Slides
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1 30 JANUARY 2026 INVESTOR PRESENTATION FY 2025 RESULTS #BLEND: DELIVERING TODAY, WITH A VISION FOR TOMORROW JOIN JOIN Analyst and Investor video call Friday 30 January 2026 10AM CET Analyst and Investor video call Friday 30 January 2026 10AM CET Online meeting with solid fill
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2 Table of contents 1 Introduction 2 Key highlights 2025 3 Growth plan #BLEND&EXTEND2030 4 Outlook 2026 5 Market insights 6 Activity report 7 Property report 8 ESG 9 Financial results 10 WDP share
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3 INTRODUCTION ON WDP 01 Nijverdal, NL
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4 ATTRACTIVE RISK/REWARD PROFILE IRREPLICABLE PORTFOLIO NET INVESTOR WITH EXECUTION POWER Decade-long track record of strong total returns Unique core European platform Positioned to capitalize on growth opportunities • Superior delivery of strong EPS & NAV growth • Attractive development exposure • Focus on profitability, cash flow growth & operational excellence • Rental growth beyond inflation • Unmatched industry track record • Pure-play integrated logistics real estate developer-investor model • Large, diversified & high- quality portfolio • Granular tenant base • Client-centric focus • Regional leadership & density • In-house development machine • Embedded value creation in portfolio • Boots on the ground in each market, reflecting expertise and deep-rooted network • Supported by strong balance sheet and financial discipline GROWTH BACKED BY ROBUST MARKET FUNDAMENTALS Attractive market dynamics • Essential logistics infrastructure • Critical role of urban logistics • Structural demand (supply chain optimization, omni- channel, & near-shoring) • Rising barriers to entry (land, permitting, power) • Integrated energy solutions • Decarbonizing the supply chain Towards a core €10bn+ European logistics platform WDP Developing critical supply chain infrastructure
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5 KEY HIGHLIGHTS FY 2025 02 Genk, BE
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6 EPRA EPS PORTFOLIO EPRA NTA €1.53 €8.6bn €21.9 9% total accounting return Effective multi-driver approach results in underlying ERPA EPS growth of +7%(1) 2025 #BLEND-strategy delivers Leasing momentum continued. Occupancy ahead of expectation Backed by a best-in- class balance sheet, liquidity with self- financing to execute growth ambitions DPS OCCUPANCY LEASING ACTIVITY NET DEBT / EBITDA (adj.) LOAN-TO-VALUE €1.23 97.7% 550k m² 7.5x 40.1% +30bps q/q New leases signed 2025 GUIDANCE DELIVERED 1. EPRA EPS 2025 of +2% y/y reported compared to €1.50 in 2024 (€1.47 recurring + €0.03 one-off fee) and +7% y/y underlying when filtering for one-offs in 2024 and the impact starting from 2025 due to the abolishment of the FBI regime in the Netherlands (from 2025 onwards €-0.05 per share). +7% y/y
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7 TOP-TIER CREDIT RATING UNLOCKED A3 MOODY’s RATING UPGRADE FROM Baa1(1) Long Term Issuer Rating Stable Outlook WDP unlocks value as one of Europe’s strongest credit profiles in listed real estate 2025 Balance sheet strength as value enabler VALIDATION OF BEST-IN-CLASS FINANCIAL POLICIES AND DISCIPLINED EXECUTION DEBUT ISSUANCE BENCHMARK BOND €500m 2031 MATURITY NEW EMTN PROGRAMME 80BPS SPREAD 3.175% FIXED INTEREST RATE Green Senior Unsecured Bond Under Green Financing Framework: “Excellent”-score(2) 1. Moody’s upgraded WDP’s credit rating from Baa1 to A3. See press release 25 September 2025. 2. Full documents: Updated Green Financing Framework (October 2025) and Second Party Opinion report – “Excellent” score by Sustainable Fitch.
