. Front-of-meter battery park WDP plans to install a large battery park at an existing site in Genk (Bosdel), 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, 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 t he grid during peaks or shortages and respond to variability in energy prices. These sites are also a crucial link in the 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 been obtained and W DP aims to have the battery farm operational by the end of 2028 subject to connection to the high-voltage grid. The project will be on the same site near the Albert Canal where the development of a European distribution centre for paint 16 Includes annual revenue of 7 million euros from green certificates for installations in Belgium delivered before 2013, which will gradually expire in the period 2028-32. 17 Of which 55 million euros is still to be invested. FUTURE LOGISTICS 113 MWp 2022 182 MWp 234 MWp H1 2025 2027 350 MWp 2024 245 MWp Target Under development In Operation In operation 2023
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16 Press release – 25 July 2025 manufacturer Rust -Oleum (Martin Matthijs) was recently completed. 18 The location is not a coincidence. The site is next to an Elia high-voltage substation. 2.3. Integrated energy projects WDP also has several small -scale Behind -the-Meter (BTM) BE pro ects – some operational and some planned – on sites with a PV installation and clients with high energy consumption (e.g. for an e- mobility hub with many EV fast charging needs), ensuring the maximisation of local solar energy consumption and reduced 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 dema nd. 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 increasing 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 local energy generation by solar panels, combined with smart charging facilities and batteries, will provide an answer to this. 18 See I. 1.2. 94 million euros of projects were completed during the first half of 2025. 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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17 Press release – 25 July 2025 “ 3. Corporate governance 3.1. Organisational structure supports European ambitions 19 The #BLEND2027 growth plan, supported by multiple drivers, will help WDP accelerate further in the coming years to become a full-fledged 10+ billion euro European logistics platform. Client focus and innovative entrepreneurship, supported by #TeamWDP, rema in the core values and drivers of our ambition. WDP has adapted and strengthened its organisational structure to achieve the strategic objectives of the plan and pursue sustainable earnings per share growth in the long term. The E ecutive Committee – comprising CEO Joost Uwents, CFO Mickaël Van den Hauwe and COO Michiel ssink – will drive WDP’s growth and strengthen the operational strength of the country teams. They are supported by specialised teams at the group level. 3.2. New office and Country Manager Christoph Telker in Germany 20 As part of its #BLEND2027 growth plan to further strengthen WDP as a European logistics platform, the group is further expanding its operations in Germany with the opening of an office in Düsseldorf. Christoph Telker will start as Country Manager on 1 Sept ember. He has more than 20 years of experience in logistics real estate, including as former Managing Director Germany at DLH. Based in Düsseldorf, the local team will further develop the German portfolio via project development and targeted acquisitions. The combination of local market knowledge and the strength of an international platform offers unique opportunities to implement sustainable logistics solutions for our clients and strengthen WDP’s role as a property partner in Germany and, thus, the entire European market. Christoph Telker – Country Manager WDP Germany. 3.3. WDP France gradually approaching 1 billion euros21 Since launching #BLEND2027 in 2024, WDP has made a breakthrough in France, with the portfolio growing from 165 million euros to almost 750 million euros when the investment pipeline is fully realised. WDP has laid the foundations for sustainable growth by building a strong local presence via a portfolio with critical mass as well as via a dedicated local team based in Paris, led by newly appointed Country Manager François Le Levier, former Industrial & Logistics Managing Director at CBRE France. 19 See the press release of 15 January 2025. 20 See the press release of 19 June 2025. 21 See the press release of 15 January 2025. SUSTAINABLE GROWTH
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18 Press release – 25 July 2025 4. #TeamWDP 4.1. Great Place To Work® In 2025, WDP was certified as a Great Place To Work® for the second year in a row. Great Place To Work® is the global authority when it comes to workplace culture. A comprehensive survey gauges how employees perceive the workplace and measures confidence and encouragement to develop both personally and professionally. An organisation can create great workplaces by using insights gained from the results to make improvements and strategic decisions that align with global standards. VITALLY ENGAGED
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19 Press release – 25 July 2025 5. ESG benchmark and performance 5.1. WDP recognised as most sustainable Belgian real estate player in TIME ranking and FT Europe’s Climate Leaders 2025 WDP achieves the highest position among Belgian real estate companies in the Financial Times Europe’s Climate eaders 2025, which evaluates 600 European companies on their progress in reducing Scopes 1 and 2 emissions intensity over 2018 –2023. Transparency around Scope 3 emissions and concrete climate commitments also count in the assessment.22 Moreover, WDP was recognised as the number one Belgian real estate group in the global TIME World’s Most ustainable Companies 2025, from which the 500 most sustainable companies worldwide emerge based on their 2023 performance in terms of CO ₂ reduction, transparency and sustainable operational management. 23 These awards emphasise WDP’s continued commitment to sustainability as anchored in its #BLEND2027 strategy plan. Targeted initiatives are actively implemented to make the property portfolio more sustainable and support clients in the transition to a climate-neutral future. 5.2. ESG benchmark performance WDP’s active participation in assessments, ratings and reporting according to recognised international standards underlines its ambition to take a prominent role in sustainability. 22 See Europe’s Climate eaders 2025: interactive listing. 23 See World’s Most ustainable Companies of 2025 T ME. SUSTAINABLE GROWTH
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20 Press release – 25 July 2025 II. The share 1. Share performance Figures per share 30.06.2025 31.12.2024 31.12.2023 Number of shares in circulation on closing date 232,653,901 225,534,676 219,433,809 Free float 81% 79% 79% Market capitalisation (in euros) 4,815,935,751 4,285,158,844 6,253,863,557 Traded volume in shares 63,455,160 70,073,859 56,098,783 Average daily volume (in euros) 10,542,608 6,597,492 5,827,019 Free float velocity¹ 67.7% 39.2% 32.2% Stock exchange price highest 22.5 28.2 30.5 lowest 18.2 18.8 22.6 closing 20.7 19.0 28.5 IFRS NAV² (in euros) 20.4 21.0 20.2 EPRA NTA (in euros)♦ 20.8 21.1 20.1 Dividend payout ratio n.r. 81% 85% EPRA Earnings/share³ (in euros) 0.75 1.50 1.40 EP Earnings/share⁴ (in euros) 0.74 1.48 1.32 Gross dividend/share (in euros) n.r. 1.20 1.12 Net dividend/share (in euros) n.r. 0.84 0.78 The Alternative Performance Measures (APM), used by WDP, are accompanied by a symbol (♦). The definition and reconciliation can be consulted in the Annexes of this document. 1 The number of shares traded per half-year divided by the total number of free float shares at the end of term and then extrapolated to a term of twelve months. 2 IFRS NAV: the IFRS NAV is calculated as shareholder equity as per IFRS divided by the number of dividend -entitled shares on the balance sheet date. It pertains to the net value per share of the public GVV/SIR according to GVV/SIR legislation. 3 On the basis of the pro-rata-temporis basis for the weighted average number of shares over the period. 4 On the basis of the number of shares entitled to dividend at the end of each period. EURONEXT Brussels and Amsterdam IPO: 28/06/1999 Listing: continuous ISIN code: BE0003763779 Liquidity provider: Van Lanschot Kempen and KBC Securities
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21 Press release – 25 July 2025 WDP share return versus EPRA indices Share price versus EPRA NTA Value creation at every stage of the market cycle Thanks to its integrated model as a developer and end investor, WDP is able to remain active as a net investor over the full value curve through market cycles. Almost two thirds of the portfolio comprises its own developments supplemented by value-add acquisitions and strategic platform expansions. This enables selective capital allocation and strategic steering across the risk spectrum aligned with market cycles and price evolutions. With #BLEND2027, the four-year growth plan for 2024-2027, WDP is dedicated to external and internal growth. The plan stands out due to its flexibility in seizing opportunities in a rapidly changing market. Earnings per share growth is driven by a blend of factors, such as geographical expansion, internal growth, energy-efficient solutions and innovative developments.
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22 Press release – 25 July 2025 Stable growth with a focus on long-term value creation Following the recovery in the capital market cycle in 2024, the foundation was laid for value acquisitions. With demand gradually picking up in 2025, WDP expects balanced growth between its own developments and acquisitions. Thanks to its scalable platform and strong commercial capabilities, WDP is able to consistently capture opportunities in a market that, despite stabilising at a lower level than in recent years, continues to be marked by persistent uncertainty driven by a volatile geopolitical and macroeconomic environment. With #BLEND2027, the four -year growth plan for 2024 –2027, WDP is focusing on both external and internal growth. The plan stands out due to its flexibility in seizing opportunities in a rapidly changing market. EPRA Earnings growth per share is driven by a blend of factors such as geographic expansion, internal growth, energy-efficient solutions, and innovative developments. Strong return on equity by navigating each phase of the capital cycle ET O E T (1) 2 EP EP 0 L N N E N N E 20 EP T C G s 2014 24 7%12%13%10%8%8%7%6%6%22%6%EP EP (y/y, %) 7%12%14%10%8%8%7%6%6%18%5%DP (y/y, %) 5% 3%3%40%12%26%22%14%14%15% %EP T (y/y, %) E 18% 23% 23% 22% 30% 32% 18% 46% 7% 2% 10% 2014 2015 2016 2017 2018 201 2020 2021 2022 2023 2024 (1) eturn on Equity or total accounting return is calculated as yearly E P T growth including gross dividends distributed.
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23 Press release – 25 July 2025 2. Shareholding Number of shares (declared) Date of the statement (in %) Free float 187,545,659 80.6% BlackRock-related companies¹ 12,070,144 03.07.2025 5.2% AXA Investment Managers S.A.¹ 4,738,986 02.11.2018 2.0% Norges Bank¹ 6,350,449 18.09.2023 2.7% Other shareholders under the statutory treshold² 164,386,080 26.05.2025 70.7% Family Jos De Pauw (reference shareholder)³ 45,108,242 26.06.2025 19.4% Total 232,653,901 100% 1 The percentage is determined under the assumption that the number of shares has not changed since the most recent declaration of transparency, and taking into account the total number of outstanding shares in WDP. 2 The number of publicly held shares was determined under the assumption that since the declarations of transparency, nothing has changed with regard to the composition of the share portfolio of the shareholders obligated to report major holdings by virtu e of the Belgian Law of 2 May 2007 on disclosure of major holdings in issuers whose shares are admitted for trading on a regulated market and with various provisions. 3 On 26 October 2012, the Reference Shareholder, the Jos De Pauw family, assigned all of its shares, held in mutual concert, in joint ownership under the family company structure RTKA, which institutionalised the existing mutual concert. The holders of vot ing rights are the members of the management body RTKA, to the exclusion of all other right holders in respect to the participation. 3. Financial calendar 17 October 2025 Publication of Q3 2025 results 30 January 2026 Publication of 2025 annual results 30 March 2026 Publication of annual report for the financial year 2025 24 April 2026 Announcement of Q1 2026 results 29 April 2026 Annual General Meeting on the financial year 2025 30 April 2026 Ex-date dividend 2025 For any changes, reference is made to the financial agenda on the WDP website.
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24 Press release – 25 July 2025 III. Financial results 171.2 million euros 8.3 billion euros 90.3% EPRA Earnings Fair value of the property portfolio Operating margin 0.75 euros 97.3% 2.2% EPRA Earnings per share Occupancy rate Like-for-like rental growth 5.5 years 20.8 euros Average term of the leases EPRA NTA per share EPRA key performance indicators 30.06.2025 31.12.2024 EPRA NTA (in euros per share) 20.8 21.1 EPRA NRV (in euros per share) 22.8 23.0 EPRA NDV (in euros per share) 20.7 21.4 EPRA LTV (in %) 42.9 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 %) 2.7 2.0 EPRA Cost Ratio (incl. direct vacancy costs) (in %) 11.1 11.5 EPRA Cost Ratio (excl. direct vacancy costs) (in %) 10.6 11.2 The definition and reconciliation of the Alternative Performance Measures (APM), for example the EPRA key performance measure s, used by WDP, are to be consulted in the Annexes of this document.
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25 Press release – 25 July 2025 Consolidated key figures Operational 30.06.2025 31.12.2024 Fair value of property portfolio (including solar panels) (in million euros) 8,257.8 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) 5.5 5.7 Occupancy rate² (in %) 97.3 98.0 Like-for-like rental growth (in %)♦ 2.2 2.6 Operating margin³ (in %)♦ 90.3 89.6 Financial 30.06.2025 31.12.2024 Loan-to-value (in %)♦ 41.3 38.3 Gearing ratio (proportionate) (in line with the GVV/SIR Royal Decree) (in %) 43.5 40.5 Net debt / EBITDA (adjusted) (in x)♦ 7.7 7.2 nterest Coverage atio⁴ (in ) 5.0 6.9 Average cost of debt (in %)♦ 2.3 1.9 Average remaining duration of outstanding debt (in years) 4.2 4.9 Weighted average maturity of all drawn and undrawn credit lines 4.5 5.2 Hedge ratio (in %)♦ 78 89 verage remaining term of hedges⁵ (in years) 4.4 4.8 Result (in million euros) 30.06.2025 30.06.2024 Property result 228.3 192.4 Operating result (before the result on the portfolio) 206.1 172.3 Financial result (excluding change in the fair value of financial instruments) ♦ -36.9 -15.7 EPRA Earnings♦ 171.2 156.1 Result on the portfolio - Group share♦ -12.3 56.0 Change in the fair value of financial instruments - Group share -13.4 8.3 Depreciation and write-down on solar panels - Group share -6.3 -5.9 Net result (IFRS) - Groupe share 139.2 214.6 Details per share (in euros) 30.06.2025 30.06.2024 EPRA Earnings♦ 0.75 0.71 Result on the portfolio - Group share♦ -0.05 0.25 Change in fair value of the financial instruments - Group share -0.06 0.04 Depreciation and write-down on solar panels - Group share -0.03 -0.03 Net result (IFRS) - Group share 0.61 0.97 F V⁶ 20.4 20.1 EPRA NTA♦ 20.8 19.9 EPRA NRV♦ 22.8 21.8 EPRA NDV♦ 20.7 20.7 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 H1 2025 and H1 2024. 4 Defined as operating result (before the result on the portfolio) divided by interest charges less interest and dividends co llected 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 fluctuations. 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’ equity as per F divided by the number of shares entitled to dividend on the balance sheet date.
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26 Press release – 25 July 2025 1. Notes to the earnings statement Consolidated results (analytical scheme) (in euros x 1,000) H1 2025 H1 2024 ∆ y/y (abs.) ∆ y/y (%) Rental income, net of rental-related expenses 220,831 185,312 35,519 19.2% Indemnification related to early lease terminations 0 0 0 n.r. Income from solar energy 13,280 10,809 2,470 22.9% Other operating income/costs -5,815 -3,738 -2,077 n.r. Property result 228,295 192,383 35,912 18.7% Property charges -10,486 -8,846 -1,640 18.5% General Company expenses -11,726 -11,234 -491 4.4% Operating result (before the result on the portfolio) 206,084 172,303 33,781 19.6% Financial result (excluding change in the fair value of the financial instruments) -36,884 -15,692 -21,192 135.0% Taxes on EPRA Earnings -8,380 -2,653 -5,727 n.r. Deferred taxes on EPRA Earnings 0 -1,050 1,050 n.r. Share in the result of associated companies and joint ventures 10,377 7,400 2,977 n.r. Minority interests 0 -4,179 4,179 -100.0% EPRA Earnings 171,197 156,128 15,069 9.7% Variations in the fair value of investment properties (+/-) 19,787 59,758 -39,970 n.r. Result on disposal of investment property (+/-) 135 -41 176 n.r. Deferred taxes on the result on the portfolio (+/-) -32,230 -8,085 -24,145 n.r. Share in the result of associated companies and joint ventures 55 6,128 -6,074 n.r. Result on the portfolio -12,252 57,761 -70,013 n.r. Minority interests 0 -1,711 1,711 n.r. Result on the portfolio - Group share -12,252 56,050 -68,302 n.r. Change in the fair value of financial instruments -12,995 10,777 -23,772 n.r. Share in the result of associated companies and joint ventures -428 -2,508 2,080 n.r. Change in the fair value of financial instruments -13,423 8,270 -23,772 n.r. Minority interests 0 0 0 n.r. Change in the fair value of financial instruments - Group share -13,423 8,270 -21,692 n.r. Depreciation and write-down on solar panels -5,713 -5,826 113 n.r. Share in the result of associated companies and joint ventures -622 -216 -407 n.r. Depreciation and write-down on solar panels -6,335 -6,042 -293 n.r. Minority interests 0 162 -162 n.r. Depreciation and write-down on solar panels - Group share -6,335 -5,879 -456 n.r. Net result (IFRS) 139,187 220,296 -81,109 n.r. Minority interests 0 -5,728 5,728 n.r. Net result (IFRS) - Group share 139,187 214,569 -75,381 n.r. Key ratios (in euros per share) H1 2025 H1 2024 ∆ y/y (abs.) ∆ y/y (%) EPRA Earnings¹ 0.75 0.71 0.05 6.5% Result on the portfolio - Group share¹ -0.05 0.25 -0.31 n.r. Change in the fair value of financial instruments - Group share¹ -0.06 0.04 -0.10 n.r. Depreciation and write-down on solar panels - Group share¹ -0.03 -0.03 0.00 n.r. Net result (IFRS) - Group share¹ 0.61 0.97 -0.36 n.r. EPRA Earnings² 0.74 0.70 0.04 5.5% Weighted average number of shares 227,092,339 220,536,739 6,555,600 3.0% Number of shares entitled to dividend 232,653,901 223,797,576 8,856,325 4.0% 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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27 Press release – 25 July 2025 Consolidated results (in euros x 1,000) Q2 2025 Q2 2024 ∆ y/y (abs.) ∆ y/y (%) Rental income, net of rental-related expenses 110,727 94,857 15,871 16.7% Indemnification related to early lease terminations 0 0 0 n.r. Income from solar energy 8,733 7,191 1,542 21.4% Other operating income/costs 658 866 -209 n.r. Property result 120,118 102,914 17,204 16.7% Property charges -5,207 -4,341 -865 19.9% General Company expenses -6,235 -5,516 -719 13.0% Operating result (before the result on the portfolio) 108,676 93,057 15,620 16.8% Financial result (excluding change in the fair value of the financial instruments) -19,079 -8,752 -10,327 118.0% Taxes on EPRA Earnings -4,380 -1,866 -2,514 n.r. Deferred taxes on EPRA Earnings 0 -550 550 n.r. Share in the result of associated companies and joint ventures 5,372 4,064 1,308 n.r. Minority interests 0 -2,091 2,091 n.r. EPRA Earnings 90,590 83,863 6,728 8.0% Variations in the fair value of investment properties (+/-) 8,582 33,149 -24,566 n.r. Result on disposal of investment property (+/-) -69 5 -74 n.r. Deferred taxes on the result on the portfolio (+/-) -12,180 -2,152 -10,028 n.r. Share in the result of associated companies and joint ventures -348 -622 274 n.r. Result on the portfolio -4,015 30,379 -34,394 n.r. Minority interests 0 -1,223 1,223 n.r. Result on the portfolio - Group share -4,015 29,156 -33,171 n.r. Change in the fair value of financial instruments -11,553 2,218 -13,771 n.r. Share in the result of associated companies and joint ventures -1,163 193 -1,356 n.r. Change in the fair value of financial instruments -12,716 2,411 -15,126 n.r. Minority interests 0 0 0 n.r. Change in the fair value of financial instruments - Group share -12,716 2,411 -15,126 n.r. Depreciation and write-down on solar panels -2,237 -4,191 1,954 n.r. Share in the result of associated companies and joint ventures -584 -187 -396 n.r. Depreciation and write-down on solar panels -2,821 -4,379 1,558 n.r. Minority interests 0 151 -151 n.r. Depreciation and write-down on solar panels - Group share -2,821 -4,228 1,407 n.r. Net result (IFRS) 71,039 114,365 -43,326 n.r. Minority interests 0 -3,163 3,163 n.r. Net result (IFRS) - Group share 71,039 111,201 -40,162 n.r. Key ratios (in euros per share) Q2 2025 Q2 2024 ∆ y/y (abs.) ∆ y/y (%) EPRA Earnings¹ 0.40 0.38 0.02 4.8% Result on the portfolio - Group share¹ -0.02 0.13 -0.15 n.r. Change in the fair value of financial instruments - Group share¹ -0.06 0.01 -0.07 n.r. Depreciation and write-down on solar panels - Group share¹ -0.01 -0.02 0.01 n.r. Net result (IFRS) - Group share¹ 0.31 0.50 -0.19 n.r. EPRA Earnings² 0.39 0.37 0.01 3.9% Weighted average number of shares 228,496,053 221,639,669 6,856,383 3.1% Number of shares entitled to dividend 232,653,901 223,797,576 8,856,325 4.0% 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 July 2025 1.1. Property result The property result amounts to 228.3 million euros over the first half of 2025 , an increase of + 18.7% compared to last year (192.4 million euros). This increase stems from pre-let new construction projects and acquisitions combined with organic rental growth. The unchanged portfolio saw the level of rental income increase by +2.2% (+1.8% in Q1 2025). Gross rental income by country (in euros x 1,000) Belgium The Netherlands France Germany Luxembourg Romania Total IFRS Joint ventures¹ I. Rental income 59,725 87,493 13,013 4,038 3,808 53,462 221,539 4,610 III. Expenses related to leases² 13 220 64 0 22 -1,027 -708 0 Rental income, net of rental-related expenses 59,738 87,713 13,077 4,038 3,829 52,436 220,831 4,610 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 13.3 million euros in solar panel income, compared to 10.8 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 earnings statement, however, will be gradual, due to the increased complexity and l onger 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) is 206.1 million euros over H1 2025, up by +19.6% compared to the same period last year ( 172.3 million euros). Property and other general expenses amount to 22.2 million euros in the first half of 2025 (20.1 million euros in H1 2024). At +10%, these items increase less than proportionally with the property result, such that the operating margin increased slightly to 90.3% from 89.6% in H1 2024. WDP expects to maintain its high annualised operating margin of above 90%. 1.3. Financial result (excluding the changes in fair value of financial instruments) The financial result (excluding changes in the fair value of financial instruments) increased to - 36.9 million euros in H1 2025 compared to -15.7 million euros in H1 2024. This was driven entirely by the cost of incremental debt to finance growth and in line with the #BLEND2027 growth plan. Proactive financial management ensures the average all -in interest rate remaineds low at 2.3% over H1 2025 and is still based on a high hedge ratio of 78%. This result takes into account a limited amount of 4.1 million euros of capitalised interest on development projects. This financial result also includes the recurring interest rate cost for land under concession of 2.5 million euros, which is recognised v ia the Financial result in accordance with IFRS 16. 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 as of 31 December 2024).
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29 Press release – 25 July 2025 1.4. Share in the result of associated companies and joint ventures The result of 10.4 million euros over H1 2025 mainly involves the contribution following the participation in Catena. 1.5. Taxes s of 1 January 2025, the FB regime will no longer apply to WDP’s Dutch operations. This is because the Dutch government changed the law that excluded real estate investments from the FBI regime. This change is expected to result in an estimated additiona l annual tax burden on EPRA Earnings of approximately -11 million euros from 2025 onwards, equivalent to -0.05 euros per share. However, this impact is already included in the earnings target of the #BLEND2027 growth plan. 24 In addition, this change also 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 WDP EPRA Earnings for H1 2025 amount to 171.2 million euros. This result is an increase of + 10% compared to the result of 156.1 million euros in H1 2024. This strong growth was driven by the impact of pre -let pro ects, realised acquisitions and organic rental growth. WDP’s proactive financial management supports this and keeps the average interest cost low. In addition, at the beginning of 2025, WDP acqui red the remaining 15% stake in WDP Romania, which led to the elimination of the minority interest line item in the earnings statement. EPRA Earnings per share rose + 6.5% to 0.75 euros compared to 0.71 for the same period a year earlier. This also includes a +3% increase in the weighted average number of shares outstanding, which is mainly due to the strengthening of capital in Q2 2025 (108 million euros via optional dividend), Q1 2025 (6.5 million euros via contribution in kind) and Q3 2024 (40 million euros via contribution in kind). 1.7. esult on the portfolio (including the share of oint ventures) – Group share The portfolio revaluation (excluding deferred taxes on the portfolio result and the result on sales of investment properties) is + 18.9 million euros (Q1 2025: +11.4 million euros), an increase of + 0.2% year-to-date based on a stable EPRA Net Initial Yield of 5.4%. This breaks down by country as follows: Belgium ( -13.1 million euros), the Netherlands ( +22.4 million euros), France ( +7.6 million euros), Romania (-0.6million euros), Germany (+1.7 million euros), and Luxembourg (+0.9 million euros). The result on the portfolio (including the share of oint ventures and after deferred ta es) – Group share for H1 2025 is -12.3 million euros or -0.05 euros per share. For the same period last year, this result amounted to 56.0 million euros or 0.25 euros per share.
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30 Press release – 25 July 2025 1.8. Change in the fair value of financial instruments – Group share Changes in fair value of financial assets and liabilities – Group share 25 amount to -13.4 million euros over H1 2025 or -0.06 euros per share (versus 8.3 million euros or 0.04 euros per share over H1 2024). The fair value variation has no impact on cash and is an unrealised item, so 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 ventures) – 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 -6.3 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 ( F ) – 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 ( F ) – Group share for H1 2025 of 139.2 million euros (compared to the same period last year, when it amounted to 214.6 million euros). The difference between net result ( F ) – Group share of 139.2 million euros and the EPRA Earnings of 171.2 million euros is mainly due to the slight increase in the value of the portfolio, deferred taxes, and the slightly negative variation of interest rate hedging instruments. 25 Changes in the fair value 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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31 Press release – 25 July 2025 2. Notes to the balance sheet Consolidated balance sheet (in euros x 1,000) 30.06.2025 31.12.2024 ∆ (abs.) ∆ (%) Intangible fixed assets 1,426 1,599 -173 n.r. Investment property 7,898,946 7,513,487 385,459 5.1% Other tangible fixed assets (including solar panels) 178,824 180,962 -2,138 -1.2% Financial fixed assets 39,757 70,150 -30,393 -43.3% Trade receivables and other fixed assets 418 563 -145 -25.7% Participations in associated companies and joint ventures 369,139 357,741 11,398 3.2% Fixed assets 8,488,510 8,124,502 364,008 4.5% Assets held for sale 0 0 0 n.r. Trade receivables 37,162 27,722 9,440 n.r. Tax receivables and other current assets 23,660 26,402 -2,743 n.r. Cash and cash equivalents 14,834 10,374 4,460 n.r. Accruals and deferrals 17,902 14,211 3,691 n.r. Current assets 93,558 78,709 14,849 n.r. Total assets 8,582,068 8,203,210 378,858 4.6% (in euros x 1,000) 30.06.2025 31.12.2024 ∆ (abs.) ∆ (%) Capital 241,280 233,356 7,924 3.4% Issue premiums 2,295,208 2,159,254 135,954 6.3% Reserves 2,071,887 1,917,802 154,085 8.0% Net result for the financial year 139,187 435,499 -296,312 -68.0% Shareholders' equity attributable to Group shareholders 4,747,563 4,745,912 1,651 0.0% Minority interests 0 91,647 -91,647 -100.0% Shareholders' equity 4,747,563 4,837,559 -89,996 -1.9% Non-current financial debt 2,981,129 2,990,736 -9,607 -0.3% Other non-current liabilities 215,071 155,654 59,417 38.2% Non-current liabilities 3,196,200 3,146,390 49,810 1.6% Current financial debt 489,070 73,016 416,055 569.8% Other current liabilities 149,235 146,246 2,989 2.0% Current liabilities 638,305 219,262 419,044 191.1% Liabilities 3,834,505 3,365,652 468,854 13.9% Total liabilities 8,582,068 8,203,210 378,858 4.6%
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32 Press release – 25 July 2025 Key ratios (in euros per share) 30.06.2025 31.12.2024 ∆ (abs.) ∆ (%) IFRS NAV 20.4 21.0 -0.6 -3.0% EPRA NTA♦ 20.8 21.1 -0.3 -1.3% Share price 20.7 19.0 1.7 8.9% Premium/Discount with respect to EPRA NTA -0.6% -9.9% n.r. n.r. (in euros x million) Fair value of the portfolio (including solar panels)¹ 8,257.8 7,869.8 388.0 4.9% Loan-to-value♦ 41.3% 38.3% 3.0% n.r. Gearing ratio (proportional)²♦ 43.5% 40.5% 3.0% n.r. Net debt / EBITDA (adjusted)♦ 7.7x 7.2x 0.5x 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 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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33 Press release – 25 July 2025 2.1. Property portfolio According to the independent real estate experts Stadim, JLL, CBRE and BNP Paribas Real Estate, the fair value26 of WDP’s property portfolio per 40, as of 30 June 2025, amounted to 8,076.0 million euros compared to 7,685.1 million euros at the start of the financial year (including the heading Assets held for sale). Together with the valuation at fair value of the investments in solar panels 27, the total portfolio value evolved to 8,257.8 million euros compared to 7,869.8 million euros at the end of 2024. This value of 8,257.8 million euros includes 7,668.3 million euros in completed properties (standing portfolio).28 Projects under development account for a value of 221.7 million euros. Moreover, WDP has land reserves with a fair value of 185.9 million euros. The investments made in solar panels were valued at a fair value as per 30 June 2025 were valued at a fair price of million euros as of 181.8 million euros. Overall, the portfolio is valued at a gross rental yield of 6.2%29. Currently, the portfolio is valued at an EPRA Net Initial Yield of 5.4%. The current contractual rent is approximately 9% lower than the market rent. The net reversionary yield is30 6.2% based on full letting at market rent. 2.2. NAV per share The EPRA NTA per share amounted to 20.8 euros as of 30 June 2025. This represents a decrease of -0.3 euros (-1.3%) versus an EPRA NTA per share of 21.1 euros on 31 December 2024 due to EPRA Earnings generation (+ 0.75 euros), dividend payment ( -1.20 euros), portfolio revaluation (including solar panels) (+0.05 euros) and other (+0.13 euros). IFRS NAV per share 31 amounts to 20.4 euros as of 30 June 2025 compared to 21.0 euros as of 31 December 2024. 26 For the exact valuation method, we refer to the BE-REIT press release of 9 July 2025. 27 Investments in solar panels are valued per IAS 16 by applying the revaluation model. 28 Including a right of use of 96 million euros related to the land held through a concession in accordance with IFRS 16. 29 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). 30 The reversionary yield is calculated by dividing the estimated market rent value – less non-recoverable 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. 31 The IFRS NAV is calculated as the equity capital as per IFRS divided by the total number of shares entitled to dividend on the balance sheet date. This is the net value according to Belgian GVV/SIR legislation.