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8 550k m² NEW LEASES SIGNED (o.w. 150k m² in Q4) €600m NEW INVESTMENTS SECURED €708m INVESTMENT PIPELINE IN EXECUTION FUNDING IN PLACE FULL EXECUTION MODE Across the existing portfolio and development projects Continuous replenishment of investment pipeline €514m cost to come Quasi fully pre-let Balance sheet, liquidity and self-financing in place to execute growth plan capital structure neutral with new growth initiatives mainly impacting cash flow growth beyond 2027 WDP platform captures market demand at scale 6.8% NOI yield(1) Expected 6.8% NOI yield Strong self-financing + €1.7bn liquidity(2) Continuation of diverse leasing activity and strong execution of investment plan ON TRACK TO REACH 2027 €1.70 EPS EPRA TARGETLEASING & INVESTMENT ACTIVITY IN 2025 21 3 4 1. NOI yield is defined as the net operating income (gross rental income minus non-recoverable operating expenses) divided by the total investment made. 2. €1.7bn in unused credit facilities excluding €250m – €300m p.a. in expected equity strengthening through retained earnings, stock dividend and contributions in kind. 2025 Towards a €10bn+ core European platform
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9 #BLEND2027 STATUS UPDATE 03 BREDA, NL
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10 WDP IS READY TO EXTEND HORIZON OF GROWTH AMBITIONS EPRA EPS 1.70 euros +6% CAGR vs. 2024(1) Net debt / EBITDA (adj.) ~8x GROWTH PLAN TARGETS BY 2027 STATUS: #BLEND2027 ON TRACK ✓ Leasing up limited available space ✓ Investment pipeline in execution ✓ Balance sheet capacity & liquidity in place #BLEND2027 IN FULL EXECUTION NEW GROWTH INITIATIVES MAINLY DRIVE EPS ACCRETION BEYOND 2027 #BLEND2027 | STATUS UPDATE Creating the pathway for new long-term growth ambitions 1. Representing an underlying CAGR of +6% versus EPRA EPS of 1.35 euros for 2023 (being 1.40 euros reported and adjusted for one-off of +0.05 euros per share related to the Dutch REIT status).
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11 WITH A CLEAR FOCUS DELIVER ABOVE-AVERAGE GROWTH, WITH A BELOW-AVERAGE RISK PROFILE Through scale, EPS growth & strong total returns, and a proven multi-driver growth model (#BLEND) EXTEND AMBITION TO 2030 WITH A CLEAR GOAL SCALE INTO AN INTEGRATED EU PLATFORM Provide total supply chain infra solutions EXTEND HORIZON TO 2030 Building the platform of tomorrow
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12 #BLEND& EXTEND2030 NEUTRALIZE EXTRACT LOAD DISCIPLINED BUILD Capture robust structural demand Pre-let developments, selective acquisitions & new markets Rental growth and active asset management Total energy solutions decarbonizing logistics supply chain Robust balance sheet & risk-adjusted capital allocation A proven & scalable multi-driver growth model, driving long-term EPS growth INTRODUCING
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13 # B L E N D 2 0 3 0 | G R O W T H D R I V E R S | B U I L D | L O A D | E X T R A C T | N E U T R A L I Z E | D I S C I P L I N E D >€2.00 EPS (EPRA) >€1.60 DIVIDEND PER SHARE >50% TOTAL RETURN(1) >6% CAGR >6% CAGR >10% CAGR cumul. growth ~40% LOAN-TO-VALUE NEW 2030 TARGETS ~8x NET DEBT/EBITDA (ADJ.) A3 MOODY’S ISSUER RATING BASED ON › €500m capex p.a › Self-financing capacity › Top-tier credit strength This outlook is based on current knowledge and situation and barring unforeseen circumstances, within the context of a volatile macroeconomic and geopolitical environment. 2030 targets per share (vs.2025 base year) of at least #BLEND&EXTEND2030 New long-term targets based on a proven blueprint for strong total returns 1. Total accounting return (TAR) is calculated as yearly EPRA NTA growth including gross dividends distributed.
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14 # B L E N D 2 0 3 0 | G R O W T H D R I V E R S | B U I L D | L O A D | E X T R A C T | N E U T R A L I Z E | D I S C I P L I N E D #BLEND&EXTEND2030 Building blocks of an ambitious, resilient 6% p.a. cash flow growth expected over 2026-30 At least €2.00 2030 €1.53 2025 CAGR 6% vs.2025 base year › Internal growth › Developments & acquisitions › Energy solutions › Cost of debt reset 2025-30 EPS CAGR BUILDING BLOCKS FOR EPRA EPS GROWTH Indicative % impact per share per year(1) +6% 1. Indicative average impact per share of the building blocks over the period 2026-30. This should not be interpreted as a linear execution of the growth path.