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34 Press release – 25 July 2025 IV. Management of financial resources Financial key figures 30.06.2025 31.12.2024 Loan-to-value♦ 41.3 38.3 Gearing ratio (proportional) (in line with the GVV/SIR Royal Decree) (in %) 43.5 40.5 Net debt / EBITDA (adjusted) (in x)♦ 7.7 7.2 Interest Coverage Ratio (in x)¹ 5.0 6.9 Average cost of debt (in %)♦ 2.3 1.9 Average remaining term of outstanding debts (in years) 4.2 4.9 Hedge ratio (in %)♦ 78 89 Average remaining term of interest rate hedges (in years)² 4.4 4.8 The Alternative Performance Measures (APM) used by WDP, are accompanied by a symbol (♦). Their definition and reconciliation can be consulted in the Annexes of this document. 1 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. 2 Remaining term of debt at fixed rate and interest rate hedges entered into to hedge the debt against interest rate fluctuations. 100% FINANCING NEEDS COVERED ✓ 100% refinancing until at least 2026 ✓ 100% committed ✓ CAPEX covered ✓ 100% commercial paper covered GEARING RATIO 7.7x Net debt / EBITDA (adjusted) 5.0x Interest Coverage Ratio LIQUIDITY 1.2 Undrawn credit facilities billion euros MATURITY OF OUTSTANDING DEBT 4.2 years 78% Debt maturity Hedge ratio GREEN FINANCING 2.2 billion euros LOAN-TO-VALUE 41.3% 4.4 years Maturity of hedges 2.3% Cost of debt outstanding debt 62% CREDIT RATINGS Fitch BBB Stable Outlook Moody’s B Positive Outlook
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35 Press release – 25 July 2025 1. Debt structure 1.1. Financial position Total financial debt increased to 3,470.2 million euros as of 30 June 2025, compared to 3,063.8 million euros as of 31 December 2024 , following the payment of the dividend in May 2025 and the realised and planned investments in the first half of the year. Loan-to-value –which balances net financial debt against portfolio value 32– remains low at 41.3% as of 30 June 2025 compared to 38.3% as of 31 December 2024. Moreover, net debt / EBITDA (adj.), the key capital structure metric, which measures the actual debt repayment capacity, is very strong at 7.7x (7.2x as of 31 December 2024) . This slight increase is as anticipated the result of the execution of investments and the payment of the dividend (May 2025), and will be followed by a gradual decrease in the second half of the year due to the strong cash flow generation. As of 30 June 2025, the total undrawn and confirmed long-term credit lines are 1.2 billion euros33. This gives the company sufficient funds for the execution of the investment pipeline of approximately 800 million euros (with cost to come: 651 million euros) and funding the debt maturities until the end of 2026 (460 million euros). This excludes the expected auto -financing capacity (driven by retained earnings and optional dividends) cumulatively +600 million euros over 2025-2027, 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 o ver 2025-27, the loan -to-value – based on the current valuation of the portfolio – remains <40% and the net debt / EB TD (ad .) <8 by the end of 2027. Moreover, this auto-financing of around 200 million euros p.a. has an annual impact of around - 3 percentage points on the loan-to-value and -0.5x on net debt / EBITDA (adj.). Consolidated financial debt outstanding as of 30 June 2025 32 Based on IFRS accounts, including solar panels and investments in joint ventures and associates. 33 Excluding the credit facilities to cover the commercial paper programme.
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36 Press release – 25 July 2025 1.2. Maturity dates The majority of the debt instruments are bullet type instruments, which implies that , over the term, interest is due on the principal sum and that full repayment of the capital is due on the final maturity date. The maturity dates are evenly distributed over time. The current financial debt of 489.1 million euros includes the commercial paper programme (103.5 million euros), short-term straight loans (34.8 million euros) and long-term financing maturing within the year (350.7 million euros). The weighted average term of WDP’s outstanding financial debt as of 30 June 2025 was 4.2 years34 compared to 4.9 years at the end of 2024. Maturity of credit facilities 1.3. Cost of debt and hedges The average cost of debt was 2.3% in the first half of 2025 (compared with 1.9% for the full financial year 2024). WDP’s proactive financial management keeps interest costs particularly sharp with an all- in cost of debt expected at 2.3% over 2025. The hedge ratio, which measures the percentage of financial debt at a fixed or floating interest rate and then hedged via Interest Rate Swaps (IRSs) is 78% with a weighted average hedging term of 4.4 years and no major maturities until 2027. 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 (compared to 6.9x as of 31 December 2024). 34 Including short-term debt.
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37 Press release – 25 July 2025 Evolution of hedge ratio at a constant debt position 1.4. Financing strategy during 2025 1.4.1. New financial resources in 2025 Optional dividend amounting to 103 million euros35 The WDP shareholders chose for around 57% of their shares for a contribution of their dividend rights in consideration for new shares instead of cash dividend payments. This result led to a capital increase of around 108 million euros for WDP by way of the creation of 5,339,550 new shares, at an issue price of 20.16 euros per share. Capital increase through contribution in kind for 30 million euros 36 WDP is strengthening its logistics portfolio by acquiring five urban distribution sites dedicated to B2B supply for food professionals. This acquisition was realised through a contribution in kind of the sites against payment of 1,468,380 new WDP shares at an issue price of (rounded) 20.43 euros. This transaction resulted in a reinforcement of equity by 30 million euros. Capital increase through contribution in kind of approximately 6.5 million euros 37 The sale-and-leaseback 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 by 6.5 million euros. 1.4.2. Credit rating update In June 2025, Moody’s reaffirmed WDP’s long -term issuer rating of Baa1 credit rating with a Positive Outlook. Moreover, in June 2025, Fitch affirmed WDP’s BBB+ Long-Term Issuer Rating with Stable Outlook and A-senior unsecured debt rating38. 35 See the press release of 21 May 2025. 36 See the press release of 11 June 2025. 37 See the press release of 19 February 2025. 38 See the press release of 16 June 2025.
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38 Press release – 25 July 2025 1.5. Financial risks In 2025, WDP has again continuously monitored the potential impact of financial risks and has taken the necessary measures to manage these risks. For a detailed overview of the financial and other risks, see V11. Risk factors.. 1.6. Significant events after the balance sheet date Early July 2025, the sale-and-leaseback of a recently developed, leased distribution centre in Loudéac (Brittany, France) was completed. For more information on this, see 1.4. 440 million euros in new investments signed in the first half of 2025.
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39 Press release – 25 July 2025 V. Property report 1. Review of the consolidated property portfolio 1.1. Condition of the portfolio as of 30 June 2025 The independent property experts Stadim, JLL, Cushman & Wakefield, CBRE, and BNP Paribas Real Estate value WDP’s property portfolio (including Assets held for sale and excluding solar panels) as of 30 June 2025 at a fair value 39 of 8,076.0 million euros per IAS 40. The fair value at the end of 2024 amounted to 7,685.1 million euros. The portfolio breaks down as follows: Fair value (in million euros) Belgium The Netherlands France Germany Luxembourg Romania Total Existing buildings 2,474.4 2,924.5 562.9 160.5 210.7 1,335.1 7,668.0 Projects under development 51.4 88.9 8.6 0.0 0.0 72.9 221.7 Land reserves 24.6 19.9 4.1 0.0 0.0 137.4 185.9 Assets held for sale 0.3 0.0 0.0 0.0 0.0 0.0 0.3 Total 2,550.7 3,033.3 575.6 160.5 210.7 1,545.3 8,076.0 Geographical breakdown of the fair value of the portfolio 39 The fair value at which the investment properties are measured consists of the investment value less transaction costs. The a verage theoretical local transaction costs deducted from the investment value are as follows, by country: Belgium: 2.5%, The Netherlands: 10.4%, France: 6.9%, Luxembourg: 7.0%, Germany: 7.8% and Romania: 1.5%. Note 1.5. Segmented information - Assets provides an update on the 2.5% theoretical transaction costs applied in Belgium.
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40 Press release – 25 July 2025 Portfolio statistics by country Belgium The Netherlands France Germany Luxembourg Romania Total Number of lettable sites 115 113 19 3 7 81 338 Gross lettable area (in m²) 2,812,890 2,939,813 537,615 121,207 133,231 1,986,404 8,531,159 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) 2,551 3,033 576 160 211 1,545 8,076 % of total fair value 32% 38% 7% 2% 3% 19% 100% % change in fair value (YTD) -0.5% 0.7% 1.3% 1.1% 0.4% 0.0% 0.2% Vacancy rate (EP )¹′ 5.4% 0.5% 2.0% 0.0% 0.7% 3.8% 2.7% Average lease length till break (in y)² 5.4 5.4 5.8 4.5 3.9 6.1 5.5 WDP gross initial yield³ 5.6% 6.0% 5.2% 5.0% 6.5% 8.4% 6.2% Effect of vacancies -0.3% -0.1% -0.1% 0.0% -0.1% -0.3% -0.2% 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 4.9% 5.0% 4.8% 4.6% 5.8% 7.4% 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). Breakdown of the fair value of the portfolio per property expert Property expert Country Fair value in euros (x 1,000) Share of the portfolio Stadim Belgium¹ 1,403,424 17% Jones Lang LaSalle Belgium Belgium¹ 1,147,323 14% Jones Lang LaSalle Netherlands The Netherlands 1,572,058 19% CBRE Netherlands The Netherlands 1,461,209 18% BNP Paribas Real Estate France 575,561 7% CBRE Romania Romania 1,545,258 19% CBRE Germany Germany 160,455 2% Jones Lang LaSalle Luxembourg Luxembourg² 210,701 3% Total 8,075,988 100% 1 Including the proportionate share of the portfolio in I Love Hungaria NV, WDPort of Ghent Big Box NV and Gosselin-WDP NV. 2 Including the proportionate share of the portfolio in WDP Luxembourg SA. 1.2. Changes in fair value during the first half of 2025 In the first half of 2025, WDP invested a total of 277 million euros in new acquisitions. An additional 94 million euros was spent on the completion of pre-leased projects for their own account and investment in the existing portfolio. The variation in the valuation of investment properties amounted to 18.9 million euros ( 0.2%) during the first half of 2025, based on a stable EPRA Net Initial Yield of 5.4%. The gross rental yield based
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41 Press release – 25 July 2025 on the contractual rent, after the addition of the estimated market rent value for the unlet parts, amounts to 6.2% as of 30 June 2025, compared to 6.2% at the end of 2024. Historic gross rental yield of the WDP portfolio 1.3. Value and composition of the rental portfolio The total surface area comprises 2,067.5 hectares, including 157.2 ha granted in concession. The average land value is 120 euros per m², excluding transaction costs. This area also includes land reserves, particularly in Belgium, the Netherlands and Romania. Designated use as of 30 June 2025 Built surface (in m²) Estimated rental value (in million euros) Estimated average rental value per m² (in euros) % of total rental value Warehouses 7,587,903 443.5 58.5 86% Offices at warehouses 545,748 57.4 105.3 11% Miscellaneous 397,508 12.6 31.7 2% Total 8,531,159 513.6 60.2 100%
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42 Press release – 25 July 2025 Breakdown of fair value by age40 Breakdown of total rental value by intended use Breakdown of property portfolio (based on fair value) by property quality categorisation Breakdown of property portfolio (based on fair value) by property type * This concerns the BREEAM-certified and EDGE-certified buildings within the WDP property portfolio. 40 Buildings that have undergone significant renovations are considered new once their renovations are complete. 55% Urban logistics properties are General warehouse or Cross -dock buildings that are close to large, densely populated consumer areas and can offer quick delivery times. 59% Green certified*
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43 Press release – 25 July 2025 1.4. Rental situation of the available buildings The occupancy rate of the WDP portfolio remains at a high level at 97.3% as of 30 June 2025 and is slightly better than expected. As previously announced, based on the existing rental market situation, WDP expects an occupancy rate of at least 97% over 2025 and a normalising retention rate. Positive trends, such as limited land availability and scarcity, support the gradual improvement in demand and emphasise the long-term structurally sound foundation of the sector. WDP’s commercial strategy is focused on building long -term relationships with clients and supporting the company’s performance through a high operating margin. The development of long -term partnerships with clients is further reflected in the fact that the average remaining maturity date of the leases is 6.6 years. Assuming the first option of termination, the average remaining duration is 5.5 years. Historical occupancy rate of the WDP portfolio Rental income expiry dates (until the first option of termination)
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44 Press release – 25 July 2025 Top-10 tenants (excluding solar panels ~24%) Rental income 2025 by category of end user Dedicated e-commerce 16% 3PL 35% End-user 65% 1.5. Overview of investment pipeline in execution of 800 million euros For a complete overview of the investment pipeline in execution as of 30 June 2025 , refer to 1.5. Investment pipeline in execution of approximately 800 million euros in I. Performance.
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45 Press release – 25 July 2025 1.6. Review of the logistics property market 41 1.6.1. Logistics property remains robust in complex market environment The European logistics real estate market continues to be driven by structural , long-term positive trends that support sustained demand for logistic real estate. Examples include the growth of e-commerce, urban distribution, reshoring and sustainable use of space. These trends continue to underpin the sector over the long term. At the same time, demand for logistics space came unde r pressure in the first half of 2025 due to ongoing uncertainty in a volatile geopolitical and macroeconomic environment. This is reflected in a more cautious decision-making process among tenants. In this context of persistent uncertainty, expansion plans are postponed in the short term. Tenants are focusing on optimising existing space and supply chain investments are being postponed in the short term. As expected, this has led to a slight increase in average market vacancy, now at around 5% across various European markets. Structural demand from tenants remains intact, albeit at a lower normalised level. The slowdown in demand for large -scale pre-let activity affects the rate at which new developments are launched. At the same time, trends such as limited availability and land scarcity continue to constrain supply over in the medium to long term. These supply -side limitations are expected to support a gradual recovery in demand. Over the long term, structural tailwinds remain firmly in place. Deglobalisation is furthermore encouraging the diversification and resilience of supply chains. Nearshoring brings production and consumers closer together, which in turn supports demand for logistics space. On the investment side, logistics real estate remains a solid and attractive asset class within the broader property portfolio of institutional investors. Prime net yields in Western Europe remain stable around 5%, supporting continued interest in the segment given the attractive rental gr owth outlook. 41 Source: broker reports and macro research.
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46 Press release – 25 July 2025 1.6.2. Belgium and Luxembourg WDP has a unique position in Belgium and Luxembourg, with a 2.762 billion euros portfolio distributed across 2.9 million m² of lettable area. These sites spread over 122 sites are strategically located along essential core axes. This results in a market penetration equivalent to over 17% market share. GDP Growth rate 2025E 0.8% Werkloosheids- percentage 2024 5.6% E-commerce penetration rate 2024 18% Inflation rate 2025E 2.8% Take-up 0.2 million m 2 New space under construction (speculative) 0 million m 2 Prime yield 4.8% Market vacancy rate 2025E 4.5% 35% of the fair value Macro statistics Market situation tsituatie
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47 Press release – 25 July 2025 1.6.3. The Netherlands WDP occupies a special position in the Netherlands with a 3 -billion-euro portfolio spread over more than 2.9 million m² of lettable area. These strategically located sites spread across 113 cities are located at crucial logistics hubs. WDP has a market sha re of more than 6%. GDP Growth rate 2025E 1.3% Unemployment rate 2024 3.7% E-commerce penetration rate 2024 20% Inflation rate 2025E 3.0% Take-up 0.5 million m 2 New space under construction (speculative) 1 million m 2 Prime yield 4.8% Market vacancy rate 2025E 4.9% 38% of the fair value Macro statistics Market situation
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48 Press release – 25 July 2025 1.6.4. Romania WDP has a leading position in Romania with a portfolio of over 1.5 billion euros spread over almost 2.0 million m2 of lettable area. This lettable area is spread over 81 strategically located sites. This results in a market penetration equivalent to a market share of 25%. GDP Growth rate 2025E 1.4% Unemployment rate 2024 5.5% E-commerce penetration rate 2024 10% Inflation rate 2025E 4.1% Take-up 0.1 million m 2 New space under construction (speculative) 0.2 million m 2 Prime yield2 7.5% Market vacancy rate 2025E 5.1% 19% of the fair value Macro statistics Market situation ituatie
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49 Press release – 25 July 2025 Lille A1 PARI S A4 Rennes A6 Nantes Lyon Bordeaux A7 Toulouse Marseille 1.6.5. France WDP is strengthening its presence in France with a portfolio worth over €580 million, representing approximately 540,000 square metres of lettable area. This space is spread across 19 strategically located sites. With this, WDP confirms its expansion strategy in the French logistics real estate market. GDP Growth rate 2025E 0.6% Unemployment rate 2024 7.4% E-commerce penetration rate 2024 12% Inflation rate 2025E 0.9% Take-up 0.9 million m 2 New space under construction (speculative) 0.8 million m 2 Prime yield 4.9 % Market vacancy rate 2025E 5.8 % 7% of the total fair value Macro statistics Market situation
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50 Press release – 25 July 2025 1.6.6. Germany In Germany, WDP operates close to strategic distribution hubs and/or multimodal transport opportunities in North Rhine -Westphalia. GDP Growth rate 2025E 0% Unemployment rate 2024 3.3% E-commerce penetration rate 2024 15% Inflation rate 2025E 2.4% Take-up 1.3 million m 2 New space under construction (speculative) 1.1 million m 2 Prime yield 4.4% Market vacancy rate 2025E 3.3% 2% of the fair value Macro statistics Market situation Hamburg Berlin Dusseldorf A4 A65 Frankfurt A3 A5 Munich
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51 Press release – 25 July 2025 VI. 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, and taking into account a low payout ratio of 80%, a dividend per share of 1.23 euros gross is projected for 2025 (payable in 2026). Underlying assumptions • Impact from pre-let development projects and acquisitions (including minority stake WDP Romania). • Organic growth of +2%: CPI-indexation of leases at +2.6% and the impact of upward rent reviews of +0.4% (based on 500,000 m² reviewed at +12% in 2024), partly offset by an average decline y/y of approximately -1% in the occupancy rate. • 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 / EB TD (adj.) <8x and an average cost of debt of 2.3%. These forecasts are based on the current knowledge and situation and are barring unforeseen circumstances within the context of a volatile macroeconomic and geopolitical climate. 2025 outlook confirmed: underlying EPRA earnings per share growth of +7% 1.47 1.58 1.53 +0.03 0.0 0.02 0.05 EP EP 2024 nvestment activity ike for like rental growth nderlying EP growth mpact abolishment Dutch E T regime EP EP 2025 Guidance 1.53 +7% underlying EP EP DP 1.23 +0.05 CP and rent reversion 0.03 Occupancy (minimum 7%) one off /share +7%
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52 Press release – 25 July 2025 2. Growth plan #BLEND2027: targets confirmed #BLEND2027 = multiple drivers in multiple markets approach The four -year #BLEND2027 growth plan was launched in early 2024 and aims to continue earnings per share growth – capitalising on growth opportunities internally and also e ternally through investments in new project developments, selective value -add acquisitions and energy solutions. To this end, WDP is going beyond looking within its existing core markets. It is also expanding its operations 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 half of 2025, 375 million euros of this was executed and transferred to the existing portfolio. As a result, WDP currently holds a remaining investment pipeline in execution of 800 million euros. Upon the qualitative execution of the investment pipeline and the successful leasing of the limited available space WDP will realize the EPRA Earnings target of 1.70 euros per share by 2027. Moreover, based on the liquidity position of 1.2 billion euros of unused credit lines and expected auto -financing of cumulatively +600 million euros over 2025 –2027 (via retained earnings and option al dividend), the growth plan is fully funded and capital structure neutral upon completion, with an expected net debt/EBITD A (adj.) of <8x and a loan-to-value of <40% at the end of 2027 – 7.7x and 41.3% respectively as of 30 June 2025. As anticipated, this slight increase is the result of the implementation of investments and the payment of the dividend (May 2025) – with a gradual decrease due to the strong cash flow generation over the second half of t he year. With this robust investment pipeline in execution across its breadth of activities and regions, and with continued structural positive trends supported by a strong balance sheet and full funding, WDP has everything in place to achieve its earnings target of 1.70 euros EPRA Earnings per share by 2027. The focus will now be on the qualitative and timely implementation of the investment pipeline and the continuation of strong and versatile rental performance. #BLEND2027 1.70 euros +6% CAGR(1) EP EP 2027 DPS 1.36 euros Based on: • Robust investment pipeline: approximately 800 million euros investment pipeline in execution • Organic growth: CPI indexation in full and interest reversion • Financing requirements covered: 1.2 billion euros in unused credit lines and 600 million euros in auto financing expected 2025–2027 • 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% versus EPRA Earnings per share of 1.50 euros in 2024, adjusted for one-offs of 0.03 euros per share in 2024 and the impact of the abolishment of the Dutch REIT status as from 2025 of -0.05 euros per share. (2) Based on the current interest rate curve.
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53 Press release – 25 July 2025 The drivers in the #BLEND2027 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 involving a combination of sustainable developments and acquisitions within the existing markets in Benelux and Romania ( <20% in Romania) and continuing 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 and helping decarbonise 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. WDP’s robust 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). Underlying assumptions and hypotheses for achieving the #BLEND2027 goals: • 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. These forecasts are based on the current knowledge and situation and are barring unforeseen circumstances within the context of a volatile macroeconomic and geopolitical climate.
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54 Press release – 25 July 2025 VII. Risk factors WDP’s management and Board of Directors confirm the validity of the risks the Company may face and their potential impact, as described in the WDP Annual Report 2024.
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55 Press release – 25 July 2025 VIII. Interim financial statements 1. Condensed consolidated financial statements for the first half of 2025 Condensed consolidated earnings statement in euros (x 1,000) Note H1 2025 FY 2024 H1 2024 Rental income 7 221,539 398,183 184,912 Costs related to leases -708 213 400 Net rental result 4 220,831 398,396 185,312 Recovery of property costs 0 0 0 Recovery of rental charges and taxes normally paid by the tenant on let properties 27,203 40,179 28,527 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 -34,989 -47,799 -33,882 Other income and charges related to leases 15,251 26,742 12,425 Property result 4 228,295 417,519 192,383 Technical costs -6,106 -10,738 -5,034 Commercial costs -1,058 -1,614 -809 Property management costs -3,322 -6,351 -3,002 Property charges 4 -10,486 -18,703 -8,846 Property operating results 4 217,809 398,816 183,537 General Company expenses -11,726 -22,230 -11,234 Other operating income and expenses (depreciation and write -down on solar panels) -5,713 -10,553 -5,826 Operating result (before the result on the portfolio) 200,371 366,032 166,477 Result on disposals of investment properties 135 717 -41 Variations in the fair value of investment properties 8 19,787 151,138 59,758 Operating result 4 220,294 517,887 226,194 Financial income 424 893 438 Net interest charges -35,264 -38,620 -14,636 Other financial charges -2,043 -3,017 -1,494 Change in the fair value of financial instruments -12,995 -23,667 10,777 Financial result -49,878 -64,411 -4,915 Share in the result of associated companies and joint ventures 9,381 19,415 10,805 Result before taxes 179,797 472,891 232,084 Taxes 11 -40,609 -23,342 -11,787 Net result 139,187 449,549 220,296 Attributable to: Minority interests 0 14,050 5,728 Shareholders of the Group 139,187 435,499 214,569 Weighted average number of shares 227,092,339 222,736,116 220,536,739 Net result per share (in euros) 0.61 1.96 0.97 Diluted net result per share (in euros) 0.61 1.96 0.97
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56 Press release – 25 July 2025 Condensed consolidated statement of overall result in euros (x 1,000) H1 2025 H1 2024 I. Net result 139,187 220,296 II. Other elements of the comprehensive result -10,276 -12,807 G. Other elements of the comprehensive result, after tax -10,276 -12,807 Revaluation on solar panels -9,742 -8,652 Currency translation differences linked to conversion of foreign activities 6,731 -6,515 Reserve for the balance of changes in fair value of authorised hedging instruments subject to hedge accounting as defined by IFRS (+/-) -7,266 2,360 Comprehensive result 128,911 207,489 Attributable to: - Minority interests 0 5,727 - Shareholders of the Group 128,911 201,762
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57 Press release – 25 July 2025 Components of the net result in euros (x 1,000) H1 2025 H1 2024 EPRA Earnings 171,197 156,128 Result on the portfolio (including share joint ventures) - Group share¹ -12,252 56,050 Change in the fair value of financial instruments – Group share -13,423 8,270 Depreciation and write-down on solar panels (including share joint ventures) - Group share -6,335 -5,879 Net result (IFRS) - Group share 139,187 214,569 in euros (per share)² H1 2025 H1 2024 EPRA Earnings 0.75 0.71 Result on the portfolio (including share joint ventures) - Group share¹ -0.05 0.25 Change in the fair value of financial instruments – Group share -0.06 0.04 Depreciation and write-down on solar panels (including share joint ventures) - Group share -0.03 -0.03 Net result (IFRS) - Group share 0.61 0.97 1 Including deferred taxes on portfolio result. 2 Calculated on the weighted average number of shares. in euros (per share) (diluted)² H1 2025 H1 2024 EPRA Earnings 0.75 0.71 Result on the portfolio (including share joint ventures) - Group share¹ -0.05 0.25 Change in the fair value of financial instruments – Group share -0.06 0.04 Depreciation and write-down on solar panels (including share joint ventures) - Group share -0.03 -0.03 Net result (IFRS) - Group share 0.61 0.97 1 Including deferred taxes on portfolio result. 2 Calculated on the weighted average number of shares.