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15 • Short-term gradual recovery in demand, long-term structural demand drivers sustained • Stable operating metrics (high occupancy, long lease terms and high client retention) • Maintain high operating margin of >90% through cost discipline Key assumptions # B L E N D 2 0 3 0 | G R O W T H D R I V E R S | B U I L D | L O A D | E X T R A C T | N E U T R A L I Z E | D I S C I P L I N E D › Internal growth | 100% CPI-linked leases, rent reversion, cost effectiveness & active asset management › Developments & acquisitions | €500 million p.a. at attractive risk-adjusted returns › Energy solutions | revenue from energy investments to double towards 50 million euros by 2030 › Cost of debt reset | This includes a manageable and gradual cost of debt reset: an organic impact (i.e. calculated at constant debt level) of cumulatively +85bps in cost of debt towards 2030 due to hedge maturities, partly offset by the positive A3-rating credit spread optimisation, with half of the impact only effective as from 2030 (1) #BLEND&EXTEND2030 Building blocks of an ambitious, resilient 6% p.a. cash flow growth expected over 2026-30 1. Based on the forward interest rate curve per 31.12.2025 and A3 Moody’s credit rating. At least €2.00 2030 €1.53 2025 CAGR 6% vs.2025 base year › Internal growth › Developments & acquisitions › Energy solutions › Cost of debt reset 2025-30 EPS CAGR BUILDING BLOCKS FOR EPRA EPS GROWTH Indicative % impact per share per year(1) +6%
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16 › Short-term: demand normalizing with a gradual recovery in take-up › Structural: omnichannel growth, supply chain reconfiguration, and electrification-driven infrastructure › Supply-constrained markets: low vacancy, low speculative supply, land scarcity & power constraints # B L E N D 2 0 3 0 | G R O W T H D R I V E R S | B U I L D | L O A D | E X T R A C T | N E U T R A L I Z E | D I S C I P L I N E D Robust demand drivers Capitalize on internal & external growth opportunities #BLEND&EXTEND2030 | BUILD Structural tailwinds
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17 €500m capex guidance p.a. AT ATTRACTIVE RISK-ADJUSTED RETURNS(1) # B L E N D 2 0 3 0 | G R O W T H D R I V E R S | B U I L D | L O A D | E X T R A C T | N E U T R A L I Z E | D I S C I P L I N E D Broader country mix: › Existing markets (with Romania <20%) › Further strengthen market share in France & Germany › Establish presence in Spain & Italy Existing markets New markets Blend&Extend2030 #BLEND&EXTEND2030 | LOAD Development & acquisition opportunities in existing and new markets 1. Targeted returns are aligned with the cost of capital, as for example reflected by the average NOI-yield of the investment pipeline in execution of 6.8% in the current market environment.
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18 Inflation-plus like-for-like rent growth EMBEDDED VALUE CREATION THROUGH INTERNAL GROWTH LEVERS # B L E N D 2 0 3 0 | G R O W T H D R I V E R S | B U I L D | L O A D | E X T R A C T | N E U T R A L I Z E | D I S C I P L I N E D › Indexation (fully CPI-linked leases(1)) and capturing rent reversion (9% under-rented portfolio) › Cost effectiveness (maintenance of >90% operating margin) › Active asset management initiatives AFTER #BLEND&EXTEND2030 | EXTRACT Strong total return potential BEFORE
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19 Energy-as-a- service REVENUE TO DOUBLE TO €50M BY 2030(1) › Solar PV: maximizing rooftop capacity › On-site efficiency solutions (e.g. LED, heat pumps, EMS) › Battery energy storage systems › EV-charging infrastructure # B L E N D 2 0 3 0 | G R O W T H D R I V E R S | B U I L D | L O A D | E X T R A C T | N E U T R A L I Z E | D I S C I P L I N E D Green electricity through PV Batteries supporting EV charging EV charging for car, van & truck Intelligent energy manageme nt system Low carbon warehouse site with heat pumps (gasless) #BLEND&EXTEND2030 | NEUTRALIZE More than a warehouse: scale that generates power 1. Earnings contribution will be gradual and non-linear, reflecting the high project complexity and external factors such as permitting, grid-connection, lead times as well as lower energy prices. Including 7m euros in annual income from green certificates related to projects in Belgium completed before 2013, maturing gradually in 2028-32.
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20 › Strong recurring equity strengthening in place of €250-300m p.a. › Via retained earnings, optional dividend and contributions in kind › Enabling internally funded capex of €500m p.a. (including debt within WDP’s leverage targets) › Manageable and gradual cost of debt re-set: +85bps in cost of debt by 2030(1) Strong self- financing capacity INTERNALLY FUNDED CAPEX €500M P .A. # B L E N D 2 0 3 0 | G R O W T H D R I V E R S | B U I L D | L O A D | E X T R A C T | N E U T R A L I Z E | D I S C I P L I N E D #BLEND&EXTEND2030 | DISCIPLINED Strong financial position and strict capital allocation 1. Based on the forward interest rate curve per 31.12.2025 and A3 Moody’s credit rating. See slide 58. The cost of debt reset is only gradual thanks to the effective hedging in place. As a result, the average cost of debt is expected to gradually increase from 2.40% to 3.25% in 2030 (at con stant debt level per 31.12.2025). A3 Moody’s Stable outlook ~8x Net debt / EBITDA (adj.) ~40% Loan-to-value Based on top-tier credit quality
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21 › Scale & cross-border solutions › Profitable & efficient › Enabling strong total returns › Superior access to capital From regional leader to a core €10bn+ European platform BUILDING THE PLATFORM OF TOMORROW
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22 › Reaffirming & reinforcing the family Jos De Pauw’s long-term commitment as reference shareholder › Strengthening international expertise & governance EU €10BN+ AMBITIONS SUPPORTED BY STRENGTHENED GOVERNANCE The four board nominees at the last row (from left to right): Gwenaëlle de la Raudière, Isabelle De Pauw, Barbara Bajorat, Bernard Boel Middle row (from left to right): Joost Uwents (CEO and Director), Cynthia Van Hulle (end of term April 2026), Anne Leclercq (end of term April 2026), Patrick O Front row (from left to right): Jürgen Ingels, Mickael Van den Hauwe (CFO), Rik Vandenberghe (Chairman of the Board)
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23 DELIVERING TODAY, WITH A VISION FOR TOMORROW Above-average growth, with a below-average risk profile
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24 Bollène, FR OUTLOOK 2026 04
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25 Outlook 2026 Expected EPS growth of +5% Underlying assumptions: • Impact from developments and acquisitions in 2025-26 • Like-for-like rental growth of around 2% • A stable and strong occupancy rate of minimum 97%, in line with the long-term average • Net debt / EBITDA (adj.) of ~8x and a loan-to-value of ~40% (based on the current portfolio valuation) • Average cost of debt of 2.5% This outlook is based on current knowledge and situation and barring unforeseen circumstances, within the context of a volatile macroeconomic and geopolitical environment. €1.29 DIVIDEND PER SHARE +5% y/y +5% y/y 2026 GUIDANCE €1.60 EPS (EPRA)
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26 Barendrecht, NL Market insights 05
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27 Sustained structural demand drivers Fundamentals support demand for logistics space OUTBOUND INBOUND ESG Outbound demand to grow at a normalized pace Inbound demand in response to supply chain resilience Increased focus on ESG and electrification Digital economy &Omnichannel Cold storage & specialization Last-mile & reverse logistics Optimization of distribution networks (Re-)near-shoring & diversification Temporary demand & Strategic stock Electrification and on-site renewable energy infra Decarbonization & circularity Brownfield redevelopments and facility upgrades to promote efficiency ESG legislation & emission targets Power & grid connectivity Land scarcity More stringent regulation Labour shortages Omni-present volatility impacting decision- making Challenges
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28 BUCHAREST Cluj-Napoca AMSTERDAM ANTWERP P A R I S Timisoara BELGIUM BRUSSELS LUX. MOLDOVAFRANCE SPAIN ITALY GERMANY BERLIN ROMANIA SERBIA HUNGARY SWITZERLAND UK CROATIA BOSNIA CZECHIA SLOVAKIA NETHERLANDS STOCKHOLM SWEDEN FINLAND DENMARK SLOVENIA ANDORRA CONSTANTA BULGARIA 25Q324Q4Belgium- Luxembourg 5.14.5Vacancy(%) 4.85.0Prime yield (%) 8075Prime rent(€/m² pa) 935875Take-up1 (000m²) 25Q424Q4The Netherlands 4.64.3Vacancy(%) 4.84.8Prime yield (%) 120110Prime rent(€/m² pa) 1,5001,175Take-up1 (000m²) 25Q424Q4France 6.35.3Vacancy(%) 4.94.9Prime yield (%) 8984Prime rent(€/m² pa) 3,2003,300Take-up1 (000m²) 25Q324Q4Romania 4.54.0Vacancy(%) 7.57.5Prime yield (%) 5757Prime rent(€/m² pa) 615650Take-up1 (000m²) 25Q324Q4Germany 3.53.2Vacancy(%) 4.44.4Prime yield (%) 129122Prime rent(€/m² pa) 5,2704,900Take-up1 (000m²) Robust market fundamentals reflect critical role of logistics infrastructure Structural demand drivers remain strong, driven by a.o. e- commerce, urban logistics and supply chain optimization Short-term demand normalization with a gradual recovery Continued low vacancy, limited speculative supply and structural lack of land and power constraints, supporting rental growth Market vacancy rates to stabilize and remain low coupled with lower development activity and a gradual recovery in tenant demand Market insights 1) Trailing twelve months. Source: Broker reports WDP warehouses
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29 Unmatched track record of execution in each phase of the capital cycle Focused strategy, adapted to capital market cycle Share of CAPEX invested Integrated developer-investor model: majority of WDP portfolio developed in-house on a pre-let basis, value-add acquisitions and strategic platform expansion Net-investor navigating the entire value curve: focus on attractive returns without undue risk taking Selective capital deployment in each phase of the capital cycle STABLE GROWTH FOCUSED ON LONG-TERM VALUE CREATION
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30 Lokeren, BE ACTIVITY REPORT 06
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31 Investments secured in 2025 2025 New investments secured Ridderkerk (The Netherlands) Le Havre (France) In 2025, these investments were either executed or further incorporated into the € 708 million investment pipeline in execution. Capex €600m NOI yield 6.8%(1) 1. NOI yield excludes energy investments and land reserves
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32 See the press releases of 09 April 2025, 25 May 2025 and 2 October 2025.