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58 Press release – 25 July 2025 Balance sheet (in euros x 1,000) Note 30.06.2025 31.12.2024 30.06.2024 Fixed assets 8,488,510 8,124,502 7,346,525 Intangible fixed assets 1,426 1,599 1,632 Investment property 8 7,898,946 7,513,487 6,751,298 Other tangible fixed assets (including solar panels) 178,824 180,962 162,233 Financial fixed assets 10 39,757 70,150 107,204 Trade receivables and other fixed assets 10 418 563 1,648 Participations in associated companies and joint ventures 369,139 357,741 322,509 Current assets 93,558 78,709 82,818 Assets held for sale 0 0 4,094 Trade receivables 10 37,162 27,722 30,404 Tax receivables and other current assets 10 23,660 26,402 16,165 Cash and cash equivalents 10 14,834 10,374 11,275 Accruals and deferrals 10 17,902 14,211 20,880 Total assets 8,582,068 8,203,210 7,429,343 (in euros x 1,000) Note 30.06.2025 31.12.2024 30.06.2024 Shareholders' equity 4,747,563 4,837,559 4,584,493 I. Shareholders' equity attributable to the parent company shareholders 4,747,563 4,745,912 4,501,137 Capital 241,280 233,356 231,519 Issue premiums 2,295,208 2,159,254 2,121,545 Reserves 2,071,887 1,917,802 1,933,505 Net result for the financial year 139,187 435,499 214,569 II. Minority interests 0 91,647 83,357 Liabilities 3,834,505 3,365,652 2,844,849 I. Non-current liabilities 3,196,200 3,146,390 2,639,253 Provisions 236 236 160 Non-current financial debt 9, 10 2,981,129 2,990,736 2,510,406 Other non-current financial liabilities 10 85,493 79,020 64,151 Trade payables and other non-current liabilities 9,578 9,068 6,810 Deferred taxes - liabilities 11 119,765 67,330 57,725 II. Current liabilities 638,305 219,262 205,597 Current financial debt 9 489,070 73,016 72,343 Other current financial liabilities 10 206 189 189 Trade payables and other current debts 10 102,207 91,792 82,782 Other current liabilities 10,626 10,363 8,517 Accrued charges and deferred income 10 36,197 43,902 41,767 Total liabilities 8,582,068 8,203,210 7,429,343
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59 Press release – 25 July 2025 Cash flow statement in euros (x 1,000) Note H1 2025 H1 2024 Cash and cash equivalents, opening balance 10,374 13,029 Net cash flows concerning operating activities 217,739 117,932 Net result 139,187 220,296 Taxes¹ 11 40,609 11,787 Net interest charges 35,264 14,636 Financial income -424 -438 Gain(-)/loss (+) on disposals -135 41 Cash flows from operating activities before adjustment of non-monetary items, working capital and interest paid 214,502 246,323 Change in the fair value of financial instruments 12,995 -10,777 Variations in the fair value of investment properties 8 -19,787 -59,758 Depreciations and write-downs (addition/reversal) on fixed assets 6,550 6,625 Share in the result of associated companies and joint ventures -9,381 -10,805 Other adjustments for non-monetary items -4,399 -12,213 Adjustments for non-monetary items -14,023 -86,927 Increase (-)/decrease (+) in working capital 17,260 -41,462 Net cash flows concerning investment activities -296,465 -215,182 Investments -298,208 -203,712 Payments regarding acquisitions of real estate investments 8 -153,043 -159,970 Payments for acquisitions of shares in real estate companies - net cash acquired 8 -130,777 -31,679 Purchase of other tangible and intangible fixed assets -14,387 -12,063 Disposals 66 6,171 Receipts from the disposal of investment properties 66 6,171 Investments in and financing provided to associated companies and joint ventures -823 -19,650 Investments in and financing provided to associated companies and joint ventures -2,950 -19,650 Repayment of financing provided to associated companies and joint ventures 2,127 0 Dividends received 2,500 2,007 Net cash flows concerning financing activities 83,186 95,496 Loan acquisition 9 505,327 344,146 Loan repayment 9 -125,567 -82,741 Dividends paid² -163,466 -143,255 Capital increase 0 0 Interest paid -41,461 -22,655 Payments for acquisitions of minority interests -91,647 0 Net increase (+)/decrease (-) in cash and cash equivalents 4,460 -1,754 Cash and cash equivalents, closing balance 14,834 11,275 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 2025 and 2024 an optional dividend was offered, with 57% and 60% of the shareholders, respectively, opting for payout of the dividend in shares instead of cash.
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60 Press release – 25 July 2025 Consolidated statement of changes ’ in euros (x 1.000) 01.01.2025 Allocation of result from the 2024 financial year Net result for the first half year Changes in the fair value of solar panels Capital increases Capital increase as a result of optional dividend Dividends distributed Impact of (pre-) hedging instruments Minority interests¹ Other 30.06.2025 Total shareholders' equity 4,837,559 0 139,187 -9,742 36,329 107,549 -271,015 -7,266 -91,647 6,608 4,747,563 Minority interests 91,647 -91,647 0 Total shareholders' equity attributable to shareholders of the Group 4,745,912 0 139,187 -9,742 36,329 107,549 -271,015 -7,266 0 6,608 4,747,563 Subscribed capital 233,356 1,902 6,021 241,280 Issue premiums 2,159,254 34,426 101,528 2,295,208 Reserves 1,917,802 435,499 -9,742 -271,015 -7,266 6,608 2,071,887 Net result for the period 435,499 -435,499 139,187 139,187 in euros (x 1.000) 01.01.2024 Allocation of result from the 2023 financial year Net result for the first half year Changes in the fair value of solar panels Capital increases Capital increase as a result of optional dividend Dividends distributed Impact of (pre-) hedging instruments Minority interests¹ Other 30.06.2024 Total shareholders' equity 4,520,571 0 220,296 -8,652 0 102,295 -245,766 2,360 0 -6,610 4,584,493 Minority interests 77,647 5,728 -1 -17 83,357 Total shareholders' equity attributable to shareholders of the Group 4,442,924 0 214,569 -8,651 0 102,295 -245,766 2,360 0 -6,593 4,501,137 Subscribed capital 226,860 4,659 231,519 Issue premiums 2,023,908 97,636 2,121,545 Reserves 2,169,857 22,299 -8,651 -245,766 2,360 -6,593 1,933,506 Net result for the period 22,299 -22,299 214,569 214,569 1 At the beginning of 2025, WDP acquired the remaining 15% shares in WDP Romania, which resulted in the elimination of the mi nority interests item from equity. See the press release dated 30 January 2025.
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61 Press release – 25 July 2025 2. Notes 2.1. General information on the Company WDP is a publicly regulated real estate company and has the form of a public regulated real estate company under Belgian law. Its registered office is at Blakebergen 15, 1861, Wolvertem (Belgium). The phone number is +32 (0)52 338 400. The interim condensed financial statements of the Company as of 30 June 2025 include the Company and its subsidiaries. WDP is listed on Euronext Brussels and Amsterdam. 2.2. Basis of presentation The condensed interim financial statements are drawn up in accordance with the International Financial Reporting Standards (IFRS) and in accordance with the international standard IAS 34 Interim Financial Reporting as adopted by the European Union and with the legal and regulatory requirements applicable in Belgium. A number of new standards and amendments to standards are effective for financial years commencing after 1 January 2025. The Group is not an early adopter of any of the forthcoming new or amended standards for preparing these condensed consolidated interim financial statements. The condensed interim financial statements are presented in thousands of euros, rounded to the nearest thousand. The 2025 and 2024 periods are shown in this document. For historical financial information for the 2023 period, please refer to the annual reports for 2024 and 2023. Accounting methods were consistently applied to the financial years shown. The standards have no or only immaterial impact on the consolidated financial statements, except for IFRS 18. WDP is assessing the attendant impact. Standards and interpretations applicable for the financial year beginning on or after 1 January 2025 • Amendments to IAS 21 The effects of changes in exchange rates: lack of convertibility, issued on 15 August 2023, clarify when a currency is exchangeable into another currency (and when it is not). When a currency is not exchangeable, a company needs to estimate a spot rate. The company’s objective when estimating a spot rate is that it reflects the rate at which an orderly exchange transaction would take place at the measurement date between market participants under prevailing economic conditions. The amendments contain no specific requirements for estimating a spot rate. Under the amendments, companies will need to provide new disclosures to help users assess the impact of using an estimated exchange rate on the financial statements. Nieuwe of gewijzigde standaarden en interpretaties die nog niet van kracht zijn • Amendments to the Classification and Measurement of Financial Instruments— Amendments to IFRS 9 and IFRS 7, issued on 30 May 2024, will address diversity in accounting practice by making the requirements more understandable and consistent. The amendments include: - Clarifications on the classification of financial assets with environmental, social and corporate governance (ESG) and similar features—ESG-linked features in loans could affect whether the loans are measured at amortized cost or fair value. To resolve any potential
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62 Press release – 25 July 2025 diversity in practice, the amendments clarify how the contractual cash flows on such loans should be assessed. - Clarifications on the date on which a financial asset or financial liability is derecognized. The IASB also decided to develop an accounting policy option to allow a company to derecognize a financial liability before it delivers cash on the settlement date if specified criteria are met. The International Accounting Standards Board has also introduced additional disclosure requirements to enhance transparency for investors regarding investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features, for example features tied to ESG-linked targets. The amendments are effective for annual reporting periods beginning on or after 1 January 2026 with early adoption permitted. These amendments have been endorsed by the EU. • Annual Improvements Volume 11, issued on 18 July 2024, include clarifications, simplifications, corrections and changes aimed at improving the consistency of several IFRS Accounting Standards. The amended Standards are: - IFRS 1 First-time Adoption of International Financial Reporting Standards; - IFRS 7 Financial instruments: Disclosures and its accompanying Guidance on implementing IFRS 7; - IFRS 9 Financial instruments: - IFRS 10 Consolidated financial statements; and - IAS 7 Statement of Cash Flows. The amendments are effective for annual reporting periods beginning on or after 1 January 2026 with early adoption permitted. These amendments have not been endorsed by the EU. • IFRS 18 Presentation and Disclosure in Financial Statements, issued on 9 April 2024, will replace IAS 1 Presentation of Financial Statements. The new standard introduces the following key new requirements: - Entities are required to classify all income and expenses into five categories in the earnings statement, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present newly defined ope rating profit subtotal. Entities’ net result will not change. - Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements. - Enhanced guidance is provided on how to group information in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. The standard is effective for annual reporting periods beginning on or after 1 January 2027 with early adoption permitted. The standard has not yet been endorsed by the EU. • IFRS 19 Subsidiaries without Public Accountability: Disclosures, issued on 9 May 2024, will allow eligible subsidiaries to apply IFRS Accounting Standards with reduced disclosure
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63 Press release – 25 July 2025 requirements. A subsidiary will be to apply the new standard in its consolidated, separate or individual financial statements provided that, at the reporting date: - it does not have public accountability; and - its parent produces consolidated financial statements under IFRS Accounting Standards. The standard is effective for annual reporting periods beginning on or after 1 January 2027 with early adoption permitted. The standard has not yet been endorsed by the EU. • Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and IFRS 7, issued on 18 December 2024, will help entities better report on the financial effects of nature- dependent electricity contracts, which are often structured as Power Purchase Agreements (PPAs). Nature-dependent electricity contracts help companies to secure their electricity supply from sources such as wind and solar power. The amount of electricity generated under these contracts can vary based on uncontrollable factors such as weather conditions. Current accounting requirements may not adequately capture how these contracts affect a company’s performance. The amendments include: - clarifying the application of the ‘own use’ requirements; - permitting hedge accounting if these contracts are used as hedging instruments; and - adding new disclosure requirements to enable investors to understand the effect of these contracts on a company’s financial performance and cash flows. okThe amendments are effective for annual reporting periods beginning on or after 1 January 2026 with early adoption permitted. These amendments have not been endorsed by the EU. 2.3. Significant accounting estimates and key uncertainties affecting estimates WDP’s management and Board of Directors confirm that the significant accounting estimates and key uncertainties, as described in the WDP Annual Report 2024, are still up-to-date.
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64 Press release – 25 July 2025 2.4. egmented information – Operating result in euros (x 1,000) H1 2025 Belgium The Netherlands France Germany Luxembourg² Romania Unallocated amounts Total IFRS Luxembourg³ I. Rental income 59,725 87,493 13,013 4,038 3,808 53,462 0 221,539 2,707 III. Costs related to leases 13 220 64 0 22 -1,027 0 -708 0 Net rental result 59,738 87,713 13,077 4,038 3,829 52,436 0 220,831 2,707 IV. Recovery of property costs 0 0 0 0 0 0 0 0 0 V. Recovery of rental charges normally paid by the tenant on let properties 11,113 2,434 1,181 371 0 12,104 0 27,203 255 VI. Costs payable by tenants and paid out by the owner for rental damage and refurbishment at end of lease 0 0 0 0 0 0 0 0 0 VII. Rental charges and taxes normally paid by the tenant on let properties -12,820 -7,548 -1,261 -371 -27 -12,963 0 -34,989 -261 VIII. Other income and charges related to leases¹ 6,900 6,248 114 49 189 1,753 0 15,251 254 Property result 64,931 88,846 13,111 4,087 3,991 53,329 0 228,295 2,956 IX. Technical costs -1,596 -2,173 -83 -17 -67 -2,170 0 -6,106 -65 X. Commercial costs -664 -129 -20 -40 80 -286 0 -1,058 0 XII. Property management costs -1,614 -318 -14 -5 -272 -1,099 0 -3,322 -6 Property charges -3,874 -2,621 -117 -61 -259 -3,555 0 -10,486 -71 Property operating results 61,057 86,226 12,994 4,026 3,732 49,775 0 217,809 2,885 XIV. General company expenses 0 0 0 0 0 0 -11,726 -11,726 -123 XV. Other operating income and expenses (depreciation and write-down on solar panels) -3,945 -1,345 0 0 -87 -336 0 -5,713 -77 Operating result (before result on the portfolio) 57,112 84,881 12,994 4,026 3,645 49,438 -11,726 200,371 2,685 XVI. Result on disposals of investment properties 136 0 0 0 0 0 0 135 0 XVIII. Variations in the fair value of investment properties -12,358 22,408 7,599 1,740 987 -588 0 19,787 -122 Operating result 44,890 107,289 20,593 5,766 4,632 48,850 -11,726 220,294 2,563
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65 Press release – 25 July 2025 in euros (x 1,000) H1 2024 Belgium The Netherlands France Germany Luxembourg² Romania Unallocated amounts Total IFRS Luxembourg³ I. Rental income 52,999 82,874 4,931 1,829 0 42,279 0 184,912 2,541 III. Costs related to leases 171 468 -62 0 0 -177 0 400 0 Net rental result 53,170 83,342 4,869 1,829 42,102 0 185,312 2,541 IV. Recovery of property costs 0 0 0 0 0 0 0 0 0 V. Recovery of rental charges normally paid by the tenant on let properties 10,820 1,954 2,141 90 0 13,524 0 28,527 284 VI. Costs payable by tenants and paid out by the owner for rental damage and refurbishment at end of lease 0 0 0 0 0 0 0 0 0 VII. Rental charges and taxes normally paid by the tenant on let properties -11,451 -5,872 -2,220 -90 0 -14,249 0 -33,882 -299 VIII. Other income and charges related to leases¹ 4,430 5,970 81 27 0 1,917 0 12,425 228 Property result 56,969 85,393 4,871 1,856 43,294 0 192,383 2,753 IX. Technical costs -1,502 -2,095 -122 -15 0 -1,299 0 -5,034 -29 X. Commercial costs -591 23 -13 -7 0 -222 0 -809 -2 XII. Property management costs -2,066 -374 75 -4 0 -632 0 -3,002 -9 Property charges -4,160 -2,446 -60 -27 0 -2,153 0 -8,846 -40 Property operating results 52,809 82,946 4,812 1,829 0 41,141 0 183,537 2,713 XIV. General company expenses 0 0 0 0 0 0 -11,234 -11,234 -183 XV. Other operating income and expenses (depreciation and write-down on solar panels) -2,475 -2,268 0 0 0 -1,082 0 -5,826 -51 Operating result (before result on the portfolio) 50,334 80,679 4,811 1,829 0 40,058 -11,234 166,477 2,478 XVI. Result on disposals of investment properties 100 4 0 0 0 -145 0 -41 0 XVIII. Variations in the fair value of investment properties 1,739 23,454 13,874 878 0 19,813 0 59,758 -786 Operating result 52,173 104,137 18,685 2,707 0 59,726 -11,234 226,194 1,693 1 In the first half year 2025, income from investments in energy totalled 13.280 million euros against 10.809 million euros i n the first half year 2024. This income was generated in Belgium (5.424 million euros), the Netherlands (5.899 million euros), Luxembourg (0.188 million euro) and Romania (1.767 million euros). The joint ventures WDP Luxembourg and WDPort of Ghent Big Box generated 0.178 million euros and 0.389 million euros in the first half year 2024. In addition to the income from investments in energy, the property management fees and other operating income/costs are part of the Other income and charges related to leases. 2 At the beginning of 2025, WDP Invest acquired 100% of the shares in the Luxembourg companies Site Industriel SA (owner of t he site in Hautcharage), Sisa Foetz SA (owner of the site in Foetz) and Sisa Energy SA. 3 The joint ventures are incorporated using the equity accounting method, as per IFRS 11 Joint arrangements. The table shows the operating result based on the proportionate share of WDP and then gives the reconciliation with the proportionate share in the results of these entities, as reported under the equity accounting method as per IFRS. The basis for reporting per segment is the geographical region. This segmentation basis reflects the geographical markets in Europe in which WDP is active. WDP’s activity is divided into si regions. More information about which subsidiaries are located within the geographical regions can be found in the group structure; see explanatory note 2.6. Information on subsidiaries. This segmentation is important for WDP given that the nature of its business, its clients, etc. represents similar economic characteristics within these segments. Business decisions are taken at this level and different key performance indicators (such as rental income, occupancy rates, etc.) are monitored in this manner. A second segmenting basis is not considered relevant by WDP, as the business mainly focuses on the leasing of logistics sites.