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33 2025 Pre-let development projects delivered in 2025 100% Leased 14y Lease duration 1. Western-Europe: 5.9% and in Romania: 8.6% Capex €121m NOI yield 6.6%(1) Completed development projects that have become income-generating during the year Genk (Belgium) Bornem (Belgium) Schiphol (The Netherlands) Genk (Belgium)
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34 2025 Acquisitions completed 1. Western-Europe: 6.6% and in Romania: 9.0%, excluding land reserves. Investment €461m NOI yield 6.6%(1) Acquisition completed in 2025 97% Leased 7y Lease duration Vilvoorde (Belgium) Saint-Caradec (France)
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35 Lokeren, BE WDP Lokeren industrial cluster Transaction illustrative of cluster approach and customised solutions 1. Sale-and-leaseback: ~25,000m² | 20y lease 2. New development: ~18,000m² | 15y lease 3. Leasing: ~4,500m² | bridging delivery of new development in 2026 Value creation through multiple levers: ✓ Supporting client’s growth strategy ✓ Acquisition expertise ✓ In-house land development ✓ Existing portfolio optimisation €60M OFF- MARKET INTEGRATED REAL ESTATE DEAL E17 highway Ghent-Antwerp Pioneering hub in a prime location for customer proximity Energy-efficient cooling: concrete construction & solar PV 25,000m² automated high bay with MOVU pallet storage system: 46,000 pallet spaces Charging infrastructure for e- trucks and cars Sale-and-leaseback via contribution in kind as a lever for sustainable self-financing See the press release of 16 April 2025 and the press release of 19 September 2025. Link with solid fill
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36 CAPITAL RECYCLING INTO FRANCE’S KEY CONTAINER GATEWAY Scaling French platform with key logistics hub Value crystallization in Liège ✓ Disposal of vacancy in Port of Liège for €35m ✓ At a premium to fair value, reflecting strong end-user demand Reinvestment into Le Havre, Northern European gateway ✓ €58m acquisition in France’s main container terminal ✓ 6.0% NOI yield, triple net lease until end-2033 ✓ 65,000 m² of GLA, and 40,000 m² container yard ✓ Grade A, BREEAM certified, prime multimodal location ✓ Fully leased to Seafrigo, leading international logistics operator Railway access Container yard Direct dock access Located directly opposite the container terminal See the press release of 6 January 2026 Le Havre, FR
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37 2025 €700 million investment pipeline in execution Committed investments(1) 1. NOI yield excludes energy projects.
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38 1. The information in this chart is not construed as a profit forecast or guidance of any kind and should therefore not be read as such and is thus solely intended for illustrative purposes. It depicts the short- and medium-term impact of indexation based on economic forecasts and the impact of the committed development pipeline as well as the theoretical potential of rent reversion, letting activities and rent from buildable surface of uncommitted projects on the land bank. 2. Assumption based on 5y inflation swap of 2%. Continuous replenishment of investment pipeline driving future EPRA EPS growth Annualised rent potential as leading indicator for future earnings growth(1) Project completions & acquisitions 2027 Medium term 2027Short term 2026 Long term Reversion, leasing and development potential Annualized rent 31.12.2025 Indexation 2026 Project completions & acquisitions 2026 Annualized rent 31.12.2026 Indexation for 20272 Rent reversion potential Potential annualized rent 31.12.2027 Potential long- term annualized rent Rent potential of secured land bank €m Annualized rent 31.12.2023 Rent added in 2024-25 #BLEND2027 Letting activity potential #BLEND2027 DELIVERS. +30% ANNUALIZED RENTS IN 2024-25
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39 ~5,100,000 m² ~2,100,000 m² Land bank Development potential GLA €116 MILLION LONG-TERM RENT POTENTIAL Future development potential
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40 Solar panels › Maximizing rooftop solar PV › Current capacity: 261 MWp › 97 MWp under installation › Gradual delivery by Q4 2027 › Investment: €68m › Target IRR: ~8% Mobility solutions › 2 truck charging hubs › 14 truck charging points › Charging capacity: 2 MW › Investment: €4m › Delivery: 2026 › Target IRR: ~10% Battery energy storage › Front-of-the-Meter BESS › Permit & grid connection obtained › Total capacity: 60 MW › Energy storage capacity: 240 MWh › Investment: €40m › Delivery date: end-2029 › Target IRR: ~15% Green retrofits › 120,000 m² logistics campus › Retrofit focused on energy efficiency › Electric heat pump & smart metering › Investment: €3m › Delivery: 2026 › Enabled ERV & rent growth Integrated energy solutions for future logistics WDP Energy: the logistics powerhouse Energy investments in execution per 31 December 2025 of €112m
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41 BUCHAREST, RO PROPERTY REPORT 07
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42 WDP market share The Netherlands 37% of the portfolio 3.0 million m² GLA 133k m² GLA under construction 95 MWp Belgium – Luxembourg 34% of the portfolio 3.0 million m² GLA 126k m² GLA under construction 116 MWp France 8% of the portfolio 650k m² GLA 15k m² GLA under construction 17 MWp Germany 2% of the portfolio 120k m² GLA 3 MWp Romania 19% of the portfolio 2.0 million m² GLA 206k m² GLA under construction 30 MWp Developing essential supply chain infrastructure HIGH-QUALITY, DIVERSIFIED PLATFORM €8.6bn 5.6y Fair value portfolio WAULT 97.7% €481 m Occupancy rate Annualised rents 5.4% EPRA Net Initial Yield 100 % CPI-linked leases €708m Pipeline in Execution 6.1% Net Reversionary yield 9% Reversionary potential 2.1m m² GLA Development potential WDP PORTFOLIO 8.8 million m² GLA lettable area 480k m² GLA under construction 261 MWp solar capacity installed 58% WDP in-house developed 71% Green certified 84% Class A POSITIONED TO UNLOCK LONG-TERM VALUE POTENTIAL n.r. 1% 4% 6% n.r. <1% 2% 25% 14% 17% 2015 2025 Towards a core €10bn+ European platform
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43 1. Excluding solar panels and including projects, land reserve and assets held for sale. Including the proportional share of WDP in the portfolio of the joint ventures (mainly WDP Luxembourg). In the IFRS accounts, those joint ventures are reflected through the equity method. Portfolio fair value split1 Investment properties Fair value €/m² 958
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44 Large, diversified and high-quality portfolio BREAKDOWN BY TYPE OF GROWTH 56% share of property portfolio suitable for urban logistics(2) BREAKDOWN OF FAIR VALUE BY TYPEBREAKDOWN OF FAIR VAUE BY QUALTY DIVISION OF THE PROPERTY 345 properties 445 clients Best-in-class portfolio comprising of class A assets ▪ Located on strategic multi-modal logistics corridors and diversified (region, industry and tenant) ▪ Robust building quality, integrating sustainability & flexibility throughout lifecycle ▪ Growing and diversified portfolio with integrated property management to tailor clients needs 71% green certified warehouse 1. This refers to BREEAM and EDGE certified warehouses within the WDP portfolio
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45 ▪ Near full occupancy rate (97.7%) & resilient cash flow spread over ~6y first break (~7y final break) ▪ 100% CPI-linked lease agreements providing inflation-proof cash flow with strong guarantees in place ▪ Client-centricity supports retention (~90% renewal rate) & repeat business (50% with existing clients) Robust and well spread cash flow profile Outstanding cash flow visibility from a resilient tenant and lease profile in a market characterized by scarcity CPI-linked lease agreements Rent reversion potential Inflation proof-cash flow ~6 years lease maturity profile (till first break)(1)Historical occupancy rate (>97% long-term average) 100% 9% 1. Out of the 10% lease agreements maturing in 2026: 64% have already been successfully renewed. 2. Building risk is based on fair value; contract risk is based on a single tenant gross rental income. Rent collection rate 25y avg ~99.8% max. building & contract risk <=2.0% (2)