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66 Press release – 25 July 2025 2.5. Segmented information – ssets 30.06.2025 in euros (x 1,000) Belgium The Netherlands France Germany Luxembourg Romania Total IFRS Luxembourg Other joint ventures Investment properties 2,472,926 3,033,267 575,561 160,455 111,427 1,545,310 7,898,946 99,274 77,467 Existing buildings 2,405,276 2,924,515 562,867 160,455 111,427 1,335,063 7,499,604 99,274 69,170 Projects under development for own account 43,075 88,876 8,600 0 0 72,869 213,420 0 8,297 Land reserves 24,575 19,876 4,093 0 0 137,378 185,922 0 0 Assets held for sale 0 0 0 0 0 0 0 0 301 Other tangible fixed assets 66,451 78,165 1 1 1,158 33,048 178,824 4,249 7,049 Tangible fixed assets for own use 4,714 169 1 1 0 2,347 7,233 0 1,104 Other: investments in energy 61,736 77,996 0 0 1,158 30,701 171,591 4,249 5,945 31.12.2024 in euros (x 1,000) Belgium The Netherlands France Germany Luxembourg Romania Total IFRS Luxembourg Other joint ventures Investment properties 2,303,142 2,985,017 561,335 158,428 0 1,505,567 7,513,487 98,389 73,190 Existing buildings 2,182,483 2,904,929 553,949 158,428 0 1,312,566 7,112,354 98,380 70,763 Projects under development for own account 94,158 43,411 3,293 0 0 52,406 193,267 9 2,426 Land reserves 26,501 36,677 4,093 0 0 140,595 207,866 0 0 Assets held for sale 0 0 0 0 0 0 0 0 13 Other tangible fixed assets 71,501 82,637 0 2 0 26,822 180,962 3,998 7,559 Tangible fixed assets for own use 4,186 182 0 2 0 2,389 6,760 0 1,074 Other: investments in energy 67,315 82,454 0 0 0 24,433 174,202 3,998 6,485 Fair value (as determined by IFRS 13) is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, in the principal market for the asset or liability. From the seller’s perspective, this is the investment property value net of transfer taxes. In Belgium, the effective amount of this tax depends on the transfer method, the status of the buyer and the geographical location of the asset. The first two elements, and hence the full amount of the taxes due, are therefore only known when the transfer of ownership has been completed. In 2006, 2016 and more recently 2025 a panel of independent property appraisers analysed a representative number of transactions to determine the average impact of transfer taxes within the Belgian market. The panel found that there were no material differences by subsector and that the average transaction costs for properties above 2.5 milli on euros were approximately 2.5% in line with previous exercises. Below this threshold, it could be observed that the standard rate of registration duties was applied. WDP’s independent property appraisers have deducted 2.5% transfer charges from the value of the Belgian properties with an investment value above 2.5 million euros in arriving at the fair value. For individual properties with an investment value less than 2.5 million euros (three properties), a deduction of 12.5% transfer taxes is applied.
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67 Press release – 25 July 2025 2.6. Information on subsidiaries 30.06.2025 31.12.2024 Name % Ownership / Voting rights Method of consolidation % Ownership / Voting rights WDP NV Parent company Parent company WDP France SARL 100% Full Consolidation 100% WDP Nederland N.V. 100% Full Consolidation 100% WDP Development NL N.V.¹ 100% Full Consolidation 100% WDP Services NL B.V.² 100% Full Consolidation 100% Eurologistik 1 Freehold BVBA³ 100% Full Consolidation 100% WDP nvest V/ ⁴ 100% Full Consolidation 100% WDP omania ⁴ 100% Full Consolidation 85% ove ungaria V/ ⁵ 50% Equity method 50% WDPort of Ghent Big Bo V/ ⁶ 50% Equity method 50% Gosselin-WDP V/ ⁷ 29% Equity method 29% nanoGrid BV⁸ 25%+1 Equity method 25%+1 WDP u embourg ⁹ 55% Equity method 55% WDP Deutschland Gmb ¹⁰ 100% Full Consolidation 100% Catena AB¹¹ 10% Equity method 10% Expo Market Doraly SRL¹² 100% Full Consolidation 85% WDP Deutschland Services GmbH¹³ 100% Full Consolidation 100% Matemco V¹⁴ 100% Full Consolidation lcovil V¹⁴ 100% Full Consolidation Pielon BV¹⁵ 100% Full Consolidation ite ndustriel ¹⁶ 100% Full Consolidation isa Foetz ¹⁶ 100% Full Consolidation Sisa-Energy ¹⁶ 100% Full Consolidation 1 WDP Development NL N.V. was founded in August 2011 as a permanent development company for own account of WDP Nederland N.V. 2 WDP Services NL B.V. was created in June 2023 and is a 100% subsidiary of WDP Nederland NV. 3 On 7 June 2013 WDP acquired 100% of the shares in Eurologistik 1 Freehold BVBA, holding the rights to an existing logistic site in Vilvoorde. 4 As part of the streamlining of the Group and its foreign non -REIT participations, the shares of WDP Romania SRL and WDP Luxembourg SA held by WDP NV/SA were contributed to WDP Invest NV/SA on 22 December 2020 by way of capital increase by contribution in kind. WDP Invest acts as an autonomous investment and financing vehicle for the international activities of the Group as from the aforementioned date. At the beginning of 2025, WDP Invest NV became 100% owner of WDP Romania SRL. 5 This is a joint venture founded in May of 2015 between WDP NV/SA and project developer L.I.F.E. NV/SA with a view to redevelopment of the Hungaria building in Leuven. 6 The joint venture was set up in December 2020 between WDP NV/SA and the co -shareholders Sakolaki and Vendis Capital (shareholders of Exterioo, Juntoo and X²O Badkamers), with regard to the realization of a site in the Port of Ghent that is leased by two of these retailers. 7 The joint venture was set up in June 2023 between WDP NV/SA and the co -shareholder Warehousing & Warehouse Related Services Belgium NV/SA in the context of real estate transactions. 8 In the last quarter of 2021, WDP took a 25%+1 stake in the energy proptech company nanoGrid (founded by Joost Desmedt). The consolidated result before tax of nanoGrid BV amounts to -0.07% of the consolidated result before tax of WDP NV. The consolidated assets of nanoGrid BV amounts to 0.02% of the consolidated assets of WDP NV. 9 This is a joint venture, of which the Luxembourg government owns 45% and of which WDP acquired 55% of the shares on 13 Octo ber 2017. 10 On the 18th of December 2019 WDP NV/SA bought, through its fully subsidiary WDP Invest NV/SA, a participation in of 50% in WVI Gmbh, a joint venture with VIB Vermögen. From July 2022, WVI GmbH is a 100% subsidiary of WDP Invest NV, forming WDP Deutschla nd GmbH. This transaction is not deemed to be a business combination. 11 At the beginning of April 2022, WDP and Catena AB realized a stategic partnership. Joost Uwents was appointed as a director on Catena's Board of Directors at Catena's annual General Meeting. 12 At the end of March 2024, WDP Romania acquired 100% of the shares in the company Expo Market Doraly SRL, which owns a high-yield urban logistics cluster in Bucharest. This transaction is not considered as a business combination. In addition to the real estate, 4 million euros in current assets and 55 million euros in liabilities were acquir ed. Per 30 June 2025, the net rental result of Expo Doraly SRL contributed for 6.9 million euros and the net result contributed for 3.3 million euros. 13 WDP Deutschland Services GmbH was created in November 2024 and is a 100% subsidiary of WDP Invest NV. 14 In January 2025, WDP NV acquired 100% of the shares of the companies Matemco NV and Alcovil NV, which own the iconic Renau lt site in Vilvoorde. This transaction is not considerd to be a business combination. 15 On 19 February 2025, WDP NV acquired the company Pielon BV by means of a contribution in kind of shares. This company owns a logistics site in the Londerzeel business park. This transaction is not considered a business combination. 16 Early 2025, WDP Invest acquired 100% of the shares of the companies Site Industriel SA, Sisa Foetz SA and Sisa Energy SA. As a result, WDP became the owner of an innovative multi-tenant hub in Hautcharage and three buildings in Foetz. This transaction is not considered a business combination. The full address of the registered office of the subsidiaries is available at the website.
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68 Press release – 25 July 2025 2.7. Overview of future rental income in euros (x 1,000) 30.06.2025 31.12.2024 Future rental income less than one year 435,634 406,062 one to two years 381,693 355,894 two to three years 330,742 312,042 three to four years 284,211 272,188 four to five years 235,312 235,905 more than five years 876,134 848,641 Total 2,543,725 2,430,732 This table contains an overview of the future rental income under the current agreements . It is based on the non-indexed rents received up to and including the first due date, as set out in the leases.
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69 Press release – 25 July 2025 2.8. Investment property42 30.06.2025 in euros (x 1,000) Belgium Netherlands France Germany Luxembourg Romania Total IFRS Luxembourg Other joint ventures Level according to IFRS 3 3 3 3 3 3 3 3 Fair value as at previous financial year-end 2,303,142 2,985,017 561,335 158,428 0 1,505,567 7,513,487 98,389 73,190 Investments 29,957 23,812 1,081 287 0 33,253 88,391 1,007 5,035 New acquisitions 115,856 2,030 5,546 0 110,440 7,079 240,951 0 0 Acquisition of investment properties by means of share- based payment transactions (contribution in kind) 36,329 0 0 0 0 0 36,329 0 0 Investment properties from associated companies and jont ventures that became a wholly owned subsidiary during the financial year 0 0 0 0 0 0 0 0 0 Transfers to fixed assets held for sale 0 0 0 0 0 0 0 0 0 Disposals 0 0 0 0 0 0 0 0 0 Changes in the fair value -12,358 22,408 7,599 1,740 987 -588 19,787 -122 -759 Fair value as at 30.06.2025 2,472,926 3,033,267 575,561 160,455 111,427 1,545,310 7,898,946 99,274 77,467 31.12.2024 in euros (x 1,000) Belgium Netherlands France Germany Luxembourg Romania Total IFRS Luxembourg Other joint ventures Level according to IFRS 3 3 3 3 3 3 3 3 Fair value as at previous financial year-end 2,179,794 2,847,664 166,436 75,882 0 1,169,688 6,439,464 94,931 62,036 Investments 50,676 90,310 2,300 126 0 86,082 229,493 3,227 7,610 New acquisitions 27,425 0 348,480 83,077 0 211,256 670,238 0 0 Acquisition of investment properties by means of share- based payment transactions (contribution in kind) 40,079 0 0 0 0 0 40,079 0 0 Investment properties from associated companies and joint ventures that became a wholly owned subsidiary during the financial year 0 0 0 0 0 0 0 0 0 Transfers to fixed assets held for sale -4,094 0 0 0 0 0 -4,094 0 0 Disposals 0 -4,600 0 0 0 -8,229 -12,829 0 0 Changes in the fair value 9,263 51,643 44,119 -657 0 46,770 151,138 230 3,543 Fair value as at 31.12.2024 2,303,142 2,985,017 561,335 158,428 0 1,505,567 7,513,487 98,389 73,190 Investments and new acquisitions total 329 million euros in the first half of 2025. In the cash flow statement, the section Payments regarding acquisitions of real estate investments amounts to 153 million euros. The difference of 176 million euros is accounted for by the 207 million euros for investment properties acquired through the purchase of real estate companies and investments and acquisitions made in 2024 but with a cash-out in 2025 for 32 million euros. The difference between the 207 million euros above and the 131 million euros as shown in the Payments for acquisitions of shares in real estate companies - net cash acquired section of the cash flow statement is accounted for by the current assets and liabilities of the companies that were acquired in addition to their real estate. 42 Including project developments in accordance with IAS 40.
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70 Press release – 25 July 2025 2.9. Statement of financial debt Included as of < 1 year 1-5 years > 5 years in euros (x 1,000) 30.06.2025 31.12.2024 30.06.2025 31.12.2024 30.06.2025 31.12.2024 30.06.2025 31.12.2024 Commercial paper 103,500 0 103,500 0 Straight loans 34,845 7,305 34,845 7,305 Roll over loans 350,447 65,434 350,447 65,434 Bond loan 0 0 0 0 Other 278 277 278 277 Current financial liabilities 489,070 73,016 489,070 73,016 Roll over loans 2,172,319 2,181,955 1,752,502 1,301,029 419,817 880,926 Bond loan 807,726 807,558 159,811 159,774 647,915 647,784 Other 1,084 1,223 482 542 602 681 Non-current financial liabilities 2,981,129 2,990,736 1,912,795 1,461,345 1,068,334 1,529,391 Total 3,470,199 3,063,752 489,070 73,016 1,912,795 1,461,345 1,068,334 1,529,391 For more information, see IV. Management of financial resources.