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46 ▪ Diversified, creditworthy client base across industries, predominantly large (inter)national corporates ▪ Clients mainly active in resilient sectors such as food, healthcare, post & parcel delivery and FMCG ▪ Supplying the European economy, not impacted by US trade tariffs (<5% intercontinental flows) Diversified, resilient and high-quality tenant base Well-spread industry profile across mix of defensive, growing sectors and multiple end-markets 1. Every tenant out of the top-10 is spread over multiple locations and contracts within the property portfolio. Rental income by category Top 10 share of rent ~24%1 66% end user / 34% 3PL 14% dedicated e-commerce445 individual clients 1. Ahold Delhaize 5.5% 2. Kuehne + Nagel 3.0% 3. Greenyard 2.4% 4. ID Logistics 2.4% 5. Pirelli 1.9% 6. Distrilog Group 1.9% 8. Carrefour 1.8% 9. Lidl 1.5% 10. Action 1.4% 7. CEVA 1.8% Industrial15% Retail (food)17% Retail (non-food)10% Other8% Post & parcel delivery5% TMT1% FMCG 13% Automotive 9% Healthcare 7% Food, fruit & vegetables 7% Wholesale 8% Dedicated e-commerce Dedicated e-commerce
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47 BAIA MARE, RO ESG 08
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48 Climate Action Plan Download with solid fill (1) For contracts under control of WDP (2) For relevant properties (3) Market-based Target 2021 2025 WDP Energy Lead the transition towards renewable energy generation and optimized consumption WDP Electricity Procurement Green(1) 100% each FY 56% 100% Renewable ENERGY capacity 350 MWp by 2027 95 MWp 261 MWp ENERGY Monitoring System Coverage(2) >85% each year 73% 86% LED Coverage(2) 100% by 2030 40% 89% 2020 base year WDP Decarb+ Reducing GHG emissions and the environmental impact by becoming net- zero by 2050 (scope 1, 2 and 3) Scope 1 & 2 Corporate Offices(3) Net-zero by 2025 25 kgCO2e/m² 1 kgCO2e/m² Scope 1 & 2 Car Park Net-zero by 2030 1,150 kgCO2e/m² 3,595 kgCO2e/FTE Scope 3 Leased Assets (Downstream) Net-zero by 2040 17 kgCO2e/m² On track Scope 3 Capital Goods (upstream) Net-zero by 2050 270 kgCO2e/m² On track WDP Green Integrate sustainability in the development, financing and operations of the Group Adoption of recommendations Compliance EU legislation by 2027 On track Green certified assets >75% each year 29% 71% Green financing >75% each year 36% 83% Download with solid fill Document in full
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50 Dudelange, LU FINANCIAL RESULTS 2025 09
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51 Consolidated results
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52 Consolidated results 1. Including the proportional share of WDP in the portfolio of the joint ventures.
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53 Consolidated results B/S
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54 Consolidated results B/S
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55 Financial management ▪ Strong inflation-proof cash flow profile (100% CPI-linked) ▪ Liquidity requirements 24 months covered, plus buffer for investment opportunities ▪ Yearly strengthening of equity through retained earnings & stock dividend and contributions in kind ▪ Well-balanced capital structure, unsecured debt & strong track record of access to multiple pools of liquidity Loan-to-value % 100% ▪ 100% Refinancing until at least end-2027 covered ▪ 100% Committed capex covered ▪ 100% Commercial paper covered of financing needs covered % Hedge ratio Net debt / EBITDA (adj.)(1) x Leverage Interest Coverage Ratio Coverage Financing Cost of debt years Duration of hedges x Unused credit facilities(2) 40.1 5.0 4.3 Ensuring consistency of financial strategy 7.5 2.4 % 89 1.7 billion euros Fitch BBB+ Stable Outlook Moody’s A3 Stable Outlook Top-tier credit rating UPGRADED(3) 1. The net debt / EBITDA (adjusted) is calculated starting from the proportional accounts: in the denominator taking into account the trailing-twelve-months EBITDA but adjusted to reflect the annualised impact of acquisitions/developments/disposals; 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). 2. Excluding the backup facilities for the commercial paper programme which have already been subtracted for the full amount. 3. See press release per 25 September 2025.
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56 Solid debt metrics and active liquidity management Debt overview DEBT MATURITIES 60% Bank financing 40% Bonds CP ▪ Well-spread debt maturities with 4-year debt duration on average ▪ Solid access to unsecured lending through bank loans, private placements and EMTN programme ▪ Comfortable liquidity position through undrawn credit facilities % Hedge ratio Cost of debt years Average debt maturity 4.2 2.4 % 89
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57 Stable cost of debt and strong hedging profile Hedging profile EVOLUTION HEDGE RATIOEVOLUTION COST OF DEBT ▪ Cost of debt at 2.4% over 2025 with a modest increase to 2.5% in 2026 ▪ Thanks to strong debt hedging profile with average hedge maturity of 4y ▪ Manageable and gradual hedge maturity, safeguarding low cost of debt and cashflow 4y Average hedge duration
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58 2.0% 2.5% 3.0% 3.5% 4.0% 2025 2026 2027 2028 2029 2030 Incremental fixed-rate cost of debt (5y duration) Cost of debt evolution Cost of debt reset manageable and only gradual Cost of debt | simulation debt and hedging renewals SIMULATION COST OF DEBT (at constant debt level per 31.12.2025)(1) Note: This simulation reflects the renewal of the existing debt and hedging instruments over the next 5 years, assuming a constant debt level and using the forward interest rate curve as of 31.12.2025. This simulation excludes any additional debt drawdowns under the growth plan and is intended solely to illustrate the organic impact of renewing the in-place debt and hedging instruments. ▪ Long-term “reset” in cost of debt is only gradual thanks to hedging in place ▪ Avg. cost of debt expected to gradually increase from 2.40% in 2025 to 3.25% in 2030 ▪ Cumulatively +85bps over the next five year of which half only as from 2030 Cumulative impact limited to 85bps by 2030 Included in the 2030 EPRA EPS guidance of min. €2.00
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59 Strict capital discipline and well-balanced capital structure Prudent financial policy throughout the cycle ▪ Policy: Loan-to-value across the cycle below 50% ▪ Low LTV in an environment of yield decompression > Prudent balance sheet management and not adding leverage against property revaluations 5.4% EPRA NIY % Loan-to-value ✓ No leverage on historic revaluations ✓ No impact on Net debt / EBITDA ✓ Financial robustness in volatile rate climate Historic policy of not adding leverage against revaluations based on 40.1
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60 Strong track record of issuing equity to calibrate leverage Financial management driven by cash-flow leverage ▪ Policy: Net debt / EBITDA (adj.) around 8x, as embedded in remuneration policy ▪ New investment commitments funded with minimum 50% equity and maximum 50% debt1 > Combined policy metrics2 imply that no active increase in LTV is possible ✓ Real measure of leverage on the business ✓ Within control of management ✓ Not impacted by property valuations 1. Investments in aggregate and over time funded with minimum 50% equity and maximum 50% debt 2. A net debt / EBITDA (adj.) of ~8x and a loan-to-value of below 50% throughout the cycle. x Net debt / EBITDA (adj.) 7.8x 10-year average 7.5
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61 Saint-Caradec, FR WDP SHARE 10
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62 21.09 -1.20 +1.53 +0.43 21.85 23.90 +2.05 15.00 20.00 EPRA NTA 2024 Dividend distribution EPRA Earnings Portfolio result and other EPRA NTA 2025 Transfer taxes EPRA NRV 2025 (1) +9% Return on Equity in 2025 Return on equity(1) Valuation 1. Return on Equity or total accounting return is calculated as yearly ERPA NTA growth including gross dividends distributed. 2. The EPRA Net Reinstatement Value (NRV) is a metric that takes into account the estimates real estate transfer taxes – the corresponding equity needed to replicate the Group’s portfolio with its current financial structure.
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63 Supported by strong dividend & earnings growth Superior total returns by navigating the capital cycle RETURN ON EQUITY1 +19% EPRA EPS +8% TOTAL ACCOUNTING RETURN SINCE 2014 (in % per year)(1) EPRA NTA +13% CAGRs 2015-25 EPS EPRA (y/y, %) 22% 6% 6% 7% 8% 8% 10% 13% 12% 7% 7%(2) DPS (y/y, %) 18% 6% 6% 7% 8% 8% 10% 14% 12% 7% 3% EPRA NTA (y/y, %) 15% 14% 14% 22% 26% 12% 40% 3% -3% 5% 4% GROWTH RATES Y/Y (in %) 23% 23% 22% 30% 32% 18% 46% 7% 2% 10% 9% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 DRIVING PROFITABLE GROWTH AND STRONG TOTAL RETURNS 1. Return on Equity or total accounting return is calculated as yearly ERPA NTA growth including gross dividends distributed. 2. Underlying growth per share of +7% y/y
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64 WDP share performance and AEX Index inclusion on Euronext Amsterdam (Sept 2025)(1) Share statistics ▪ Market cap >5bn euros ▪ Free float of 81% - Family Jos De Pauw 19% ▪ Member of EPRA, Euronext BEL20, AEX, DJSI Sustainability Index World/Europe and GPR indices 1. See press release of 9 September 2025.
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65 Saint-Martin, FR Q&A
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66 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, incorporated under Belgian law and listed on Euronext. This presentation contains forward-looking information, forecasts, beliefs, opinions and estimates prepared by WDP, relating to the currently expected future erformance 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 be achieved. 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. Statements contained in this presentation 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 presentation. WDP expressly disclaims any obligation or undertaking, unless if required by applicable law, to release any update or revision in respect of any forward-looking statement, to reflect any changes in its expectations or any change in the events, conditions, assumptions or circumstances on which such forward-looking statements are based. Neither WDP, nor its representatives, officers or advisers, guarantee that the assumptions underlying the forward-looking statements are free from errors, and neither of them makes any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved.
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67 investorrelations@wdp.eu www.wdp.eu