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71 Press release – 25 July 2025 2.10. Financial instruments 30.06.2025 in euros (x 1,000) IFRS balance sheet section Level (IFRS) Financial assets/ liabilities valuated at fair value Financial assets/ liabilities at amortised cost Book value Fair value Financial assets Assets at fair value through result – Permitted hedging instruments Interest Rate Swap I. E. 2 34,975 34,975 34,975 Financial assets at amortised costs I. E. 2 4,782 4,782 4,782 Long-term receivables Trade receivables and other fixed assets I. G. 2 418 418 418 Short-term receivables Trade receivables II. D. 2 37,162 37,162 37,162 Interest Rate Swap II. E. 2 1,103 1,103 1,103 Cash and cash equivalents II. F. 2 14,834 14,834 14,834 Accruals and deferrals on the assets: interest charges on loans and permitted hedging instruments Interest on loans II. G. 2 0 0 0 Interest on permitted hedging instruments II. G. 2 422 422 422 Total 36,500 57,196 93,696 93,696 Financial liabilities Non-current financial debt Bond loan: private placement I. B. 2 807,726 807,726 759,768 Bank debt I. B. 2 2,172,319 2,172,319 2,143,368 Other non-current financial debt I. B. 2 1,084 1,084 1,084 Other non-current financial liabilities Permitted hedging instruments: Interest Rate Swaps I. C. 2 7,938 7,938 7,938 Other non-current financial liabilities I. C. 3 77,492 77,492 77,492 Current financial debt Bond loan: private placement II. B. 0 0 0 Commercial paper II. B. 2 103,500 103,500 103,500 Bank debt II. B. 2 385,292 385,292 385,292 Other current financial debt II. B. 2 278 278 278 Other current financial liabilities Permitted hedging instruments: Interest Rate Swaps II. C. 2 0 0 0 Other current financial liabilities II. C. 3 206 206 206 Trade payables and other current debts II. D. 2 102,207 102,207 102,207 Accruals and deferrals on the liabilities: interest charges on loans and permitted hedging instruments Interest on loans II. F. 2 15,359 15,359 15,359 Interest on permitted hedging instruments II. F. 2 0 0 0 Total 7,938 3,665,462 3,673,400 3,596,491
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72 Press release – 25 July 2025 31.12.2024 in euros (x 1,000) IFRS balance sheet section Level (IFRS) Financial assets/ liabilities valuated at fair value Financial assets/ liabilities at amortised cost Book value Fair value Financial assets Assets at fair value through result – Permitted hedging instruments Interest Rate Swap I. E. 2 65,368 65,368 65,368 Financial assets at amortised costs I. E. 2 4,782 4,782 4,782 Long-term receivables Trade receivables and other fixed assets I. G. 2 563 563 563 Short-term receivables Trade receivables II. D. 2 27,722 27,722 27,722 Interest Rate Swap II. E. 2 1,195 1,195 1,195 Cash and cash equivalents II. F. 2 10,374 10,374 10,374 Accruals and deferrals on the assets: interest charges on loans and permitted hedging instruments Interest on loans II. G. 2 0 0 0 Interest on permitted hedging instruments II. G. 2 2,933 2,933 2,933 Total 69,496 43,440 112,936 112,936 Financial liabilities Non-current financial debt Bond loan: private placement I. B. 2 807,558 807,558 760,044 Bank debt I. B. 2 2,181,955 2,181,955 2,149,446 Other non-current financial debt I. B. 2 1,223 1,223 1,223 Other non-current financial liabilities Permitted hedging instruments: Interest Rate Swaps I.C. 2 8,500 8,500 8,500 Other non-current financial liabilities I.C. 3 70,458 70,458 70,458 Current financial debt Bond loan: private placement I. B. 2 0 0 0 Commercial paper II. B. 2 0 0 0 Bank debt II. B. 2 72,739 72,739 72,739 Other current financial debt II. B. 2 277 277 277 Other current financial liabilities Other current financial liabilities II.C. 3 189 189 189 Trade payables and other current debts II.D. 2 91,792 91,792 91,792 Accruals and deferrals on the liabilities: interest charges on loans and permitted hedging instruments Interest on loans II. F. 2 19,579 19,579 19,579 Interest on permitted hedging instruments II. F. 2 0 0 0 Total 8,500 3,245,770 3,254,270 3,174,246
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73 Press release – 25 July 2025 Valuation of financial instruments The entirety of the financial instruments of the Group corresponds to levels 1, 2 and 3 in the hierarchy of the fair values. Valuation against fair value occurs regularly. In the event of bankruptcy of one of both contracting parties, the net position of the derivatives will be considered for the counterparty. Level 1 in the hierarchy of fair values excludes money investments, funds and cash equivalents regarding which the fair value is based on the share price. Level 2 in the hierarchy of fair values concerns the other financial assets and liabilities of which the fair value is based on observable inputs and other data that can be determined, directly or indirectly, for the assets or liabilities concerned. The va luation techniques concerning the fair value of the financial instruments at level 2 are as follows: the fair value of the above financial assets and liabilities is valued at the book value, except for bond loans, where fair value is determined under a discounted cash flow model based on market interest rates, since they are not traded frequently (level 2). Because the other financial debt is incurred at a floating interest rate, the fair value is very close to the book value. Level 3 in the fair value hierarchy retains the financial liabilities recognised in accordance with IFRS 16, whose fair value is determined using non-observable inputs. Financial instruments at fair value (as per IFRS 9) The Group uses derivative financial instruments to hedge the interest rate risk on its financial debt to reduce the volatility of EPRA Earnings (which forms the basis for the dividend) while minimising the cost of debt. These hedges are managed centrally t hrough a macro-hedging policy. The Group does not use derivative financial instruments for speculative purposes and does not hold derivatives for trading purposes. Changes in the fair value of derivatives that do not qualify as hedges are recognised immediately in profit or loss. Changes in the fair value of derivatives allocated specifically to hedge the variability of cash flows of a recognised asset or liability or a forecast transaction are recognised in the section Other components in the overall result. In January 2022, the Group entered into two pre -hedges (interest rate swaps) for a total nominal amount of 500 million euros each, which enable the Group to convert the variable interest rate for its expected future debt issues into a fixed interest rate. When the debt was issued (the placement of 500 million euros of green bonds through US private placement43 and the syndicated loan of 440 million euros44, the pre-hedges were settled, and their fair value was settled in cash at that time. The group has determined that these financial instruments meet the conditions for hedge accounting. These instruments are initially recognised at fair value on the date the derivatives hedging interest rate risk are entered into and then measured at their fair value on subsequent closing dates. The pre - hedges were viewed as hedging instruments in a cash flow hedge relationship of a highly probable expected future transaction (issuance of debt). Changes in the fair value of the pre -hedges are recognised under Other Components of the overall result for the period until the settlement of the pre- hedges. This positive value will be distributed over the profit and loss over the life of the loans issued. Since the terms of these pre-hedges are consistent with the characteristics of the debt issued and the 43 See the press release of 14 April 2022. 44 See the press release dated 28 November 2022.
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74 Press release – 25 July 2025 pre-hedges were settled on or around the date of issuance of the debt, these hedges are considered effective. The contracts are valued at fair value as per IFRS 9 on the balance sheet date. This information is received from the various financial institutions and verified by WDP by discounting the future contractual cash flows based on the corresponding interest rate curves. Fair value is based on observable inputs, and as such, the IRS contracts fall under level 2 in the fair value hierarchy as defined in IFRS. The fair value is calculated based on a discounted cash flow model using the relevant market interest rates indicate d in the forward interest curve on the balance sheet date. No changes in the fair value hierarchy level took place in first half of 2025 . During this period, no hedging instruments were arranged prior to the maturity date. 30.06.2025 Classification according to IFRS Level (IFRS) Notional amount in euros (x 1,000) Interest rate (in %) Duration (in year) Interest Rate Swap 2 1,642,425 0.62 3.7 Total 1,642,425 0.62 3.7 31.12.2024 Classification according to IFRS Level (IFRS) Notional amount in euros (x 1,000) Interest rate (in %) Duration (in year) Interest Rate Swap 2 1,682,425 0.63 4.0 Total 1,682,425 0.63 4.0
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75 Press release – 25 July 2025 2.11. Taxes s of 1 January 2025, the FB regime will no longer apply to WDP’s Dutch operations. This is because the Dutch government changed the law that excluded real estate investments from the FBI regime. This change is expected to result in an estimated additiona l annual tax burden on EPRA Earnings of approximately -11 million euros from 2025 onwards, equivalent to -0.05 euros per share. However, this impact is already included in the earnings target of the growth plan. 2.12. Rights and obligations not recognised in the balance sheet WDP has entered into various commitments as a part of its ongoing investment programme related to projects and acquisitions, as indicated in 1.5. Investment pipeline in execution of approximately 800 million euros in I. Performance.. Parent company WDP NV/SA has extended the following sureties for its various subsidiaries: • A security for the commitments of WDP Nederland S.A. amounting to 25 million euros for ABN AMRO (for the short-term amounts financed through a straight loan of max. 25 million euros, 14.8 million euros of which has been drawn). • A surety agreement for WDP Luxembourg ’s commitments of 27.7 million euros in favour of Banque et Caisse d’Epargne de l’Etat. • A guarantee as security for the commitments of Gosselin-WDP NV/SA for 17.7 million euros in favour of KBC Bank NV. The WDP financing agreements include the following covenants: • An Interest Coverage of at least 1.5x. For the first half of 2025, this is 5.0x. • A statutory and consolidated gearing ratio below 65% aligns with the GVV/SIR Act. As of 30 June 2025, these are 42.8% and 43.5% respectively. • Limitation on projects that have still not been pre-let (development property ratio) to 15% of the book value of the portfolio (excluding land reserves). As of 30 June 2025, this ratio is 0.5%. • A maximum of 30% of the financial debt with the subsidiaries compared to the financial debt of the group. As of 30 June 2025, this subsidiary financial debt ratio is 1.8%. WDP has entered into the following commitments with financiers 45: • Commitment not to burden the assets with collateral, such as mortgages (negative pledge). WDP confirms that as of 30 June 2025, no mortgages or other collateral securities are outstanding in the property portfolio or other assets. 45 The term ‘financiers’ means the credit institutions as well as financiers through debt capital markets, such as bondholders or investors in the commercial paper programme.
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76 Press release – 25 July 2025 • A commitment that it will continue to qualify as a GVV/SIR. For the conditions on this, please see the Belgian Act of 12 May 2014 and the Royal Decree of 13 July 2014. For more information, see the WDP Annual Report 2024. • For some financiers, WDP has agreed to repay the credit if a change of control occurs and the financier consequently asks for repayment. As of 30 June 2025, all covenants with financiers and commitments entered into by WDP have been complied with. 2.13. Significant events after the balance sheet date In early July 2025, the sale -and-leaseback of a recently developed, leased distribution centre in Loudéac (Brittany, France) was completed. For more information on this, see 1.4. 440 million euros in new investments signed in the first half of 2025.
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77 Press release – 25 July 2025 IX. Appendices 1. External assurance 1.1. Conclusions of the property experts WDP NV/SA has appointed eight different independent property experts (as defined in Article 26 of the GVV/SIR Act) to determine the fair value of the properties in its property portfolio. The estimates take into account both the assumptions, observations a nd definitions mentioned in the reports and the guidelines of the International Valuation Standards issued by IVSC. Fair value is defined by the International Accounting Standards Board (IASB) in IFRS 13 as the price that would be received to sell an asset or paid to transfer a liability in a regular transaction between market participants at the valuation date. IVSC co nsiders these conditions fulfilled when the aforementioned definition of fair value is respected. Moreover, the fair value should reflect current leases, reasonable assumptions about potential rental income and expected costs. Each independent property expert confirms that they have relevant and recognised references for the properties assigned to them and also have current experience with properties of a type and location similar to those of the properties in WDP’s property portfolio. In giving an estimate of the properties, we took into account both the current rental agreements and all rights and obligations arising from these agreements. Each property is estimated separately using comparable recent market transactions at arm’s-length terms. The estimates do not take into account any potential upside or downside that might occur by offering the portfolio in its entirety on the market. Our estimates also do not account for marketing costs specific to a transaction, such as estate agents’ fees or publicity costs. In addition to an annual inspection of these immovable property, our estimates are also based on the information provided by WDP regarding the rental situation, surface areas, sketches or plans, rental charges and taxes associated with each property concerned, compliance and environmental pollution. The information provided was deemed accurate and complete. Our estimates assume that undisclosed items are not such that they would affect the value of the property. Each independent property e pert values a part of WDP’s property portfolio and thus is only responsible for valuing that part of the portfolio that is contractually assigned to them. So, the real estate expert only confirms the accuracy of the figures of t he properties that they value. No further liability is accepted for other valuations. Based on the above statements and the estimates of each individual real estate expert, we can confirm that the fair value of WDP’s real estate portfolio (e cluding solar panels and including assets held for sale), as shown in the table below, as of 30 June 2025 is 8,075,988,084 euros (eight billion seventy - five million nine hundred eighty-eight thousand eighty-four euros).
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78 Press release – 25 July 2025 Country Property Expert (represented by) Fair value of the portfolio as of 30 June 2025 (x 1,000) Belgium Stadim (Céline Janssens) 1,403,424 Belgium Jones Lang LaSalle Belgium (Greet Hex) 1,147,323 The Netherlands Jones Lang LaSalle Netherlands (Kjell van den Heuvel) 1,572,058 The Netherlands CBRE Netherlands (Walter de Geus) 1,461,209 France BNP Paribas Real Estate (Jean-Claude Dubois) 575,561 Romania CBRE Romania (Ovidiu Ion) 1,545,258 Germany CBRE Germany (Kristine Kühn) 160,455 Luxembourg Jones Lang LaSalle Luxembourg (Greet Hex) 210,701 Total 8,075,988
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79 Press release – 25 July 2025 1.2. Statutory auditor’s report Statutory auditor’s report to the board of Warehouses De Pauw NV/SA on the review of the interim condensed consolidated financial information for the six-month period ended 30 June 2025 Introduction We have reviewed the accompanying condensed consolidated balance sheet of Warehouses De Pauw NV/SA as of 30 June 2025, the condensed consolidated earnings statement, the condensed consolidated statement of the overall result, the condensed consolidated sta tement of changes in equity and the condensed consolidated statement of cash flows for the six -month period then ended, as well as the notes (“the interim condensed consolidated financial information”). The management body is responsible for the preparatio n and presentation of the interim condensed consolidated financial information per 34 “ nterim Financial eporting” as adopted by the European nion. Our responsibility is to express a conclusion on the interim condensed consolidated financial informat ion based on our review. Scope of review We conducted our review of the consolidated interim financial information E 2410, “ eview of interim financial information performed by the independent auditor of the entity”. review of interim financial information consists of requesting information, mainly from financial and accounting officers, and performing analytical and other review procedures. The scope of a review is significantly less than that of an audit conducted per the International Standards on Auditing (ISA). Consequently, the review does not enable us to obtain assurance that we are aware of all material matters that may be identified as a result of an audit. Accordingly, we do not express an audit opinion. Conclusion In our review, nothing came to our attention that causes us to believe that the accompanying interim condensed consolidated financial information for the six -month period ending 30 June 2025 was not prepared in all material respects per 34 “ nterim Financial eporting” as adopted by the European Union. Zaventem, 24 July 2025 KPMG Bedrijfsrevisoren Statutory auditor represented by Filip De Bock Company auditor
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80 Press release – 25 July 2025 2. EPRA Performance measures EPRA Earnings ecurring earnings from the core operational activities. This figure is to be considered a key measure of a company’s underly ing 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) H1 2025 H1 2024 Earnings per IFRS income statement 139,187 214,569 Adjustments to calculate the EPRA Earnings, exclude: I. Changes in value of investment properties, development properties held for investment and other investment interests -14,075 -53,932 - Changes in the value of the real estate portfolio -19,787 -59,758 - Depreciation and write-down on solar panels 5,713 5,826 II. Profits or losses on disposal of investment properties, development properties held for investment and other investment interests -135 41 VI. Changes in fair value of financial instruments and associated close-out costs 13,423 -8,270 X. Deferred tax in respect of EPRA adjustments 32,230 8,085 XI. Adjustments (I.) to (X.) to the above in respect of joint ventures 568 -5,913 XII. Non-controlling interests in respect of the above 0 1,549 EPRA Earnings 171,197 156,128 Weighted average number of shares 227,092,339 220,536,739 EPRA Earnings per share (EPS) (in euros) 0.75 0.71
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81 Press release – 25 July 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 items 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) 30.06.2025 31.12.2024 EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV IFRS NAV 4,747,563 4,747,563 4,747,563 4,745,912 4,745,912 4,745,912 IFRS NAV/share (in euros) 20.4 20.4 20.4 21.0 21.0 21.0 Diluted NAV at fair value (after the exercise of options, convertibles and other equity interests) 4,747,563 4,747,563 4,747,563 4,745,912 4,745,912 4,745,912 Exclude: (V) Deferred tax in relation to fair value gains of investments properties 126,442 126,442 71,362 71,362 (VI) Fair value of financial instruments -28,140 -28,140 -58,063 -58,063 (VIII.b) Intangibles as per the IFRS balance sheet -1,426 -1,599 Subtotal 4,845,865 4,844,439 4,747,563 4,759,211 4,757,612 4,745,912 Include: (IX) Fair value of fixed interest rate debt 76,623 80,024 (XI) Real estate transfer tax 463,101 438,920 NAV 5,308,965 4,844,439 4,824,186 5,198,131 4,757,612 4,825,936 Number of shares 232,653,901 232,653,901 232,653,901 225,534,676 225,534,676 225,534,676 NAV/share (in euros) 22.8 20.8 20.7 23.0 21.1 21.4
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82 Press release – 25 July 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) H1 2025 FY 2024 Include: I. Administrative/operating expenses (IFRS) -27,213 -48,946 I-1. Impairments of trade receivables -980 -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 -4,022 -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 -10,486 -18,703 I-6. General company expenses -11,726 -22,230 III. Management fees less actual/estimated profit element 843 1,517 V. Administrative/operating expenses of joint ventures expense -204 -403 Exclude (if part of the above): VI. Investment property depreciation 151 301 Administrative/operating expenses related to solar panels 1,480 2,447 EPRA costs (including direct vacancy costs) A -24,944 -45,084 IX. Direct vacancy costs 1,222 1,085 EPRA costs (excluding direct vacancy costs) B -23,722 -43,999 X. Gross rental income (IFRS) 221,539 387,183 Less net ground rent costs -1,726 -2,645 XII. Gross rental income of joint ventures 4,610 8,652 Less net ground rent costs -304 -576 Gross rental income C 224,119 392,614 EPRA Cost Ratio (including direct vacancy costs) A/C 11.1% 11.5% EPRA Cost Ratio (excluding direct vacancy costs) B/C 10.6% 11.2%
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83 Press release – 25 July 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 e penses, divided by the market value of the property, increased with (estimated) purchasers’ costs. t is a comparable measure around Europe for portfolio valuations. In the past, there has been debate about portfolio valuations across 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 calcu lation of the measure and reconciliation between the EPRA NIY and EPRA TOPPED-UP NIY. in euros (x 1,000) 30.06.2025 31.12.2024 Investment property - wholly owned 7,898,946 7,513,487 Investment property - share of joint ventures 176,741 171,579 Less developments, land reserves and the right of use of consessions -554,848 -546,703 Completed property portfolio 7,520,839 7,138,363 Allowance for estimated purchasers' costs 438,623 418,821 Gross up completed property portfolio valuations A 7,959,462 7,557,184 Annualised cash passing rental income 454,194 429,481 Property outgoings -27,686 -24,529 Annualised net rent B 426,508 404,952 Notional rent expiration of rent free period or other lease incentives 0 0 Topped-up net annualised rent C 426,508 404,952 EPRA NIY B/A 5.4% 5.4% EPRA TOPPED-UP NIY C/A 5.4% 5.4%
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84 Press release – 25 July 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. 30.06.2025 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 2,558,973 73,861 2,632,834 2,256,194 70,304 -124,928 2,201,571 Commercial paper 103,500 103,500 0 0 Hybrids (including convertibles, preference shares, debt, options, perpetuals) 0 0 0 0 Bond loans 807,726 807,726 807,558 807,558 Foreign currency derivatives 10,906 10,906 -6,584 -6,584 Net (trade) payables 80,568 4,117 84,685 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 -14,834 -794 -15,628 -10,374 -1,073 800 -10,647 Investments in non-material associates x Loan-to-value -122,011 -122,011 -113,060 -113,060 Net Debt A 3,424,828 77,184 0 0 3,502,012 3,021,155 74,474 0 -126,518 2,969,111 Include: Owner-occupied property 0 0 0 0 Investment properties at fair value 7,606,323 151,730 7,758,054 7,247,279 152,919 -217,873 7,182,324 Properties held for sale 0 301 301 0 13 13 Properties under development 213,420 8,297 221,718 193,267 2,436 -7,861 187,841 Intangibles 1,426 3,282 4,708 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 171,591 10,194 181,785 174,202 10,483 -3,665 181,020 Total Property Value B 7,995,524 173,804 0 0 8,169,328 7,619,109 169,122 0 -229,399 7,558,832 Loan-to-value A/B 42.8% 42.9% 39.7% 39.3%
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85 Press release – 25 July 2025 3. Alternative Performance Measures46 f f – 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 ta due, including WDP’s proportionate share in the portfolio of assoc iated companies and joint ventures and excluding the minority interests. in euros (x 1,000) H1 2025 H1 2024 Movement in the fair value of investment property 19,787 59,758 Result on disposal of investment property 135 -41 Deferred taxation on result on the portfolio -32,230 -8,085 Participation in the result of associated companies and joint ventures 55 6,128 Result on the portfolio -12,252 57,761 Minority interests 0 -1,711 Result on the portfolio - Group share -12,252 56,050 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) H1 2025 H1 2024 ∆ y/y (%) Properties owned throughout the two years 174,028 170,317 2.2% Development projects 20,060 13,507 n.r. Acquisitions 31,937 4,902 n.r. Disposals 124 326 n.r. Total 226,149 189,052 n.r. To be excluded: Rental income of joint ventures -4,610 -4,140 n.r. Indemnification related to early lease terminations 0 0 n.r. Rental income (IFRS) 221,539 184,912 n.r. 46 Excluding EPRA metrics, some of which are considered APM and are reconciled under the 2. EPRA Performance measures.
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86 Press release – 25 July 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) H1 2025 FY 2024 Financial result (IFRS) -49,878 -64,411 To be excluded: Changes in fair value of financial assets and liabilities 12,995 23,667 Interest capitalised during construction -4,057 -11,871 Interest cost related to leasing debts booked in accordance with IFRS 16 2,079 3,500 Other financial costs and revenues 97 -645 To be included: Interest expenses of joint ventures -1,003 -2,292 Effective financial expenses (proportional) A -39,767 -52,051 Average outstanding financial debt (IFRS) 3,299,399 2,631,471 Average outstanding financial debt of joint ventures 109,207 69,585 Average outstanding financial debt (proportional) B 3,408,607 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) H1 2025 H1 2024 Financial result -49,878 -4,915 To be excluded: Changes in fair value of financial instruments 12,995 -10,777 Financial result (excluding the changes in fair value of financial instruments) -36,884 -15,692
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87 Press release – 25 July 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) H1 2025 H1 2024 Property result (IFRS) 228,295 192,383 Operating result (before the portfolio result) (excluding depreciation and write-downs on solar panels) 206,084 172,303 Operating margin 90.3% 89.6% 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) 30.06.2025 31.12.2024 Notional amount of Interest Rate Swaps 1,642,425 1,682,425 Fixed rate financial debt 1,113,526 1,112,558 Fixed-interest financial debt at balance sheet date and hedging instruments A 2,755,950 2,794,983 Current and non-current financial debt (IFRS) 3,470,199 3,063,752 Proportional share in joint ventures in current and non-current financial debt 73,861 70,304 Financial debt at balance sheet date B 3,544,060 3,134,056 Hedge ratio A/B 77.8% 89.2%
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88 Press release – 25 July 2025 Gearing ratio in euros (x 1,000) 30.06.2025 30.06.2025 31.12.2024 31.12.2024 IFRS Proportionate IFRS Proportionate Non-current and current liabilities 3,834,505 3,951,471 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 7,938 7,938 8,500 8,500 - I. Non-current liabilities F. Deferred taxes - Liabilities 119,765 136,568 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 36,197 37,462 43,902 45,461 Total debt A 3,670,369 3,769,267 3,245,684 3,341,640 Total assets 8,582,068 8,699,033 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 36,078 36,078 66,563 66,563 Total assets taken into account for the calculation of the gearing ratio B 8,545,990 8,662,955 8,136,648 8,250,784 Gearing ratio A/B 42.9% 43.5% 39.9% 40.5%
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89 Press release – 25 July 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) 30.06.2025 31.12.2024 IFRS IFRS Non-current and current financial debt 3,470,199 3,063,752 Cash and cash equivalents -14,834 -10,374 Net financial debt A 3,455,365 3,053,378 Fair value of the real estate portfolio (excluding right of use concessions) 7,819,701 7,440,545 Fair value of the solar panels 171,591 174,202 Financing of and participations in associated companies and joint ventures 373,921 362,523 Total portfolio B 8,365,213 7,977,270 Loan-to-value A/B 41.3% 38.3%
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90 Press release – 25 July 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) 30.06.2025 31.12.2024 Non-current and current financial debt (IFRS) 3,470,199 3,063,752 - Cash and cash equivalents (IFRS) -14,834 -10,374 Net debt (IFRS) A 3,455,365 3,053,378 Operating result (before the result on the portfolio) (IFRS) (TTM)¹ B 400,084 366,352 + Depreciation and write-down on solar panels 10,282 10,233 + Share in the EPRA Earnings of joint ventures 6,425 5,812 + Dividends received from associated companies 4,713 4,220 EBITDA (IFRS) C 421,504 386,617 Net debt / EBITDA A/C 8.2x 7.9x in euros (x 1,000) 30.06.2025 31.12.2024 Non-current and current financial debt (proportionate) 3,544,060 3,134,056 - Cash and cash equivalents (proportionate) -15,628 -11,447 Net debt (proportional) A 3,528,432 3,122,610 - Projects under development x Loan-to-value -92,456 -75,773 - Financing to joint ventures x Loan-to-value -1,152 -1,069 Net debt (proportional) (adjusted) B 3,434,823 3,045,767 Operating result (before the result on the portfolio) (IFRS) (TTM)¹ C 400,084 366,352 + Depreciation and write-down on solar panels 10,282 10,233 + Operating result (before the result on the portfolio) of joint ventures (TTM)¹ 9,806 9,198 + Dividends received from associated companies (TTM)¹ 4,713 4,220 Operating result (before the result on the portfolio) (proportionate) (TTM)¹ D 424,885 390,003 Adjustment for normalized EBITDA² 20,390 31,489 EBITDA (proportionate) (adjusted) E 445,275 421,492 Net debt / EBITDA (adjusted) B/E 7.7x 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 for 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 function of realised disposals, acquisitions and projects).
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91 Press release – 25 July 2025 4. Declarations Joost Uwents, managing director and CEO, hereby declares on behalf of the Board of Directors, having taken all measures to ensure such, and to the best of his knowledge, that: • the condensed interim financial statements, drawn up as per the applicable standards for annual accounts, give a true and fair view of the group’s equity, financial position and the results of WDP, and of the companies included in the consolidation and that • the interim report gives a faithful overview of the important events during the first six months of the current financial year, their effect on the condensed financial statements, the main risk factors and uncertainties for the remaining months of the financial year, and the main transactions between the related parties and their possible effect on the condensed financial statements should these transactions have or could have had material consequences for WDP’s financial position or results in the first six months of the current financial year.
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92 Press release – 25 July 2025 X. 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, incorporated 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 WDP and the market in which WDP operates (“forward-looking statements”). By their very 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 results 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 risks, 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. State ments contained in this press 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 earnings, 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 undertaking, 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 forw ard-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 prediction that the results anticipated by such forward-looking statements will be achieved.
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93 Press release – 25 July 2025 WDP NV/SA Blakebergen 15 1861 Wolvertem Belgium www.wdp.eu Joost Uwents - CEO Mickaël Van den Hauwe – CFO Alexander Makar – Head of IR & Capital markets investorrelations@wdp.eu ___ WDP develops and invests in logistics real estate (warehouses and offices). WDP’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 logis tics 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 (RPR Brussels, Dutch-speaking 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). More information